Exploration Update: Las Princesas Project in Peru
Mr. Anthony Beruschi, President of Ballad Enterprises, is pleased to announce that results from Phase I detailed geologic mapping and rock sampling at Ballad's Las Princesas silver-gold project, La Libertad, north-central Peru, have been analyzed by the company's chief consulting geologist, Michael S. Fulp of Albuquerque, New Mexico. Las Princesas is located on trend and four km north of Pan American Silver's Quirivilca silver-lead-zinc mine and six km north of the Tres Cruces deposit, a joint venture of Pan American Silver and Oroperu. The area is currently the most active in Peru with several precious metal deposits undergoing exploration and resource delineation by various major and junior Canadian mining companies (see location map).
Mr. Fulp reports that on the north-central corner of the Las Princesas property a northwest-trending zone of acid-leach alteration has been discovered. This alteration zone has strongly anomalous base and precious metals mineralization measuring 1,250m long by 100-500m wide and was delineated by 1:2,000 geologic mapping and channel sampling from outcroppings, new hand-dug pits and trenches and old workings.
Recent work has revealed that the previously announced North and South Zone discoveries are connected by an area now called the Central Zone and alteration and mineralization are continuous throughout the trend. Detailed work has so far concentrated on the North Zone where old small-scale mines and prospect pits explored high-grade structures. Mineralization discovered by Ballad's geologists is disseminated and stockwork porphyry-type surrounding these higher-grade vein swarms.
Analyses of 661 channel samples average 21.8 ppm silver, 213 ppb gold, 1,140 ppm lead, 653 ppm zinc, 441 ppm copper, 719 ppm arsenic, and 84 ppm antimony, with numerous samples containing ore-grade silver and gold. Host rock is an altered dacite porphyry intruded into andesite of the Tertiary Calipuy Volcanics. Drill targets have been delineated on the North Zone and a Phase II reverse circulation drilling program of 1,000m in ten holes is recommended. Detailed grid rock sampling will continue on the Central and South Zones in preparation for drilling of these targets as part of a Phase III program.
Ballad intends to commence Phase II drilling program as soon as possible. However, work is presently hampered by unusually heavy summer monsoon rains, likely exacerbated by El Nino currents.
Construction of access roads and drill pads will commence once rains end and equipment is available, probably in early April, with mobilization of drill equipment and drilling to start soon thereafter.
Mr. Fulp reports that Las Princesas is a typical Peruvian high-sulfidation, acid-leach hydrothermal system with similarities to Yanacocha, Pierina, Tres Cruces, and La Virgen. Targets are disseminated and stockwork porphyry mineralization and Las Princesas has excellent potential to host an economic, bulk-mineable silver-gold deposit.
Ballad announced the acquisition of the Las Princesas project on December 2, 1997. It is comprised of two concessions, the Las Princesas and Reyna, totalling 1,200 ha. The area was identified through Ballad's review of the extensive data base of Peruvian properties acquired by Ballad from TVX Gold Inc. on September 30, 1997.
Further news will be released as mobilization of road-building and drilling equipment occurs.
BALLAD ENTERPRISES LTD.
Anthony J. Beruschi
President |
