ROUYN-NORANDA, QUEBEC--(Marketwire - May 4, 2012) - PERSHIMCO RESOURCES INC. (the "Corporation" or "Pershimco") (TSX VENTURE:PRO) (FRANKFURT:BIZ) is pleased to announce additional results from its drilling campaign as well as strong geophysical results which have been received on the airborne campaign covering its 100% owned Cerro Quema Project in Panama. Results of the preliminary geophysics signatures are considered very significant and Management has decided to immediately release the initial interpretation. Complementary information will be available during the upcoming weeks.
A few days ago, Pershimco completed an airborne geophysics survey covering all of its 15,000ha Cerro Quema property covering the "Trend" including the LaPava and Quema targets as well as the continuity towards the east. The survey has been realized by Geotech Ltd. from Toronto using, amongst other techniques, radiometric and magnetic signatures as well as VTem procedures. Preliminary results already show a strong signature revealing a continuity along the east-west trend through the whole concession showing additional repetitive magnetic and radiometric signatures revealing similar anomalies as LaPava and Quema targets. These signatures will be focused on over the next months in order to build additional mineral resources to the project.
South of the "Trend", a significant high conductivity footprint has also been detected at depth. Pershimco is presently proceeding in the final treatment of the data. Geotech will complete detailed Resistivity Depth Imaging, which includes Resistivity Sections line by line to define the conductors' geometry with depth, and also will complete 3D magnetic inversions. The footprint is also highlighted by Th-K ratio lows which correlate perfectly with the magnetic sources which will lead to a full analysis of all merged results including the ground IP realized earlier.
The Corporation has posted on its web site a map resulting from the Mag survey. Additional tools and maps will be posted as they become available.
Mr. Alain Bureau, President and Chief Executive Officer of Pershimco commented on the geophysics: "We were positive about the continuity of the "Trend" and this signature shows the fantastic potential of this oxide corridor. This project still has a lot to offer and to be discovered. The strong conductivity footprint observed south of LaPava also brings us additional information on our deeper sulfides systems."
A series of short RC holes have been realized on two new satellite zones named El Domo and La Mesita located north of the Quema target showing a large northern extension of the Quema footprint with gold and copper mineralization. This preliminary work had the objective to rapidly test those two satellite zones to see if further step out drilling would add resources to the footprint. Results are encouraging as mineralization is present in most drill holes which will trigger a full grid drilling pattern evaluation on these targets with the objective to link this satellite footprint to the already expanded Quema / Quemita structure.
Observation was made as the oxide package is thinner due to the lower topographic position of the 2 satellite zones. Copper intercepts, under the oxide, are also present and presented in the table.
|Hole||From||To||Intercept||Au (g/t)||Ag (g/t)||Cu (%)||Zone|
Quality Assurance / Quality Control ("QA/QC")
Core from the diamond and RC drill holes are transported by Pershimco technical personnel from the drill sites to the core and sample prep facility on site. Once there, geologists and qualified technicians log, sample tag and half-split the core in 1 meter lengths using stationary saws. Individual sampled meter intervals of split core and RC chips are then put in tagged and sealed plastic bags with a standard, duplicate and blank inserted every 15 samples. The samples are then sent to the Activation Laboratories (Actlabs) sample preparation facilities in Panama. Individual samples are inventoried by Actlabs personnel, dried, finely crushed to 70% at <2 mm, then pulverized to 85% at <75 μm, and riffle-split to 150 grams. Prepared samples are then placed into sealed 5-gallon plastic containers and shipped by courier services to the Activation Laboratories' main facilities in Ancaster (Ontario, Canada) for assaying using a multi-element ICP method and fire assay method with atomic absorption finish for Gold, Silver and Copper. Over limit assays are done on samples with results greater than 2.5 g/t Gold and greater than 10,000 ppm Copper.
The information contained in this news release has been reviewed and approved by Dr. Michael D. Druecker, Ph.D. CPG, a Qualified Person under NI 43-101 rules and standards.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resources and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining properties in Canada and South America, including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d'Or Gold Mining Camp, being explored in partnership with Osisko Mining Corporation. The Corporation is managed by skilled and reputable people with extensive mining exploration and development experience. The Pershimco Team and its investors are the key to its success.
The Corporation's documents are available on www.sedar.com.
Please visit the Corporation's website at www.pershimco.ca.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statement.