Proactiveinvestors Australia
Promesa commences highly anticipated drilling at Cerro Curunday epithermal gold project in Peru
Friday, August 26, 2011
Promesa (ASX: PRA) has commenced a much anticipated maiden 6000 metre drilling program at the Cerro Curunday epithermal gold project located in the La Libertad region in Peru, after re-admission to the ASX on the 18th August.
What is generating significant buzz is that Promesa has an epithermal zone at surface and it has already identified the porphyry system beneath it, 1,000 metres down the mountain slope.
There have been some excellent early results from the three main channel/trench areas of 14.80 grams per tonne (g/t) gold, 10.15g/t and 7.25g/t in the top section of the Cerro Curunday.
A total of 30 drill holes will test the oxide ore body at the summit of Cerro Curunday. Drilling will comprise diamond drilling from surface to enable detailed logging and sampling.
A series of gold-bearing zones were previously identified by channel sampling along a 2.1 kilometre strike length of epithermal gold mineralization.
The drilling kicks off just one week after the readmission of Promesa to the ASX after the completion of an A$7.515 million capital raising.
Promesa recently secured the project, which is similar and close to Lagunas Norte, Barrick's (NYSE: ABX) 9 million ounce gold project.
On 3 November 2010, it signed a heads of agreement with Peru Minerals covering three prospective mineral licences in the Otuzco province of Peru.
The licences are in the gold-copper belt of the Western Cordillera of the Andes at altitudes of 2-3,000 metres.
The licence names are: Victoadal, which hosts the Cerro Curunday gold project in the Otuzco province; Baccarat; and Santa Rosita.
Epithermal gold mineralisation has been outlined over a strike length of 1.8 kilometres within Bacata and Victoadal licenses at the Cerro Curunday prospect.
The company is known to be extremely bullish about prospects of a 2 million plus ounce resource in the oxide zone alone - early work has not dis-proved the hypothesis.
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