Esperanza Silver Corporation: Cerro Jumil Drilling Finds New Gold Mineralization
13 January 2010 - 11:00PM
Marketwired
Esperanza Silver Corp. (TSX VENTURE: EPZ)(PINK SHEETS: ESPZF)
announces the results of new drilling between the Calabazas and
Southwest Zones at its 100% owned Cerro Jumil gold project in
Morelos State, Mexico. Highlights of the drill results include:
- Drill Hole RCHE-09-111 intersected 25.5 meters containing 1.34 grams
gold per tonne.
- Drill Hole RCHE-09-112 intersected 22.5 meters containing 1.09 grams of
gold and 16.5 meters containing 1.66 grams of gold per tonne.
- Drill Hole RCHE-09-114 intersected 24 meters containing 1.09 grams of
gold per tonne.
- Drill Hole RCHE-09-115 intersected 15.0 meters containing 1.37 grams of
gold per tonne.
Complete results are in the accompanying table.
Bill Pincus, Esperanza's President and CEO, commenting upon the
drill results said, "These are very positive results as the drill
holes are largely contained within the open pit defined by our
recent Preliminary Economic Assessment (News Release Sept 8, 2009).
The drilling identifies new gold mineralization much of which falls
in areas previously categorized as waste or inferred resource. This
should result in not only additional resource ounces but a lowered
strip ratio.
"The drilling is between the Calabazas and Southeast zones, an
area adjacent to the principal resource area and previously
identified as prospective. The new gold mineralization confirms our
geologic interpretation and increases our confidence that we will
continue to find more. These are the first results of an on-going
15,000 meter program that will continue into the second quarter of
this year. Once drilling is completed the resource model will be
updated."
The drilling at Cerro Jumil is a part of a comprehensive work
program recommended by the 2009 Preliminary Economic Assessment and
is designed to move the project to the full feasibility level as
rapidly as possible. Additional work planned for 2010 includes
advanced metallurgical testing, geotechnical analysis,
environmental baseline data collection and other efforts required
to advance the project.
--------------------------------------------------------------
Cerro Jumil RC Holes - Phase 4
--------------------------------------------------------------
From To Interval Grade
Hole (meters) (meters) Length (grams Au/tonne)
--------------------------------------------------------------
Southeast Zone
--------------------------------------------------------------
RCHE-09-103 No significant intervals
--------------------------------------------------------------
RCHE-09-104 No significant intervals
--------------------------------------------------------------
RCHE-09-105 12.0 15.0 3.0 1.120
--------------------------------------------------------------
RCHE-09-106 4.5 10.5 6.0 1.982
--------------------------------------------------------------
RCHE-09-107 6.0 15.0 9.0 1.659
--------------------------------------------------------------
RCHE-09-108 No significant intervals
--------------------------------------------------------------
RCHE-09-109 No significant intervals
--------------------------------------------------------------
RCHE-09-110 No significant intervals
--------------------------------------------------------------
RCHE-09-111 1.5 27.0 25.5 1.344
--------------------------------------------------------------
RCHE-09-112 46.5 69.0 22.5 1.092
--------------------------------------------------------------
RCHE-09-112 172.5 189.0 16.5 1.658
--------------------------------------------------------------
RCHE-09-112 204.0 214.5 10.5 1.127
--------------------------------------------------------------
RCHE-09-112 286.5 295.5 9.0 1.424
--------------------------------------------------------------
RCHE-09-112 306.0 324.0 18.0 1.358
--------------------------------------------------------------
RCHE-09-113 6.0 15.0 9.0 0.801
--------------------------------------------------------------
RCHE-09-113 96.0 129.0 33.0 0.528
--------------------------------------------------------------
includes 96.0 106.5 10.5 0.964
--------------------------------------------------------------
RCHE-09-114 54.0 78.0 24.0 1.090
--------------------------------------------------------------
RCHE-09-114 94.5 108.0 13.5 0.539
--------------------------------------------------------------
RCHE-09-114(i) 132.0 153.0 16.5 1.274
--------------------------------------------------------------
RCHE-09-115 15.0 30.0 15.0 1.373
--------------------------------------------------------------
RCHE-09-115 121.5 133.5 12.0 0.967
--------------------------------------------------------------
RCHE-09-116 91.5 109.5 18.0 1.595
--------------------------------------------------------------
(i)RCHE-09-114 - The interval from 132.0 to 153.0 (21.0 meters)
contained a 4.5 meter interval where no material was recovered
and therefore was not included in the interval reported (16.5
meters).
About Esperanza
Esperanza is a gold and silver company focused on advancing the
development of its two principal properties: the 100%-owned Cerro
Jumil gold project in Morelos State, Mexico and the San Luis gold
and silver joint venture in Peru. It also holds an extensive
portfolio of exploration properties in Mexico and Peru.
QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President
of Exploration, Esperanza Silver Corp. is the Qualified Person (QP)
under NI 43-101 responsible for the Cerro Jumil exploration
program. He has verified the drill results and other data disclosed
in this news release, including sampling, analytical and test data.
Field work has been conducted under his supervision. All samples
were submitted to ALS Chemex laboratories for analysis in
Vancouver, Canada. Gold samples were analyzed by fire assay and
atomic absorption spectroscopy with a 30 g nominal sample
weight.
Silver is analyzed by induction coupled plasma - atomic emission
spectroscopy (ICP-AES).
A description of quality control and quality assurance protocols
can be found at http://www.esperanzasilver.com/protocols.php.
SAFE HARBOR: Some statements in this release are forward-looking
in nature. The United States Private Securities Litigation Reform
Act of 1995 provides a "safe harbor" for certain forward-looking
statements. Such statements include statements as to the potential
of the Cerro Jumil property, the ability to finance further
exploration, permit drilling and other exploration work, and the
availability of drill rigs. The forward-looking statements involve
risks and uncertainties and other factors that could cause actual
results to differ materially, including those relating to
exploration and bringing properties into production. Please refer
to a discussion of some of these and other risk factors in
Esperanza's Form 20-F filed with the U. S. Securities and Exchange
Commission. The forward-looking statements contained in this
document constitute managements' current estimates as of the date
of this release with respect to the matters covered herein.
Esperanza expects that these forward-looking statements will change
as new information is received and that actual results will vary,
possibly in material ways. Forward-looking statements are based on
the beliefs, expectations and opinions of management on the date
the statements are made, and the company does not assume any
obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change. For
these reasons, investors should not place undue reliance on
forward-looking statements.
RESOURCES: The terms "measured resource", "indicated resource"
and "inferred resource" used in this news release are Canadian
geological and mining terms as defined in accordance with National
Instrument 43-101, Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators under the guidelines set out
in the Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") Standards on Mineral Resources and Mineral Reserves, adopted
by the CIM Council as may be amended from time to time by the CIM.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. We advise U. S. investors that
while such terms are recognized and permitted under Canadian
regulations, the SEC does not recognize them. U. S. investors are
cautioned not to assume that any part or all of the mineral
deposits in the measured, indicated, and inferred categories will
be converted into reserves.
Neither TSX Venture Exchange nor the Investment Indutry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Esperanza Silver Corporation Bill Pincus President and
CEO Toll free: (866) 890-5509 info@esperanzasilver.com
www.esperanzasilver.com
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