Esperanza Reports Peru Exploration Update
06 December 2010 - 11:00PM
Marketwired
Esperanza Resources Corp (TSX VENTURE: EPZ)(PINK SHEETS: ESPZF) is
pleased to provide this update on its exploration activities in
Peru.
Colqui Orcco/Pucara
At the Colqui Orcco (Silver Hill) property, mapping and rock
chip-channel sampling on trenches have identified three steeply
dipping clustered veins in andesite with a cumulative strike length
of 1,500 meters and widths up to 4.6 m. High-grade silver
mineralization was encountered in two of the channels sampled.
Assay results from trenches C-16 and C-17, spaced 50 m apart,
include:
-- C-16 1.0 m averaging 805 g/t Ag, (this includes 0.12 m of 4,984 g/t Ag)
-- C-17 1.1 m averaging 561 g/t Ag, (this includes 0.21 m of 3,806 g/t Ag)
Fine grain mineral textures, brecciation, coalescing horse-tail
structures, gold assays up to 1 g/t, and anomalous pathfinder
elements (As, Hg, and Sb) suggest that we are at the top of a
mineralized system. This property consists of 700 hectares and is
located in the Cusco Department.
At the adjacent Pucara property, mapping and rock chip-channel
sampling on trenches have identified a stockwork zone of quartz
veining and lenses in dacite, with an outcropping strike length of
at least 200 m and widths up to 20 m. Assay results from trenches
spaced at approximately 40 meter intervals yielded:
-- C-2 12.0 m averaging 134 g/t Ag, (this includes 1.5m of 621 g/t Ag)
-- C-3 2.7 m averaging 217 g/t Ag, (this includes 1.3 m of 327 g/t Ag)
-- C-4 9.6 m averaging 339 g/t Ag, (this includes 2.9 m of 488 g/t Ag and
4.4% Pb)
-- C-5 15.0 m averaging 41 g/t Ag, (this includes 2.3 m of 2.18 g/t Au and
64 g/t Ag)
-- C-6 5.5 m averaging 126 g/t Ag
This property consists of 600 hectares and is located in the
Cusco Department. The local community has been engaged and given
oral permission for surface work, we are now seeking written
permission.
The Colqui Orcco and Pucara properties are 100% owned/held by
Esperanza.
Pucurana
The Pucarana property is adjacent to the prolific Orcopampa
district in Arequipa Department. This district has produced over
100 million ounces of silver and 1.5 million ounces of gold.
Esperanza geologists have defined an extensive zone of structure
and rock alteration that is similar to the nearby Chipmo mine in
Orcopampa. Rock chip sampling has yielded values as high as 1.6 g/t
gold. The Company interprets that the principal zone of precious
metal mineralization should be 350-550 meters below the surface
based on comparison to the Chipmo mine. This will be tested by
2,300 meters in four drill holes.
Pucarana is a joint venture with Estrella Gold Corp (TSX-V:
EST). Access and community permissions have been granted for Colqui
Orcco and Pucarana properties. The Company is preparing
applications necessary to obtain permits for initial discovery
drilling in early 2011.
About Esperanza
Esperanza is an emerging producer focused on advancing the
development of its two principal properties: the San Luis gold and
silver joint venture in Peru and the 100%-owned Cerro Jumil gold
project in Morelos State, Mexico. It is also actively investigating
11 other exploration interests in Peru and Mexico. In October of
2010 it announced a strategic investment which resulted in a 36.7%
interest in Global Minerals Ltd. owner of the Strieborna
silver/copper/antimony project in Roznava, Slovakia.
Qualified Person: Mr. J. Stevens Zuker, MSc., Senior Vice
President, is a Qualified Person (QP) for the purposes of National
Instrument 43-101 Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators, and has prepared, reviewed
and verified the technical information contained in this news
release. Field work has been conducted under his supervision. All
samples were submitted to SGS del Peru SAC laboratories for
preparation and analysis in Lima, Peru. Gold samples were analyzed
by fire assay and AA finish with a 30 g nominal sample weight.
Silver is analyzed by ICP-OES and when silver exceeds 100 ppm,
samples are reanalyzed using an ore-grade method with a four-acid
digestion and AA finish. A description of quality control and
quality assurance protocols can be found at:
http://www.epzresources.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.
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Esperanza Resources Corp. Bill Pincus President and
CEO Toll Free: (866) 890 5509 info@epzresources.com
www.epzresources.com
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