Esperanza Provides Exploration Update
07 March 2011 - 1:00AM
Marketwired
Esperanza Resources Corp. (TSX VENTURE: EPZ) is pleased to provide
this update on new exploration drilling activities:
Three Peru Projects to be Drilled
Colqui Orcco: The Colqui Orcco (Silver Hill) property consists
of 700 hectares and is located in the department of Cusco. All
permits have been received and site preparation has begun. Weather
permitting, drilling will begin in mid-March.
The Colqui Orcco project consists of three steeply dipping
quartz veins and brecciated structures hosted in andesite with a
total strike length of 2.5 km. The area was identified by Esperanza
geologists in a regional exploration program. Outcrop sampling
returned anomalous results that will be tested by drilling
including:
-- La India Norte Vein yielded 0.9 meters of 572 g/t Ag
-- La India Vein yielded 0.5 m of 64 g/t Ag
-- La India Norte Vein yielded 1.8 m of 5 g/t Ag and 0.22 g/t Au
A first phase program of eleven (11) drill holes totaling 1,700
meters will test the La India silver-gold vein system.
Pucarana: This project is located adjacent to the Orcopampa
gold-silver mining camp, where Esperanza controls 1,889 hectares in
a joint venture with Estrella Gold (TSX VENTURE: EST). Pucarana is
located between Buenaventura's Chipmo and Poracota mines, which
have an annual production of 360,000 oz of gold and 131,000 oz of
silver.
The Pucarana project is gold system of quartz veins, vuggy
silica, and silicified bodies exhibiting strong advanced argillic
alteration similar to that observed at the Chipmo Mine. The drill
permit has been issued by authorities. A first phase of drilling is
slated to begin in April. Ten holes totaling 2,500m are
planned.
Pucara: This project is 100% owned by EPZ, consists of 600
hectares and is located in Cusco Department. Negotiations with the
community are advanced and anticipated drilling will begin in late
Q2, 2011. A stockwork zone of quartz veining with an outcrop strike
length of 200 m before it dives under alluvial cover has been
identified. Regionally, the property is located on the border of a
series of nested calderas. Channel samples have returned results up
to 339 g/t Ag over 9.6 meters including 488 g/t Ag over 2.9 m. This
is a grassroots project. Ten drill holes totaling 1,500 m are
planned.
Mexico Concessions Acquired
Esperanza recently acquired the Gallos Blancos project by claim
staking. Located in San Luis Potosi, Mexico, it consists of 12,510
hectares containing historic Ag-Pb-Zn workings and prospects.
Preliminary sampling of oxide dump material contained values as
high as 1.0 g/t Au, 206 g/t Ag, 14.5% Pb, 30.0% Zn, 19.5% Cu. Field
mapping and sampling is currently under-way to define drill
targets. Drilling is anticipated to begin in the second half of the
year.
About Esperanza
Esperanza is focused on advancing the development of its
principal property, the wholly-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 35% interest
in Global Minerals Ltd. (TSX VENTURE: CTG), majority owner of the
Strieborna silver/copper/antimony project in Roznava, Slovakia
(www.globalminerals.com).
QUALIFIED PERSONS: J. Stevens Zuker, M.Sc., Geology and Senior
Vice President, Esperanza Resources Corp. is the Qualified Person
(QP) under NI 43-101 responsible for the Peru exploration program.
Paul J. Bartos, Ph.D. Geology and Vice President / Chief Geologist,
Esperanza Resources Corp. is the Qualified Person (QP) under NI
43-101 responsible for the Mexico exploration program. They have
verified the data disclosed in this news release, including
sampling, analytical and test data. Field work has been conducted
under their supervision. 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
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 1 866 890 5509 info@epzresources.com www.epzresources.com
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