Esperanza Updates Cerro Jumil Project
26 July 2011 - 9:00PM
Marketwired
Esperanza Resources Corp. (TSX VENTURE: EPZ)(PINK SHEETS: ESPZF) is
pleased to provide this update on its Cerro Jumil, Mexico project.
Over 4,000 additional meters of drilling has now been completed for
a total of over 45,000 meters. The current program is designed to
evaluate areas adjacent to the known resources and to fill-in those
areas now classified as inferred resource. Highlights of the drill
results include:
-- Drill Hole RCHE-11-175 intersected 30.0 meters containing 1.3 grams of
gold per tonne.
-- Drill Hole RCHE-11-179 intersected 22.5 meters containing 1.13 grams
gold per tonne.
-- Drill Hole RCHE-11-192 intersected 9.0 meters containing 3.07 grams gold
per tonne.
Complete results are in the accompanying table.
Current resources at Cerro Jumil are included in three principal
Zones: Southeast, West and Las Calabazas. The drilling reported
here has been concentrated in the area between the Las Calabazas
and West Zones which are separated by a gap of approximately 150
meters. The results indicate that the two zones appear to have
expanded toward each other. Nevertheless there are areas with only
sporadic mineralization between the two zones. Current drilling is
now being conducted on the southwest edge of the Las Calabazas
Zone. Additional drilling will be done to further define the West
Zone.
Metallurgical Test Results
Esperanza has completed a program of pilot-scale column testing
at McClelland Laboratories under the supervision of Lyntek Inc.
Approximately 18 tonnes of mineralized material was shipped to
McClelland and used to construct three 20-foot tall columns. One
column was filled with "run of mine" or uncrushed material; the
other two columns were filled with material crushed to -50mm and
-20mm respectively. Upon review of all test results it was
determined that crushing to -50mm (approx. 1 inch) provides the
best results. These are summarized in the table below:
-----------------------------------------------------
Cerro Jumil Column Test Results
Simulated Heap Leach Operation
-50 mm Crush Size
-----------------------------------------------------
Gold Recovery 76%
-----------------------------------------------------
Silver Recovery 25%
-----------------------------------------------------
CN Consumption 0.8 kg/tn
-----------------------------------------------------
Column Dimension 20' tall by 2' diameter
-----------------------------------------------------
Leach Period
(includes three "rest" cycles) 217 days
-----------------------------------------------------
The results of this test program have been used for design
criteria in the forthcoming Preliminary Economic Assessment.
Preliminary Economic Assessment (PEA)
The Company has contracted Golder Associates to complete a PEA.
This is expected in the current quarter of this year. Golder is
being assisted by Lyntek Inc. on process design and Mine
Development Associates on mine design. The PEA will be based on the
resources announced last year (News Release Sept 16, 2010:
http://www.epzresources.com/release.php?R_ID=). Results from the
current drill campaign have not been used to update the resource
and will not be included in the PEA.
--------------------------------------------------------------
Cerro Jumil RC Drill Hole Results
July 26, 2011
--------------------------------------------------------------
From To Interval Grade
Hole (meters) (meters) Length (grams Au/tonne)
--------------------------------------------------------------
RCHE-11-175 58.5 88.5 30.0 1.30
--------------------------------------------------------------
RCHE-11-176 No significant intervals
--------------------------------------------------------------
RCHE-11-177 No significant intervals
--------------------------------------------------------------
RCHE-11-178 82.5 88.5 6.0 1.00
--------------------------------------------------------------
RCHE-11-179 151.5 174.0 22.5 1.13
--------------------------------------------------------------
RCHE-11-180 No significant intervals
--------------------------------------------------------------
RCHE-11-181 No significant intervals
--------------------------------------------------------------
RCHE-11-182 No significant intervals
--------------------------------------------------------------
RCHE-11-183 No significant intervals
--------------------------------------------------------------
RCHE-11-184 No significant intervals
--------------------------------------------------------------
RCHE-11-185 No significant intervals
--------------------------------------------------------------
RCHE-11-186 No significant intervals
--------------------------------------------------------------
RCHE-11-187 No significant intervals
--------------------------------------------------------------
RCHE-11-188 94.5 99.0 4.5 1.37
--------------------------------------------------------------
RCHE-11-189 No significant intervals
--------------------------------------------------------------
RCHE-11-190 97.5 112.5 15.0 3.85
--------------------------------------------------------------
RCHE-11-191 No significant intervals
--------------------------------------------------------------
RCHE-11-192 58.5 67.5 9.0 3.07
--------------------------------------------------------------
RCHE-11-193 54.0 70.5 16.5 1.14
--------------------------------------------------------------
RCHE-11-194 36.0 42.0 6.0 1.30
--------------------------------------------------------------
RCHE-11-195 79.5 90.0 10.5 2.45
--------------------------------------------------------------
RCHE-11-196 82.5 97.5 15.0 2.52
--------------------------------------------------------------
RCHE-11-197 No significant intervals
--------------------------------------------------------------
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 31% interest
in Global Minerals Ltd. (TSX VENTURE: CTG), owner of the Strieborna
silver/copper project in Roznava, Slovakia.
QUALIFIED PERSON: William Pincus, CPG and President, Esperanza
Resources 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.epzresources.com/protocols.php.
SAFE HARBOUR: Some statements in this release are
forward-looking in nature. The United States Private Securities
Litigation Reform Act of 1995 provides a "safe harbour" 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.
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
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.
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 and indicated
categories will be converted into reserves.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the United
States of America. The securities have not been and will not be
registered under the United States Securities Act of 1933 (the
"U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons (as
defined in the U.S. Securities Act) unless registered under the
U.S. Securities Act and applicable state securities laws, or an
exemption from such registration is available.
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: 1.866.890.5509 info@epzresources.com
www.epzresources.com
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