High Grade Gold Mineralization At Hilorico Deposit
VANCOUVER, BC - Northern Peru Copper Corp. reported that it has drilled the highest grade gold mineralization to date at the Hilorico gold deposit located in the Yanacocha district of northern Peru. Hole HR-07-31 intercepted 40 meters grading 3.09 grams/tonne Au from 178 to 218 meters within a wider intercept of 122.6 meters grading 1.57 grams/tonne gold from 111.4 to 234m in brecciated quartzites with a sulfide matrix. The hole is a step out hole to depth on the southern margin of the deposit and the interval is open in this direction.
Marshall Koval, President & CEO, said, "The grade and thickness of this intercept is significantly higher than that previously encountered at Hilorico and justifies the Company focusing additional exploration on the sulfide part of the Hilorico deposit. A new drill program has been initiated at Hilorico to evaluate the potential extensions of this higher grade intersection."
Hilorico is located in northern Peru approximately one kilometre from the Company's large, feasibility stage Galeno copper-gold-molybdenum-silver project.
The current NI 43-101 mineral resource estimate completed in January and based on assay results from 8,656 meters of drilling in 27 diamond drill holes estimated an inferred oxide resource of 19.4 million tonnes grading 0.65 grams per tonne gold and 3.3 grams per tonne silver at a cut off grade of 0.30 grams per tonne gold (407,000 ounces gold; 2.1 million ounces silver). In addition an inferred sulphide resource of 21.3 million tonnes grading 0.93 grams per tonne gold and 4.8 grams per tonne silver was estimated using a cut off grade of 0.50 grams per tonne gold (641,000 ounces gold; 3.3 million ounces silver). The different cut-off grades used for oxide and sulphide gold mineralization reflect the different potential operating costs of processing these ore types.
The resource estimate is classified as an Inferred Mineral Resource, consistent with the CIMM definitions referred to in National Instrument 43-101 (NI 43-101). Robert Sim, P.Geo., from Norwest Corporation and a Qualified Person as defined by NI 43-101, is responsible for the mineral resource estimate.
The company's address is 1550 - 625 Howe Street, Vancouver, BC V6C 2T6, (604) 687-0407, fax: (604) 687-7041, email: [email protected].