Peruvian Metals Consolidates 100% Interest in the Au-Ag-Cu Palta Dorada Project in Northern Peru
Rhea-AI Summary
Peruvian Metals (TSXV: PER) (OTCQB: DUVNF) has completed the purchase of the remaining 50% interest in the Palta Dorada Gold-Silver-Copper property in Northern Peru, resulting in 100% ownership. The consolidation provides strategic advantages due to the property's unique high-grade mineralization. The company plans to process sulphides at its 80% owned Aquila Norte flotation plant and is considering building a Carbon-in-Pulp (CIP) gold ore processing circuit for oxide material.
The Palta Dorada property covers approximately 2,250 hectares in the Ancash mining department. Development work has focused on the main San Juan vein, which has a surface exposure of at least 840 meters. Chip samples from the vein showed high-grade gold, silver, and copper content. The company also plans to start a detailed exploration program to locate and define additional mineralized structures.
Positive
- Acquisition of 100% ownership in Palta Dorada Gold-Silver-Copper property
- High-grade gold, silver, and copper mineralization in samples (up to 24.1 g Au/t, 865 g Ag/t, and 4.94% Cu)
- Potential for immediate cash flow by selling oxide gold material to local mills
- Plans to process sulphides at company-owned Aquila Norte flotation plant
- Consideration of building a CIP gold ore processing circuit for oxide material
- 92.15% gold recovery in metallurgical tests on oxide material
Negative
- Development delays since April 2023 due to El Niño flooding damage to access road
- Need for construction of a new access road to underground workings
News Market Reaction – DUVNF
On the day this news was published, DUVNF declined 9.93%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Edmonton, Alberta--(Newsfile Corp. - October 7, 2024) - Peruvian Metals Corporation (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to announce that the Company has completed the purchase of the remaining
The consolidation of Palta Dorada provides the Company with a strategic advantage due to the unique high-grade gold-silver mineralization that occurs as both oxides and sulphides. Peruvian Metals'
The Palta Dorada Au-Ag-Cu property is in the Ancash mining department in northern Peru and covers an area of approximately 2,250 hectares. The Property is accessible from the Aguila Norte plant by approximately 120 km of mainly paved roadway. The development of the Property has been delayed since April 2023 due to extensive damage to the access road from El Niño flooding. The construction of a new access road to the underground workings will commence shortly and is a priority moving forward.
The development work by Peruvian Metals at Palta Dorada concentrated on the main San Juan vein which surface exposure shows at least an 840-metre strike length. Work to date includes a 160-meter access drift on the lower 895-metre level. The Company has also opened and widened a 53-metre shaft where artisanal miners had extracted hundreds of tonnes of highly mineralized ore that was sold to local toll mills.
Seven chip samples were taken at various depths in the shaft from a quartz vein containing sulphides. Previously reported assay results from these samples range from 3.06 g Au/t to 24.1 g Au/t , 36 g Ag/t to 865 g Ag/t and 0.31 % Cu to 4.94 % Cu over an average width of 0.60 metres. The weighted average of the assay results is 10.51 g Au/t, 329 g Ag/t and 1.74 % Cu.
The shaft clearly shows the transition from the oxide zone to the sulphide zone. Assay results from the oxide zone within the shaft range from 0.87 to 55.3 g Au/t. In 2022, 31 tonnes of oxide gold mineral were extracted in the shaft area, shipped, and sold to a local mill in Southern Peru. The mineral averaged 8.83 g Au/t with a
A second well-mineralized structure north of the main structure has had twelve samples taken from oxide material over a strike length of approximately 480 meters. All samples were strongly oxidized, and assay results ranged from 1.40 g Au/t to 17.3 g Au/t, 10.8 g Ag/t to 456 g Ag/t over widths of 0.20 to 0.80 meters. The weighted average of the results is 7.92 g Au/t and 102 g Ag/t. A mini-bulk sample was taken for metallurgical work from sacks containing oxide gold material. A bottle-roll metallurgical test was performed with a head grade of 13.0 g Au/t and 102 g Ag/t returned 92.15-per-cent gold and 65 percent silver recoveries over 36 hours.
"Peruvian Metals has demonstrated the ability to operate efficiently and effectively in Peru. With full ownership of Palta Dorada, the Company will focus on bulk extraction of both oxide and sulphide gold-silver and copper material. Sulphide material will be treated at our Aguila Norte Plant and oxide gold material will initially be sold to local toll mills. The Company will also start a detailed exploration program designed to locate and define additional mineralized structure. Our move at this time into the Peruvian gold space is ideal bolstered by the consolidation of Palta Dorada and strong precious metal prices," commented Jeffrey Reeder, C.E.O., and Director of the Company.
Qualified Person
Jeffrey Reeder, P. Geo., is the Qualified Person, as defined in National Instrument 43-101, who has reviewed and approved the technical contents of this release.
About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian exploration and mineral processing company. Our business model is to provide clients with toll milling services and produce high-grade marketable sulphide concentrates from mineral purchases. The Aguila Norte processing plant has an environmental permit ("IGAC") from the Peruvian government which provides the Company with the ability to expand operations past the current 100 tonnes per day level. The Company is also developing several precious and base metal properties in Peru.
ON BEHALF OF PERUVIAN METALS
CORP.
(Signed) Jeffrey Reeder
For additional information, contact:
Jeffrey Reeder, C.E.O.
Telephone: (647) 302-3290
Email: jeffrey.reeder@peruvianmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions, and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca.While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions, and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225773
FAQ
What is the new ownership percentage of Peruvian Metals in the Palta Dorada project?
Where is the Palta Dorada property located and what is its size?
What are the average grades of gold, silver, and copper in the samples from the San Juan vein at Palta Dorada?
What are Peruvian Metals' (DUVNF) plans for processing the oxide and sulphide materials from Palta Dorada?
