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Cerro de Pasco Resources is Granted Historic Authorization and Starts Drilling Quiulacocha Tailings

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Cerro de Pasco Resources Inc. (GPPRF) has received historic authorization to begin drilling at the Quiulacocha Tailings Project in Peru. This marks the first-ever authorization granted for a new mining exploration project within a tailings storage facility in Peru. The company has started installing its first drill rig for the Phase I drilling program and completed a geophysical study.

Key points:

  • 40 drill holes planned to collect over 1,000 tailings samples
  • Geophysical surveys indicate tailings depth exceeding 40 meters in some areas
  • Quiulacocha Tailings estimated to contain 75 million tonnes of processed material
  • Historical grades: up to 10% Cu, 4 g/t Au, 300 g/t Ag, and later 7.41% Zn, 2.77% Pb, 90.33 g/t Ag
  • Project aims for economic benefits, environmental restoration, and job creation

Cerro de Pasco Resources Inc. (GPPRF) ha ricevuto l'autorizzazione storica per iniziare le perforazioni presso il Progetto di Rifiuti di Quiulacocha in Perù. Questo segna la prima autorizzazione mai concessa per un nuovo progetto di esplorazione mineraria all'interno di una struttura di stoccaggio di rifiuti in Perù. L'azienda ha iniziato a installare la sua prima trivella per il programma di perforazione Fase I e ha completato uno studio geofisico.

Punti chiave:

  • 40 perforazioni pianificate per raccogliere oltre 1.000 campioni di rifiuti
  • Le indagini geofisiche indicano una profondità dei rifiuti superiore ai 40 metri in alcune aree
  • I rifiuti di Quiulacocha sono stimati contenere 75 milioni di tonnellate di materiale lavorato
  • Gradi storici: fino al 10% di Cu, 4 g/t di Au, 300 g/t di Ag, e successivamente 7,41% di Zn, 2,77% di Pb, 90,33 g/t di Ag
  • Il progetto mira a benefici economici, ripristino ambientale e creazione di posti di lavoro

Cerro de Pasco Resources Inc. (GPPRF) ha recibido la autorización histórica para comenzar las perforaciones en el Proyecto de Relaves de Quiulacocha en Perú. Esto marca la primera autorización concedida para un nuevo proyecto de exploración minera dentro de una instalación de almacenamiento de relaves en Perú. La empresa ha comenzado a instalar su primera plataforma de perforación para el programa de perforaciones de la Fase I y ha completado un estudio geofísico.

Puntos clave:

  • 40 perforaciones planeadas para recoger más de 1,000 muestras de relaves
  • Las encuestas geofísicas indican que la profundidad de los relaves supera los 40 metros en algunas áreas
  • Se estima que los relaves de Quiulacocha contienen 75 millones de toneladas de material procesado
  • Grados históricos: hasta el 10% de Cu, 4 g/t de Au, 300 g/t de Ag, y posteriormente 7.41% de Zn, 2.77% de Pb, 90.33 g/t de Ag
  • El proyecto busca beneficios económicos, restauración ambiental y creación de empleos

세로 데 파스코 자원 주식회사 (GPPRF)는 페루 퀼라코차 제련소 프로젝트에서 드릴링을 시작할 수 있는 역사적인 승인을 받았습니다. 이는 페루의 폐기물 저장 시설 내에서 새로운 광물 탐사 프로젝트에 대해 최초로 부여된 허가입니다. 이 회사는 1단계 드릴링 프로그램을 위해 처음으로 드릴링 장비를 설치하기 시작했으며, 지구물리학적 조사를 완료했습니다.

주요 사항:

  • 1,000개 이상의 폐기물 샘플을 수집하기 위해 계획된 40개의 드릴 홀
  • 지구물리학적 조사 결과 일부 지역에서 폐기물의 깊이가 40미터를 초과함
  • 퀼라코차 폐기물은 7,500만 톤의 가공된 물질을 포함할 것으로 추정됨
  • 역사적 등급: 최대 10% Cu, 4 g/t Au, 300 g/t Ag, 그리고 이후 7.41% Zn, 2.77% Pb, 90.33 g/t Ag
  • 이 프로젝트는 경제적 이익과 환경 회복, 일자리 창출을 목표로 함

Cerro de Pasco Resources Inc. (GPPRF) a reçu une autorisation historique pour commencer le forage au sein du projet de résidus de Quiulacocha au Pérou. Cela marque la toute première autorisation accordée pour un nouveau projet d'exploration minière dans une installation de stockage de résidus au Pérou. L'entreprise a commencé à installer sa première foreuse pour le programme de forage de la phase I et a achevé une étude géophysique.

Points clés :

  • 40 trous de forage prévus pour collecter plus de 1 000 échantillons de résidus
  • Les enquêtes géophysiques indiquent une profondeur des résidus dépassant 40 mètres dans certaines zones
  • Les résidus de Quiulacocha sont estimés à contenir 75 millions de tonnes de matériau traité
  • Degrés historiques : jusqu'à 10 % Cu, 4 g/t Au, 300 g/t Ag, et plus tard 7,41 % Zn, 2,77 % Pb, 90,33 g/t Ag
  • Le projet vise des bénéfices économiques, la restauration environnementale et la création d'emplois

Cerro de Pasco Resources Inc. (GPPRF) hat die historische Genehmigung erhalten, mit Bohrungen im Quiulacocha-Rückstandsprojekt in Peru zu beginnen. Dies markiert die erste Genehmigung, die jemals für ein neues Bergbau-Erkundungsprojekt innerhalb einer Rückstandsspeicheranlage in Peru erteilt wurde. Das Unternehmen hat begonnen, seine erste Bohranlage für das Bohrprogramm Phase I zu installieren und hat eine geophysikalische Studie abgeschlossen.

Wichtige Punkte:

  • 40 geplante Bohrlöcher zur Sammlung von über 1.000 Rückstandproben
  • Geophysikalische Untersuchungen zeigen Rückstandstiefen von mehr als 40 Metern in einigen Bereichen an
  • Der Quiulacocha-Rückstand wird auf 75 Millionen Tonnen aufbereitetes Material geschätzt
  • Historische Gehalte: bis zu 10% Cu, 4 g/t Au, 300 g/t Ag und später 7,41% Zn, 2,77% Pb, 90,33 g/t Ag
  • Das Projekt zielt auf wirtschaftliche Vorteile, ökologische Wiederherstellung und Schaffung von Arbeitsplätzen ab
Positive
  • First-ever drilling authorization granted for a new mining exploration project over tailings in Peru
  • Geophysical surveys indicate tailings depth exceeding 40 meters, surpassing original expectations
  • Quiulacocha Tailings estimated to contain 75 million tonnes of processed material with high historical grades
  • Minimal mining costs due to surface-level material and current reprocessing capacity at adjacent plants
Negative
  • None.

First Phase Geophysics Study completed

MONTRÉAL, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is pleased to inform that it has received the required authorization for the Initiation of Exploration Activities from the Peruvian Ministry of Energy and Mines. This represents the first-ever such authorization to be granted in Peru for a new mining exploration project within a tailings storage facility.

Accordingly, the Company is now installing its first drill rig to begin its Phase I drilling program at the Quiulacocha Tailings Project (“QT Project”).

The Company has in parallel completed first phase Geophysical Studies to outline the bottom surface of the tailings deposit.

Guy Goulet comments: “This is a significant milestone for the country: This is the first ever drilling authorization granted for a new mining exploration project over tailings in the history of Peru, not related to a beneficiation concession. It is also a very exciting stage for CDPR as we will finally discover the true value of the QT tailings and be able to produce a Master Plan for the entire Quiulacocha tailings resource. CDPR will update the market with drill results as soon as they become available."

Drilling Program

CDPR has hired Ingetrol Comercial S.A.C., a Peruvian subsidiary of Grupo Ingetrol, to perform the Phase I Drilling campaign. Over a period of approximately eight weeks, Ingetrol will carry out 40 drill holes to gather more than 1,000 tailings samples, facilitating comprehensive data acquisition throughout the entire depth of the Quiulacocha tailings.

Laboratory Testing

Inspectorate Services Perú S.A.C., a Peruvian subsidiary of Bureau Veritas, will conduct the geochemical and metallurgical testing program in Lima, Peru and Antofagasta, Chile. The tailings samples, taken at every meter, will be dispatched to the Bureau Veritas lab in Lima for a 60-element ICP Analysis and other assays. Subsequently, the tailings samples will be combined into representative composites and sent to Antofagasta, Chile, for metallurgical testing.

This extensive laboratory program will determine the mineral resource estimate and metallurgical methods for the reprocessing of the Quiulacocha tailings.

Geophysics

CDPR has enlisted Geomain Ingenieros S.A.C., a Peruvian company specializing in geophysical applications for mineral exploration and engineering, to conduct Phase 1 geophysics. Geomain Ingenieros S.A.C. has successfully completed over 9,000 m of geophysical surveys on the dry portion of the Quiulacocha tailings. The preliminary interpretation of the geophysical profiles indicates that the tailings deposit surpasses 40 meters in depth in certain locations, exceeding the original expectations.

The Quiulacocha Tailings

CDPR is the titleholder of the concession located in Peru called “El Metalurgista”, which grants it the right to explore and exploit the Quiulacocha Tailings located within its assigned area. The enforceability of these rights has been formally confirmed by the General Mining Bureau of Peruvian Ministry of Energy and Mines.

The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold approximately 75 million tonnes of material processed from the 1920s to 1990s.

Initially these tailings resulted from the mining 16+ million tonnes of copper-silver-gold mineralization with reported historical grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag and later from the mining of 58+ million tonnes of zinc-lead-silver mineralized material with average historical grades of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.

With minimal mining costs due to surface-level material and current reprocessing capacity at adjacent plants, CDPR's Quiulacocha Project stands out as one of Peru's key mining initiatives. This endeavor not only promises economic benefits but also aims to restore the environment and create employment opportunities, aligning with the local community's needs.

Technical Information

Mr. Alfonso Palacio Castilla, MIMMM/Chartered Engineer (CEng) and Project Superintendent for CDPR, has reviewed and approved the scientific and technical information contained in this news release. Mr. Palacio is a Qualified Person for the purposes of reporting in compliance with NI 43-101.

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is focused on the development of its principal 100% owned asset, the El Metalurgista mining concession, comprising silver-rich mineral tailings and stockpiles extracted over a century of operation from the Cerro de Pasco open pit mine in Central Peru. The company’s approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy. The asset is one of the world’s largest above-ground resources.

Forward-Looking Statements and Disclaimer

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified using forward-looking terminology such as “plans”, “seeks”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “could”, “might”, “likely” or variations of such words, or statements that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “will be taken”, “occur”, “be achieved” or other similar expressions.

Forward-looking statements, including the expectations of CDPR’s management regarding the realization, timing and scope of its drilling program, the completion of a resource report as well as the business and the expansion and growth of CDPR’s operations, are based on CDPR’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of CDPR to be materially different from those expressed or implied by such forward-looking statements or forward-looking information.

Forward-looking statements are subject to business and economic factors and uncertainties and other factors, that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risks factors set out in CDPR’s public documents, available on SEDAR+ at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although CDPR believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except where required by applicable law, CDPR disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Further Information

Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000
ggoulet@pascoresources.com


FAQ

What is the significance of the drilling authorization granted to Cerro de Pasco Resources (GPPRF) for the Quiulacocha Tailings Project?

It's the first-ever authorization granted in Peru for a new mining exploration project within a tailings storage facility, marking a significant milestone for both the company and the country.

How many drill holes are planned for the Phase I drilling program at the Quiulacocha Tailings Project by Cerro de Pasco Resources (GPPRF)?

Cerro de Pasco Resources plans to carry out 40 drill holes to gather more than 1,000 tailings samples during the Phase I drilling program.

What are the estimated contents and historical grades of the Quiulacocha Tailings owned by Cerro de Pasco Resources (GPPRF)?

The Quiulacocha Tailings are estimated to hold 75 million tonnes of processed material with historical grades of up to 10% Cu, 4 g/t Au, 300 g/t Ag, and later 7.41% Zn, 2.77% Pb, 90.33 g/t Ag.

What did the geophysical surveys reveal about the Quiulacocha Tailings depth for Cerro de Pasco Resources (GPPRF)?

The geophysical surveys indicated that the tailings deposit surpasses 40 meters in depth in certain locations, exceeding the original expectations.

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