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Prime Meridian Resources Corp. Executes LOI for Purchase Option on the El Chuin Copper Project
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2022) - Prime Meridian Resources Corp...
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[{"type":"text","content":"Prime Meridian Resources Corp. Executes LOI for Purchase Option on the El Chuin Copper ProjectVancouver, British Columbia--(Newsfile Corp. - December 5, 2022) - Prime Meridian Resources Corp. (TSXV: PMR) (\"PMR'' or the \"Company\") is pleased to announce that the Company has executed two letters of intent dated November 26th (LOIs) for the option to purchase up to a 100-per-cent interest in the 3,792-hectare El Chuin Copper Project (the \"Project\" or \"El Chuin\"), located in Sonora, Mexico, 65 kilometres southeast of the La Caridad Copper Molybdenum Porphyry Deposit and 269 kilometres northeast of Hermosillo.Brian Leeners, CEO of Prime Meridian, stated, \"The El Chuin Copper Project is a rare opportunity to add a potentially large copper porphyry target to our growing portfolio of copper projects in Sonora, Mexico. We are very excited about El Chuin, where the work done to date has identified extensive mineralization and hydrothermal alteration exhibiting a porphyry copper signature.\"El Chuin Copper ProjectThe El Chuin Copper Project covers an interpreted porphyry copper target, encompassing historical small-scale mine workings and widespread copper and iron mineralization in outcrops. High-grade copper mineralization is best developed on the hydrothermal vein structures on the La Azurita, Samaniego, and Loomis zones on the northern portions of the Property, while disseminated and replacement-type copper mineralization also occurs, with some outcrops measuring more than 100 metres in diameter. Elevated gold, silver, molybdenum and tungsten values have been reported to occur alongside copper mineralization. (1)Mineralization on the Property is zoned outwards, from copper-molybdenum-bearing contact skarns proximal to the intrusion to distal lead-zinc-silver manto-type mineralization. The zonation of hydrothermal alteration, in conjunction with that of mineralization, is typical of a porphyry system. (1)The nearest population centre is the town of Bacadéhuachi. The Project is readily accessible by paved highway from Hermosillo to Bacadéhuachi with an 11-kilometre well-maintained gravel road leading to the centre of the property.Reconnaissance on the Project was carried out by Servicio Geológico Mexicano (SGM) in 1976. This work was summarised in a 2012 report on the Property, identifying nine significant min...