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Prime Meridian Resources Corp. Executes Purchase Option Agreement on the Cuatro Hermanos Project
Vancouver, British Columbia--(Newsfile Corp. - February 9, 2023) - Prime Meridian Resources Corp...
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[{"type":"text","content":"Prime Meridian Resources Corp. Executes Purchase Option Agreement on the Cuatro Hermanos ProjectVancouver, British Columbia--(Newsfile Corp. - February 9, 2023) - Prime Meridian Resources Corp. (TSXV: PMR) (\"PMR'' or the \"Company\") is pleased to announce that today the Company received the signed and notarized agreement (the \"Agreement\") for the option to purchase (the \"Purchase Option\") a 100-per-cent interest in the Cuatro Hermanos Porphyry Copper Project (the \"4H Project\"), located in Sonora, Mexico, 185 kilometres southeast of Hermosillo.4H Project Overview:10 concessions totalling 8,125 hectares which contains a large porphyry copper-molybdenum system with surface measurements of at least four kilometres east-west by two kilometres north-south.Initial exploration work on the property by companies including Occidental Petroleum (1969), Amoco (1974-1975), Cominco (1981), BHP-Magma (1997) and Phelps Dodge (1998) was limited in overall extent.Erosion has been sufficiently moderate so that a leached oxidized capping of 10 to 60 metres thickness has developed over the primary sulphides.Secondary supergene chalcocite mineralization is present in a tabular zone at the base of oxidation and the presence of exotic copper mineralization, transported by acid sulphate surface waters into stream gravels and conglomerate indicates primary sulphides were oxidized, copper put into solution and acid copper sulphate solutions moved down and laterally. Primary porphyry copper-molybdenum mineralization, mainly pyrite, chalcopyrite, and molybdenite, is present in quartz-veinlet stock works, disseminations and breccias associated with high level porphyritic intrusions of quartz monzonite to granodiorite and diorite compositions.Brian Leeners, CEO of Prime Meridian, stated, \"The Cuatro Hermanos Copper Project is currently an 8-square kilometre, at-surface, copper and molybdenum system with near-term soluble copper (SXEW) production potential. The asset in its entirety versus the current value of PMR, represents tremendous leverage to rising copper and molybdenum prices which are beginning to reflect projected deficits in forward supply.\"Main Zone - 2008 Historical Indicated ResourcesCutoff CuEq (%)**TonnesCu (%)Mo (%)Ag (g/t)Cu (lbs)Mo (lbs)0.0484277,404,0000.16820.01721.31,028,866,000105,021,0000.0967252,971,0000.18010.01861.41,004,348...