Trading Symbol: PAX.TSX-V VANCOUVER, BC, May 16 /CNW/ - Pacifica Resources Ltd. (PAX.TSX-V) subsidiary Compania Mineral Latina Limitada will be commencing approximately 2,500 meters of drilling on its Islena Project near Taltal in coastal Chile on or about the 21st of May for Phase 1 reverse circulation drilling, mainly in the Union Mine area on its Islena Project, Chile. The Phase 1 drilling will follow-up on the high-grade copper-silver mineralization previously intersected in hole UN04RC-03A that graded 3.62% copper, 0.42% zinc, 0.16% lead and 288.7 g/t silver over 8 meters in the Union Mine area (see March 22, 2004 news release), as well as test numerous peripheral iron oxide copper-gold (IOCG) targets where there are known occurrences of low grade copper-gold mineralization beneath pediment cover immediately along strike of the last of the Islena workings. The Islena Trend is characterized by hematite- chalcopyrite copper-gold mineralization of the Iron Oxide-Copper-Gold type. The Islena Project is located east of the port city of Taltal in northern Chile within a historic copper-gold-silver mining district in the graben of the Atacama Fault Zone. The Atacama Fault Zone is a major structure that is important to the localization of several very large IOCG deposits within the copper-iron belt of coastal Chile. The deposits include Anglo American's Mantos Blancos mine (400 million tonnes grading 1% copper) and Mantos Verde mine (100 million tonnes grading 0.8% copper) and Phelps Dodge's Candelaria mine (470 million tonnes grading 0.95% copper and 0.2 g/t gold). Mining of oxide mineralization in the Union Mine recovered 84,097 tonnes with a recovered grade of 2.50% copper and 287 g/t silver during the period 1966 to 1982. The higher grade mineralization is hosted by dark grey limey clastic strata adjacent to the Union Fault; a post mineral fault forming the west boundary of an uplifted block within the Atacama Fault graben. The Islena Project is one of four copper-silver-gold projects being explored by Pacifica in Chile that is considered to have excellent potential for moderate tonnages of medium to high grade copper, silver, and gold mineralization. Additional exploration is planned for these and its other projects in Canada, as it works to advance its large Selwyn Project in the Yukon that includes the recent acquisition of the Howard's Pass zinc-lead properties. The company's qualified person for the Islena Project, Chile is Jason Dunning, M.Sc., P.Geo. Pacifica is a junior resource company focused on exploration for base metals in the Americas. The Company shares management with its major shareholder, Yukon Zinc Corporation, which is developing the Wolverine zinc- lead-copper-silver-gold deposit in south central Yukon. This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.
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