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Gold State Announces LOI for the Acquisition of the Panteria Copper-Gold Porphyry Project
(TheNewswire) Vancouver, British Columbia – TheNewswire - November...
About this update from International Metals Mining Corp
[{"type":"text","content":"Gold State Announces LOI for the Acquisition of the Panteria Copper-Gold Porphyry Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n November 23, 2021 – Gold State Resources\nInc.\n \n \n (formerly Cyon Exploration Ltd.)\n \n \n (“\n \n \n Gold\nState\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n (TSXV: GOST | OTCQB: CYNXF |\nFSE: C2YD\n \n \n )\n \n \n is pleased to\n \n announce that the Company, on November\n22, 2021, has signed a binding letter of intent (“\n \n LOI\n \n ”) with Peruvian Metals Corp.\n(TSXV: PER) (“\n \n Peruvian\nMetals\n \n ”) to acquire a 100% interest in the Panteria\ncopper-gold (Cu-Au) porphyry project (the “\n \n Project\n \n ”). The project is located\napproximately 210 kilometres southeast of Lima, Peru, in the\nHuancavelica department and is considered highly prospective for both\nCu-Au porphyry style mineralization and high-level gold-silver (Au-Ag)\nepithermal mineralization. Approximately US $5 million has been spent\nto date on the Project that has several untested exploration targets.\n \n \n The Project is comprised of several mineral concessions covering an\narea of 2,000 hectares and is believed to be situated in the northern\nextension of the Southern Coastal porphyry belt. Peruvian Metals\nacquired the Project in 2010 and conducted extensive surface sampling\nand mapping programs followed by a small geophysical program in 2014.\nPeruvian Metals recognized the porphyry potential of the area and\nthrough field work identified the Renaldo Au-Ag zone 4.5 kilometres\neast of the main Panteria zone. First Quantum Minerals Ltd. (“\n \n First Quantum\n \n ”) optioned the\nProject and explored the area from 2016 to 2018. A total of 8,699\nmetres were drilled by First Quantum in 11 holes. Five main\nmineralized zones were identified on the Project by Peruvian Metals\nand First Quantum: Kisosko, El Corral, NW Corral, La Quebrada and the\nRenaldo zones. The El Corral and NW Corral Zones have proven the most\nprospective for Cu-Au porphyry mineralization. The Renaldo and Kiosko\nzones are considered high-level Au-Ag precious metal target and have\nnot been drill-tested.\n \n \n The drilling by First Quantum mainly focused on the El Corral ...