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Peruvian Metals Corp. Provides Update on Panteria Project
TORONTO, ON / ACCESSWIRE / May 22, 2019 / Peruvian Metals Corp. (TSXV: PER) ("Peruvian Metal...
About this update from Peruvian Metals Corp.
[{"type":"text","content":"Peruvian Metals Corp. Provides Update on Panteria ProjectTORONTO, ON / ACCESSWIRE / May 22, 2019 / Peruvian Metals Corp. (TSXV: PER) (\"Peruvian Metals\" or the \"Company\") has been advised by Minera Antares Peru, a wholly owned subsidiary of First Quantum Minerals Ltd. (\"collectively First Quantum\"), of its decision to terminate its option agreement on the Panteria Au-Cu projects located 210 kilometres southeast of Lima, Peru in the Huancavelica department.Jeffrey Reeder, President and Chief Executive Officer of Peruvian Metals stated: \"We wish to thank First Quantum and its exploration team for the work completed and significant investments made on the Panteria project over the past three years. Exploration on the main Panteria Copper zone did not meet their expectations, however the work completed has identified significant Au-Ag targets that warrant further exploration. The Company will access this work and will identify new partners to continue exploration on the project.\"Since the beginning of the Panteria option agreement (March 15, 2016), First Quantum drilled 8,699 metres in 11 holes. The work by First Quantum identified four main mineralized zones: NW Moly, El Corral, La Quebrada/El Gato and Renaldo. The NW Moly and Renaldo mineralized zones remain untested by drilling.The untested Renaldo zone is considered a gold-silver precious metal target located 4.5 kilometres east of the main Panteria Zone. Since 2014, a total 323 rock samples have been taken by the Company and First Quantum. Rock chip sampling from this prospective zone covers an area measuring one by two kilometres. Sampling and mapping encountered gold and silver mineralization in a high-sulphidation lithocap that is hosted in shallow dipping volcanics at higher elevations. At lower elevations, creeks expose hydrothermal breccias and quartz-pyrite-pyrrhotite-magnetite stockwork with locally anomalous gold values. Similar to the Panteria zone, outcropping, advanced argillic-altered volcanic rocks at the Ronaldo zone include tourmaline and dumortierite that stratigraphically overlie the breccias. Peruvian Metals plans to re-evaluate this area and expand upon the encouraging surface results.The Company will start to compile the results and begin discussions with third parties to continue exploration at the project. The emphasis will be focused on the Renald...