Continues exploration on Rio Minas Property, Oaxaca, Mexico
Trading Symbols: TSX.V-PNL
and O7M - Frankfurt Stock Exchange
VANCOUVER, April 29 /CNW/ - Pinnacle Mines Ltd. ("Pinnacle" or the "Company") is continuing exploration work on the Rio Minas property located approximately 90 kilometers southeast of Oaxaca City. Pinnacle has an option with its joint-venture partner Chesapeake Gold Corp. to acquire up to 70% of both its La Calavera and Rio Minas projects in the state of Oaxaca.
Rio Minas is a large property consisting of two concessions totaling 19,510 hectares. The target is a silver-rich, poly-metallic skarn hosted in cretaceous limestone adjacent to a granodiorite intrusive. Five skarn zones have been identified.
Pinnacle is continuing a soil sampling program in rough terrain covering a 3.75 km2 area. The program consists of 13 parallel sample lines on 100 m spacing with sample stations every 25 m. Assays have been received for 568 samples and 161 additional samples have been submitted for analysis. Assays received to date reveal large copper and silver anomalies with soil assays ranging up to 0.3% copper and up to 36 gpt silver. Over 40% of the soil sampling program has been completed.
The Zapoteca prospect (follow this link to view map: http://files.newswire.ca/708/Map.JPG) falls within the southwestern portion of the soil sampling area and awaits planned sampling. The zone contains conspicuous blue copper minerals in road cuts, float, and old prospect pits. Past bedrock sampling at Zapoteca produced favorable assays listed below:
RIO MINAS - ZAPOTECA BEDROCK SAMPLING ----------------------------------------------- HORIZONTAL PERCENT GPT PERCENT METERS COPPER SILVER ZINC ----------------------------------------------- 63 meters 0.90 75.1 0.63 ----------------------------------------------- including 45 m 1.20 98.0 1.15 ----------------------------------------------- and 57 meters 0.54 35.0 anomalous ----------------------------------------------- and 27 meters 0.55 25.9 anomalous ----------------------------------------------- and 27 meters 0.27 8.0 anomalous ----------------------------------------------- including 15 m 0.43 110.0 anomalous ----------------------------------------------- and 24 meters 0.30 23.1 0.57 ----------------------------------------------- and 9 meters 2.78 0 anomalous ----------------------------------------------- and 9 meters 0.69 0 anomalous ----------------------------------------------- and 6 meters 2.70 147.1 anomalous ----------------------------------------------- and 3 meters 0.54 54.4 anomalous ----------------------------------------------- and 3 meters 0.33 23.5 anomalous -----------------------------------------------
Once the soil sampling program is completed and interpreted, an induced polarization survey will be conducted along the same sample survey lines. An aggressive drill program, which is planned for the third quarter, will be determined from the geochemical and geophysical surveys.
On the corporate front, Bradford Cooke has tendered his resignation as a director of the Company citing time constraints. Mr. Cooke has been a dedicated director of the Company since April 2003 and management and directors wish him well in his future endeavors and thank him for his contributions and sincere efforts over the years.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and was reviewed by Jeffrey Wilson, P. Geo. and VP of Exploration for Pinnacle, a Qualified Person as defined by NI 43-101. Soil and bedrock samples pertaining to this release were assayed by ALS Chemex, Guadalajara, Jalisco.
Pinnacle Mines Ltd. is a Canadian based mineral exploration company with assets in Canada and Mexico. In Canada, Pinnacle holds properties in Northwestern British Columbia in proximity to numerous past and producing mines including the Silbak-Premier Mine and Barrick Gold's famed Eskay Creek Mine.
"Paul Saxton"
President & CEO
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