ROUYN-NORANDA, Quebec, Feb. 21, 2019 (GLOBE NEWSWIRE) -- Pershimex Resources Corporation (« Pershimex » or the « Company ») (TSX VENTURE : PRO) is pleased to announce the start of a drill campaign on the Malartic property. This property, in partnership with Dundee Precious Metals Inc., (« Dundee ») is located close to the prolific Cadillac fault, about 12 km to the north-west of the Canadian Malartic Mine (Agnico Eagle Mines-Yamana Gold inc.) and at 2 km to the east of the Lapa Mine (Agnico Eagle Mines).
This campaign, which will be led by our partner Dundee, will target at depth and along the Revillard-Malrobic trend for a total of approximately 5,000 m with two rigs. In 2018, successful first scout drilling (totaling about 2,000 m) intercepted a major shear in the hole MLDD003 which returned up to 1.39 g/t Au over 10 m including 2 meters at 5.5 g/t Au (Révillard target) (Press release April 2018). On the same trend, but 3 km southeast from the Révillard target, hole MLDD007 (Malrobic target) intercepted three separate mineralized shallow gold zones less than 50 m deep vertically returning: 7.15 g/t Au over 3.3 meters including 11.6 g/t Au over 1,9 meters. Furthermore, another zone returned 2.3 g/t Au over 6 meters including 7.6 g/t au over 1.5 meters (Press release May 2018). The new drilling phase will target at depth and along strike the extension and the down plunge of the intersections in these two holes. The Révillard and the Malrobic prospects are separated by 3 km of a gold mineralized shear zone represented by the contact of the Kewagama sediment and the Blake River volcanic Group. Note that no drilling was done on this corridor despite the fact that the project is located in Abitibi, in Malartic Township.
Robert Gagnon, President and Chief Executive Officer of the Company stated: "The results of the 2018 drill campaign confirmed the presence of new gold economic occurrence in the prolific Malartic Township. The new drilling campaign for approximately 5,000 meters is a significant step forward for the project. This new phase reinforces our mission to be active in the most favorable areas of Abitibi for gold-bearing economic discoveries."
Following the agreement announced in the press release of May 23, 2017, the Malartic property will be developed in partnership with Dundee under an option agreement granting Dundee the option to acquire a maximum undivided interest of 71% in the Malartic gold property.
Pershimex – Quick Overview
- Strategic positioning in the Abitibi-Témiscamingue with more than 800 claims
- Partner with Dundee Precious Metals on the Malartic property
- Hold 100% of the mining rights on the Courville Property
This press release was prepared by Robert Gagnon, Professional Geologist, President of Pershimex, and Qualified Person under NI-43-101.
For more information, please contact:
| Robert Gagnon, Chief executive officer | Jacques Levesque, Chief financial officer |
| Tel.: (819) 825-2303 | Tel.: (819) 797-4354 |
Caution
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The facts set out in this press release that are not historical facts are "forward-looking statements" and readers are cautioned that such statements are not a guarantee of success and that future developments and results may be different from those projected in these forward-looking statements.