Grenville to Acquire Claims Adjacent to Silver-Gold Bulk Tonnage Target at Silveria Project
17 9월 2009 - 1:58AM
Marketwired
Grenville Gold Corporation's ("Grenville" or "the Company") (TSX
VENTURE: GVG)(PINK SHEETS: GVLGF)(FRANKFURT: F9I)(WKN: A0KELU)
99.99% owned subsidiary Minera Grenville S.A.C., has entered into a
Letter of Intent Agreement (LOI) with Compania Minera Sunicancha
S.A.C. (Sunicancha) to purchase 100% of 13 claims owned by Minera
Sunicancha S.A.C. totalling 1,250 Ha. The purchase price is $2
million USD. Grenville has paid $25,000 USD upon siging an LOI and
will seek partners to finance the transaction. If $2 million is not
paid by December 27, 2009, Grenville may request a two month
extension to the payment deadline by paying a further $25,000 USD.
The Silveria Property upon completion will cover 7,272 Ha and is
located 80 kilometers east of Lima, Peru near the town of San
Mateo. The property is 30 kilometers south-west of Pan American
Silver's Morococha Silver Mine and Peru Copper's Toromocho Porphyry
Copper Project. Grenville's Silveria claims encompass a majority of
the high grade, past producing Pacococha, Millotingo, Silveria and
Germania Mines.
Highlighted Silveria Results
Sample # Vein Au g/t Ag g/t Cu % Pb % Zn %
PA-17 Germania 0.325 274 3.90 3.65 4.92
PA-21 Reserva 0.322 103 0.13 2.32 19.70
PA-28 Ernesto Segundo 0.717 2200 0.12 6.79 8.85
PA-34 Millotingo 2.630 401 0.01 0.04 0.07
Preliminary exploration results reported by Gilbertson and
O'Donovan (2008) reveal that the mineralized rock on the
Property(i) contains up to 279.0g/t silver with an average content
of 57.8g/t (n equals 19). The base metals are locally strongly
enriched with lead and zinc concentrations reaching up to 6.93% and
13.05% respectively and averaging 1.88% (n equals 19) and 2.72% (n
equals 19) respectively. Copper concentrations average 0.44% (n
equals 19). Gold contents reach up to 1.57g/t and average 0.25g/t
(n equals 19). This recognizance survey was performed in order to
broadly characterize the Property's mineralization.
The mineralization textures and associated alteration, and
geochemical characteristics at Silveria are consistent with the
epithermal deposit model. Structural geologic interpretations
combined with the geochemical studies suggest the Millotingo mine
is stratigraphically higher in the epithermal system where precious
metals are enriched and base metals depleted.
Gilbertson and O'Donovan (2008) report that thin (less than 10
centimetre wide), typically prismatic quartz veins with up to 15%
fine pyrite, locally form sheeted and stockworked zones in outcrop
at the top of Pacococha and Germania. Quartz-pyrite alteration is
often associated with areas of strong quartz vein development.
The Authors note that veins and alteration occurs over
relatively large areas and represent a potential bulk target. Gold
has never been targetted at Silveria although several anomalous
gold samples have been collected.
Based upon published information, mine plans, production records
and reserve estimations obtained from the operators, the historic
production amalgamated by the Godden and Stone (2007) indicate that
2.6 million tonnes of ore was processed at Millotingo
producing:
------------------------------------------------------
Silver (oz) Gold (oz) Copper (lb) Zinc (lb)
------------------------------------------------------
39,000,000 90,000 97,000,00 44,000,000
------------------------------------------------------
In addition, extensive records exist for the Pacococha Mine. The
same Authors indicate that 2.7 milion tonnes of ore was processed
producing:
--------------------------------------------------------------------
Silver (oz) Gold (oz) Copper (lb) Zinc (lb) Lead (lb)
--------------------------------------------------------------------
8,057,156 unknown 90,000,000 100,000,000 30,000,000
--------------------------------------------------------------------
These historic numbers give an indication of the scope of the
previous operations and is a clear indication that significant gold
mineralization occurs near Millotingo and most likely in other
areas of the Property. Grenville intends to first identify the gold
rich zones within the Millotingo camp and define its relation to
the polymetallic mineralization. Gilbertson and O'Donovan (2008)
report several gold-mineralized quartz-pyrite dominant rock-chip
grab samples were taken from mine dumps at portals accessing veins
for which historic records do not mention gold mineralization. The
Authors consider this very significant in that it indicates that
quartz-pyrite dominant veins, which were likely not a focus of
historic mining, represent valid exploration targets. Moreover,
these veins may develop preferentially in secondary tensional
structures, which form at oblique angles to the main shears.
(i) Only those samples collected within Grenville's Claims and
that are characterized by more than 10g/t silver have been included
in this statistical analysis.
The technical information has been reviewed by Luc Pigeon,
M.Sc., P. Geo and Qualified Person for NI 43-101 purposes at
Grenville's Peruvian Properties.
On behalf of the Board of Directors,
A. Paul Gill, President & Director
We Seek Safe Harbor.
Contacts: Grenville Gold Corporation A. Paul Gill President
& Director Direct: (604) 303-1061 www.grenvillegoldcorp.com
Grenville Gold Corp. (TSXV:GVG)
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