Grenville Subsidiaries Sign Community Agreement at Silveria Property, Terminates LOI
05 1월 2010 - 12:10AM
Marketwired
Grenville Gold Corporation ("Grenville" or "the Company"), (TSX
VENTURE: GVG)(PINK SHEETS: GVLGF)(FRANKFURT: F9I)(WKN: A0KELU)
announces that Minera Grenville S.A.C. and Bella Rubia S.M.R.L.
have signed a formal agreement with the Community of Parac for
access to the Pacococha and Millotingo mines at the Silveria
Property until November, 2012 to conduct significant exploration
and development in the area. A previous agreement with another
mining company in the area has been rescinded by the community.
The completion of the NYRSTAR purchase of 85% of the Coricancha
Mine from Gold Hawk Resources is now complete. The Coricancha Mine
is 4 km from the Silveria Property. Gold Hawk reports the
Coricancha mine could be in production during the first half of
2010.
The Silveria Property is located 80 kilometers east of Lima,
Peru near the town of San Mateo. The property is also 30 kilometers
south-west of Pan American Silver's Morococha Silver Mine and
Chalco's (Chinese Aluminum) Toromocho Porphyry Copper Project.
Grenville's Silveria claims encompass a majority of the high grade,
past producing Pacococha, Millotingo, Silveria and Germania
Mines.
Preliminary exploration results reported by Gilbertson and
O'Donovan (2008) reveal that the mineralized rock on the
Property(x) contains up to 279.0 g/t silver with an average content
of 57.8 g/t (n=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=19) and 2.72% (n=19)
respectively. Copper concentrations average 0.44% (n=19). Gold
contents reach up to 1.57 g/t and average 0.25 g/t (n=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.
The company has also entered into further negotiations with
Minera Sunicancha S.A.C. on the purchase of mineral concessions in
the Silveria area. The company will not pay an extension fee of $
25,000 to retain the option to purchase 1,250 Ha of land for $ 2
million USD under the Letter of Intent announced September 16,
2009. An equity financing to complete the $ 2 million USD purchase
was determined to be too dilutive to the current share
structure.
(x)Only those samples collected within Grenville's Claims and
that are characterized by more than 10 g/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) 303-1051 www.grenvillegoldcorp.com
Grenville Gold Corp. (TSXV:GVG)
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