TIDMHUN
RNS Number : 3811A
Hunter Resources PLC
22 December 2014
22 December 2014
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
PROGRESS REPORT FROM THE COMPANY'S PAMPAMALI GOLD AND BASE METAL
PROJECT IN PERU
UPDATE ON COMMUNITY RELATIONS
REVISED TERMS OF AGREEMENT WITH OWNER OF PAMPAMALI
NEW PROJECTS OFFERED AND UNDER REVIEW
The Company is pleased to announce the following update on
Pampamali, its high-grade gold, silver and base metal project in
Peru. Pampamali is Hunter's first project.
Pampamali
Pampamali consists of 36 veins identified from surface outcrops.
The high-grade veins have mapped outcrops of between 100 and 2,000
metres in length, with widths ranging from 0.20 to over 3.00
metres. The Pampamali Project has 8 exploration concessions
covering a total area of 3,500 hectares and is located in central
Peru in the Department of Huancavelica, approximately 550 km by
road from the city of Lima.
Recent Results from Exploration Programme
Sampling was undertaken in the southern portion of the
concessions mainly around the Santa Domingo and Luz veins but
elsewhere the programme was delayed while agreements with local
communities were progressed.
Twenty eight assay results have been returned to date from rock
chip sampling from the Luz/Liz vein and other veins in the area.
Assay results from another 37 samples are awaited and a rock chip
sampling programme currently underway is focusing on the Santa
Domingo and the Luz veins in the first instance. This programme
aims to confirm and extend the gold anomalies previously identified
from the Buaneventura (Compañia de Mínas Buenaventura S.A.A.,
Peru's largest listed mining company) database as requiring follow
up and of the extensions of the previously reported anomalies
outlined from historical Buaneventura sampling.
Sample Results from Luz and surrounding area
Eighteen samples from veins around Luz returned a range of
results peaking at 5.91 g/t Au although several samples returned
lower values reflecting their position to the side of the main
vein.
-- The table below shows results collected from the Luz vein.
Several returned anomalous to high values with the highest gold
value being 5.91 g/t Au. This was supported by several other
samples confirming the presence of high grade gold in this area
although a number of other results were lower than expected. Silver
values did not correlate with gold values but were anomalous in all
of the Luz samples.
-- Field observations show that Luz has a very sinuous character
that incorporates large sections of the host rock. The Luz vein can
widen up to 4 metres in width and in these sections has several
branching's of the vein. The incorporated host rock takes up
approximately 50% of the vein zone in these sections.
-- Comparison of these sample locations to the earlier
Buenaventura locations, shows that the majority of the Buenaventura
samples were taken from an adit that was only partly accessible
during Hunter's sampling programme due to flooding. To sample this
adit to check the Buenaventura results, the standing water would
have to be removed from the Luz working to provide access.
Table 1. Gold Hunter Luz Vein sample results
Sample Project Location Au (ppm) Ag(ppm) Pb (ppm) Zn (ppm) Zn%
Number
---------- --------- --------- -------- --------- --------- ------
3502 Pampamali Luz 0.36 6.48 335 1480 0.148
---------- --------- --------- -------- --------- --------- ------
3503 Pampamali Luz 0.23 4.9 951 11700 1.17
---------- --------- --------- -------- --------- --------- ------
3504 Pampamali Luz 0.29 5.58 413 4500 0.45
---------- --------- --------- -------- --------- --------- ------
3505 Pampamali Luz 0.4 5.33 212 5490 0.549
---------- --------- --------- -------- --------- --------- ------
3506 Pampamali Luz 3.16 22.8 236 31000 3.1
---------- --------- --------- -------- --------- --------- ------
3517 Pampamali Luz 0.24 8.44 381 8020 0.802
---------- --------- --------- -------- --------- --------- ------
3518 Pampamali Luz 5.91 37.7 2530 18450 1.845
---------- --------- --------- -------- --------- --------- ------
3519 Pampamali Luz 0.09 2.13 120.5 4690 0.469
---------- --------- --------- -------- --------- --------- ------
3520 Pampamali Luz 1.22 13.65 281 5550 0.555
---------- --------- --------- -------- --------- --------- ------
3521 Pampamali Luz 1.36 11.25 2950 6150 0.615
---------- --------- --------- -------- --------- --------- ------
3523 Pampamali Luz 0.09 2.55 1235 11900 1.19
---------- --------- --------- -------- --------- --------- ------
3524 Pampamali Luz 0.59 4.00 250 7760 0.776
---------- --------- --------- -------- --------- --------- ------
3525 Pampamali Luz 3.36 38.2 1410 37600 3.76
---------- --------- --------- -------- --------- --------- ------
3532 Pampamali Luz 0.57 6.44 300 1350 0.135
---------- --------- --------- -------- --------- --------- ------
3533 Pampamali Luz 0.46 4.61 206 8270 0.827
---------- --------- --------- -------- --------- --------- ------
3534 Pampamali Luz 1.58 21.4 386 15400 1.54
---------- --------- --------- -------- --------- --------- ------
3535 Pampamali Luz 1.88 28.5 540 7040 0.704
---------- --------- --------- -------- --------- --------- ------
3536 Pampamali Luz 0.08 5.00 679 25200 2.52
---------- --------- --------- -------- --------- --------- ------
Nine samples were also taken in an area previously mapped as
being under cover, north of an unnamed vein located to the north
east of Luz. Small outcrops and sub-cropping veins were sampled and
returned grades peaking at 6.39 g/t Au. This adds support to the
belief that mineralised veins exist below cover and remain unmapped
and untested.
Table 2. Gold Hunter Sample results from NE of Luz
area
Sample Project Location Au (ppm) Ag(ppm) Pb (ppm) Zn (ppm) Zn%
Number
---------- --------- --------- -------- --------- --------- -----
3507 Pampamali Vein 0.12 4.96 76.3 1300 0.13
---------- --------- --------- -------- --------- --------- -----
3508 Pampamali Vein 0.02 0.99 91.9 566 0.06
---------- --------- --------- -------- --------- --------- -----
3509 Pampamali Vein 0.01 0.57 107.5 596 0.06
---------- --------- --------- -------- --------- --------- -----
3510 Pampamali Vein 5.26 62.1 2430 2040 0.20
---------- --------- --------- -------- --------- --------- -----
3512 Pampamali Vein 6.39 140 255 2160 0.22
---------- --------- --------- -------- --------- --------- -----
3513 Pampamali Vein 0.38 5.16 121.5 1720 0.17
---------- --------- --------- -------- --------- --------- -----
3514 Pampamali Vein 0.14 3.60 591 4650 0.47
---------- --------- --------- -------- --------- --------- -----
3515 Pampamali Vein 0.15 2.14 30.8 386 0.04
---------- --------- --------- -------- --------- --------- -----
3516 Pampamali Vein 0.41 4.79 344 1820 0.18
---------- --------- --------- -------- --------- --------- -----
Three wide spaced samples tested the area east of the Luz/Liz
vein area with one sample taken returning 7.98 g/t Au and 27.4 g/t
Ag (Sample 3541). This result warrants follow up as it suggests a
possibly significant extension of a previously unremarked
mineralised vein.
Table 3. Gold Hunter Sample results from east of Luz
area
Sample Project Location Au (ppm) Ag (ppm) Pb (ppm) Zn (ppm) Zn (pct)
Number
---------- --------- --------- --------- --------- --------- ---------
3539 Pampamali Vein 0.89 5.08 134.5 635 0.89
---------- --------- --------- --------- --------- --------- ---------
3540 Pampamali Vein <0.01 3.16 296 452 <0.01
---------- --------- --------- --------- --------- --------- ---------
3541 Pampamali Vein 7.98 27.4 1365 9600 0.96
---------- --------- --------- --------- --------- --------- ---------
Sampling and Assaying Continues
In addition, further sampling has and is being undertaken on the
Santa Domingo vein and on Luz/Liz extensions and surrounding areas.
Assay results from sampling of the Santa Domingo vein are awaited
but visual assessment confirms a well-defined mineralised vein
structure. In addition there is a strong vein development >1m
thick to the south that has not been mapped, nor apparently sampled
and presents a good opportunity for further mineralisation.
Approximately 100 samples have been taken over the other areas
and are being lodged for assay. Results are anticipated during
January 2015.
Update on Community Relations
To commence the planned drilling program, the Company is
required to lodge a DIA (Environmental Impact Assessment)
application to seek approval from the relevant Government
department. The DIA requirements include approvals from the
relevant communities for access by the Company and its employees to
land controlled by them.
From a legal perspective, there are four affected communities.
However, in line with our policy of seeking to gain a consensus
view from all local communities who might have an influence, there
are others whose approval needs to be sought apart from the four.
As with all new community engagements we stress the importance of
obtaining the right social licence to work for the long term.
We have appointed an experienced Community Relations Officer who
has already made very good progress. A meeting of all communities
involved to consider the companies DIA application, including
access approvals, was held on the 5 December 2014, but was
adjourned without a decision being made until early in 2015. The
Company is working to obtain the DIA approval as soon as possible,
along with community approvals, to enable drilling to start
immediately thereafter.
Revised Terms of Agreement with the Owner of Pampamali
We are also pleased to announce that we have negotiated improved
terms to the Joint Venture agreement with the vendor of Pampamali
(as described in detail in the Company's announcement of 9 June
2014) which will allow us to acquire 51% of the project for a lower
price and sooner than anticipated.
The original deal would have seen us acquire a 20% interest
within 12 months of re-listing for a payment of US$100,000, in
addition to the US$40,000 already paid, following an expenditure of
at least US$150,000 on exploration. This would have been followed
by a further payment in year 2 of US$200,000 and an exploration
commitment of US$500,000 to acquire an additional 31%.
We now have the right to acquire a 51% interest at any time, but
no later than 12 months from the receipt of the DIA, for a payment
of US$115,000 and the same commitment to spend US$150,000 on
exploration, plus US$75,000 by way of tenement costs. The saving
will be US$610,000.
We have exchanged letters on this revised transaction subject to
final legal documentation.
Other Projects
Since re-Admission to AIM the Company has actively reviewed and
considered involvement in other mining projects. These have
primarily been in Peru. As the global mining sector is under
pressure this has resulted in the Company being offered a large
number of joint venture and acquisition opportunities. Most of
these are for gold, silver and copper where a variable but usually
material amount of exploration has already been completed.
The Company will continue to assess these opportunities as and
when they arise with the objective of expanding its exploration
projects in Peru and South America.
Simon Hunt, Executive Chairman of Hunter, said "We are
progressing the application for the DIA that will allow the Company
to conduct its planned drilling programme at Pampamali. The results
of our initial sampling programme are encouraging with additional
results from the current programme expected early in the New Year.
Whilst later than expected we plan to commence drilling once the
DIA is issued. The revised agreement with the vendor is an
important improvement and could enable us to achieve a controlling
position much earlier than anticipated."
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Andrew Richards BSc (Hons), DipEd MAusIMM
MAIG MSEG GAICD, a Director of Hunter and a qualified geologist
with over thirty years of experience in the mining industry, is the
qualified person as defined in the London Stock Exchange's Guidance
Note for Mining and Oil and Gas companies, who has reviewed and
approved the technical information contained in this announcement.
Mr. Richards has also relied on primary information supplied by
staff and third party consultants in carrying out his review."
For further information, please contact:
Hunter Resources PLC Allenby Capital Limited
Simon Hunt (Nominated Adviser and Broker)
(Chairman) Nick Harriss/Nick Naylor
+44 7733 337 755
Andrew Richards +44 20 3328 5656
+6142304 4879
www.allenbycapital.com
www.hunter-resources.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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