TIDMHUN
RNS Number : 9661D
Hunter Resources PLC
04 February 2015
4 February 2015
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
RECENT RESULTS FROM THE COMPANY'S EXPLORATION PROGRAMME AT
PAMPAMALI
UPDATE ON REQUIRED COMMUNITY AND REGULATORY APPROVALS
REVISED AGREEMENT WITH OWNER OF PAMPAMALI
The Company is pleased to announce the results from its recent
exploration programme at Pampamali, its high-grade gold, silver and
base metal project in Peru.
PAMPAMALI HIGHLIGHTS
-- 83 samples were taken in the Santo Domingo and Liz-Luz areas
to investigate historical anomalies identified by previous
explorers.
-- The existence of a 350m long Santo Domingo Vein anomaly
identified by Peruvian Mining Company Buenaventura (NYSE: NVN) was
confirmed by latest results and extended by an additional 900m by
Hunter, returning high-grade results.
-- Identification by Hunter of new anomalous zones containing very high grades:
-- Strong Au-Ag anomalies on Santo Domingo and adjacent veins
-- Best results: 60.2 g/t Au, 869 g/t Ag
36.5 g/t Au, 1005 g/t Ag
36.0 g/t Au, 175 g/t Ag
14.6 g/t Au, 51.2 g/t Ag
-- Sampled previously unmapped Northeast Vein, north east of the Luz vein
-- Best results: 85.9 g/t Au, 1065 g/t Ag
27.0 g/t Au, 169 g/t Ag
8.07 g/t Au, 151 g/t Ag
Simon Hunt, Executive Chairman of Hunter, said "We are pleased
and encouraged with the excellent results received from our recent
sampling programme at Pampamali, including the discovery of the
Santo Nuevo and Northeast veins. The results indicate wide spread
high-grade gold occurrences which provide strong support for the
potential of the project and the discovery of gold and silver
resources. Every effort will be made to secure the necessary
approvals required for the Company to lodge its application for a
drilling permit from the relevant authorities as soon as
possible."
Pampamali
Pampamali consists of at least 36 veins from surface outcrops.
The high-grade veins have mapped outcrops of between 100 and 2,000m
in length, with widths ranging from 0.2m to over 3m. 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.
Exploration results
Fieldwork during December 2014 focused on sampling and mapping
two gold-silver anomalies encountered by Buenaventura exploration,
as previously announced by Hunter on 27 August 2014. The majority
of high grade samples collected by Hunter were collected from
around the old Spanish workings on both the Santo Domingo Vein and
the Northeast Vein.
Table 1 summarises the outcomes of sampling the Buenaventura
anomalies while Tables 2 and 3 provide a summary of assay
highlights obtained by Hunter from the recent programme.
Table 1. Check sampling comparison with previously identified
gold-silver targets
------------------------------------------------------------------------------
Buenaventura Anomaly Hunter comparative sampling results
(Dec 2014)
------------------------------- ---------------------------------------------
Santo Domingo Vein:
350m section averaged 0.57 Sampling of target anomaly returned
g/t Au, 84 g/t Ag, 2.21% assays as good or better than obtained
Pb and 2.00% Zn. by Buenaventura as reported by Hunter.
Over this 350m section, the Hunter
samples averaged 1.13 g/t Au, 28.4
g/t Ag, 0.21% Pb and 0.35% Zn (with
peaks of 3.02 g/t Au, 51.3 g/t Ag,
0.8% Pb and 2.03% Zn)
IN ADDITION, highly anomalous assays
peaking at 60.2g/t Au and 1005 g/t
Ag were obtained by Hunter over a
further strike length of 900m immediately
south of the Buenaventura anomaly
within the Santo Domingo Vein (Figure
3 in Additional Information below)
------------------------------- ---------------------------------------------
Luz Vein:
470m mineralised vein exposed Access due to mine collapse and flooding
of which a 200m section was unavailable to the underground
averages 8.84 g/t Au, 97 workings from which these results
g/t Ag, 0.39% Pb and 4.16% were obtained by Buenaventura. Hunter
Zn. undertook sampling in the surface
veins in and around the area.
------------------------------- ---------------------------------------------
SANTO DOMINGO VEIN AREA
The veins identified by Buenaventura were observed to be
variably covered by recent colluvium and veins such as Santo
Domingo comprised multiple sub parallel veins of similar widths
(Figures 1-3 - refer to Additional Information below).
However, anomalous gold-silver grades obtained by Hunter have
not only returned values similar to those previously obtained by
Buenaventura over a 350m strike length (Table 1) but extended that
anomaly by another 900m to the south with high gold and silver
grades (Figure 3 in Additional Information below). The best values
obtained included 60.2 g/t Au, 869 g/t Ag; 36.5 g/t Au, 1005 g/t
Ag; 36.0 g/t Au, 175 g/t Ag and 14.6 g/t Au, 51.2 g/t Ag.
There are significant Spanish workings on the main Santo Domingo
Vein with two levels. The lower level is approximately 50m long and
10m high. The upper level is approximately 40m long and 1-5m high.
Accessible material in these upper levels (20m-40m only) has
largely been mined save for some in dumps and in limited locations.
Samples 3736, 3738, and 3739 were taken from dump/stockpile
material and what little remnant mineralisation was accessible
within the working. These all returned exceptionally high grade
samples which reinforces the prospectivity of the vein below the
workings.
The vein widths of the high-grade samples are good with the
Santo Domingo Vein averaging 0.6 to 1m. Within those veins the
high-grade sub-section sampled of Santo Domingo is approximately 1m
wide. Significant base metal grades were found in multiple samples,
primarily along the Santo Domingo Vein and nearby parallel
veins
Field work has identified a potentially significant control on
the structure and mineralisation in the area around Santo Domingo
and the southern portion of the tenements. A major structural
corridor comprising a north-northwest trending, recessive
alteration zone was identified which is a strong target for both
geophysical and geochemical exploration, possibly for a
disseminated or massive style deposit (Figures 1, 2 in Additional
Information below). The alteration zone exhibited a higher density
of veins and veinlets, sericite, and pervasive disseminated iron
oxides (after sulphides).
The highest gold and silver values seem to be located in the
veins to the east of this alteration zone. However, the full extent
of the alteration and veins within the alteration has not been
sampled and may contain significant mineralization.
A previously unmapped Vein (Santo Nuevo) was located immediately
adjacent to the alteration zone and detailed sampling and mapping
is planned for the next field visit (Figure 1 in Additional
Information below). It provides a good marker as this vein can be
visually followed up the ridge with the large historical (Spanish)
workings on Santo Domingo. The historical Spanish workings on this
Vein are fairly extensive, although largely collapsed and
flooded.
Importantly, there are indications that Santo Nuevo, with its
orientation, width and appearance, may trend into the high-grade
Northeast Vein, north east of Luz as described below. If so this
may prove to be a very useful marker horizon.
Table 2. Summary of assay highlights received (channel and rock
chip samples)
------------------------------------------------------------------------------------------------------
Vein Sample WGS84 WGS84 Northing Sample Au g/t Ag g/t Pb % Zn %
Number Easting Width
(m)
----------------------- -------- --------- --------------- ------- ------- ------- ----- -----
Santo Domingo
(incl.
Spanish
dump and
remnant
vein mineralisation) 3717 544680 8552425 0.90 0.04 51.4 0.51 0.37
----------------------- -------- --------- --------------- ------- ------- ------- ----- -----
3721 544680 8552425 0.30 8.23 239 0.76 1.02
----------------------- -------- --------- --------------- ------- ------- ------- ----- -----
3730 544722 8552290 0.40 3.02 33.9 0.25 2.03
-------- --------- --------------- ------- ------- ------- ----- -----
3736 544834 8552056 N/A* 60.20 869 0.33 2.06
-------- --------- --------------- ------- ------- ------- ----- -----
3738 544883 8552000 N/A* 36.50 1005 0.52 0.16
-------- --------- --------------- ------- ------- ------- ----- -----
3739 544905 8551990 N/A* 10.85 74.9 0.06 0.13
-------- --------- --------------- ------- ------- ------- ----- -----
3743 544990 8551813 0.10 4.44 15.8 0.05 0.40
-------- --------- --------------- ------- ------- ------- ----- -----
3744 544990 8551813 0.20 36.00 175 0.13 0.67
-------- --------- --------------- ------- ------- ------- ----- -----
3745 545070 8551796 0.98 13.60 132 0.39 3.51
-------- --------- --------------- ------- ------- ------- ----- -----
3748 545138 8551765 0.40 14.60 51.2 0.19 21.9
-------- --------- --------------- ------- ------- ------- ----- -----
3750 545128 8551688 0.45 8.30 40.9 0.01 0.58
-------- --------- --------------- ------- ------- ------- ----- -----
3752 545309 8551478 0.20 7.34 62.8 0.03 1.88
-------- --------- --------------- ------- ------- ------- ----- -----
3753 545330 8551471 0.20 5.12 575 2.22 2.38
----------------------- -------- --------- --------------- ------- ------- ------- ----- -----
*Vein material from mine workings in dumps at surface
LUZ-LIZ VEIN AREA
The area where the Luz and Liz Veins are located is slightly
more recessed than the rest of the ridge to the east and
identification of the veins from surface is more obscured and
difficult to trace.
The Buenaventura target anomaly over the Luz Vein was sampled
primarily by underground sampling which was not able to be
replicated or tested at this stage due to lack of access caused by
collapse and flooding. Other sampling was undertaken in an around
the immediate area of Luz.
Results from this Luz area sampling have confirmed that the Luz
and Liz vein systems comprises more sub parallel veining over
similar strike lengths but have not attained the same high tenor of
grade (see Figure 3 and Table 1). The previously unmapped Northeast
Vein was identified and sampled to the northeast of Luz. This
contains extensive Spanish workings and returned high gold-silver
assays.
At least a dozen Spanish workings of varying sizes are located
on the hill occupied by the Luz and Liz veins and another ten on
the hill beyond these veins. The largest of these workings is at
least 5m high and 20m deep and is located on the Northeast Vein.
This working is probably larger, but entry was prevented due to
collapse and flooding. The highest grade samples were taken from
this location including samples 3790, 3791 and 3792 which returned
exceptionally high grades of 27g/t Au, 169 g/t Ag; 8.07 g/t Au, 151
g/t Ag and 85.9 g/t Au, 1065 g/t Ag respectively (see Figure
3).
As mentioned above, there are early suggestions that the
Northeast Vein may be an extension of the Santo Nuevo Vein adjacent
to the alteration zone to the north. The Vein widths of the high
grade samples are very good with the Northeast Vein averaging 1m
wide of which the high grade sampled sub-section is almost 0.4m
wide.
Table 3. Summary of assay highlights received (channel and rock
chip samples)
------------------------------------------------------------------------------------------
Vein Sample WGS84 WGS84 Northing Sample Au g/t Ag g/t Pb % Zn %
Number Easting Width
(m)
----------- -------- --------- --------------- ------- ------- ------- ----- -----
Luz Vein
area 3782 545212 8550386 0.10 5.02 165 0.07 0.03
----------- -------- --------- --------------- ------- ------- ------- ----- -----
Northeast
Vein (NE
of Luz) 3789 545484 8550558 0.70 6.38 14.4 0.10 0.12
----------- -------- --------- --------------- ------- ------- ------- ----- -----
3790 545482 8550560 0.10 27.00 169 0.42 0.08
----------- -------- --------- --------------- ------- ------- ------- ----- -----
3791 545482 8550560 0.40 8.07 151 0.47 0.12
-------- --------- --------------- ------- ------- ------- ----- -----
3792 545482 8550564 0.38 85.90 1065 0.05 0.09
----------- -------- --------- --------------- ------- ------- ------- ----- -----
3798 545572 8550492 0.25 3.91 19.6 0.07 0.08
----------- -------- --------- --------------- ------- ------- ------- ----- -----
Update on the Approvals and Regulatory Requirements for the
DIA
As announced on 22 December 2014, before lodging the DIA
(Environmental Impact Assessment) application Hunter is seeking the
approvals from all local communities involved in the Pampamali area
to commence drilling activities. There are only four communities
affected from a legal and regulatory point of view; however these
communities form part of a larger group within the district.
Additional time is required to progress discussions with this
larger group. No decision was made at a meeting with the
communities that took place on 5January 2015 and Hunter is
continuing discussions and negotiations. When consensus is reached
and the approvals are obtained, the DIA will be lodged. Drilling
will commence immediately upon the grant of the DIA.
Revised Agreement with the Owner of Pampamali
Legal documentation for the revised agreement is being finalised
and is expected to be signed shortly. As announced on 22 December
2014 this significantly improves the terms on which the Company is
able to purchase an initial 51% interest in the Pampamali project
with the right to proceed to purchase up to 80%.
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. Mr. Richards has
reviewed and approved the technical information contained in this
announcement and has 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
(Director and qualified geologist)
+6142304 4879 www.allenbycapital.com
www.hunter-resources.com
----------------------------------- -------------------------------
Additional Information
A copy of this announcement with mapping of lithology, veins and
sample locations, shown with the Hunter Resources concessions can
be viewed at www.hunter-resources.com, with the references as shown
above.
Figure 1. Looking north at Santo Domingo and Santo Nuevo Veins
from the Luz-Liz area. The high grade Au Spanish workings(shown in
Figures 2 and 3) can be seen at the top of the valley on Santo
Domingo.
Figure 2. Map of the southern portion of the tenements
illustrating the recessive alteration zone; sampling by Hunter and
the Spanish workings discussed in this report. The Santo Nuevo Vein
and the Northeast Vein encountered in December 2014 may be
related.
Figure 3. Map showing the samples taken by Hunter along the
Santo Domingo vein and general Luz area including the Northeast
Vein. Santo Domingo is frequently covered by colluvium that is
prevalent in the valley.The original Buenaventura anomaly
identified for sampling along the Santo Domingo vein is shown in
the north of the diagram while the new 900m extension containing
exceptional high grade values is highlighted immediately to the
south.
Figures 4 and 5. High grade Spanish gold workings on Santo
Domingo. Looking south.
Figure 6. Northeast Vein with significant Spanish workings and
high grade gold samples to the north east of Luz
This information is provided by RNS
The company news service from the London Stock Exchange
END
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