TIDMHUN
RNS Number : 4550B
Hunter Resources PLC
07 October 2015
7 October 2015
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
RECENT RESULTS FROM THE COMPANY'S EXPLORATION PROGRAMME AT
PROSPERO (PAMPAMALI NORTH)
The Company is pleased to announce the results from its initial
exploration programme at the recently acquired Prospero
concessions, immediately north of Pampamali, its high-grade gold,
silver and base metal project in Peru.
PROSPERO HIGHLIGHTS
-- Numerous anomalous prospects identified with alteration,
geological and geochemical characteristics typical of both
epithermal and porphyry style precious and base metal
mineralisation.
-- Prospero appears to represent an extension of the nearby
Pampamali geological system while the geochemistry suggests it is
higher in the system with the presence of more base metals.
-- 212 samples were submitted for analysis at ALS Laboratories, Peru
-- Identification by Hunter of new prospects exhibiting
prominent alteration and containing anomalous to high grades of
gold, copper, silver and/or zinc. The defined targets include:
-- Strong Au anomalism in veins in the south east around the
epithermal Claudio prospect and potentially along same vein
containing the Gaviota prospect in Pampamali to the south.
-- Best results: 6.04 g/t Au, 7.85 g/t Ag, 0.76% Cu
3.64 g/t Au, 11.15 g/t Ag, 1.65% Cu
2.06 g/t Au, 1.34 g/t Ag, 0.04% Cu
-- Mapped and sampled epithermal anomalies in central-east of
concessions with best results from Horatio and Titania
prospects.
-- Best results: Horatio - 3.64 g/t Au, 11.15 g/t Ag, 0.13% Cu
Titania - 0.25 g/t Au, 145 g/t Ag, 9.85% Cu
0.02 g/t Au, 1.63 g/t Ag, 2.93% Cu
-- Mapped and sampled porphyry style anomalies in central portion of concessions.
-- Best results: Low order, anomalous gold with elevated copper and zinc
Prospero
The 6 Prospero project concessions are owned 100% by Hunter's
wholly owned subsidiary, Gold Hunter SAC and cover 5,000 hectares,
located approximately 500km from Lima, Peru. The Prospero
concessions are approximately 1km north west and along strike of
Hunter's 51% owned Pampamali Project and from where the trend of
mineralisation is seen to extend into the Prospero area.
Prospero and Pampamali are located within a prospective
silver-gold-base metal belt. The Compania de Minas Buenaventura
owned Julcani silver-base metal mine lies approximately 25 km north
west of the Prospero and Pampamali Projects and has been operating
since 1937.
Simon Hunt, Executive Chairman of Hunter, said "We are pleased
and encouraged with the initial findings received from our recent
reconnaissance sampling programme at Prospero leases just north of
our Pampamali project. This limited program confirms the extension
of the epithermal system we are encountering at Pampamali. It also
suggests that Prospero is situated stratigraphically higher in the
mineralised sequence and consequently encounters a wider variety of
mineral assemblages including base metals. This latest program
represents only a small portion of the Prospero area but provides
confidence in extending the study area and following up several
anomalous targets."
Exploration results
During August and September, the Prospero concessions were
visited for initial exploration. 212 samples were taken and sent
for multi-element analysis. The results of the analyses are
encouraging and indicate strong possibility for high grade
epithermal, skarn, and manto replacement style deposits as well as
large copper porphyries.
In the month that was spent in the field, 18 targets were
explored with varying levels of geochemical anomalies.
The Prospero area appears to have potential for gold and base
metal mineralization and the recognized occurrences to date appear
to be fairly evenly distributed. More targets should be identified
following further exploration.
Table 1 summarises the highlights of sampling the Prospero
anomalies while Figures 1 and 2 show the prospect locations and
some sampling results.
Table 1. Highlights of reconnaissance
rock chip and channel sampling,
Prospero Concessions (North Pampamali)
------------------------------------------------------------------------------
Name Prospect Au Ag As Cu Pb Sb Zn
ppm ppm ppm ppm ppm ppm ppm
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-202 Cassius 0.005 0.48 48.7 4.4 720 1.74 3120
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-205 Cassius 0.005 1.09 38.8 68.1 2750 6.01 8590
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-207 Cassius 0.005 0.98 52.9 120 2230 10.55 5850
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-208 Cassius 0.005 0.92 29.7 39.6 1440 7.47 6980
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-95 Claudio 3.64 11.15 11.80 16450 1190 4.50 22.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-97 Claudio 0.70 22.20 >10000 1470 210 51.20 110
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-108 Horatio 0.67 0.88 246 637 32.7 38.7 29.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-88 Horatio 3.15 13.20 >10000 1340 92.4 211 36.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-89 Horatio 0.79 2.51 1330 899 77.8 45.2 265
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-30 Lysander 0.01 0.58 50.9 622 3.4 72.0 114
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-31 Lysander 0.16 0.85 880 892 27.2 15.65 399
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-173 Miranda 0.005 0.45 3450 1990 216 42.3 24.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-174 Miranda 0.005 0.23 19.1 1480 2.9 4.88 84.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-175 Miranda 0.03 2.55 1525 673 33.2 21.7 24.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-176 Miranda 0.06 9.12 5400 821 78.4 34.5 63.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-25 Titania 0.86 26.30 1420 562 24700 941 1940
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-40 Titania 0.10 11.80 1520 88.2 1120 50.4 2160
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-41 Titania 0.23 6.02 653 473 405 151.5 102
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-42 Titania 0.18 1.20 376 618 114 35.1 136
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-45 Titania 0.16 14.15 435 963 215 44.6 150
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-46 Titania 0.02 1.63 5080 29300 50.0 2350 600
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-47 Titania 0.25 145.00 5900 98500 706 23000 1470
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-81 Titania 0.40 2.79 1195 694 124.5 17.35 40.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-82 Titania 0.58 73.90 610 68.9 645 118.5 104
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-03 Unnamed 0.15 8.23 677 1030 48.5 48.5 34.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-139 Unnamed 1.2 2.99 512 776 146.5 46.6 113
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-140 Unnamed 6.04 7.85 11.2 7600 250 12.8 15.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-172 Unnamed 0.005 0.09 193 2370 7.8 7.04 29.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-51 Unnamed 0.01 0.09 16.9 10.0 23.6 2.43 2300
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-54 Unnamed 0.01 0.57 67.2 3630 8.0 5.06 15.0
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-55 Unnamed 2.06 1.34 275 497 56.6 18.2 302
--------- ---------- ------ ------- ------- ------ ------ ------ -----
PRO-59 Unnamed 0.16 2.68 3500 462 282 75.90 1310
--------- ---------- ------ ------- ------- ------ ------ ------ -----
(MORE TO FOLLOW) Dow Jones Newswires
October 07, 2015 02:00 ET (06:00 GMT)
The predominant structural trends in the Prospero area are a
series of north-south and northwest-southeast veins. This is
essentially the same structural setting as the Pampamali area. Two
of the main faults from Pampamali project appear to cross into the
Prospero area, including the structure containing the mineralized
Gaviota and Piscocota veins (Figure 3).
Several targets are located within the Claudio-Bianca area in
south east Prospero, near a juncture of the north-south structure
containing the Gaviota and a northwest-southeast regional fault.
This area appears to replicate the setting at Gaviota and may be
key for more Pampamali-style mineralization within the Prospero
concessions.
The mineralized occurrences in the Prospero area can be
categorized into epithermal and porphyry styles. The epithermal
style occurrences, in most instances, appear to be spatially
related to porphyritic intrusions which suggests not just a
continuation of the mineralised epithermal settings seen at
Pampampali but that at surface they are stratigraphically higher in
the geological system.
Targets - prospect ranking
Prospects were ranked for future exploration based on the
following factors and their presence at or near the vicinity of the
prospect:
1. Existence of potential source of mineralizing fluids (eg: Proximity to a porphyry)
2. Presence of Structure/Plumbing that could provide path for
mineralising fluids (e.g. Regional structures and intersection of
structures)
3. Hydrothermal alteration and veining
4. Potential Trap (Ie: a geological feature or structure or
chemical barrier that could entrap migrating mineralizing
fluids)
5. Geochemistry anomalies demonstrating presence of metals (Au, Cu, Mo, Ag, As, and base metals)
Based on those criteria and following assessment in the field
prospects were ranked as shown in Table 2. These rankings will help
guide future work programs at Prospero.
Table 2. Prospect ranking, key features and highlights
of assay results.
----------------------------------------------------------------------------------------
Prospect Rank Mineralisation Features Best Assays
Score style
--------------- ------- --------------- ------------------------- ------------------
Miranda 16 Porphyry Mineralised 3 PRO-172: 0.24%
phase porphyry Cu
containing 2m PRO-173: 0.19%
wide hydrothermal Cu
breccia PRO-173: 0.15%
Cu
--------------- ------- --------------- ------------------------- ------------------
Titania 14 Epithermal Hydrothermal PRO-47: 145 g/t
breccia on contact Ag, 0.25g/t Au,
between felsic 9.85% Cu, 2.3%
breccia and sediments. Sb
100m wide breccias PRO-82: 73.9g/t
and prospective Ag, 0.58g/t Au
for limestone
replacement (manto
or skarn)
--------------- ------- --------------- ------------------------- ------------------
Horatio 12.5 Epithermal Manto style replacement, PRO-54: 0.36%
skarn and brecciation. Cu,
Small Spanish PRO-55: 2.06 g/t
workings Au
PRO-89: 0.79 g/t
Au
--------------- ------- --------------- ------------------------- ------------------
Puck 11 Epithermal Intense silicification, PRO-88: 3.15 g/t
stockwork veining Au, 13.2 g/t Ag,
with sulphide 0.13% Cu
centres
--------------- ------- --------------- ------------------------- ------------------
Claudio-Bianca 11 Epithermal Scattered silicified PRO-95: 3.64 g/t
area structures with Au, 11.15 g/t
alteration and Ag, 1.65% Cu
elevated grades. PRO-97: 0.70 g/t
Along same structures Au, 22.2 g/t Ag,
identified in 0.15% Cu
Pampamali PRO-139: 1.2 g/t
Au, 0.08% Cu
PRO-140: 6.04
g/t Au, 7.85 g/t
Ag, 0.76% Cu
PRO-139: 1.2 g/t
Au, 0.08% Cu
--------------- ------- --------------- ------------------------- ------------------
Lysander 10 Porphyry Intrusion located PRO-31: 0.16 g/t
in major fold Au, 0.09% Cu
hinge providing
pathways for
various mineralizing
fluids.
--------------- ------- --------------- ------------------------- ------------------
Ophelia 9 Porphyry 200m x 200m pyrite
mineralized porphyry
Traces copper,
lead, molybdenum.
--------------- ------- --------------- ------------------------- ------------------
Viola 8.5 Porphyry Two porphyries
(50-100m) in
strongly altered
and hornfelsed
zone with stockworks,
sulphides and
leaching.
--------------- ------- --------------- ------------------------- ------------------
Solanio 8.5 Porphyry 50m porphyry
intruded into
sediments with
stockwork veining.
Porphyry and
replacement style
mineral targets.
--------------- ------- --------------- ------------------------- ------------------
Priam 7.5 Epithermal Hydrothermal
breccia zone
associated with
porphyry
--------------- ------- --------------- ------------------------- ------------------
Sebastian 7 Epithermal Silicified structure,
0.5m wide over
>20m
--------------- ------- --------------- ------------------------- ------------------
Caliban 6.5 Epithermal Quartz vein breccia
zone associated
with porphyryies.
Approx 200m length
--------------- ------- --------------- ------------------------- ------------------
Future exploration
Hunter intends to extend the area of mapping and follow up the
prospects outlined in Table 2. Large and scale mapping is needed,
with focus on limestones and other reactive host rocks. Mapping of
these units combined with observations of hydrothermal fluid
bearing structures will develop targets with potential to be large
replacement style bodies.
In particular,
1. Mapping, geophysics, and further sampling is being considered
for Titania, Miranda and Puck. These targets are the most
accessible and have the highest probability of returning good
results.
2. Follow up sampling will occur in the Claudio-Bianco area as
well as an incorporation of the findings from work completed at
Pampamali over the Gaviota vein mineralisations.
3. We will investigate the use of ASTER photography and analysis
to better guide fieldwork and identify additional target areas.
Competent Person
(MORE TO FOLLOW) Dow Jones Newswires
October 07, 2015 02:00 ET (06:00 GMT)
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