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Peruvian Metals Corp. (TSXV: PER) (OTC: DUVNF) ("Peruvian Metals" or the "Company") is pleased to provide an update regarding the exploration and development of the Palta Dorada Au-Ag-Cu project in Northern Peru. The Company has earned a 50% interest from Rio Silver Inc. ("Rio Silver") in the second quarter of 2021 by completing it's earn-in requirement of investing USD $250,000 into the project. Recent sampling from the main structure returned very good results including one sample of 1090 gt Au and 643 gt over 0.40 metres.
Current development is focused on the "Main Structure" now called the "The San Juan Vein" exposed both in underground workings and outcrops over an 800-metre strike length. High grade mineralization occurs in quartz veins hosted in granodioritic rocks. The initial work consists of the development of the main access tunnel located 876 metres above sea level. This main access drift ("876 m level") is currently at 70 metres and in oxides and is projected to be in the higher-grade sulphide material soon. Mineralized oxide material extracted from the tunnel is being stockpiled for future sale. Samples taken from the stockpiles averaged 5.05 g/t Au and 60.33 g/t Ag.
Artisanal workings expose portions of the San Juan vein including a 53-metre deep shaft where seven chip samples were taken at various depths from a quartz vein containing sulphides. Previously reported assay results from these samples range from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.31% Cu to 4.94% Cu over an average width of 0.60 meters. The weighted average of the assay results is 10.51 g/t Au, 329 g/t Ag and 1.74% Cu.
Four recent samples taken from quartz veins in the oxide zone above and near the shaft returned values between 11.20 and 1090 g/t Au and 21 and 642 g/t Ag averaging a width of 0.43 metres. Sample PD-09 which assayed 1090 g/t Au or 35.68 oz/t Au and 20.35 oz/t Ag is noted to have coarse gold. Samples were taken between the 930 to 935 m levels.
Two samples taken from the San Juan vein (931 m level) located between the main access tunnel and the shaft averaged 11.25 g/t Au and 3.01 oz/t Ag. Approximately 90 metres of advancement on the main access level is required to reach the downdip projection of these veins.
Sample results from the recent sampling and previous are noted in the table below:
Assays Results:
| Sample # | g/t Au | g/t Ag | Description | Level | |
| PD-04 | 29.41 | 137 | oxide qtz vein 0.2 m outcrop | 933 m | |
| PD-05 | 0.99 | 5.3 | wall rock to PD-04 – oxide breccia | 933 m | |
| PD-08 | 11.20 | 163 | oxide qtz vein 0.6 m outcrop | 922 m | |
| PD-09 | 1090 | 643 | oxide qtz vein 0.4 m taken in shaft | 922 m | |
| PD-10 | 11.84 | 21.1 | oxide qtz vein 0.5 m taken in working | 922 m | |
| V-1 | 16.7 | 63.4 | oxide qtz vein – breccia | 931 m | |
| V-2 | 6.14 | 123 | oxide qtz vein – working | 928 m | |
| 144085* | 55.3 | 645 | oxide qtz vein 0.4 m taken in shaft | 927 m | |
| 144086* | 0.87 | 35.1 | wall rock to PD-05 – oxide breccia | 927 m |
* Samples taken in 2018 by the Company's geologist
The Company continues to advance the underground development towards obtaining a bulk sample of the high-grade Au-Ag-Cu material. The main drift is expected to intersect sulphide mineral soon. The extracted mineral from the property will be processed at the Company's 80% owned fully permitted Aguila Norte processing plant located in Northern Peru. The oxide gold material extracted from the workings will be sold to a CIL/CIP plant once sufficient material has been accumulated.
Jeffrey Reeder, Chief Executive Officer of Peruvian Metals, commented: "We are pleased with the progress we have made with our partner Rio Silver at Palta Dorada. We expect to be in sulphides soon and will be shipping our first bulk material for processing. Mapping and sampling continue to identify additional mineralized structures and results will be released soon."
Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.
About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.
For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.
Peruvian Metals Corp. is a Canadian resource company listed on the
TSX Venture Exchange: Symbol "PER"
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Website: www.peruvianmetals.com Email: jeffrey.reeder@peruvianmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97754
Figure 1. Photo of massive quartz carbonate veining intersected in drill-hole BWSRCD082 diamond tail at Hammer’s Central Target Zone (213m to 221.5m).
Figure 2. Plan view of the Bronzewing South tenement EPM36/854, showing Bronzewing orebodies on Northern Star Resources mining lease, historical Hammer RC drilling intercepts and the structural corridor of interest containing Hammer’s Central and Eastern Target Zones (refer to ASX announcement 9 November 2020).
