Pershimex confirms presence of a NI 43-101 compliant mineral resource in the crown pilar of the former Pershing-Manitou Mine
Val-d’Or, Québec, November 9th , 2021 : Corporation Ressources Pershimex (“Pershimex” or the “Society”) (TSX CROISSANCE : PRO) is pleased to announce the results of the Mineral Resource Estimation (“MRE”) undertaken in early 2021 by the firm 3DGeo Solution inc. (“3DGS”) under the supervision of Mr. Kenneth Williamson, P.Geo, M.Sc., Senior Consultant Geologist and President. The portion of the pit optimization work was entrusted to the engineering firm BBA Inc., under the supervision of Mr. Jeff Cassoff, P. Eng., Senior Mining Engineer and Team Leader.
This ERM is based on the integration of all the assay results from the holes drilled in 2020 and from the holes drilled in spring of 2021, as well as from the channel sampling work completed on August 10, 2021. The ERM includes all the assay results received as of September 7, 2021. Thus, 2,169 meters of drilling and 2,788 samples will have been necessary to define a near surface gold resource, representing a total investment of less than $ 1 million.
The initial objective set by the management of the company was to bring the historical mineral inventory contained in the surface crown pillar of the former Pershing-Manitou mine into compliance with respect to the actual regulations. By carrying out this ERM, the Company is now able to define a volume of high grade gold material not exceeding 5000 tonnes in order to comply with the standards set by the government with regard to permit applications for conducting a bulk sampling program. Such bulk sampling will validate the approach to taken in order to maximize further development work on the Pershing-Manitou deposit. With the current market conditions, the Company hopes to generate an attractive profit by mining this high gold grade material.
Results of the Mineral Resource Estimate of the surface crown pillar of the Pershing-Manitou Mine
Figure 1 : Isometric view showing gold grade distribution within the resource estimated within the former Pershing-Manitou mine crown pillar.
Table 1: Estimate of “in-pit” mineral resources for the Pershing-Manitou Project using a cut-off grade of 0.50 g / t Au; sensitivity presented at different cut-off grades.
(SEE THE NOTES RELATED TO THE OF PERSHING-MANITOU MINERAL RESOURCES ESTIMATE BELOW)
Table 2: Estimate of the “underground” mineral resources of the Pershing-Manitou Project using a cut-off grade of 2.00 g / t Au; sensitivity presented at different cut-off grades.
(SEE THE NOTES RELATED TO THE OF PERSHING-MANITOU MINERAL RESOURCES ESTIMATE BELOW)
This MRE is the result of 28 holes (3,955 meters of core drilling in total; 2,169 meters used for the construction of the resource model) and 3 channels (18 meters sampled) in the resource sector, with the all assay results received as of September 7, 2021. The drill spacing is approximately 10 to 15 meters for the drilling carried out in the core of the pillar close to the surface and 20 to 30 meters for the drilling targeting the intermediate part of the pillar. Below 75 m depth, the drill spacing is approximately 50 to 65 meters. Channel sampling was carried out on the central portion of the pillar, where the main mineralized zone outcrops.
The litho-structural interpretation of the deposit is based on the integration of drilling and surface mapping data. Litho-structural and preliminary interpretation of mineralized zones were performed using Seequent Leapfrog Geo ™ software, and then integrated into Geovia GEMS ™ software. The deposit is interpreted as a classical system of extension veins and shear veins developed within a deformation corridor. The best gold grades appear to be associated with extension veins, which appear as a series of sigmoidal veins distributed in echelon in mineralized envelopes that are slightly oblique to the shear veins. The presence of a late fault appears to be a limiting factor towards the east; the latter was used as a constraint in the construction of mineralized volumes. The mineral resource estimate encompasses 12 tabular domains, trending northeast in the north and central portions of the deposit, while trending east-west in the south. These volumes were built in Geovia GEMS ™ software using a set of contour lines on sections spaced 5 meters apart and tie lines. A real thickness of at least 2.00 meters is imposed on these volumes.
The MRE considers a total of 12 mineralized zones defined by individual wireframe models with a true thickness of at least 2.00 meters. The MRE includes blocks located inside a pit shell, and is reported at a cut-off grade of 0.50 g / t Au. The pit shell used is that constrained by a gold price of US $ 500.00 / oz; the purpose of this choice is to limit the size of the pit, therefore forcing the pit optimization to focus on the higher grade material near the surface. This will allow isolating and maximizing the volume of rocks chosen for the bulk sampling permit application. The MRE also includes mineralized blocks located outside the pit shell, but within volumes potentially exploitable by underground method, and is reported at a cut-off grade of 2.00 g / t Au.
Table 3: Parameters used to estimate the “in-pit” and underground cut-off grades for the purpose of estimating the mineral resources of the surface pillar of the Pershing-Manitou mine
|Gold price||$ US/oz||500,00|
|Exchange rate||$ US/$ CA||1,25|
|Selling Costs||$ US/oz||5,00|
|Mining Cost – Overburden||$ CA/t milled||3,00|
|Mining Cost -Pit Rock||$ CA/t milled||3,50|
|Mining Costs – Underground||$ CA/t milled||100,00|
|General & Administration||$ CA/t milled||4,00|
|Processing Cost||$ CA/t milled||22,00|
|Transportation Costs||$ CA/t milled||8,00|
|Pit Slope – overburden / rock||deg||26,6 / 50,0|
|Cut-off grade – « in-pit »||g/t Au||0,50|
|Cut-off – underground||g/t Au||2,00|
Robert Gagnon, President and Chief Executive Officer of the Company, declares: “This work of estimating mineral resources made it possible to define, in a short time, a sufficient quantity of mineralized material potentially exploitable by surface mining. Some of this material is located on the surface and has the highest gold grades. This will allow the company to apply for an authorization from the Quebec Ministry of Natural Resources to extract a bulk sample of less than 5,000 tonnes. The production of this bulk would make it possible to extract a certain quantity of gold, which at the current market price, would provide the Company with attractive working capital. In the current context of a share price deemed too low, management has decided to capitalize on the measured resource and take advantage of it, thus preventing the company and its shareholders from being further diluted at a low price via traditional financing offered to junior exploration companies. ”
The full technical report, prepared in accordance with the provisions of NI 43-101, will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 days.
NOTES RELATED TO THE OF PERSHING-MANITOU MINERAL RESOURCES ESTIMATE:
The mineral resource estimate for the surface pillar at the Pershing-Manitou mine, with an effective date of September 7, 2021, was prepared by Kenneth Williamson, P.Geo. (OGQ no 1490), M. Sc., President and senior consultant geologist of Solution 3DGéo inc, a “qualified person” within the meaning assigned to this term in Regulation 43-101. Mr. Williamson is an employee of Solution 3DGéo inc. and is considered “independent” from Pershimex for the purposes of section 1.5 of NI 43-101.
The scientific and technical content of this press release has been reviewed and approved by Mr. Robert Gagnon, P.Geo., President of Pershimex, who is a “qualified person” under National Instrument 43-101.
For more information, please contact :
Robert Gagnon, President
Tél.: (819) 825-2303
Jacques Brunelle, VP Corporate Dev.
Tél. : (819) 856-1387
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