Mining Stock News - Prime Meridian Resources (TSXV: PMR) Executes LOI for Purchase Option on the El Chuin Copper Projectd
Vancouver, British Columbia - December 5, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Prime Meridian Resources Corp. (TSXV: PMR) ("PMR'' or the "Company") is pleased to announce that the Company has executed two letters of intent dated November 26th (LOIs) for the option to purchase up to a 100-per-cent interest in the 3,792-hectare El Chuin Copper Project (the "Project" or "El Chuin"), located in Sonora, Mexico, 65 kilometres southeast of the La Caridad Copper Molybdenum Porphyry Deposit and 269 kilometres northeast of Hermosillo.
Brian Leeners, CEO of Prime Meridian, stated, "The El Chuin Copper Project is a rare opportunity to add a potentially large copper porphyry target to our growing portfolio of copper projects in Sonora, Mexico. We are very excited about El Chuin, where the work done to date has identified extensive mineralization and hydrothermal alteration exhibiting a porphyry copper signature."
El Chuin Copper Project
The El Chuin Copper Project covers an interpreted porphyry copper target, encompassing historical small-scale mine workings and widespread copper and iron mineralization in outcrops. High-grade copper mineralization is best developed on the hydrothermal vein structures on the La Azurita, Samaniego, and Loomis zones on the northern portions of the Property, while disseminated and replacement-type copper mineralization also occurs, with some outcrops measuring more than 100 metres in diameter. Elevated gold, silver, molybdenum and tungsten values have been reported to occur alongside copper mineralization. (1)
Mineralization on the Property is zoned outwards, from copper-molybdenum-bearing contact skarns proximal to the intrusion to distal lead-zinc-silver manto-type mineralization. The zonation of hydrothermal alteration, in conjunction with that of mineralization, is typical of a porphyry system. (1)
The nearest population centre is the town of Bacadéhuachi. The Project is readily accessible by paved highway from Hermosillo to Bacadéhuachi with an 11-kilometre well-maintained gravel road leading to the centre of the property.
Reconnaissance on the Project was carried out by Servicio Geológico Mexicano (SGM) in 1976. This work was summarised in a 2012 report on the Property, identifying nine significant mineralized zones: Samaniego, La Gloria, Nogales, Loomis, El Cantil, La Azurita, Breccia los Nogales, Los Tecolotes, and Arroyo. Highlights of some significant zones are outlined below. See Figure 1.
Mineralization in this zone consists of chalcopyrite-magnetite-specularite blebs along a NW trending fault within an andesite flow. This style of mineralization outcrops over a 250 by 10 to 20-metre area. SGM sampling of outcrops within this zone assayed 1.13% to 4.92% Cu, 122 to 548 ppm Zn, and 15 to 41.4 ppm Ag. See Figures 2, 3, and 4.* (1)
La Gloria Zone
Mineralization at the La Gloria prospect exhibits contact metamorphism and mineralization consists of chalcopyrite, magnetite, arsenopyrite, and pyrite. Mineralization occurs as pod-like masses and zones along faults and fractures irregularly spaced within a 250 by 100 metre area of outcrop. Assay values within this zone ranged from 0.08% to 2.68% Cu, 65 to 768 ppm Zn, and 11.5 to 40.6% Fe.* (1)
Nogales Zone (aka La Gloria 2)
The Nogales prospect consists of a contact zone measuring 100 metres in length by 4 to 10 metres in width hosting blebs, pockets, and cavity fillings of pyrite-galena-sphalerite mineralization. Trenching identified continuous mineralization to at least three metres depth. Channel sampling of the structure returned values of 0.86% to 1.86% Zn and 4 to 51 ppm Ag.* (1)
* Cautionary Note: The reader is cautioned that grab rock samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
The technical contents of this release were approved by Case Lewis, P.Geo., a qualified person as defined by National Instrument 43-101.
Bond, J.R., 2012. "Preliminary report: El Chuin, El Chuin 2, Nino Luis, and La Gloria Concessions, Bacadehuachi Sonora, Mexico".
About Prime Meridian Resources
Prime Meridian Resources is focused on the exploration and development to production of copper and silver projects in Mexico.
On behalf of the Board of Directors of
Prime Meridian Resources Corp.
Brian Leeners, CEO & Director
email@example.com / +1 604-862-4184 (WhatsApp)
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved or disapproved the contents of this press release.
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