Silver Pursuit Resources Ltd.: Drilling Commences at Luz Project, Mexico
June 24 2011 - 9:30AM
Marketwired
Silver Pursuit Resources Ltd. (TSX VENTURE: SPF) ("Silver Pursuit"
or the "Company") is pleased to report that diamond drilling will
commence imminently at its LUZ property (the "Property") located 50
km north of Alamos in Sonora, Mexico.
The LUZ property was acquired last year at the same time as the
Quintera silver property. Road construction was required at LUZ to
provide access for sampling and drilling. An initial geological
investigation of the area was conducted late 2010 at which time
rock channel sampling was done. Follow-up mapping and sampling was
then conducted earlier this year and drill hole sites were
selected. In early June 2011, the Company negotiated a diamond
drilling contract for the drilling program at the LUZ property.
The exploration target is an iron oxide copper-gold skarn
deposit that outcrops on the property. Mineralization consists of
massive magnetite and hematite in several bodies up to 35 meters in
thickness distributed over an area 1 km long and 0.5 km wide.
Initial field examination and rock chip channel sampling returned
high copper and gold values within some of the outcrops of iron
oxide. Elevated silver, lead and zinc also occur in some of the
samples. Significant results are listed in Table 1.
Table 1. Significant Rock Channel Results from LUZ property.
----------------------------------------------------------------------
Sample Width (m) Au g/t Cu % Ag g/t Fe %
----------------------------------------------------------------------
120807 4.0 0.557 0.48 29.3 47.7
----------------------------------------------------------------------
120920 2.5 1.775 0.40 40.5 48.7
----------------------------------------------------------------------
120921 2.5 0.305 0.31 56.9 greater
than 50
----------------------------------------------------------------------
120922 2.0 1.715 0.20 43.1 greater
than 50
----------------------------------------------------------------------
120924 3.0 0.749 0.67 18.4 46.6
----------------------------------------------------------------------
120964 5.0 0.891 0.08 10.3 11.1
----------------------------------------------------------------------
m = meters, g/t = grams per tonne, % = percent, Au = gold, Cu = copper,
Ag = silver, Fe = iron
All rock samples were analyzed at ALS Chemex in North Vancouver
by Fire Assay for gold and either AA or ICP techniques for silver
and base metals. QA/QC procedures included the insertion of blanks
and standards in the sample stream.
The initial drilling program will consist of diamond core
drilling, and will kick-off with up to 5 holes for 500 meters. The
purpose of the drilling is to obtain more representative samples of
the skarn bodies and to test the extent of iron-oxide copper gold
mineralization. Additional drilling will be done if positive
results are obtained.
Dr. Matt Ball, P.Geo. is the Qualified Person who prepared the
technical information contained in this news release.
ON BEHALF OF SILVER PURSUIT RESOURCES LTD.
Terry Fields, President and Director
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.
Contacts: Silver Pursuit Resources Ltd. Investor Relations
604-733-7923 www.silverpursuit.ca
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