MONTREAL, QUEBEC, CANADA – APRIL 27, 2022 – Cerro de Pasco Resources Inc. (CSE: CDPR) (“CDPR”) is pleased to provide an update on its exploration and infill drilling programs as per its NI 43-101 report entitled “Cerro de Pasco Resources – NI 43-101 and Resource Estimate Update for Piping and Mastery Deposits of the Santander Mine, Huaral, Department of Lima, Peru, effective date December 31, 2021”.
The exploration drilling program includes 20,020 m (53 holes) plus an additional 10,730 m (81 holes) of complementary drilling of underground resources. The resource infill drilling program includes 3,070m at Magistral North, 3,990m at Magistral Central and 3,670m at Magistral South, where drilling is ongoing.
CDPR has committed $3.5 million for the 2022 exploration and infill drilling programs. The drilling programs are designed to increase resources and reserves in the existing Magistral deposit, test targets north and south of known Magistral deposits and new areas in Blanquita, Santander Pipe Norte and the Puajanca deposit.
To date, 4,247.60 m (ten holes) of surface prospecting and 1,679.30 m (17 holes) of underground backfill drilling have been completed.
All infill drill samples are analyzed in the on-site CDPR analytical laboratory managed by SGS and all exploration samples are sent to ALS Lima for analysis. The QA/QC programs will be conducted in both simulation programs.
The initial results give CDPR confidence that, after a long period of low exploratory activity at Santander, the Company is now seizing the opportunity to expand the resource and integrate key grades into the short-term production plan.
Guy Goulet, CEO of CDPR, said: “This initial set of drilling results from our 2022 drilling program is well above current mining rates and highlights the potential for additional high-grade zinc mineralization at our Santander property. Part of our theory in the Santander acquisition was the great opportunity to significantly increase the resource and grade at the mine, given the lack of exploration for many years, and results like these reinforce that confidence.”
Results Highlights
Surface exploration to date has focused on the northern and southern portions of the known magisterial bodies of mineralization, as shown in Figure 1.
North Magistral Extent – Approximately 200m north of the Magistral orebody, CDPR has crossed high grade mineralization in two of the five holes drilled to date.
– SAN-0269-22 average
- 2.55 m @ 0.45% zinc, 0.88% lead, 0.01% copper and 273.78 g/t silver;
- 4.00 m @ 1.83% zinc, 1.44% lead, 0.01% copper and 68.13 g/t silver;
- 5.00 m @ 0.23% zinc, 0.18% lead, 0.01% copper and 14.72 g/t silver;
- 1.50 m @ 4.14% zinc, 2.12% lead, 0.01% copper and 443.83 g/t silver.
SAN-0271-22 crossed 4.30 m to 6.87% zinc, 2.68% lead, 0.10% copper and 120.67 g/t silver.
Local geologists believe that the intersected mineralization is similar to that of the Rosa and Fátima bodies, which are vein fault structures that intersect the Magistral mineral body. CDPR plans to continue drilling at this target, which is a short distance (approximately 200m) from the Magistral Norte deposit.
Magistral South Extension – CDPR drilled four surface exploration holes targeting mineralization immediately south of the Magistral Sul deposit. All holes successfully crossed mineralization, however, only one hole (SAN-0267-22) was of high economic grade. CDPR will accompany the intersections of SAN-0267-22 with additional backfill drilling to be completed within the underground mine.
SAN-0265-22 crossed 0.40 m to 1.87% zinc, 0.01% lead, 0.01% copper and 2 g/t silver.
SAN-0266-22 crossed 0.70 m to 5.99% zinc, 0.01% lead, 0.05% copper and 4.87 g/t silver.
– SAN-0267-22 average
- 4.25 m @ 4.63% zinc, 0.01% lead, 0.06% copper and 2.61 g/t silver;
- 8.0 m @ 2.26% zinc, 0.01% lead, 0.01% copper and 2.78 g/t silver.
SAN-0268-22 crossed 0.35 m to 7.51% zinc, 0.01% lead, 0.07% copper and 2.0 g/t silver.
Alvo Blanquita – Alvo Blanquita is located 0.7 km southeast of Magistral Sul and 0.5 km northwest of Santander Pipe. The mineralization intercepted to date is directly below a spur of the large magnetotelluric (MT) geophysical anomaly throughout the project (Fig. 2) and below an area of pervasive Jasperoid-silica alteration (470 by 20m) and As, Mn and , Sb , Mo, Cs, and Mr anomalies. Analysis results received to date include:
– SAN-0261-21 average
- 14.90 m @ 0.90% zinc, 0.82% lead, 0.01% copper, 121.64 g/t silver and 0.16 g/t gold, of which 3.85 m tests of 2.51% returned zinc, 2.52% lead, 0.04% copper, 346.12 g/t silver and 0.39 g/t gold. Another intercept returned tests of 3.15 m to 0.18% zinc, 0.14% lead, 0.02% copper, 199.27 g/t silver and 0.14 g/t gold.
SAN-0271-22 crossed 5.25 m with 3.03% zinc, 2.12% lead, 0.03% copper and 214.38 g/t of silver.
The Blanquita target has been interpreted since the initial drilling as a series of veins and faults whose mineralization style and structure suggest that the CDPR has intersected the upper portion of an epithermal vein system. CDPR will continue drilling at the Blanquita target, located near the Magistral and Santander Pipe deposits.
Resource Infill Drilling – The resource infill drilling program started on the Magistral South orebody and targeted Magistral South (MS) and the T1 and T2 suspended wall structures. Drilling successfully crossed the identified targets with the results shown in Table 1. Some of the best sections are as follows:
– Average MSD-0646-22
- (MS) 9.2 m @ 3.16% zinc, 0.03% lead and 6.32 g/t silver;
- (MS-1T) 1.0 m @ 4.76% zinc, 0.09% lead and 21.62 g/t silver;
- (MS-T2) 2.2 m @ 2.24% zinc, 0.06% lead and 15.89 g/t silver.
– Average MSD-0647-22
- (MS) 9.6 m @ 4.94% zinc, 0.01% lead and 2.21 g/t silver;
- (MS-1T) 0.8m @ 0.84% zinc, 0.35% lead and 36.28 g/t silver;
- (MS-2T) 1.4 m @ 2.43% zinc, 0.21% lead and 19.93 g/t silver.
– Average MSD-0651-22
- (MS) 11.0 m @ 4.45% zinc, 0.11% lead and 17.69 g/t silver;
- (MS-1T) 1.1 m @ 9.74% zinc, 0.04% lead and 11.32 g/t silver;
- (MS-1T) 3.7 m @ 2.85% zinc, 0.02% lead and 5.97 g/t silver.
– MSD-0652-22 Intercept – (MS) 8.4m at 7.41% Zinc and 0.01%.
Note: * MS – Magistral Sul, MS 1T – Suspended wall structure of Magistral Sul 1, MS 2T – Suspended wall structure of Magistral Sul 2
Technical information
Shane Whitty, CGEol and VP Exploration and Technical Services at CDPR, has reviewed and approved the scientific and technical information contained in this press release. Mr. Whitty is a Qualified Person for reporting purposes under NI 43-101.
About the resources of Cerro de Pasco
Cerro de Pasco Resources Inc. is a resource management company formed in 2012 with the initial objective of developing the El Metalurgista mining concession, which includes mineral tailings and tailings from the Cerro de Pasco open pit mine in central Peru. Our strategic strength lies in our team’s vast experience and understanding of the opportunities and challenges in and around Cerro de Pasco. The company has set clear goals to create long-term economic sustainability and economic, social and health benefits for the local population. The company’s approach to El Metalurgista includes reprocessing and environmental remediation of mining waste and creating countless opportunities in a circular economy.
Contact us for more information:
Cerro de Pasco Resources Inc.
Guy Goulet, President and CEO
Phone: +1 579 476-7000
Email: [email protected]
Forward-looking statements and disclaimers
Certain information contained herein may constitute “forward-looking information” under Canadian securities laws. In general, forward-looking information can be identified by forward-looking terms such as “plans”, “objectives”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “may”, “could”, ” likely” or variations of such words, or statements that certain actions, events or results will be performed, will occur or will be achieved “may”, “will”, “could”, “would”, “may”, or other similar expressions. Forward-looking statements, including CDPR management’s expectations regarding the completion of the transaction and CDPR’s business and the expansion and growth of CDPR’s business, are based on CDPR’s estimates and are subject to known and unknown risks, uncertainties and other factors. that could cause results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking statements or forward-looking information. Forward-looking statements are subject to business and economic factors and uncertainties and other factors, such as Covid-19, that could cause actual results to differ materially from these forward-looking statements, including the assumptions and relevant risk factors set forth in the Company’s public statements. CDPR documents are available from SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. While CDPR believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, you should not place undue reliance on these forward-looking statements and information. Except as required by applicable law, CDPR disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Figure 1: Plan view of the mineralized bodies of the Tube Magistral and Santander and the drilling program completed so far
Figure 2: Blanquita drilling target within the magnetotelluric (MT) geophysical anomaly
Fig. 3: Infill hole program with drilled and planned holes
Table 1: Results of the Filling Drilling of the Magistral South Ore Body
Note: “@Pot. Actual” means the true width of the gap at the bottom of the pit.
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