VANCOUVER, BRITISH COLUMBIA, Jul 25, 2011 (MARKETWIRE via COMTEX) -- Pachamama Resources Ltd. /quotes/zigman/527083 CA:PMA 0.00% -
Pachamama Resources Ltd. ("Pachamama" or the "Company") is pleased to announce that drilling is now underway on the Company's 50% owned Rio Grande copper-gold-silver project in Salta Province, Argentina after an unusually intense winter storm in the Puna during the mobilization caused some delays. The planned drill program comprises a total of 15,000 metres utilizing two diamond drills. The Rio Grande project is a 50/50 joint venture between Pachamama and Regulus Resources Inc. ("Regulus") /quotes/zigman/3308531 CA:REG -5.51% with Regulus acting as the operator.
Over the last two months, Regulus reports that it has made significant progress in preparing the Rio Grande project for its first drill program since 2008 as well as making advancements towards obtaining its first 43-101 compliant resource estimate on the project. The following programs are now completed or are underway
The current 15,000 metre diamond drilling program is planned to consist of:
To more clearly define the deep porphyry targets in the centre of the 2.2 km wide Rio Grande porphyry complex, the companies contracted Quantec Geoscience to complete a 10 line, Titan 24 IP / resistivity survey covering the full extent of the Rio Grande porphyry system. The IP successfully outlined the contact between the oxide and transitional material and the underlying fresh volcanic rocks and the magnetotelluric survey outlined a number of high priority drill targets at depth in the central area of the Rio Grande porphyry system. An additional line was added to the survey covering the Northeast Gold target located 1.6 kilometres from the eastern edge of the Rio Grande porphyry structure.
About Pachamama - Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande project in northwestern Argentina.
On behalf of the Board of Directors,
John M. Leask, P.Eng., President & CEO
This news release has been reviewed by John M. Leask, P.Eng., President and CEO of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Cautionary and Forward-looking Statement Information - Certain disclosure in this release, including management's assessment of Pachamama's plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Pachamama's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Press Release.
Contacts:
Pachamama Resources Ltd.
John M. Leask, P.Eng.
President & CEO
(604) 681-4462
info@pachamamaresources.com
www.pachamamaresources.com
Pachamama Resources Ltd. ("Pachamama" or the "Company") is pleased to announce that drilling is now underway on the Company's 50% owned Rio Grande copper-gold-silver project in Salta Province, Argentina after an unusually intense winter storm in the Puna during the mobilization caused some delays. The planned drill program comprises a total of 15,000 metres utilizing two diamond drills. The Rio Grande project is a 50/50 joint venture between Pachamama and Regulus Resources Inc. ("Regulus") /quotes/zigman/3308531 CA:REG -5.51% with Regulus acting as the operator.
Over the last two months, Regulus reports that it has made significant progress in preparing the Rio Grande project for its first drill program since 2008 as well as making advancements towards obtaining its first 43-101 compliant resource estimate on the project. The following programs are now completed or are underway
The current 15,000 metre diamond drilling program is planned to consist of:
To more clearly define the deep porphyry targets in the centre of the 2.2 km wide Rio Grande porphyry complex, the companies contracted Quantec Geoscience to complete a 10 line, Titan 24 IP / resistivity survey covering the full extent of the Rio Grande porphyry system. The IP successfully outlined the contact between the oxide and transitional material and the underlying fresh volcanic rocks and the magnetotelluric survey outlined a number of high priority drill targets at depth in the central area of the Rio Grande porphyry system. An additional line was added to the survey covering the Northeast Gold target located 1.6 kilometres from the eastern edge of the Rio Grande porphyry structure.
About Pachamama - Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande project in northwestern Argentina.
On behalf of the Board of Directors,
John M. Leask, P.Eng., President & CEO
This news release has been reviewed by John M. Leask, P.Eng., President and CEO of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
Cautionary and Forward-looking Statement Information - Certain disclosure in this release, including management's assessment of Pachamama's plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Pachamama's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Press Release.
Contacts:
Pachamama Resources Ltd.
John M. Leask, P.Eng.
President & CEO
(604) 681-4462
info@pachamamaresources.com
www.pachamamaresources.com
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