TIDMHUN
RNS Number : 1091Q
Hunter Resources PLC
27 August 2014
27 August 2014
Hunter Resources plc
("Hunter" or the "Company")
(AIM: HUN)
HUNTER RESOURCES IDENTIFIES HIGH GRADE GOLD-SILVER TARGETS AT
PAMPAMALI
Highlights
-- A review and digitisation of historical exploration data
compiled by Buenaventura identifies high grade results at Pampamali
including a 250m mineralised section of one vein averaging 3.93 g/t
Au,131g/t Ag, 1.42% Pb and 3.87% Zn.
-- Numerous veins targeted in the review display high grade
gold, silver and base metal mineralisation.
-- Independent sampling by Gold Hunter of some of the veins the
subject of the Buanaventura Data also confirmed the existence of
good gold and silver grades.
-- These results will progress Gold Hunter's understanding of
the controls on mineralisation,accelerate resource definition and
assist in establishing drilling targets.
-- The Phase 1 exploration programme has commenced with first
drilling targeted to commence by year end.
Following re-Admission of the Company to AIM on 4(th) July 2014
and the completion of its acquisition of Gold Hunter SAC ("Gold
Hunter") and its interest in the Pampamali project ("Pampamali") in
Peru, the Company is pleased to announce encouraging results from
its initial review and analysis of historical exploration work on
the Pampamali project carried out by Compañia de Minas Buenaventura
S.A.A. ("Buenaventura").
Gold Hunter is focused on developing high grade gold, silver and
base metal projects in Peru. Pampamali is Gold Hunter's first
project in Peru where it has the right to acquire up to an 80%
interest.
Pampamali
The Pampamali Project consists of 8 exploration concessions with
a total area of 3,500 hectares and is located in central Peru in
the Department of Huancavelica, approximately 550 km by road from
the City of Lima.
Pampamali is a potentially high grade gold, silver and base
metal project, consisting of 36 mineralised veins identified to
date from surface outcrops. Outcrops of between 100 and 2,000
metres in length exist with mineralised widths ranging from 0.20 to
over 3.00 metres.
Buenaventura Data
Gold Hunter acquired data ("Buenaventura Data") in an historical
exploration report prepared by Buenaventura in 1998. It has
digitised the information contained in the report into a geological
database for the project. The Buenaventura Data contains
multi-element analysis of 1087 samples as well as detailed surface
mapping over many of the principal veins on the property. This
mapping reviewed structures, veins, geology, and alteration zones
and was completed to a high professional standard.
Buenaventura is Peru's largest publicly-traded precious metals
company and a major holder of mining rights in Peru. The Company is
engaged in the mining, processing, development and exploration of
gold, silver and other metals.
The Buenaventura Data provides valuable assistance in
understanding the controls and consistency of potential high grade
mineralisation, which is is a key priority for Gold Hunter's phase
one work at Pampamali, and will assist progress in resource
definition and identifying drilling targets.
The Buenaventura Data has identified and highlighted numerous
mineralised veins and is being used as the primary source for the
planning of Gold Hunter's initial 2014 sampling and drilling
campaigns. The results from the review and digitisation of the
Buenaventura Data include grades of up to 70 g/t Au, 2377 g/t Ag,
44.9% Pb, and 28.9% Zn.
Higher grade sections within four of the main veins (Santa
Domingo, Gaviota, Victoria and Luz) have been identified as the
priority targets from this historical sampling . Other veins are
mineralised and will be the subject of future exploration. For
example, a 70m long area of interest has been identified on the
Melita vein but is not an immediate target until underground access
can be re-established.
The results of the channel and rock chip sampling from both
underground and surface from the Buenaventura Data are detailed
below in Table 1.
In particular the Buenaventura rock chip and channel sampling
identified the following zones with high grade potential. Some of
these targets have recently been sampled by Gold Hunter during its
initial assessment of the project, returning the following high
grades of gold, silver and base metals:
Victoria vein 500m mineralised vein exposed of which a 250m
section averages 3.93 g/t Au, 131 g/t Ag, 1.42% Pb and 3.87%
Zn.
Luz vein 470m mineralised vein exposed of which a 200m section
averages 8.84 g/t Au, 97 g/t Ag, 0.39% Pb and 4.16% Zn.
Gaviota vein 1,250m mineralised vein exposed of which a 90m
section averages 7.93 g/t Au, 138 g/t Ag, 0.57% Pb and 0.41%
Zn.
Santa Domingo vein 2,000m mineralised vein exposed of which a
350m section averages 0.57 g/t Au, 84 g/t Ag, 2.21% Pb and 2.00%
Zn.
Melita vein 515m mineralised vein exposed of which a 70m section
averages 2.63 g/t Au, 166 g/t Ag, 3.20% Pb and 4.90% Zn.
Current Exploration Programme
The Phase 1 exploration programme has commenced and is focused
on confirming historical results and known vein targets and
identifying new targets and concepts in previously unworked
portions of the property.
This work will allow drill targets to be defined during the 2014
calendar year with drilling targeted to commence by year end.
A large number of additional mineralised veins have been
identified from the mapping of the property by Gold Hunter that
were not sampled by Buenaventura. These areas will be further
mapped and sampled during the upcoming field program.
Simon Hunt, Executive Chairman of Hunter, said "We are very
encouraged by the excellent results from the initial review of this
historical data on Pampamali as it helps fast track our exploration
programme as well as our understanding of the controls and known
mineralisation all of which will assist in identifying our first
stage drilling targets"
In accordance with the guidelines of the AIM Market of the
London Stock Exchange, Andrew Richards BSc (Hons), DipEd MAusIMM
MAIG MSEG GAICD, a Director of Hunter and a qualified geologist
with over thirty years of experience in the mining industry, is the
qualified person as defined in the London Stock Exchange's Guidance
Note for Mining and Oil and Gas companies, who has reviewed and
approved the technical information contained in this announcement.
Mr. Richards has also relied on primary information supplied by
staff and third party consultants in carrying out his review."
For further information, please contact:
Hunter Resources plc Allenby Capital Limited
Simon Hunt (Nominated Adviser and Broker)
(Chairman) Nick Harriss/Nick Naylor
+44 7733 337 755 +44 20 3328 5656
www.hunter-resources.com www.allenbycapital.com
------------------------- -------------------------------
Additional Information
A copy of this announcement with a Digitisation of Buenaventura
mapping of lithology, veins and sample locations, shown with the
Hunter Resources concessions can be viewed at
www.hunter-resources.com
Table 1: Summary of Buenaventura assay results*
*Reported Buenaventura sampling comprised both channel samples
and rock chip samples. Mapping and sampling was undertaken of both
underground and surface exposures although:
-- not all veins have been sampled
-- underground and surface sampling has not covered the full extent of the mineralised vein
-- some sampled veins may extend under cover.
-- The targets below are some of the areas of interest within
the vein where mapping and sampling to date has demonstrated
continuity and elevated grades
Victoria
------------------------------------------------------------------------------------
Length Samples Au g/t Ag g/t Pb % Zn % Au Equiv
(m) g/t
---------------------- ------- -------- ------- ------- ----- ----- ---------
Max values 24.05 2376 8.8 28.9
---------------------- ------- -------- ------- ------- ----- ----- ---------
Underground sampling
- average 76 4.04 111 1.40 4.25 9.17
---------------------- ------- -------- ------- ------- ----- ----- ---------
Surface sampling
- average 13 3.18 266 1.57 1.26 9.26
---------------------- ------- -------- ------- ------- ----- ----- ---------
Target 250 14 3.93 131 1.42 3.87 9.18
---------------------- ------- -------- ------- ------- ----- ----- ---------
While the Victoria vein is mineralised over 500 m, an initial
portion over 250m has been highlighted with elevated grades and
will constitute the initial Targets. Independent surface sampling
by Gold Hunter returned best values in this portion of the vein up
to 2.32 g/t Au.
Luz
------------------------------------------------------------------------------------
Length Samples Au g/t Ag g/t Pb % Zn % Au Equiv
(m)
---------------------- ------- -------- ------- ------- ----- ----- ---------
Max values 32.8 357 2.98 10.1
---------------------- ------- -------- ------- ------- ----- ----- ---------
Underground sampling
- average 44 5.42 65 0.27 3.05 8.43
---------------------- ------- -------- ------- ------- ----- ----- ---------
Surface sampling
- average 3 1.4 11 0.05 .12 1.68
---------------------- ------- -------- ------- ------- ----- ----- ---------
Target 200 22 8.84 97 0.39 4.16 13.11
---------------------- ------- -------- ------- ------- ----- ----- ---------
While the Luz vein is mineralised over 470 m, an initial portion
over 200m has been highlighted with elevated grades and will
constitute the initial Targets. Independent surface sampling by
Gold Hunter returned best values in this portion of the vein up to
26.6 g/t Au.
Gaviota
------------------------------------------------------------------------------------
Length Samples Au g/t Ag g/t Pb % Zn % Au Equiv
(m) g/t
---------------------- ------- -------- ------- ------- ----- ----- ---------
Max values 69.9 983 3.01 2.8
---------------------- ------- -------- ------- ------- ----- ----- ---------
Underground sampling
- average 74 4.52 111 0.63 2.58 8.24
---------------------- ------- -------- ------- ------- ----- ----- ---------
Surface sampling
- average 96 2.19 53 .34 .15 3.36
---------------------- ------- -------- ------- ------- ----- ----- ---------
Target 90 14 7.93 138 0.57 0.41 10.78
---------------------- ------- -------- ------- ------- ----- ----- ---------
While the Gaviota vein is mineralised over 1,250m, an initial
portion over 90m has been highlighted with elevated grades and will
constitute the initial Targets. Independent surface sampling by
Gold Hunter returned best values in this portion of the vein up to
3.44 g/t Au.
Santo Domingo
------------------------------------------------------------------------------------
Length Samples Au g/t Ag g/t Pb % Zn % Au Equiv
(m)
---------------------- ------- -------- ------- ------- ----- ----- ---------
Max 22.3 917 9.58 11.6
---------------------- ------- -------- ------- ------- ----- ----- ---------
Underground sampling
- average 140 1.49 62 0.98 1.46 3.94
---------------------- ------- -------- ------- ------- ----- ----- ---------
Surface sampling
- average 36 3 91 1.12 1.15 5.83
---------------------- ------- -------- ------- ------- ----- ----- ---------
Target 350 140 0.57 84 2.21 2.00 4.41
---------------------- ------- -------- ------- ------- ----- ----- ---------
While the Santo Domingo vein is mineralised over 2000m, an
initial portion over 350m has been highlighted with elevated grades
and will constitute the initial Targets. Independent surface
sampling by Gold Hunter returned best values in this portion of the
vein up to 2.94 g/t Au.
Melita
--------------------------------------------------------------------------------------
Length Samples Au g/t Ag g/t Pb % Zn % Au Equiv
(m) g/t
---------------------- ------- -------- ------- ------- ------ ------ ---------
Max values 8.8 2180 44.94 20.45
---------------------- ------- -------- ------- ------- ------ ------ ---------
Underground sampling
- average 216 1.47 85 1.47 3.42 5.72
---------------------- ------- -------- ------- ------- ------ ------ ---------
Surface sampling
- average 19 1.5 89 2.04 1 4.75
---------------------- ------- -------- ------- ------- ------ ------ ---------
Target 70 55 2.63 166 3.20 4.90 10.10
---------------------- ------- -------- ------- ------- ------ ------ ---------
While the Melita vein is mineralised over 515 m, an initial
portion over 70m has been highlighted with elevated grades and will
constitute the initial Targets. Independent surface sampling by
Gold Hunter returned best values in this portion of the vein up to
13.05 g/t Au.
Notes
Gold equivalent grades (g/t AuEq) are in-situ values calculated
as Au g/t + (Ag g/t)/60 + (Pb %)*0.58 + (Zn %)*0.58. Metal prices
are assumed to be US$1200/oz Au, US$20/oz Ag, US$2200/t Zn and
US$2200/t Pb. No recoveries have been applied in calculating gold
equivalent grade.
Notwithstanding the professionalism of the Buenaventura Data,
this historic data is not compliant with the JORC 2012 reporting
requirements and must be taken as a guide for exploration only and
should not be combined into any resource calculation.
The Melita "Target" follow up sampling will be delayed as the
underground workings are currently inaccessible. If the
Buenaventura sampling results are confirmed through the coming
campaign, Melita will become a viable underground drill target due
to its proximity to the Victoria vein.
Statistical differences between the underground and surface
sampling results from the Buenaventura Data are likely explained by
two main causes:
1. Difference in sampling material. Underground material is
relatively unoxidised primary sulphide while surface material is
significantly oxidised and may have undergone metal
remobilisation.
2. Different sampling methodologies. Underground sampling
specifically targeted base metal mineralisation and neglected the
gold mineralisation. Surface sampling was more representative
across the entire vein. This variation is most notable in the
Piscococha and Santo Domingo veins, where the underground samples
show lower gold values than the surface samples.
The planned Gold Hunter sampling and drilling campaign is
designed to specifically control these variations, collect
representative samples of the entire vein and define where the
mineralisation is located within the veins, both on a tenement and
small scale.
ENDS
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