Drilling to Commence at Borroloola and Co-Funding Secured
Perth, June 10, 2015 AEST (ABN Newswire) - Pacifico Minerals Limited (
ASX:PMY) is pleased to announce that a combined diamond drilling and reverse circulation ("RC") drilling rig is being mobilised and a program at the Coppermine Creek and Bing Bong prospects will commence within two weeks.
Pacifico has successfully secured co-funding from the Northern Territory Government. The funding, which has been provided through the Northern Territory's Geophysics and Drilling Collaborations program will cover 50% of the planned direct drilling costs at the Bing Bong prospect. The Geophysics and Drilling Collaborations Program forms part of the Creating Opportunities for Resource Exploration (CORE) initiative and aims to increase the intensity of exploration drilling and geophysics in areas of the Northern Territory.
The Managing Director of the Company, Mr Simon Noon, made the following comments:
"We are pleased to be getting the drilling program underway at our Borroloola West Project. In particular, we are extremely excited by the potential at Coppermine Creek with previous drilling having already intersected high grade copper with several drill holes within the alteration zone. In terms of funding, we are very fortunate to have secured the support of the Northern Territory Government"
Drilling is expected to take 3-4 weeks to complete with assay results expected over the next 8 weeks.
Pacifico have a farm-in agreement with Sandfire Resources NL (ASX:SFR) on the Borroloola West Project, consisting of 15 exploration licences, one mining licence and one exploration licence application (see Figure 1 in link below). Under the terms of the Agreement, Pacifico are required to spend a further $385k by 20 December 2015 to earn a 51% interest and can elect to increase its interest to 80% interest by funding additional staged exploration.
Coppermine Creek prospect (copper)
Coppermine Creek is situated 100km north-west of the McArthur River zinc - lead - silver mine.
The Gordons mineralised fault can be seen at surface as outcropping gossans with malachite staining over a strike length of at least 900m (see Figure 2 in link below). Reverse circulation and diamond drilling has only been undertaken at the eastern extremity and produced results including 30m @ 1.1% Cu in RC hole GPR07 and 34m @ 0.5% Cu in RC hole GPR09(1). The 700m strike extent of the mineralised fault to the west is completely untested.
Airborne electromagnetic ("AEM") conductivity profiles over Coppermine Creek confirm our 3D geological model, built up from studies of previous drilling information, of gently dipping, bedding replacement, stratabound copper mineralisation lying in the upper part of an alteration zone beneath 200m to 250m of flat lying dolomitic siltstones.
This alteration zone is defined by the AEM, extending from the known copper mineralisation, over an area of 3000m x 1000m. Sandfire Resources NL ("Sandfire") diamond hole BRCD001, drilled at the north-easternmost extremity of this alteration zone, indicates high grades of copper in the stratabound material (4m @ 3.9% Cu, within an intersection of 19m @ 1.2% Cu)(2).
The diamond and RC drill program is planned to test both Gordons Fault and stratabound targets within the alteration zone.
Bing Bong prospect (copper-gold)
The exploration licence area is entirely covered by alluvium and Cretaceous sediments to a depth of up to 65m. Interpreted aeromagnetic data indicates a faulted and altered intrusive complex beneath this cover. It may be related to a prominent Permian - Carboniferous trend of intrusive complexes that extends from northern Queensland and which are associated with major porphyry copper-gold, breccia gold, and skarn mineralisation.
Evaluation of an AEM survey flown for Sandfire has defined broad conductive zones (see figure 3 in link below). Two diamond drill holes with RC pre-collars will be drilled to 400m near major fault intersections and areas of alteration, within AEM defined conductive zones, for intrusive/ volcanic related copper-gold mineralisation.
(1) Carrington Mines Ltd drill intersections - Northern Territory Geological Survey open file report, January 1994. Eupene Exploration Enterprises for Mount Carrington Mines Ltd.
(2) Sandfire drill intersection - Northern Territory Geological Survey confidential report, September 2005 Annual Report, EL10121 including MLN624, Sandfire Resources NL.
To view Figures please visit;
http://media.abnnewswire.net/media/en/docs/ASX-PMY-722092.pdf
About Pacifico Minerals Ltd
Pacifico Minerals Ltd (ASX:PMY) is a Western Australian based exploration company focussed on advancing the Berrio Gold Project located in Colombia. Berrio is situated in the southern part of the prolific Segovia Gold Belt and is characterised by a number of operational, artisanal-scale adits, tunnels, and declines. The project is 35km from the Magdalena River which is navigable to the Caribbean Sea and has excellent infrastructure in place including hydro power, sealed roads, water supply and telecommunications coverage. Pacifico also has an interest in two other projects in Colombia (Natagaima and Urrao) and one project in the NT, Australia (Borroloola West Project).
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