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VANCOUVER, BRITISH COLUMBIA -- (
Marketwire - Oct. 18, 2011) -
Silver Pursuit Resources Ltd. (TSX VENTURE:SPF) (the "Company") is pleased to report on recent results from its La Luz copper-gold property (the "Property") located 50 kilometers north of Alamos in Sonora, Mexico.
In July 2011, the Company performed a round of diamond core drilling to test for extensions of outcropping skarn mineralization identified in 2010. A total of 358 meters was drilled in 9 holes. All of the holes intersected altered and mineralized zones in skarn and calc-silicate altered rocks adjacent to dioritic porphyry and granodiorite. Table 1 lists the significant intercepts.
Table 1. Significant Intercepts from La Luz Copper-Gold Property, Mexico
Core True
From To Interval Width Au Ag
Hole Az. Inc. (m) (m) (m) (approx.) (g/T) Cu % (g/T) Mineralization
LUZ11-01 240 -45 2.1 15.8 13.7 13.7 0.42 0.55 13.4 Magnetite Skarn & Hornfels
LUZ11-02 240 -68 2.1 13.9 11.8 13.7 0.58 0.52 16.3 Magnetite Skarn & Hornfels
LUZ11-03 305 -45 3.4 17.7 14.3 13.7 0.60 0.56 11.9 Magnetite Skarn & Hornfels
LUZ11-06 0 -90 11.0 23.3 12.3 12.1 0.09 0.25 11.8 Oxidized Magnetite Skarn
LUZ11-07 245 -50 14.6 26.6 12.1 12.1 0.07 0.23 11.2 Oxidized Magnetite Skarn
LUZ11-08 340 -60 11.6 23.9 12.3 12.1 0.33 0.19 8.1 Oxidized Magnetite Skarn
LUZ11-09 0 -90 5.3 23.4 18.2 15.0 0.01 0.15 4.1 Oxidized Magnetite Skarn &
Hornfels
Note: The Company considers these results highly significant but also cautions that they are preliminary in nature and not conclusive evidence of the likelihood of the occurrence of an economic mineral deposit.
Drill core was placed in corrugated core boxes and transported to the nearby village of San Bernardo by the drill contractor. The core was photographed and logged for geological and geotechnical information. Half core samples were cut along intervals selected for assay by the site geologist. The samples were placed in plastic bags and retained in possession of the site geologist until shipment to the lab. Samples were delivered to the ALS Chemex preparation facility in Hermosillo, from which pulps were shipped to by ALS Chemex for analysis at their North Vancouver laboratory. Analyses were performed by Fire Assay for gold and either AA or ICP techniques for silver and base metals. Quality Control procedures included the insertion of blanks and standards in the sample stream at the point of sample collection at a frequency of 1 in 20 or 5% for each, and monitoring the analytical results of the control samples.
The best copper and gold grades occur in massive magnetite skarn and an underlying sequence of magnetite skarn alternating with calc-silicate hornfels. This zone is about 10 to 15 meters in thickness and generally follows a stratigraphic horizon that strikes northwest and dips northeast in folded limey sedimentary host rocks. High copper and gold values are associated with the economic minerals chalcopyrite and magnetite. Total iron content over 50% was also encountered in some of the iron-rich sections. Significant surface oxidation has affected the magnetite skarn in holes 6 through 8, resulting in a mixture of iron oxides including goethite, limonite and hematite. In contrast, Hole 9 had the highest sulphide content, with up to 10% total sulphur locally, correlating with high pyrite content. Values for Pb and Zn were elevated in holes 6 thru 8, and hole 9 had the highest Zn content (up to 4.2% Zn locally). Hole 9 was stopped before reaching the target zone due to the onset of the rain season and potential for flooding of the route of access.
Overall, the results indicate a copper-gold magnetite skarn body that is typical of copper porphyry related deposits. The extent of this body is not known. Results to date indicate it is separated into a number of blocks by numerous fault structures but may extend to the north beneath rhyolite cover rocks.
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.
Adrian Robertson
President and CEO
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.
Contact Information
Silver Pursuit Resources Ltd.
Investor Relations
604-682-2928 or Toll Free: 1-888-400-2928
604-685-6905 (FAX)
www.silverpursuit.ca
