Phase One Testing Verifies Multiple Visible Gold Sites and Significant Gold Grain Counts
VANCOUVER, BC / ACCESSWIRE / September 17, 2015 /
Para Resources Inc. (the "Company" or "Para") (TSX Venture - “PBR”) (WKN - "A14YF1") is pleased to announce the results of phase one, surficial testing at the Ojos Negros gold project (the "Project") located in Baja California, Mexico. Verification samples have confirmed the presence of surficial gold at eighteen locations within the 6km by 2km gold anomaly, discovered November 2014 by the optionor of the Project, Navial Mineria SA de CV. Further testing of the samples resulted in an average of 1,378 Visible Au Grains (normalized to 1 tonne).
Verification work was conducted by Cambria Geo Sciences, of Vancouver, BC. Twenty three samples were taken from 18 field locations, conducted in a swath EW across the main gold anomaly. Samples were processed with screen tests (sieved to -1/4" mesh) and wet gravity concentration. Sieved samples ranged from 18 to 500 kg in weight.
Each sample was subject to screening into 4 size fractions and each fraction subject to about 5 process steps. Including re-runs for quality checks (on each sample) and other process testing, over 400 tests were run in total.
Six samples contained gold, but insufficient to weigh on our milligram balance. The remainder ranged from 0.14 to 4.56 g/m3. The average of all samples is approximately 1g/m3, although this value has no significance without more sampling. Geology work is needed to layout the follow up recommendations to verification and to target bedrock gold.
Of additional note, outcrop mapping in the area of detailed exploration encountered promising lithologies and our preliminary conclusion is that the visible gold in colluvium and alluvium at the Project is most likely sourced by an aerially extensive local bedrock gold mineralization.
Geoff Hampson, CEO of Para Resources, commented, "The results of phase one testing are extremely encouraging. Eighteen locations, within the six km by 2km gold anomaly have now been confirmed for hosting surficial gold and the gold grain counts are substantial. Promising lithology and the prospectivity of Ojos Negros is further enhanced by promising lithology, good infrastructure and a supportive jurisdiction. Overall, this report represents strong progress."
Ojos Negros Overview
Ojos Negros is situated in the northern part of Baja California, Mexico, 95 km south of the Mexico-USA border and accessible year round from the city of Ensenada. The camp and staging area for the exploration program is located at Rancho Los Manzanos, about 50 km east of Ensenada via the Ensenada - San Filipe highway (#3) The exploration permit area is accessed by quality unsurfaced roads 15 km south of Highway #3.
The Ojos Negros discovery is comprised of numerous showings of visible native gold in pan and gravity concentrates over a 6 km long by 2 km zone. Native gold is found as residual accumulations over deeply weathered bedrock and as presumed downslope dispersions of eluvial material. A two-phase evaluation program on the surficial materials and, concurrently, exploration of the underlying metamorphic bedrock is currently underway.
Para Resources Inc. has executed a binding letter of intent dated April 25, 2015, with Navial Mineria SA de CV and others, under which it has been granted, subject to certain conditions including TSX Venture Exchange approval, completing final due diligence and entering into a definitive agreement, the option (the "Option") to earn up to an undivided 75-per-cent interest in and to the Ensenada IV mineral concession (No. 233475) known as the Ojos Negros gold property in Baja California, Mexico. The Company has received conditional acceptance to the Option from the TSX Venture Exchange.
Mr. Paulo Andrade, P. Geo., qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
ABOUT PARA RESOURCES:
Para Resources is an exploration-stage gold mining and toll milling company. In addition to its existing properties, Para will continue to take advantage of current market conditions to acquire and develop additional assets that have strong exploration and development potential.
ON BEHALF OF THE BOARD OF DIRECTORS
"C. Geoffrey Hampson"
C. Geoffrey Hampson, Chief Executive Officer and Director
Neither 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 release.
All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.
For further information, please contact
Para Resources Inc.
Andrea Laird
Telephone: 604-398-3227
