TORONTO, ON–(Marketwired – June 22, 2017) – GPM Metals (TSX VENTURE: GPM) (the “Company” or “GPM”) is pleased to announce the startup of the initial, first pass drill program at the Pasco Project located in the Central Peruvian Zinc Belt, approximately 30 Km NE of Cerro de Pasco Mine and 35 Km N of the Votorantim / Pan American owned Shalipayco discovery.
Drill targets have been identified and drilling is to include a minimum of 2,000 meters of core diamond drilling. A drilling contract has been executed with Energold Drilling S.A.C. and the drill rig equipment and crews will be mobilized to site; drilling operations are scheduled to commence during the first week of July. A further press release will be issued concurrent with the confirmation of day 1 drilling operations startup.
This drill program follows the recently completed ground magnetics survey of approximately 140 line kilometers carried out by GC Ground S.A.C, Peru. The survey aided in the development of our 3D model and targeting for the upcoming drill program. The ground magnetics survey vectored into two delineated zones of a 4.25 Km by 1 Km trend of anomalous Silver (20ppm – 152ppm), Lead (100ppm – 3.97%) and Zinc (1000ppm – 2.7%). The southern anomaly measures 1.2 Km by 500m and open to the south and the northern anomaly is 500m by 500m.
Proposed diamond drill hole locations and results of ground magnetics survey are found on the company’s web site.
Drilling will target these two large, highly anomalous zones within a 4.25km by 500m trend. A north-east trending glaciated valley separates the two zones.
These initial exploration targets have been identified by the Company’s extensive 2015 and 2016 field programs of trenching, mapping and approximately 2500 soil and rock chip samples and confirmed by recently completed ground magnetics survey. Location and sampling results are available at the Company web site link / Projects Peru (see April 14, 2016 Company press release available on SEDAR www.sedar.com). The grab samples disclosed are selective samples and are not representative of the mineralization hosted on the Pasco Project.
The 2015 – 2016 mapping and sampling programs were designed to provide a methodical and economic approach to prioritize drill targets with a high degree of confidence.
Patrick Sheridan, CEO of GPM stated, “The methodical approach undertaken by our Lima based staff to the exploration mapping and sampling since 2014, the community relations aspects with the commune of Huachon, and the regulatory permitting provides confidence that this initial drill program will unlock the potential of this district scale, greenfields target.”
The 100% owned Pasco Claims comprise a 6,300 hectares contiguous land package of a district scale, greenfields, base metal discovery. These concessions have not been subjected to modern mineral exploration or drilling prior to the staking and acquisition of the properties by our Company’s Peruvian agent in 2014.
The Pucara hosted style of Pb-Zn-Ag mineralization at surface displays similar geological characteristics to the recently discovered zinc resource at Tinka Resources, Awawilca deposit, located approximately 60 Km to the NW in the Department of Pasco.
Environmental permits are in place for 20 drill pad locations. Ten diamond drill holes are planned in the initial program.
An exploration / access agreement has been signed with the commune of Huachon, and logistical support, field assistants and supply chain operate from the commune. Huachon is located approximately 1 hour by secondary road (Hwy 104) from National Hwy 3N.
About GPM Metals Inc.
GPM Metals is a zinc focused exploration company with offices in Toronto, Brisbane and Lima.
The Company’s current holdings include the district scale Walker Gossan Project, NT, Australia, a joint venture with Rio Tinto Exploration Pty Limited; and the Pasco Project, Department of Pasco, Peru.
Both projects are advanced exploration properties with drill ready targets and have considerable potential to host significant zinc resources.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a Director of GPM), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Mines and Metallurgy.
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of GPM which have been used to develop such statements and/or information but which may prove to be incorrect. Although GPM believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as GPM can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; GPM’s future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which GPM has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which GPM has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which GPM has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and GPM’s dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in GPM’s public disclosure documents, (including, without limitation, those risks identified in this news release and GPM’s current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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 and / or accuracy of this release.
For further information contact:
GPM Metals Inc.
Att: John Patrick Sheridan, CEO
Suite 301 – 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Telephone : (416) 628-5904
Telefax : (416) 628-6835