Cerro Jumil Calabazas Zone Continues to GrowEsperanza Silver Corp./Cerro Jumil: Calabazas Zone Continues to Grow
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - Esperanza Silver Corp. (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) (EPZ) announces the results of its on-going drilling campaign at its 100% owned Cerro Jumil gold project in Morelos State, Mexico. Highlights of the drill results include:
-- Drill Hole RCHE-09-127 intersected 33 meters containing 2.053 grams of
gold per tonne including a 16.5 meter interval containing 2.92 grams
gold per tonne.
-- Drill Hole RCHE-09-117 intersected 48.0 meters containing 0.97 grams
gold per tonne including a 6 meter interval containing 2.35 grams gold
per tonne.
-- Drill Hole RCHE-09-129 intersected 33.0 meters containing 1.07 grams of
gold and a separate interval7.5 meters containing 1.13 grams of gold per
tonne.
Complete results are in the accompanying table.
Bill Pincus, Esperanza's President and CEO, commenting upon the drill results said, "The new drill results are exciting and support the deposit model our geologists have developed. Of special interest is the presence of multiple zones of mineralization in many of the drill holes. The current drill program is evaluating areas of the Las Calabazas and Southeast zones where limited or no previous drilling had been completed. We are pleased with the results so far and anticipate that we will continue to add to or upgrade our resource base as drilling continues in this area. This phase of drilling should be finished by early summer and a revised resource estimate will be completed shortly thereafter. One of the great advantages we have is that the gold deposit is exposed on surface. This provides easy access for metallurgical sampling. Concurrent with the on-going drill program we are selecting sites for bulk metallurgical samples. A comprehensive series of advanced tests have been planned by our consulting metallurgist and will begin once final sample locations are defined."
The drilling at Cerro Jumil is a part of a comprehensive work program recommended by the 2009 Preliminary Economic Assessment and is designed to move the project to the full feasibility level as rapidly as possible. Additional work planned for 2010 in addition to the advanced metallurgical testing includes, geotechnical analysis, environmental baseline data collection and other efforts required to advance the project.
Esperanza also has an active community relations program and has been working effectively with the local stakeholders as the project advances. This effort is key to the success of the project.
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Cerro Jumil RC Holes - Phase 4
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Hole From To Interval Grade
(meters) (meters) Length (grams Au/tonne)
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RCHE-10-117 40.5 88.5 48.0 0.971
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includes 51.0 57.0 6.0 2.348
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RCHE-10-118 0.0 9.0 9.0 0.781
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RCHE-10-118 16.5 33.0 16.5 0.725
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RCHE-10-118 45.0 55.5 10.5 1.087
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RCHE-10-118 63.0 70.5 7.5 1.566
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RCHE-10-118 124.5 139.5 15.0 1.170
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RCHE-10-119 42.0 87.0 45.0 0.475
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RCHE-10-120 4.5 12.0 7.5 1.202
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RCHE-10-120 54.0 81.0 27.0 0.741
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RCHE-10-120 87.0 123.0 36.0 0.660
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includes 96.0 105.0 9.0 1.265
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RCHE-10-120 141.0 148.5 7.5 0.678
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RCHE-10-121(i) 1.5 30.0 27.0 0.832
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includes 7.5 19.5 10.5 1.125
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RCHE-10-121 69.0 81.0 12.0 0.678
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RCHE-10-122 46.5 66.0 19.5 1.245
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RCHE-10-123 30.0 46.5 16.5 1.374
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RCHE-10-124 27.0 51.0 24.0 0.949
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includes 31.5 40.5 9.0 1.438
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RCHE-10-125 1.5 22.5 21.0 0.665
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RCHE-10-126 0.0 75.0 75.0 0.718
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includes 30.0 43.5 13.5 1.428
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RCHE-10-127 36.0 51.0 15.0 0.860
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RCHE-10-127 85.5 118.5 33.0 2.053
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includes 100.5 117.0 16.5 2.924
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RCHE-10-128 120.0 144.0 24.0 0.917
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includes 121.5 130.5 9.0 1.703
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RCHE-10-129 43.5 51.0 7.5 1.127
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RCHE-10-129 60.0 93.0 33.0 1.069
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RCHE-10-130 85.5 105.0 19.5 0.765
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includes 94.5 102.0 7.5 1.118
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RCHE-10-131 28.5 54.0 25.5 0.343
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RCHE-10-132 90.0 102.0 12.0 1.543
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RCHE-10-133 73.5 88.5 15.0 1.348
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RCHE-10-134 40.5 61.5 21.0 1.060
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includes 49.5 61.5 12.0 1.453
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(i) RCHE-09-121- The interval from 1.5 to 30 (28.5 meters)
contained a 1.5 meter interval where no material was recovered
and therefore was not included in the interval reported (27 meters).
About Esperanza
Esperanza is a gold and silver company focused on advancing the development of its two principal properties: the 100%-owned Cerro Jumil gold project in Morelos State, Mexico and the San Luis gold and silver joint venture in Peru. It also holds an extensive portfolio of exploration properties in Mexico and Peru.
QUALIFIED PERSON: William Bond, M.Sc., Geol. and Vice President of Exploration, Esperanza Silver Corp. is the Qualified Person (QP) under NI 43-101 responsible for the Cerro Jumil exploration program. He has verified the drill results and other data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under his supervision. All samples were submitted to ALS Chemex laboratories for analysis in Vancouver, Canada. Gold samples were analyzed by fire assay and atomic absorbtion spectroscopy with a 30 g nominal sample weight. Silver is analyzed by induction coupled plasma - atomic emission spectroscopy (ICP-AES). A description of quality control and quality assurance protocols can be found at https://www.esperanzasilver.com/protocols.php.
SAFE HARBOR: Some statements in this release are forward-looking in nature. The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Such statements include statements as to the potential of the Cerro Jumil property, the ability to finance further exploration, permit drilling and other exploration work, and the availability of drill rigs. The forward-looking statements involve risks and uncertainties and other factors that could cause actual results to differ materially, including those relating to exploration and bringing properties into production. Please refer to a discussion of some of these and other risk factors in Esperanza's Form 20-F filed with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this document constitute managements' current estimates as of the date of this release with respect to the matters covered herein. Esperanza expects that these forward-looking statements will change as new information is received and that actual results will vary, possibly in material ways. Forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change. For these reasons, investors should not place undue reliance on forward-looking statements.
RESOURCES: The terms "measured resource", "indicated resource" and "inferred resource" used in this news release are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council as may be amended from time to time by the CIM. Mineral resources that are not mineral reserves do not have demonstrated economic viability. We advise U.S. investors that while such terms are recognized and permitted under Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in the measured, indicated, and inferred categories will be converted into reserves.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Esperanza Silver Corp.
Bill Pincus
President and CEO
Toll free: (866) 890 5509
info@esperanzasilver.com