Esperanza Updates Cerro Jumil Project
September 11 2007 - 6:30AM
Marketwired Canada
Esperanza Silver Corporation (TSX VENTURE:EPZ)(PINK SHEETS:ESPZF) is pleased to
present the following update of activities at its 100% owned Cerro Jumil gold
project in Morelos, Mexico. Results from 25 new reverse circulation drill holes
have been received. Highlights include:
- Drill hole RCHE-18 with 25.5 meters (84 feet) containing 1.30 grams Au per
tonne (0.04 ounces Au per ton).
- Drill hole RCHE-20A with 33.0 meters (108 feet) containing 1.38 grams Au per
tonne (0.04 ounces Au per ton).
- Drill hole RCHE-22 with 30.0 meters (98 feet) containing 1.94 grams Au per
tonne (0.06 ounces Au per ton).
The bulk of the new drilling has been in the central portion of the "Southeast
zone" and demonstrates the continuity of gold mineralization within this zone.
Future drilling will continue to seek extensions of the mineralization northeast
of this central zone into an area indicated as prospective by both geologic
mapping and geophysical surveys. Additional drilling is also planned to extend
the mineralization in the "West zone" further northward. The accompanying map
shows the areas of drill-tested gold mineralization as well as those areas which
will be drilled in the coming months. The table below provides the drill most
recent drill results. To view the map accompanying this press release please
click on the following link: http://www.ccnmatthews.com/docs/EsperanzaMap.pdf.
Currently a total of 15,674 meters (51,423 feet) of drilling have now been
completed on the project. Two rigs (one core and one reverse circulation)
continue to work.
New Targets Identified
An on-going program of district scale reconnaissance has now identified
additional drill targets within the 3066 hectare claim group. An additional six
targets have been identified and will be investigated by mapping, sampling and
possible drilling.
Metallurgical Testing Continues
The previously announced program of metallurgical testing (News Release July 18,
2007) is now well advanced and results are expected in the final quarter of this
year. The program, being undertaken by SGS - Lakefield Research, is intended to
test the amenability of Cerro Jumil for heap-leach gold recovery. Earlier but
preliminary test work had indicated excellent gold recoveries (up to 96% in
"bottle-roll" tests). Results from these tests and the on-going drilling will
allow Esperanza to begin scoping studies in the near-term(1).
About Esperanza
Esperanza is an exploration company focused on precious metals and is founded on
the experience and success of its management and field teams in discovering four
major ore bodies. Its properties include the San Luis high-grade gold and silver
discovery in central Peru and the 100%-owned Cerro Jumil bulk-tonnage gold
project in Morelos State, Mexico. It has other exploration interests in Peru,
Mexico and Bolivia. The Company's objective is to take properties up to the
resource definition stage and then find partners to take them into production.
(1) 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 data disclosed in this news
release, including sampling, analytical and test data. Field work has been
conducted under his supervision.
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, to 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 US 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. While Esperanza may elect to update these forward-looking statements at
any time, the company does not undertake to do so.
Cerro Jumil Reverse Circulation Drill Hole Results
---------------------------------------------------------------------------
Grade
From To Interval (grams
Hole (meters) (meters) Length Au/tonne) Comments
---------------------------------------------------------------------------
Southeast Zone
---------------------------------------------------------------------------
RCHE-07-16 183.0 201.0 13.5 1.56 No Recovery 189.0-
193.5
---------------------------------------------------------------------------
RCHE-07-17 Lost hole @ 154.5 meters - short of target
---------------------------------------------------------------------------
RCHE-07-18 136.5 162.0 25.5 1.30
---------------------------------------------------------------------------
RCHE-07-19 157.5 163.5 6.0 1.28
---------------------------------------------------------------------------
RCHE-07-20A 28.5 63.0 33.0 1.38 No Recovery 36.0-37.5
---------------------------------------------------------------------------
RCHE-07-21A 75.0 99.0 24.0 0.76
includes 75.0 84.0 9.0 1.25
includes 90.0 99.0 9.0 0.74
---------------------------------------------------------------------------
RCHE-07-22 27.0 57.0 30.0 1.94
---------------------------------------------------------------------------
RCHE-07-23 Lost Hole @ 24 meters depth
---------------------------------------------------------------------------
RCHE-07-24 67.5 81.0 13.5 1.23
---------------------------------------------------------------------------
RCHE-07-25 70.5 94.5 24.0 1.00
---------------------------------------------------------------------------
RCHE-07-26 94.5 100.5 6.0 1.12
---------------------------------------------------------------------------
RCHE-07-27 136.5 150.0 13.5 1.16
---------------------------------------------------------------------------
RCHE-07-28 126.0 138.0 12.0 2.74 No Recovery 123-126
---------------------------------------------------------------------------
RCHE-07-29 No significant intervals-10.5 mts no recovery
---------------------------------------------------------------------------
RCHE-07-30 37.5 51.0 13.5 0.49
RCHE-07-30 69.0 105.0 30.0 0.78 No Recovery 94.5-97.5
& 99-102
RCHE-07-30 117.0 133.5 16.5 1.54
---------------------------------------------------------------------------
RCHE-07-31 82.5 118.5 34.5 0.79 No Recovery 84.0-85.5
includes 82.5 97.5 13.5 1.51 No Recovery 84.0-85.5
---------------------------------------------------------------------------
RCHE-07-32 No significant intervals
---------------------------------------------------------------------------
RCHE-07-33 99.0 106.5 7.5 1.04
RCHE-07-33 126.0 139.5 13.5 0.99
---------------------------------------------------------------------------
RCHE-07-34 No significant intervals
---------------------------------------------------------------------------
RCHE-07-35 142.50 148.50 4.50 1.46 No Recovery 145.5-
147.0
---------------------------------------------------------------------------
RCHE-07-36 Lost Hole @ 60 meters depth No Recovery 54-60
---------------------------------------------------------------------------
RCHE-07-37 64.5 72.0 7.5 1.02 No Recovery 72-75
RCHE-07-37 81.0 105.0 22.5 0.65 No Recovery 99.0-100.5
includes 91.5 102.0 9.0 0.98 No Recovery 99.0-100.5
---------------------------------------------------------------------------
RCHE-07-38 88.5 120.0 31.5 0.76
includes 114.0 120.0 6.0 1.62
---------------------------------------------------------------------------
RCHE-07-39 100.5 108.0 7.5 0.69 No Recovery 108-120
RCHE-07-40 115.5 147.0 31.5 0.92 Lost hole @ 147 in
Mineralization
---------------------------------------------------------------------------
Note - Drill intercepts with no recovery were not included in the
calculation of the interval length.
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