Plexmar hikes to Peru (September 26, 2003)

Junior Plexmar Resources (PLE-V) has inked a deal to earn a full interest in the Marilia gold property in the Cajamarca department of northern Peru.

The property, which covers 5 sq. km, is about 15 km west of the town of Cajabamba. Some notable explorers nearby are Sulliden Exploration (SUE-T), at the Shahuindo property, and Barrick Gold (ABX-T), at the Alto Chicama deposit.

Marilia itself is underlain by soils anomalous in gold and arsenic, with up to 2.9 grams per tonne of the former metal having been reported. Also underlying the property are; the Chimu sedimentary unit, in which some of Alto Chicama is hosted; gold-bearing granodioritic and dacitic intrusions; hydrothermal alteration zones; and showings of pyrite, arsenopyrite, chalcopyrite and galena.

Plexmar must pay the local vendors US$280,000 by 2008.

Plexmar also is exploring for gold and diamonds in northern Quebec. The gold project is about 4 km east of Agnico-Eagle‘s (AGE-T) LaRonde mine of and underlain by unexplained induced polarization anomalies.

On June 30, Plexmar had a working capital deficiency of $245,291.