Adrian pulls values from Picuda — Junior also poised to assume control of Hyperion

Adrian Resources (ADL-T) and partner International Skyline Gold (SK-T) have unveiled encouraging results from drilling at the Picuda property in southern Peru.

Adrian drilled 620 metres of core in a 6-hole program designed to test copper oxide mineralization along a strike length of 150 metres.

The 397-ha property, situated near the port of Ilo, has as its main target the South copper oxide zone, which has a minimum surface dimension of 300 by 75 metres. Small-scale copper mining has been sporadic since the turn of the century. Historical data suggest that copper oxide mineralization grading 2-3% copper was mined from the Picuda adits and treated by means of electrowinning.

As operator, Adrian stands to earn a 63% interest in the property, International Skyline holds the right to a carried interest of 27%, and the vendor retains 10%.

Highlights from drilling are as follows:

n Hole 1 intersected 10.5 metres grading 1.08% copper and 0.32 gram gold per tonne starting from the surface.

n Hole 2 cut 10.5 metres of 1.88% copper and 0.56 gram gold starting from a down-hole depth of 1.5 metres. This was followed by a 4.5-metre interval of 1.37% copper starting at a down-hole depth of 22.5 metres.

n Hole 3 cut 3 metres of 0.71% copper at a down-hole depth of 17.5 metres. An additional 10.5-metre intersection at 73 metres down-hole averaged 0.63% copper.

n Hole 4 intersected 3 metres of 0.62% copper starting at a down-hole depth of 38.8 metres.

n Hole 5 intersected 7.5 metres grading 0.83% copper staring 44.1 metres down-hole.

n Hole 6 cut 3 metres grading 0.8% copper, followed by 1.5 metres of 0.58% copper starting at 19.7 and 33.2 metres down-hole, respectively.

The partners have yet to announce whether they intend to carry out further drilling.

In other news, Adrian has signed an agreement with Hyperion Resources (HYP-V), Rhodes Mining and Ricdal consultants to acquire 52% of the issued shares of Hyperion. In doing so, Adrian would acquire indirectly an interest in Hyperion’s Holguin volcanogenic massive sulphide (VMS) property in northeastern Cuba. The property hosts a copper target.

Adrian will arrange a private placement of 1 million units of Hyperion at a price of 15 cents per unit. A unit consists of one share and one 2-year warrant exercisable at 15 cents in the first year and 20 cents in the second. Also, Adrian will buy 375,000 escrow shares of Hyperion at 11 cents per share. This arrangement, combined with other agreements with Rhodes Mining and Ricdal, would, in effect, give Adrian control of Hyperion.

The 5,600-ha Holguin property is in an area characterized by rhyolitic breccias, tuffs and flows in contact with mafic and ultramafic flows, representing a typical environment for VMS-type deposits.

Hyperion has conducted preliminary mapping, as well as ground magnetic and electromagnetic geophysical surveys. In addition, the company has drilled three short exploration holes in order to verify drill results achieved by a previous operator in 1989. One hole drilled in that year returned a 5.05-metre interval that averaged 8.2% copper at a vertical depth of 30 metres.

Hyperion’s hole MR-1 was drilled within 10 metres of the 1989 hole and intersected 5.1 metres of 6.5% copper. The hole also returned elevated values of cobalt and silver, as well as sporadic zinc.

Geological, geophysical and geochemical interpretations suggest that Hyperion’s holes were collared in footwall stratigraphy and drilled underneath the VMS horizon.

Adrian plans to carry out 600-800 metres of diamond drilling and analyze previously collected soil samples.