Esperanza hits more gold at Cerro Jumil

The first few holes of a second-phase drill program by Esperanza Silver (EPZ-V, ESPZF-O) have intersected mineralization at the Southeast zone, one of two bulk-tonnage gold targets at the La Esperanza project near Cuernavaca, in Mexico’s Morelos state.

La Esperanza was recently renamed Cerro Jumil to avoid confusion between the company and project names. The first of three recent holes drilled to test the Southeast zone returned 7.8 metres grading 2.04 grams gold per tonne, starting at 15.2 metres. The other holes hit 38.9 metres of 0.99 gram gold, including 21.1 metres of 1.48 grams, and 13.2 metres of 0.78 gram gold, respectively.

Esperanza’s latest round of drilling was aimed at testing surface gold anomalies discovered during last summer’s sampling program. The summer mapping and sampling program identified a potential zone containing gold values in rock outcrop over a 1,300-metre strike length.

The three recently drilled holes were collared near the centre of the 1,300-metre zone. A total of 3,000 metres of new drilling is planned, with holes spaced at roughly 50-to-100-metre intervals along the trend of mineralization.

Esperanza also drilled a hole to further test the West zone, discovered in the first phase of the 2005 program. The hole returned 3 metres of 0.96 gram gold, starting at 179.2 metres, which expanded the potential of the target beyond previously drilled mineralization.

A reconnaissance sampling also generated a new target about 500 metres northwest of the West zone. Three grab samples along the newly identified skarn zone returned 2.8 grams, 0.9 gram, and 2.2 grams gold, respectively.

Esperanza acquired Cerro Jumil in May 2003. The company’s other main project is the San Luis gold-silver project in Peru, a joint venture with Silver Standard Resources (SSO-T, SSRI-Q).