Hot values intersected at Silvertip

Peruvian Gold (PVO-V) and Imperial Metals (IPM-T) have encountered encouraging silver-zinc-lead values at their jointly held Silvertip project in northern British Columbia.

The second hole of a 3-hole program hit a 31.4-metre zone of mineralization that assayed 318 grams silver per tonne, 8.65% zinc and 5.53% lead. The thickness of the interval indicates feeder-style chimney mineralization, which is typically more continuous than the previously discovered manto type.

A carbonate replacement deposit, Silvertip has a resource of 2.57 million tonnes of flat-lying manto-style mineraliztion grading 325 grams silver, 8.8% zinc and 6.4% lead. Peruvian Gold stands to earn a 60% interest in the property from operator Imperial Metals by spending $5 million on exploration over three years, with a minimum commitment of $450,000 this year. Imperial has the right to buy back 20% of the property by spending $2 million.

The first hole, a 250-metre stepout southwest of the known resource, intersected 3.22 metres of manto-style mineralization grading 117 grams silver and 0.83 gram gold per tonne, plus 9.7% zinc and 2.1% lead.

The third hole tested a fault zone that is suspected of being a conduit for mineralizing fluids. The hole cut extensive alteration in the limestones but returned no significant results.

The company has budgeted $1.5 million for further drilling underground (as opposed to deep drilling from surface). A decline passes within 100 metres of the mineralization intersected by the second hole. After the decline is dewatered, the mineralization will be fan-drilled to test its continuity and orientation.

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