Encouraged by results from recent sampling, Vancouver-based
Sampling within a prospective volcaniclastic unit identified a mineralized zone averaging 4.53 grams gold per tonne over a strike length of 30 metres. This grade represents the average of a series of continuous chip samples taken perpendicular to northeasterly striking faults and oblique to the strike of the volcaniclastic unit.
The junior views the property as having potential for a multi-million-ounce gold deposit. Recent geochemical surveys outlined an area of epithermal alteration and anomalous gold mineralization over an area measuring 2.5 by 1 km. Gold-in-soils also delineated an anomaly measuring 50-200 metres wide by 1.2 km long, in a west-northwesterly direction along the northern contact of a series of andesite flow domes and the volcanic stratigraphy to the north.
Arcuate northeasterly striking faults that control the mineralization are part of a ring fracture system related to a collapsed volcanic centre. The undrilled, high-sulphidation epithermal prospect is at an elevation of 4,200 metres and near the company’s La Espina property. Drilling is to begin in April.
Catherine McLeod-Seltzer, president, recently announced that the company had signed an agreement with, and paid a finder’s fee to, Lowell Mineral Exploration, a private Chilean company headed by geologist David Lowell.
McLeod-Seltzer and Lowell have a track record of success in Peru. The partners acquired and explored the Pierina gold project before selling it to Barrick Gold, which has since placed it into production. Prior to that, Lowell had a hand in the discovery of the huge Escondida copper deposit in Chile.
Pacific Rim says the finder’s fee (warrants to acquire up to 722,825 shares at $1.38 per share) is consideration for newly acquired exploration properties in Peru. The junior also is investigating other gold projects in the country brought forward by Lowell.
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