EV Resources to Acquire Highly Prospective Don Enrique Copper Project in Peru
Highlights:
- EV Resources enters into an in-principle agreement with the principle shareholder of Minera Montserrat S.A.C., a Peruvian company, in order to acquire the Don Enrique Project.
- The Don Enrique Project consists of 4 licences covering 1,800Ha in an area 30km north east of Jauja and approximately 260km from the Nation’s capital, Lima.
- Significant copper, gold and silver values returned from previous sampling of an underground exploration adit and from surface outcrop of over 1500m extent indicate considerable potential for the Project.
- Underground rock chip values to 4.7% Cu, 1269ppm Ag and 0.33ppm Au. Underground continuous channel sampling across mineralisation returned a best zone of 12m at 1.56% Cu, 282ppm Ag, 0.06ppm Au. Surface samples 800m from the adit returned up to 4.8% Cu, 251ppm Ag and 0.15ppm Au.
- Only 90m (adit) of the sulphide zone over a 1500m mapped extent of breccia has been sampled to date. Further sampling, mapping and geophysics is required before drilling with the intention to apply for a licence under the PPM (Pequeno Productora Minera).
28 February 2022 – EV Resources Limited (ASX:EVR) (“EVR”, the “Company”), is pleased to announce that the Company has entered into an in-principle agreement with the principle shareholder of Minera Montserrat S.A.C, a Peruvian company and 100% owner of the Don Enrique Copper-Gold-Silver Project, located in Peru. Total consideration for the acquisition of 100% of Minera Montserrat S.A.C. is US$1.3m, payable over 2 years.
Don Enrique Copper-Gold-Silver Project
The project consists of 4 licences covering 1,800Ha, in an area 21km northeast of Jauja, and approximately 260km from the Nation’s capital, Lima:
- Don Enrique, Licence number: 0100769-12, 1000 Ha.
- Chaupiloma 2007, Licence Number: 0105549-07, 100 Ha.
- Chaupiloma 2008, Licence Number: 0101581-08, 100 Ha.
- COCOA BEACH, Licence Number: 010155815, 600 Ha.
Figure 1. Don Enrique Copper-Gold-Silver Project Location
The Project is about one hour from Jauja, which is connected to Lima by airplane with daily flights. The Project has immediate access to both water and low voltage power as well as good all-weather unpaved access roads. The combination of significant previous copper, gold and silver sample results, available road, water and power infrastructure with no towns present in the Project area makes Don Enrique a compelling exploration project.
Initial site visits, reconnaissance mapping and sampling was conducted by an experienced Peruvian exploration geologist and this work was subsequently reviewed by EV Resources’ geologists and business development executives in multiple site visits conducted by way of due diligence.
Here is the link to the full original English announcement: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02492816-6A1079196?access_token=83ff96335c2d45a094df02a206a39ff4
Planned Work Programme
Prior to undertaking drill testing of the breccia lodes, initial work will involve further detailed sampling, mapping and geophysical surveys such as magnetics and IP to better define the mineralised zones at depth.
The Company’s intention is to apply for a licence under the PPM (Pequeno Productora Minera), or small miner framework available to holders of licences <2000 hectares in extent. This permission will allow for the extraction and processing of up to 350 tonnes per day of ore, as well as undertaking drilling programmes. This application, which is expected to require no less than 3 months and up to 9 months, would in time be followed by an application for a conventional, larger scale project development licence.
On receipt of a drilling permit, the Company will execute a drilling programme utilising diamond core drilling of a size to be determined based on initial sampling and geophysical work. The results of this drilling programme will determine further drilling programmes, preparatory to feasibility studies.
ENDS
For further information, please contact:
Luke Martino
Non-Executive Chairman
Tel: +61 8 6489 0600
Adrian Paul
Executive Director
Tel: +61 8 6489 0600
This ASX announcement was authorised for release by the Board of EV Resources Limited (EVR).
Here is the link to the full original English announcement: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02492816-6A1079196?access_token=83ff96335c2d45a094df02a206a39ff4
Forward Looking Statement
Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are forward-looking statements. There can be nо assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. Therе can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
Competent Person’s Statement
The information in this announcement that relates to the Don Enrique Project, is based on information compiled by Mr Erik Norum who is a Member of the Australian Institute of Geoscientists. Mr Norum is employed by EV Resources. Mr Norum has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Norum consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.