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Pershimex Reports Completion of Exploratory Drilling on Malartic Property

Pershimex Resources Corporation reports that the first phase of exploratory drilling has been finished on the Malartic property. This property, in collaboration with Dundee Precious Metals Inc. is situated near the prolific Cadillac Fault, about 12 km northwest of the Canadian Malartic Mine (Agnico Eagle-Yamana Gold Mines Inc.), and 2 km east of the Lapa Mine (Agnico Eagle Mines).

A total of 1,942 m of drilling has been made (nine drill holes) on the total Malartic property. The analysis results are ready for the first three drill holes (MLDD001 to MLDD003) that have been drilled 500 m northwest of the significant Révillard gold showing. The drilling carried out shows the continuation of the deposit of the Révillard gold showing for more than 500 m.

The mineralized zone is included in a key shear system situated in the stratigraphic contact of mafic volcanics of the Blake River Group and sediments of the Kewagama Group. Mineralization comprises pyrite-pyrrhotite-carbonate and tourmaline-bearing quartz veins and veinlets in brecciated and sheared zones.

The finest analysis results are comprised in a sheared and veined 10-meter zone (120.1 to 130 m). The MLDD003 drill hole intercepted 1.39 g/t gold more than 10 m including 2 m at 5.5 g/t gold. True widths are assessed to be 7.5 m and 1.5 m, respectively. Note that centered on the available geological observations, large areas of alterations were intercepted in the MLDD004, MLDD007, and MLDD009 drill holes. These drill holes are positioned on the same favorable geological segment (contact of mafic volcanics of the Black River Group and sediments of the Kewagama Group), but over 3 km east of the first drill holes.

It should also be kept in mind that the MLDD007 drill hole, which was meant to authenticate in depth the continuity of the historical ASPI occurrence (situated at more than 400 m southeast of the Malrobic occurrence) intercepted four visible gold grains (0.5-1.0 mm across) related to quartz-carbonate-pyrrhotite veins in an intermediate to mafic intrusion.

This first drilling campaign follows our successful mining consolidation planning in the region and a strategic partnership with Dundee. The high-quality targets that have been drilled resulted in the interception of new economic gold mineralization previously unknown on the Malartic property.

Robert Gagnon, President and Chief Executive Officer of the Corporation

Pershimex Resources Corporation – Short overview

  • Holds over 800 claims in the Abitibi-Témiscamingue
     
  • Partner with Chalice Gold Mines on the Forsan property
     
  • Partner with Dundee Precious Metals on the Malartic property

After an analytical quality assurance and control program, standards, blank samples, and duplicates were incorporated to drill core samples from the Malartic property before being tested by the Bureau Veritas laboratory of Timmins, Ontario, subsequently the fire assay analysis of 50-gram sample pulps and detection of gold by atomic absorption spectroscopy technique.

This press release was prepared by Robert Gagnon, Geologist, President of Pershimex, and Qualified Person under NI 43-101.

Source: Pershimex Resources Corporation Inc.

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