Beginning of bulk sampling work of 5,000 tonnes on the
VAL-D’OR, Quebec, Oct. 05, 2022 (GLOBE NEWSWIRE) — Pershimax Resources Corporation (“Pershimex” or “the Company”) (TSX Venture: PRO) is pleased to provide an update on various work in progress. Bulk sampling work has begun on the Pershing-Manitou deposit on the Courville property and the company is pleased to announce the signing of an amended letter of intent regarding the acquisition of Pershimex shares by Abcourt Mines inc. (“Abcourt”), as originally announced on June 9, 2022.
Regarding the work in progress on the Courville property, it should be noted that it began in early September with the technical assistance of Groupe Minier Technica of Val-d’Or and Foresterie DG of Belcourt. Since last week, two Epiroc T-40 drill rigs have been in operation at the site.
- The drills accelerated production drilling and delineation of the outer pit wall.
- Three holes were drilled at the beginning, middle and end of the pit to verify the presence of the old mining gallery. A single hole intersected the gallery, more than 25 meters deep. Confirmation of the exact position of the gallery ensures the safety of the extraction operation which will shortly follow. Indeed, the first blasts allowing the extraction of the mineralized zone should begin next week.
- The center line of the mineralized zone was systematically sampled. In fact, 17 boreholes, 12 meters deep, each comprising 6 samples spaced 2 meters apart for a total of 102 samples were taken. The samples are composed of a mixture of dust and rock fragments with a maximum dimension of approximately 2 cm. Samples weighing between 1 and 3 kg will be analyzed in Australia by ALS Chemex, using the method called PhotonAssay for gold. This new method used in Australian high-grade gold mines is very effective in cases of coarse gold coupled with high grade variability caused by a large nugget effect, which is the case for the Pershing gold deposit. – Manitou.
Transaction with Abcourt Mines Inc. regarding the acquisition of Pershimax
On June 9, 2022, the Company announced the signing of a non-binding letter of intent with Abcourt. Essentially, Abcourt, through a three-tier merger (the “Transaction”) is proposing to acquire all of the issued and outstanding shares of Pershimex.
Pershimex announced today the execution of an amended letter of intent with Abcourt which modifies the one dated June 9, 2022. The amended letter of intent aims to clarify the rights and obligations of the parties, in particular the abandonment of the exclusivity offered by Pershimex to Abcourt and the magnitude of the cancellation fees, all depending on the progress of the discussions between Abcourt and Pershimex to finalize the transaction.
Robert Gagnon, President and CEO, said: “Pershimex is proud to see its first tonnes of gold material extracted from its Courville project. In barely three years, we have succeeded in obtaining all the necessary authorizations to extract 5,000 tonnes of gold-bearing material. The professionalism and expertise of our contractors, including Groupe Minier Technica and Foresterie DG, guarantee the success of this project. Remember that the primary objective of all this work is to confirm the actual gold content of the Pershing-Manitou deposit. It should also be noted that the work for the transaction with Abcourt Mines is continuing. The signing of an amended letter of intent will make it possible to accelerate the merger project and to incur the expenses related to the transaction without fearing the consequences of a premature termination of the transaction.
This press release was prepared by Robert Gagnon, Professional Geologist and President of Pershimex, Qualified Person under NI 43-101.
For more information please contact:
Robert Gagnon, President
Such. : (819) 825-2301
Cell. : (819) 860-2621
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Facts set forth in this press release that are not historical facts are “forward-looking statements” and readers are cautioned that such statements are not guarantees of success and that future developments and results may differ from those projected in these forward-looking statements.