Agreement Executed on Fireweed Property
Pachamama Resources Ltd. ("Pachamama" or the "Company") announces that it has entered into a binding letter agreement with Shamrock Enterprises Inc. ("Shamrock") whereby Shamrock may earn an initial 50% interest in the Company's Fireweed Ag-Zn-Pb-Au property (the "Property") located near Smithers, BC. Terms of the letter agreement include CAD$2,550,000 in exploration expenditures, CAD$650,000 in cash payments and 1,000,000 shares of Shamrock over a four year period. An initial CAD$200,000 in exploration expenditures is a firm commitment which must be completed by February 2011. Upon earning a 50% interest in the Property, Shamrock may elect to earn an additional 10% interest (60% total) by producing a feasibility study within 3 years of the election. Shamrock can subsequently earn an additional 10% interest (70% total) by placing the Property in commercial production within another 3 year time frame.
Previous exploration on the Property by the Company and various optionees include soil geochemistry, magnetometer, 3-D Induced Polarization surveys plus 18,200 metres of drilling in 103 holes. The impetus for further work results from targets indicated by the most recent 3-D Induced Polarizaton surveys in an area where mineralized float assaying 1,650 grams/tonnes Ag and 3 grams/tonne Au was previously discovered. Known mineralization at Fireweed consists predominantly of breccias, massive sulphides, disseminations of pyrite-pyrrhotite, sphalerite, galena, chalcopyrite and Ag-sulphosalts hosted in coarse grained sandstones.
This news release has been reviewed by John M. Leask, P.Eng., President and CEO of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Pachamama - Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande copper-gold project in northwestern Argentina.
On behalf of the Board of Directors,
"John M. Leask"
John M. Leask, P.Eng.
President, Director and CEO
For more information please contact us at (604) 681-4462 or see the Company's website at www.pachamamaresources.com.
The TSX Venture does not accept responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Joint Venture Finalized on Rio Grande Property
Pachamama Resources Ltd. ("Pachamama" or the "Company") is pleased to announce that a joint venture agreement has been signed with its partner, Antares Minerals Inc. ("Antares"), on the 50/50 owned Rio Grande property located in northwestern Argentina. The joint venture agreement between the Company, Antares, and their respective Argentinean subsidiaries is in the form of a UTE (Union Transitoria de Empresas) that will be registered under the laws of Argentina. The UTE agreement defines the terms which will govern the development of the Rio Grande Cu-Au deposit going forward. Under the agreement, Antares will remain the project operator.
To date, the parties have drilled +33,000 metres in 78 diamond drill holes at Rio Grande. Pachamama's management looks forward to announcing exploration plans with Antares on this very prospective project in the New Year.
About Pachamama Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande copper-gold project in northwestern Argentina.
On behalf of the Board of Directors,
"John M. Leask"
John M. Leask, P.Eng.
President, Director and CEO
For more information please contact Nancy Goertzen at (604) 681-4462 or see the Company's website at www.pachamamaresources.com.
The TSX Venture does not accept responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Pachamama Executes Agreement on Catua Project
Pachamama Resources Ltd. ("Pachamama" or the "Company") announces it has executed an exploration and exploitation agreement on its wholly owned Catua project located in Jujuy Province, northwestern Argentina. Under the terms of the agreement, AGV Servicios Mineros S.R.L. of Argentina has acquired the right to produce copper from Catua, subject to a US$0.02 per pound royalty to Pachamama. Upon payback of project cap-ex, the two companies will share revenue profits as to 45% each with the remaining 10% to pay mining royalties and finance project closure.
Catua is an exotic oxide copper occurrence which has had previous limited surface trenching and sub-surface drilling. Copper mineralization at the property consists of widespread copper wad, malachite, azurite and chrysocolla within the matrix of a poorly exposed sedimentary breccia. Two surface exposures of mineralization separated by 1 km have been identified to date: a northern area measuring 500 by 200 metres and a southern area measuring 100 by 100 metres. Reconnaissance grab samples of these breccias by Mansfield Minerals Inc. have yielded highly anomalous values in lead, zinc, cobalt, arsenic and barium.
This news release has been reviewed by John M. Leask, P.Eng., President and CEO of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Pachamama - Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande copper-gold project in northwestern Argentina.
On behalf of the Board of Directors,
"John M. Leask"
John M. Leask, P.Eng.
President, Director and CEO
For more information please contact Nancy Goertzen at (604) 681-4462 or see the Company's website at www.pachamamaresources.com.
The TSX Venture does not accept responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Pachamama Announces More Drill Results at Rio Grande
- RGA-08-66: 111 m with 0.39% Cu, 0.39 g/t Au and 5.4 g/t Ag
- includes 17 m with 0.55% Cu, 0.68 g/t Au and 6.5 g/t Ag
- RGA-08-69: 166 m with 0.35% Cu, 0.44 g/t Au and 5.6 g/t Ag
- includes 30 m with 0.63% Cu, 0.79 g/t Au and 12.1 g/t Ag
- RGA-08-73: 59 m with 0.54% Cu, 0.59 g/t Au and 7.3 g/t Ag
- includes 16 m with 0.75% Cu, 0.97 g/t Au and 7.3 g/t Ag
- RGA-08-74: 44 m with 0.68% Cu, 0.75 g/t Au and 6.4 g/t Ag
- RGA-08-77: 69 m with 0.43% Cu, 0.57 g/t Au and 4.2 g/t Ag
- includes 25 m with 0.62% Cu, 0.83 g/t Au and 7.6 g/t Ag
Please see Table 1 below for a complete summary of the new results and refer to the Company's website at www.pachamamaresources.com for drill-hole location maps and additional information.
John M. Leask, President and CEO of Pachamama Resources Ltd., commented as follows:
"The 2008 drill results from Rio Grande continue to expand and define the zone of mineralization at the project. Two distinct possibilities are emerging for economic success at Rio Grande; the first being an open-pit, near surface resource and the second being a deep high-grade, bulk mineable underground deposit. To determine the likelihood of either, or a combination of, these two scenarios, metallurgical tests as well as deeper drilling will be required."
Table 1 |
||||||
Drill Hole |
Zone |
Interval |
Length |
Copper |
Gold |
Silver |
RGA-08-66 |
North |
127-145 m |
18 m |
0.31 |
0.34 |
3.9 |
RGA-08-67 |
#7 |
19-47 m |
28 m |
0.21 |
0.38 |
5.3 |
RGA-08-68 |
#7 |
4-50 m |
46 m |
0.34 |
0.17 |
2.9 |
RGA-08-69 |
North |
111-277 m |
166 m |
0.35 |
0.44 |
5.6 |
RGA-08-70 |
#7 |
55-79 m |
24 m |
0.29 |
0.14 |
7.9 |
RGA-08-71 |
#7 |
311-344 m |
33 m |
0.17 |
0.25 |
18.7 |
RGA-08-72 |
Discovery |
355-362 m |
7 m |
0.57 |
1.32 |
33.0 |
RGA-08-73 |
North |
163-216 m |
53 m |
0.37 |
0.35 |
3.3 |
RGA-08-74 |
Discovery |
48-84 m |
36 m |
0.31 |
0.35 |
2.5 |
RGA-08-75 |
Discovery |
220-232 m |
12 m |
0.29 |
0.44 |
5.1 |
RGA-08-76 |
Discovery |
7-26 m |
19 m |
0.56 |
0.37 |
7.1 |
RGA-08-77 |
Discovery |
18-87 m |
69 m |
0.43 |
0.57 |
4.2 |
Note: intervals have been rounded to the nearest metre.
Reported mineralized intervals represent down-hole lengths and do not represent true thicknesses. The mineralized zones at Rio Grande are generally tabular bodies that form an annular sheet that dips at approximately 70-90 degrees inward. True thicknesses of the mineralization are estimated to be approximately 40-60% of the down-hole intercept lengths. The cut-off utilized for calculating significant intervals was 0.2% Cu and/or 0.2 g/t Au.Discussion of Results
The twelve drill holes presented in this release were drilled as 75-100 m offsets to previously completed drill holes at the Discovery, North, and #7 target zones at the Rio Grande project. The holes are typically drilled at inclinations of minus 60-70 degrees to traverse the defined zones of mineralization and are aligned to form drill fences spaced at 75-100 m intervals along strike. All significant mineralized intervals from the drill holes are listed in Table 1 above (please refer to the Company's website at www.pachamamaresources.com for drill-hole location maps and additional information).
The holes intersected a complex sequence of intermediate composition dikes and sub-volcanic intrusive rocks with variable degrees of potassic, calcic, and propylitic alteration and local late-mineral to post-mineral dikes of intermediate composition. Copper-gold mineralization encountered in the holes consists of predominantly oxide minerals with only traces of chalcopyrite present at the upper levels and increasing amounts of partially oxidized chalcopyrite deeper in the holes. The deepest intercepts (typically below 400 m depth) consist of chalcopyrite-magnetite-pyrite. The level of complete to partial oxidation in the North and #7 zones varies from 360-460 m deep and in the lower elevation Discovery zone varies from 200-400 m deep.
Copper-gold mineralization encountered in the holes in the Discovery and North zones was of similar grades and thicknesses to previous holes in these areas. Drilling at the #7 zone along the western margin of the Rio Grande system intersected copper-gold mineralization but of lower grade than encountered in limited previous drilling in this area. Additional drilling will be warranted to further characterize the #7 zone and the connection to the northeast to the North zone.
Security -- Chain of Custody and Quality Control
Antares' security, chain of custody and quality control is described on their website and can be reviewed at: http://www.antaresminerals.com/BestPractices/SamplingMethodologies/tabid/88/Default.aspx.
This news release has been reviewed by John M. Leask, P.Eng., President and CEO of the Company, and a Qualified Person ("QP") as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Pachamama Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande copper-gold project in northwestern Argentina. Antares and Pachamama each own an undivided 50% interest in the Rio Grande project.
On behalf of the Board of Directors,
"John M. Leask"
John M. Leask., President & CEO
For more information please contact Nancy Goertzen at (604) 681-4462 or see the Company's website at www.pachamamaresources.com.
Caution Regarding Forward-Looking Statements
The TSX Venture does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
Mineral resources do not have demonstrated economic viability and future in-fill drilling and scoping, pre-feasibility and feasibility studies will determine what percentage of the inferred resource can be placed into the mineable category. The Company is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue which may materially affect this estimate of mineral resources.
Pachamama Grants Incentive Stock Options
January 15, 2009
Pachamama Resources Ltd. ("Pachamama" or the "Company") has granted incentive stock options to directors, officers, employees and consultants to purchase up to 4,450,000 common shares at a price of $0.10 per share for a five year period, pursuant to its Stock Option Plan.
About Pachamama Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande copper-gold project in northwestern Argentina.
On behalf of the Board of Directors,
"John M. Leask"
John M. Leask., President & CEO
For more information please contact Nancy Goertzen at (604) 681-4462.
Caution Regarding Forward-Looking Statements
The TSX Venture does not accept responsibility for the adequacy or accuracy of this release. Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.