Cerro de Pasco Resources reports initial assay results from

MONTRÉAL, Oct. 15, 2024 (GLOBE NEWSWIRE) — Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is pleased to announce that The 40-well Phase 1 drilling program at the Quiulacocha Tailings Project (“QT Project”) is now nearing completion.

Key highlights

• Hole SPT04 intersected 19 meters of 1.91 oz/t (59 g/t) Ag, 1.80% Zn, 0.77% Pb, 0.07% Cu and 0.07 g/t Au.
• The metal grades of SPT04 are higher than the shallow snail samples in the northern and central part of the TSF reported by Brophy (2012), which calculated average grades of 1.26 oz Ag/t, 1.44% Zn and 0.79% Pb.
• Of particular interest is the silver content, which is 52% higher than historical samples.
• Copper-silver mineralization is expected to be more common in the southern zone.
• Assay results for additional drill holes are expected to be available in the next two to three weeks.

Figure 1: 40-hole Quiulacocha drilling program with completed and pending drill holes

Guy Goulet, CEO of CDPR, commented: “These initial results are very encouraging for us, particularly with regard to the silver grades. This is the first time that the Quiulacocha tailings have been systematically drilled and analyzed. Beyond zinc, lead, silver, copper and gold, the focus on metals such as gallium and indium provides the potential for the inclusion of payable by-product metal credits in the planned concentrates.

Representative composite samples will also be subjected to metallurgical testing for inclusion in a study. Based on the results of this campaign, we will prepare for Phase 2 drilling, which is expected to begin in the remaining tailings in the second quarter of 2025.”

First drilling results

Initial geochemical assay results from the first completed hole, SPT04, were released by Inspectorate Services Perú SAC, a Peruvian subsidiary of Bureau Veritas. The first samples were taken from the near-surface northwest section of the tailings (see Figure 1) with predominantly Ag-Zn-Pb content. Hole SPT04 was completed at 19 meters depth after reaching clayey soil with gravel at the base.

The key results from the 19 meter long borehole are presented below:

These results, derived from a combination of multi-element ICP (detection of 60 elements), atomic absorption (to determine the upper limits of the metals Zn, Pb and Cu) and a fire assay for Au, provide the first indication of the extent and continuity of the Metal concentrations at depth.

The iron results also indicate that pyrite is present throughout the deposit. Pyrite (estimated at 50% of tailings) could be a valuable by-product for the project. The upcoming metallurgical test work program will also evaluate the potential for pyrite recovery, including likely grades, by-products and impurities.

Phase 1 drill program

For the Phase 1 drilling campaign, CDPR selected Ingetrol Comercial SAC, a subsidiary of Grupo Ingetrol (Chile), and ConeTec Peru, a subsidiary of ConeTec Group (Canada). The campaign uses percussion and sonic drilling techniques to ensure the most accurate results possible.

The Company will drill 40 holes and collect a total of over 1,000 samples to analyze a significant portion of the Quiulacocha tailings deposit.

On October 2, 430 samples from 21 drill holes up to 42 meters deep were safely transported to the laboratory in freezer containers and are currently being analyzed. As of October 14, 32 drill holes had been completed.

The drilling campaign is nearing completion and is expected to be completed before the start of the rainy season in late October.

Laboratory tests

All samples are stored in freezer containers and transported to Lima to prevent oxidation and maintain sample integrity.

The samples are dried and tested at the Inspectorate Services Lab (Bureau Veritas) in Lima. Following geochemical and mineralogical testing, representative composite samples from selected samples will be sent to Bureau Veritas Antofagasta (Chile) for an advanced metallurgical test work program.

This extensive laboratory program will determine the mineral resource estimate and evaluate potential metallurgical methods for metal and pyrite recovery from the Quiulacocha tailings.

Quality Assurance (QA) and Quality Control (QC)

Sample preparation for geochemical analysis includes drying at 100°C and fluting to obtain a representative 250 gram pulp sample. The sample is not sieved or subjected to any other mechanical processing (crushing or grinding) to preserve the original grain size distribution.

Bureau Veritas carries out all sample preparation and analysis programs, supported by the QA/QC program, which is monitored on a sample batch basis. The CDPR QA/QC program consists of insertion of twin samples, rough duplicate samples, pulp duplicate samples, standard reference materials and rough blank material and further testing in a second laboratory.

geophysics

CDPR has successfully completed Phase 1 of its geophysical studies, focusing on the dry areas of the Quiulacocha tailings. The depth measurements carried out by Geomain Ingenieros SAC ranged from 20 to over 40 meters at various locations.

The Quiulacocha residues

CDPR is the title holder of the “El Metalurgista” concession in Peru, which grants it the right to explore and exploit the Quiulacocha tailings in its assigned area. The General Mining Bureau of the Peruvian Ministry of Energy and Mines has officially confirmed the enforceability of these rights.

The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold approximately 75 million tons of material processed from the 1920s to the 1990s.

These tailings were originally formed from the mining of more than 16 million tonnes of copper-silver-gold mineralization with reported historical grades of up to 10% Cu, 4 g/t Au and over 300 g/t Ag and later from the mining of over 58 million tonnes of zinc-lead-silver mineralized material with historical average grades of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.

With minimal mining costs due to the near-surface material and current reprocessing capacity at adjacent facilities, CDPR’s Quiulacocha project stands out as one of Peru’s most important mining initiatives. This project provides economic benefits and aims to restore the environment and create employment opportunities tailored to the needs of the local community.

Technical information

Mr. Alfonso Palacio Castilla, MIMMM/Chartered Engineer (CEng) and Project Manager for CDPR, has reviewed and approved the scientific and technical information contained in this press release. Mr. Palacio is a qualified person for reporting purposes under NI 43-101.

About Cerro de Pasco Resources

Cerro de Pasco Resources Inc. is focused on developing its key, 100% owned asset, the El Metalurgista mining concession, which includes silver-rich mineral tailings and reserves mined over a century from the Cerro de Pasco open pit mine in central Peru. The company’s approach at El Metalurgista includes the reprocessing and environmental remediation of mining waste and the creation of numerous opportunities in a circular economy. The facility is one of the world’s largest surface resources.

Forward-Looking Statements and Disclaimer

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by forward-looking terminology such as “plans,” “seeks,” “expects,” “estimates,” “intends,” “anticipates,” “believes,” “could,” “could,” “likely.” ” or variations of such words or statements that certain actions, events or results “may,” “will,” “might,” “would,” “could,” “will be performed,” “occur,” “be achieved,” or other similar expressions.

Forward-looking statements, including CDPR management’s expectations regarding the realization, timing and scope of its drilling program, completion of a resource report and the business and expansion and growth of CDPR’s operations, are based on CDPR’s estimates and are subject to change and unknown risks, uncertainties and other factors that may cause CDPR’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking statements or forward-looking information.

Forward-looking statements are subject to business and economic factors and uncertainties and other factors that could cause actual results to differ materially from those in these forward-looking statements, including the relevant assumptions and risk factors set forth in CDPR’s public documents available on SEDAR+ are at www.sedarplus.ca. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although CDPR believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements and forward-looking information. Except as required by law, CDPR disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

More information

Guy Goulet, CEO
Phone: +1-579-476-7000
Mobile: +1-514-294-7000
[email protected]

A photo accompanying this announcement can be found at