Drilling Halted at Coppermine Creek & DHEM to Commence
Perth, Nov 9, 2015 AEST (ABN Newswire) - Pacifico Minerals Ltd (ASX:PMY) report that diamond drilling of drill hole CCD04, positioned to intersect an airborne electromagnetic ("AEM") conductivity high, has ceased due to total mechanical failure of the drill rig at a depth of 464m. The hole was planned to reach a depth of 600m, to intersect the highest conductivity of the AEM anomaly, which was considered to be possibly caused by a significant body of copper mineralisation.
The hole up to 464m intersected some zones of minor copper mineralisation and terminated in silicified Lower Mallapunyah Formation sediments, which contain dolomite and dolomitic siltstone horizons that may be conducive hosts for copper mineralisation.
Between 382m and 400m downhole depth a carbonaceous siltstone with disseminated pyrite was intersected which could be the cause of the AEM anomaly.
A down-hole electromagnetic ("DHEM") survey will be undertaken on CCD04 with a 400m surface loop capable of detecting conductive zones surrounding the drill hole.
In addition a ground electromagnetic ("EM") test survey will be used to establish if the mineralisation intersected in previous drilling, containing zones of semi massive chalcopyrite (diamond hole CCD03) extends south of the Gordons Fault.
A follow up hole will be targeted using the interpreted DHEM results, ground EM results, and the geological understanding of the stratigraphy and mineralisation generated from CCD04.
Pacifico Minerals Limited ("Pacifico" or "Company") (ASX:PMY) has recently completed expenditure of $1.5 million at the Borroloola West Project, thereby earning the right to acquire a 51% interest from Sandfire Resources NL (ASX:SFR). Under the terms of the farm-in agreement Pacifico may elect to continue sole funding exploration into the second earn-in period with the objective of earning a 70% interest through expenditure of a further $2.5 million over 2 years. Pacifico is subsequently able to earn up to an 80% interest in the Borroloola West Project.
About Pacifico Minerals Ltd
Pacifico Minerals Ltd (ASX:PMY) is a Western Australian based exploration company focussed on advancing the Berrio Gold Project located in Colombia. Berrio is situated in the southern part of the prolific Segovia Gold Belt and is characterised by a number of operational, artisanal-scale adits, tunnels, and declines. The project is 35km from the Magdalena River which is navigable to the Caribbean Sea and has excellent infrastructure in place including hydro power, sealed roads, water supply and telecommunications coverage. Pacifico also has an interest in two other projects in Colombia (Natagaima and Urrao) and one project in the NT, Australia (Borroloola West Project).