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PROMESA LTD - ASX: PRA
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Description
Promesa Ltd (ASX: PRA) completed a Share Sale Agreement to acquire Peru Minerals SAC, a company that holds 3 licenses situated on Western Cordillera (Peru), prospective primarily for gold, silver and copper.
About the Peru project:
* Strategic Land Holding: Project positioned between world class gold mines of Barrick (Lagunas Norte) and Newmont (Yanacocha and Pierina) - a region of known epithermal gold and gold-copper porphyry style deposits.
* Favourable Geology: Tertiary age diorite-monzonite granite intrusions (into Mesozoic marine sediments) - classic gold-copper porphyry system geology.
* Hydrothermal Alteration: project area shows evidence of quartz veins, hydrothermal breccias and stockworks within advanced argillic and phyllic pervasive alteration haloes that correspond to the right environment for epithermal high sulphidation and porphyry style deposits.
Recent Highlights
* Execution of a Heads of Agreement and subsequent Share Sale Agreement to acquire 100% of Peru Minerals SAC which owns 100% of the Santa Rosita and Victoadal/Bacata Licenses. Due diligence was completed to Promesa’s satisfaction and shareholder approval was gained.
* Epithermal gold mineralisation outlined over a “strike length” of 1.8km within Bacata and Victoadal licenses at the Cerro Curunday prospect.
* Exceptional early results from the three main channel/trench areas of 14.80g/t, 10.15g/t and 7.25g/t in the top section of the Cerro Curunday.
* Alteration and gold mineralisation extends into the neighbouring lease to the south for 1 km with channel/trench sample results of up to 4.92g/t 200m down slope, highlighting that the Cerro Currunday prospect lies in a large gold mineralised system.
* Metallurgical studies confirm the presence of gold in the pervasively altered and oxidised rocks of Cretaceous Chimu Formation from 0.4 g/t to 3.5 g/t Au tenors.
* Underwritten Entitlement Issue was closed with a 90% take up to raise $1,726,667 before costs. In addition an underwritten private placement to sophisticated investors to raise a further $504,000 before costs was undertaken and subsequently completed.
* A field campaign was commenced in late January on the licenses holding the Cerro Curunday prospect. The work commenced includes further channel trench and rock chip samples. The work will take approximately 6 weeks and initial results are expected early March.
* Results from this campaign and the existing extensive database of work completed so far will form the basis of an extensive Phase 1 drilling campaign to commence in the April – June quarter 2011. Drilling contractors have been short listed.
Mine For
oil, gas
Location of operation(s)
Peru
Address
Level 28, 140 St Georges Tce
PERTH, WA, Australia
Phone
+61 8 9278 2766
Website
Last Updated
2/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
