Esperanza Provides Exploration Update
Esperanza Resources
Corp. (TSX-V: EPZ) is pleased to provide this update on new exploration
drilling activities:
Three Peru Projects
to be Drilled
Colqui Orcco:
The Colqui Orcco (Silver Hill)
property consists of 700 hectares and is located in the department of
Cusco. All permits have been received and site preparation has begun.
Weather permitting, drilling will begin in mid-March.
The Colqui
Orcco project consists of three steeply dipping
quartz veins and brecciated structures hosted in andesite with a total
strike length of 2.5 km. The area was identified by Esperanza geologists in
a regional exploration program. Outcrop sampling returned anomalous results
that will be tested by drilling including:
�
La India Norte Vein yielded 0.9 meters of 572 g/t Ag
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La India Vein yielded 0.5 m of 64 g/t Ag
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La India Norte Vein yielded 1.8 m of 5 g/t Ag and 0.22 g/t A
A first phase program
of eleven (11) drill holes totaling 1,700 meters will test the La India
silver-gold vein system.
Pucarana: This project is located adjacent to the Orcopampa gold-silver mining camp, where Esperanza
controls 1,889 hectares in a joint venture with Estrella
Gold (TSX-V: EST). Pucarana is located between
Buenaventura’s
Chipmo and Poracota
mines, which have an annual production of 360,000 oz
of gold and 131,000 oz of silver.
The Pucarana
project is gold system of quartz veins, vuggy
silica, and silicified bodies exhibiting strong advanced argillic alteration similar to that observed at the Chipmo Mine. The drill permit has been issued by
authorities. A first phase of drilling is slated to begin in April. Ten
holes totaling 2,500m are planned.
Pucar�: This project is 100% owned by EPZ, consists
of 600 hectares and is located in Cusco Department. Negotiations with the
community are advanced and anticipated drilling will begin in late Q2,
2011. A stockwork zone of quartz veining
with an outcrop strike length of 200 m before it dives under alluvial cover
has been identified. Regionally, the property is located on the border of a
series of nested calderas. Channel samples have returned results up to 339
g/t Ag over 9.6 meters including 488 g/t Ag over 2.9 m. This is a
grassroots project. Ten drill holes totaling 1,500 m are planned.
Mexico Concessions
Acquired
Esperanza
recently acquired the Gallos Blancos project by claim staking. Located in San
Luis Potosi, Mexico, it consists of 12,510 hectares containing historic Ag-Pb-Zn workings and prospects. Preliminary sampling of
oxide dump material contained values as high as 1.0 g/t Au, 206 g/t Ag,
14.5% Pb, 30.0% Zn, 19.5% Cu. Field mapping
and sampling is currently under-way to define drill targets. Drilling is
anticipated to begin in the second half of the year.
About Esperanza
Esperanza is focused on advancing the development of its principal property,
the wholly-owned Cerro Jumil gold project in
Morelos State, Mexico. It is also actively investigating 11 other
exploration interests in Peru and Mexico. In October of 2010 it announced a
strategic investment which resulted in a 35% interest in Global Minerals
Ltd. (TSX-V: CTG), majority owner of the Strieborn�
silver/copper/antimony project in Roznava,
Slovakia (www.globalminerals.com).
QUALIFIED
PERSONS: J.
Stevens Zuker, M.Sc., Geology and Senior Vice
President, Esperanza Resources Corp. is the
Qualified Person (QP) under NI 43-101 responsible for the Peru exploration
program. Paul J. Bartos, Ph.D. Geology and Vice
President / Chief Geologist, Esperanza Resources Corp. is
the Qualified Person (QP) under NI 43-101 responsible for the Mexico
exploration program. They have verified the data disclosed in this news
release, including sampling, analytical and test data. Field work has been
conducted under their supervision. Gold samples were analyzed by fire assay
and atomic absorption spectroscopy with a 30 g nominal sample weight.
Silver is analyzed by induction coupled plasma – atomic emission spectroscopy
(ICP-AES). A description of quality control and quality assurance protocols
can be found at www.epzresources.com/protocols.php
SAFE HARBOR: Some statements in this release
are forward-looking in nature. The United States Private Securities
Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking
statements. Such statements include statements as to the potential of the
Cerro Jumil property, the ability to finance
further exploration, permit drilling and other exploration work, and the
availability of drill rigs.
The forward-looking
statements involve risks and uncertainties and other factors that could
cause actual results to differ materially, including those relating to
exploration and bringing properties into production. Please refer to a
discussion of some of these and other risk factors in Esperanza’s Form 20-F filed with the
U.S. Securities and Exchange Commission. The forward-looking statements
contained in this document constitute managements’ current estimates as of the
date of this release with respect to the matters covered herein. Esperanza
expects that these forward-looking statements will change as new information
is received and that actual results will vary, possibly in material ways.
Forward-looking statements are based on the beliefs, expectations and
opinions of management on the date the statements are made, and the company
does not assume any obligation to update forward-looking statements if
circumstances or management’s beliefs, expectations or opinions should
change. For these reasons, investors should not place undue reliance on
forward-looking statements.
For further information, contact:
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