Cerro de Pasco Resources is Granted Historic Authorization and Starts Drilling Quiulacocha Tailings First Phase Geophysics Study completed
Cerro de Pasco Resources is Granted Historic
Authorization and Starts Drilling Quiulacocha Tailings
First Phase Geophysics Study completed
MONTRÉAL, August 2 7, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR)
(OTCPK: GPPRF) (FRA: N8HP) (“CDPR” or the “Company”) is pleased to inform that it has received
the required authorization for the Initiation of Exploration Activities from the Peruvian Mi nistry of
Energy and Mines. This represents the first -ever such authorization to be granted in Peru for a new
mining exploration project within a tailings storage facility.
Accordingly, the Company is now installing its first drill rig to begin its Phase I drilling program at the
Quiulacocha Tailings Project (“QT Project”).
The Company has in parallel completed first phase Geophysical Studies to outline the bottom
surface of the tailings deposit.
Guy Goulet comments: “This is a significant milestone for the country: This is the first ever drilling
authorization granted for a new mining exploration project over tailings in the history of Peru, not
related to a beneficiation concession. It is also a very exciting stage for CDPR as we will finally
discover the true value of the QT tailings and be able to produce a Master Plan for the entire
Quiulacocha tailings resource. CDPR will update the market with drill results as soon as they
become available. "
Drilling Program
CDPR has hired Ingetrol Comercial S.A.C., a Peruvian subsidiary of Grupo Ingetrol, to perform the
Phase I Drilling campaign. Over a period of approximately eight weeks, Ingetrol will carry out 40 drill
holes to gather more than 1,000 tailings samples, facilitating comprehensive data acquisition
throughout the entire depth of the Quiulacocha tailings.
Laboratory Testing
Inspectorate Services Perú S.A.C., a Peruvian subsidiary of Bureau Veritas, will conduct the
geochemical and metallurgical testing program in Lima, Peru and Antofagasta, Chile. The tailings
samples, taken at every meter, will be dispatched to the Bureau Veritas lab in Lima for a 60-element
ICP Analysis and other assays. Subsequently, the tailings samples will be combined into
representative composites and sent to Antofagasta, Chile, for metallurgical testing.
This extensive laboratory program will determine the mineral resource estimate and metallurgical
methods for the reprocessing of the Quiulacocha tailings.
Geophysics
CDPR has enlisted Geomain Ingenieros S.A.C., a Peruvian company specializing in geophysical
applications for mineral exploration and engineering, to conduct Phase 1 geophysics. Geomain
Ingenieros S.A.C. has successfully completed over 9,000 m of geophysical surveys on the dry portion
of the Quiulacocha tailings. The preliminary interpretation of the geophysical profiles indicates that
the tailings deposit surpasses 40 meters in depth in certain locations, exceeding the original
expectations.
The Quiulacocha Tailings
CDPR is the titleholder of the concession located in Peru called “El Metalurgista” , which grants it the
right to explore and exploit the Quiulacocha Tailings located within its assigned area. The
enforceability of these rights has been formally confirmed by the General Mining Bureau of Peruvian
Ministry of Energy and Mines.
The Quiulacocha Tailings Storage Facility covers approximately 115 hectares and is estimated to hold
approximately 75 million tonnes of material processed from the 1920s to 1990s.
Initially these tailings resulted from the mining 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 58+ million tonnes of zinc-lead-silver mineralized material with average historical
grades of 7.41% Zn, 2.77% Pb and 90.33 g/t Ag.
With minimal mining costs due to surface -level material and current reprocessing capacity at
adjacent plants, CDPR's Quiulacocha Project stands out as one of Peru's key mining initiatives. This
endeavor not only promises economic benefits but also aims to restore the environment and create
employment opportunities, aligning with the local community's needs.
Technical Information
Mr. Alfonso Palacio Castilla, MIMMM/Chartered Engineer (CEng) and Project Superintendent for
CDPR, has reviewed and approved the scientific and technical information contained in this news
release. Mr. Palacio is a Qualified Person for the purposes of reporting in compliance with NI 43-101.
About Cerro de Pasco Resources
Cerro de Pasco Resources Inc. is focused on the development of its principal 100% owned asset, the
El Metalurgista mining concession, comprising silver -rich mineral tailings and stockpiles extracted
over a century of operation from the Cerro de Pasco open pit mine in Central Peru. The company’s
approach at El Metalurgista entails the reprocessing and environmental remediation of mining waste
and the creation of numerous opportunities in a circular economy. The asset is one of the world’s
largest above-ground 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 using forward-looking
terminology such as “plans” , “seeks” , “expects” , “estimates” , “intends” , “anticipates” , “believes” ,
“could” , “might” , “likely” or variations of such words, or statements that certain actions, events or
results “may” , “will” , “could” , “would” , “might” , “will be taken” , “occur” , “be achieved” or other similar
expressions.
Forward-looking statements, including the expectations of CDPR’s management regarding the
realization, timing and scope of its drilling program, the completion of a resource report as well as
the business and the expansion and growth of CDPR’s operations, are based on CDPR’s estimates
and are subject to known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of CDPR to be materially different 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 these forward -looking
statements, including the relevant assumptions and risks factors se t out in CDPR’s public
documents, available on SEDAR+ 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 where required by applicable
law, CDPR disclaims any intention or obligation to update or revise any forward -looking statement,
whether as a result of new information, future events or otherwise.
Further Information
Guy Goulet, CEO
Telephone: +1-579-476-7000
Mobile: +1-514-294-7000