Phase 1 Drilling Program on Tr-Ue Vein in Oatman, Az Vein width of between 0.61 m and 4.7 m at grades between 9.4 and 13.6 gpt Au
Phase 1 Drilling Program on Tr-Ue Vein in Oatman, Az
Vein width of between 0.61 m and 4.7 m at grades between 9.4 and 13.6 gpt
Au
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2019) -
Para Resources Inc.
(TSXV: PBR) (WKN: A14YF1) (OTC PINK:
PRSRF)
(the "Company" or "Para") is pleased to announce the initial certified assay results of the phase 1 drilling program on the
Tr-Ue vein started this summer. The Tr-Ue vein forms a part of the Gold Road claims and is approximately 1.6 kms from the Gold
Road mill on a paved highway.
Results from the first 4 holes of the 9-hole program have been received from ALS Laboratories in Tucson, Az.
The program is
focused on the Tr-Ue vein which is about 1.6 kilometers from and is parallel to the Gold Road vein.
The program was developed
to orient historical production maps and drill information, much of which is from the early 1900's and most of which show
historical production at significantly higher grades that Gold Road.
Highlights include (with full details included in the table below):
Quartz-calcite vein material with gold mineralization was encountered in all but one of the 4 completed holes
Drill hole TVGR-2 intersected
4.72 m
(3.38 m true width) of gold mineralization in a quartz-calcite vein which averaged
9.39 gpt
gold, including a
1.7 m
intercept (1.18 m true width) at
13.61
gpt
gold.
TVGR-06 intersected
3.2 m
at an average grade of
11.55 gpt
gold (true width of 2.28 m)
TVGR-07 intersected
0.61 m at 13.99 gpt
gold (true width 0.43 m).
Ian Harris, President of Para Resources stated, "We are very pleased with the initial results of our drilling program at Gold Road.
The program has consistently hit the mineralized structure we were targeting and, in many cases, at significant grade and
thickness.
The program is the first step in orienting our sizeable database of historical data on the Tr-Ue vein, and goal of
establishing future high-grade feed for the Gold Road mill. The full drilling program planned for the Tr-Ue has been designed to
identify economically significant tons of mineralized material that can be transported 1.6 kms to the Company's fully permitted,
highly efficient and operating mill at Gold Road. The goal is to process higher grade material which could have a significant
impact on the number of ounces produced and a reduction in AISC".
Background:
Initial exploration drilling conducted during the summer included 9 core/reverse-circulation drill holes. Initial holes were drilled
with a reverse circulation drill (holes TVGR-01 to 05). TVGR-02 was completed with HQ core. Hole TVGR-6 was drilled with NQ
core (wedged out of TVGR-02) and hole TVGR-07 was drilled HQ core. Of these 9 holes, 7 have been completed to date.
Drilling is continuing at this time. Results for assays were received on September 11, 2019.
Quartz-calcite vein material with
gold mineralization has been encountered in all but one of the completed holes. Certified results have been received for 4 holes
on all sections that tested above 0.10 opt in internal laboratory.
Hole Highlights:
Drill hole TVGR-2 intersected 15.5 feet (about 11.1 feet
- true width) of gold mineralization in a quartz-calcite vein which
averaged 9.39 gpt (0.274 opt) gold. A 5.5 feet intercept (true width 3.9 feet assayed 13.61 gpt (0.397 opt) gold).
Figure 1:
HQ core of higher grade rock in TVGR-02 (675' to 685' interval)
To view an enhanced version of
Figure 1
, please visit:
https://orders.newsfilecorp.com/files/3819/47845_8adb633474797a69_001full.jpg
TVGR-06 intersected 10.5 feet at an average of 11.55 gpt (0.337 opt) gold (true width of 7.5 feet).
TVGR-07 intersected 2.0 feet which assayed 13.99 gpt (0.408 opt) gold (true width 1.4 feet).
TVGR-01 was drilled above stopes of the United Western mine, intersected the vein containing 5.0' of 2.19 gpt (0.064 opt) gold
(true width 3.6 feet).
Holes TVGR-02, TVGR-06 and TVGR-07 (reported here) are all within a zone between the United Western mine and the higher
grade United Eastern mine.
Figure 2: Drill rig completing the HQ core portion of TVGR-02
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3819/47845_8adb633474797a69_002full.jpg
Holes TVGR-08 is pending assays and TVGR-09 is currently being drilled.
Collar locations have been tied to satellite photography and prior drilling collars. Collars are to be surveyed and tied to BLM
surveyed patented claim corners in the coming weeks. In-the-hole surveying of azimuth and dip are to be contracted at the
completion of this phase of drilling.
QA/QC:
After completion of drilling each day the core was secured in a locked facility at the mine site to preserve the chain of
custody. Under supervision at the mine site the core was subsequently sawed in half and one half was sawed in half and the
quarter intervals were shipped to ALS laboratories in Tucson, Arizona for prep and then assayed at ALS's lab in Reno, Nevada.
The other quarter core intervals were assayed by the mine site laboratory. The remaining ½ core interval was retained in secure
storage for potential further assay and metallurgical test work.
Complete assay data received from ALS:
Hole #
Sample ID
Top
Bottom
Width
ALS FIRE
Results
AU GPT
ALS FIRE
Results
AG GPT
TVGR-2 HQ
not assayed
0
425
TVGR-2 HQ
1632201
425
426
1.0'
1.34
<0.3
TVGR-2 HQ
not assayed
426
437
TVGR-2 HQ
1632202
437
437.5
0.5'
0.41
<0.3
TVGR-2 HQ
not assayed
437.5
473
TVGR-2 HQ
1632203
473
474.5
1.5'
0.86
<0.3
TVGR-2 HQ
not assayed
474.5
543
TVGR-2 HQ
1632205
543
544
1.0'
4.35
<0.3
TVGR-2 HQ
not assayed
544
548
TVGR-2 HQ
1632209
548
549
1.0'
1.71
<0.3
TVGR-2 HQ
not assayed
549
549.5
TVGR-2 HQ
1632210
549.5
550.5
1.0'
2.54
<0.3
TVGR-2 HQ
not assayed
550.5
618
TVGR-2 HQ
1632217
618
618.5
0.5'
5.11
<0.3
TVGR-2 HQ
1632218
618.5
637
TVGR-2 HQ
1632220
637
637.5
0.5'
0.38
<0.3
TVGR-2 HQ
1632221
637.5
642
4.5'
2.61
<0.3
TVGR-2 HQ
not assayed
642
670
TVGR-2 HQ
1632234
670
671.5
1.5'
1.44
34.3
TVGR-2 HQ
1632235
671.5
673
1.5'
22.25
6.9
TVGR-2 HQ
1632236
673
675
2.0'
11.62
<0.3
TVGR-2 HQ
1632237
675
677
2.0'
9.09
<0.3
TVGR-2 HQ
1632238
677
679
2.0'
1.37
<0.3
TVGR-2 HQ
1632239
679
681
2.0'
1.20
<0.3
TVGR-2 HQ
1632240
681
683
2.0'
26.30
10.3
TVGR-2 HQ
1632241
683
685
2.0'
4.01
<.1
TVGR-2 HQ
1632242
685
686
1.0'
1.20
<.1
TVGR-2 HQ
1632243
686
687
1.0'
4.08
<.1
TVGR-2 HQ
1632244
687
688
1.0'
2.64
24.0
TVGR-2 HQ
not assayed
688
693.8
TVGR-2 HQ
1632245
693.8
696
2.2'
0.38
10.3
TVGR-2 HQ
not assayed
696
699
TVGR-2 HQ
1632248
699
700.7
1.7'
0.38
27.4
TVGR-2 HQ
1632249
700.7
702.7
2.0'
0.69
20.6
TVGR-2 HQ
not assayed
702.7
837
TVGR-2 HQ
1632207
Blank
<0.03
<0.3
TVGR-2 HQ
1632208
Standard
Fire assay 26.3
ppm+
99%
97%
Hole #
Sample ID
Top
Bottom
ALS FIRE
Results
AU GPT
ALS FIRE
Results
AG GPT
TVGR-6 NQ
not assayed
0
553.3
TVGR-6 NQ
1632253
553.3
554.3
1.0'
4.56
<0.3
TVGR-6 NQ
not assayed
554.3
558
TVGR-6 NQ
1632254
558
558.6
0.6'
1.82
<0.3
TVGR-6 NQ
not assayed
558.6
559.6
TVGR-6 NQ
1632255
559.6
560
0.4'
1.44
<0.3
TVGR-6 NQ
not assayed
560
632
TVGR-6 NQ
1632256
632
633
1.0'
1.13
<0.3
TVGR-6 NQ
not assayed
633
648.5
TVGR-6 NQ
1632257
648.5
649.5
1.0'
3.15
<0.3
TVGR-6 NQ
not assayed
649.5
678.6
TVGR-6 NQ
1632259
678.6
680.6
2.0'
1.13
<0.3
TVGR-6 NQ
1632260
680.6
682.8
2.2'
0.93
24.0
TVGR-6 NQ
not assayed
682.8
684.5
TVGR-6 NQ
1632262
684.5
686.5
2.0'
4.94
6.9
TVGR-6 NQ
1632263
686.5
688.5
2.0'
9.63
3.4
TVGR-6 NQ
1632264
688.5
690.5
2.0'
17.83
1.0
TVGR-6 NQ
1632265
690.5
692.5
2.0'
13.99
6.9
TVGR-6 NQ
not assayed
692.5
693
TVGR-6 NQ
1632266
693
695
2.0'
11.42
<0.3
TVGR-6 NQ
not assayed
695
696.5
TVGR-6 NQ
1632267
696.5
697
0.5'
6.86
<0.3
TVGR-6 NQ
not assayed
697
706
TVGR-6 NQ
1632270
706
707.3
1.3'
0.55
27.4
TVGR-6 NQ
1632271
707.3
712.5
5.2'
0.51
13.7
TVGR-6 NQ
not assayed
712.5
727
TVGR-6 NQ
1632273
Blank
0.21
<0.3
TVGR-6 NQ
1632276
Standard
Fire assay 26.3 ppm
99%
Hole #
Sample ID
Top
Bottom
ALS FIRE
Results
AU GPT
ALS FIRE
Results
AG GPT
TVGR-7HQ
not assayed
0
449.5
TVGR-7HQ
1583902
449.5
451.6
2.1'
11.42
6.9
TVGR-7HQ
not assayed
451.6
547.8
TVGR-7HQ
1583903
547.8
549
1.2'
2.23
<0.3
TVGR-7HQ
not assayed
549
550.5
TVGR-7HQ
1583905
550.5
551.5
1.0'
8.40
3.4
TVGR-7HQ
1583906
551.5
552.5
1.0'
1.58
<0.3
TVGR-7HQ
not assayed
552.5
595.5
TVGR-7HQ
1583910
595.5
597.5
2.0'
4.87
<0.3
TVGR-7HQ
1583911
597.5
599.4
1.9'
5.04
<0.3
TVGR-7HQ
1583912
599.4
601.4
2.0'
2.33
<0.3
TVGR-7HQ
1583913
601.4
603
1.6'
1.95
<0.3
TVGR-7HQ
1583914
603
604.5
1.5'
2.19
<0.3
TVGR-7HQ
1583915
604.5
606.5
2.0'
0.69
<0.3
TVGR-7HQ
1583916
606.5
607.8
1.3'
2.71
<0.3
TVGR-7HQ
1583917
607.8
608.8
1.0'
1.78
<0.3
TVGR-7HQ
not assayed
608.8
611.8
TVGR-7HQ
1583919
611.8
614
2.2'
2.23
<0.3
TVGR-7HQ
1583920
614
616
2.0'
2.33
<0.3
TVGR-7HQ
not assayed
616
617
TVGR-7HQ
1583922
617
619
2.0'
0.41
17.1
TVGR-7HQ
1583923
619
621
2.0'
0.62
27.4
TVGR-7HQ
not assayed
621
624.5
TVGR-7HQ
1583926
624.5
626.5
2.0'
0.51
20.6
TVGR-7HQ
1583927
626.5
628.5
TVGR-7HQ
1583928
628.5
629.5
1.0'
3.26
13.7
TVGR-7HQ
1583929
629.5
631
1.5'
1.17
<0.3
TVGR-7HQ
not assayed
631
633
TVGR-7HQ
1583934
633
635
2.0'
1.20
<0.3
TVGR-7HQ
1583930
635
637
2.0'
13.99
3.4
TVGR-7HQ
1583935
635
639
4.0'
0.82
<0.3
TVGR-7HQ
not assayed
639
646
TVGR-7HQ
1583931
646
647
1.0'
0.14
6.9
TVGR-7HQ
not assayed
647
707
TVGR-7HQ
1583937
Blank
<0.03
<0.3
TVGR-7HQ
Blank 5
Blank
<0.03
<0.3
TVGR-7HQ
Standard 5
Standard
Fire assay 4.85 ppm
100%
100%
Hole #
Sample ID
Top
Bottom
ALS FIRE
Results
AU GPT
ALS FIRE
Results
AG GPT
TVGR-1 RC
not assayed
0
520
TVGR-1 RC
1632001
520
525
5.0'
0.14
<0.3
TVGR-1 RC
1632002
525
528
3.0'
0.27
61.7
TVGR-1 RC
1632003
528
530
2.0'
0.45
<0.3
TVGR-1 RC
1632004
530
532.5
2.5'
0.65
<0.3
TVGR-1 RC
1632005
532.5
535
2.5'
0.82
<0.3
TVGR-1 RC
1632006
535
537.5
2.5'
1.17
<0.3
TVGR-1 RC
1632007
537.5
540
2.5'
1.82
<0.3
TVGR-1 RC
not assayed
540
555
TVGR-1 RC
1632010
555
557.5
2.5'
0.27
<0.3
TVGR-1 RC
not assayed
557.5
575
TVGR-1 RC
1632019
575
577.5
2.5'
0.24
<0.3
TVGR-1 RC
not assayed
577.5
627
TVGR-1 RC
1632022A
627
630
3.0'
0.65
<0.3
TVGR-1 RC
1632022B
627
630
3.0'
0.65
<0.3
TVGR-1 RC
1632023
630
632.5
2.5'
3.33
<0.3
TVGR-1 RC
1632024
632.5
635
2.5'
1.10
<0.3
TVGR-1 RC
1632025
635
637.5
2.5'
0.38
<0.3
TVGR-1 RC
not assayed
637.5
670
TVGR-1 RC
1632015
Blank
<0.03
<0.3
TVGR-1 RC
1632016
Standard
AA 5 ppm Standard
99%
99%
(data converted from troy oz/short ton to grams /metric tonne - using 34.2857)
Mr. James R Guilinger, SEG, MMSA#01172QP is a qualified person under NI 43-101 and is the author of the Company's
Technical Report, Preliminary Economic Assessment of the Gold Road Mine, Arizona, USA dated May 3, 2018 and is
responsible for the technical disclosure in this news release.
Para also announces the resignation of James Randall Martin from the Board of Directors. The Company would like to thank Mr.
Martin for his time, services, and for the valuable contributions he made during his tenure as a director. Mr. Martin is going to
pursue other interests but will continue to provide assistance when needed.
ABOUT PARA RESOURCES:
Para Resources Inc. ("Para") is a junior gold mining and exploration company. The Company owns two projects that both include
existing or near-term mining and milling operations as well as highly prospective exploration properties. The company has
acquired fully permitted mines and facilities with adjacent properties that have either been past producers or where there are an
abundance of small artisanal miners, dramatically reducing the exploration risk. It is anticipated that the operating mines will be
profitable in the short term, providing a return on capital, as a stand-alone entities and funding regional exploration to build out
resources.
Para is unique in that the Insiders have invested more than US $30 million of their own capital and own approximately 70% of the
company's equity.
Para's management team is seasoned and proven, having discovered, built, managed and sold several different mines over the
last 40 years. The Company has two major projects: The Gold Road Mine in Arizona, USA and the El Limon Mine in Zaragoza,
Colombia.
On behalf of the Board of Directors
"C. Geoffrey Hampson"
C. Geoffrey Hampson, Chairman, Chief Executive Officer and Director
For further information, please contact Andrea Laird, telephone: +1-604-259-0302
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking
statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward
Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance
that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities
on the Company's properties; success of exploration, development and mill processing activities; and the anticipated results
to be achieved from operation of the Gold Road Mine. The Company also cautions that there is no assurance that past
production at Gold Road or production at nearby mines is indicative that the Company will achieve similar results. In certain
cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases. In preparing the
Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not
limited to, that the asset purchase agreement will close as anticipated. Forward-Looking Information involves known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or achievements expressed or implied by the
Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any
obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/47845