Peruvian Metals (TSXV: PER) announced that it has assembled – under a project named Cerro La Cumbre – a number of contiguous prospective mineral concessions hosting the potential for a high-grade silver-gold resource in northern Peru.
In a press release, the Canadian miner said that the 1,027-hectare property is located approximately 90 kilometres by a combination of highway and dirt road from its 80%-owned Aguila Norte processing plant.
According to Peruvian Metals, historic underground development on this new project exposed a high-grade silver-gold vein returning values up to 1,535 g/t Ag and 5.13 g/t Au.
The main concession where the underground workings are located is subject to a purchase option agreement requiring the Toronto-based company to pay $200,000 over six months, with no royalties payable to the previous owner.
“The Cerro La Cumbre project exhibits all the geological characteristics typical of a high-grade, low-sulphidation system and is ideally located in northern Peru with very good infrastructure and power at the site,” Jeffrey Reeder, Peruvian Metals’ president and CEO, said in the media brief. “The company’s objective is to explore and define a high-grade gold-silver minable resource at Cerro La Cumbre by conducting both underground and surface exploration programs along with metallurgical studies which will show what types of modifications and additions are needed to treat this type of mineralized material at our Aguila Norte processing plant.”
Reeder highlighted the fact that the property is located within the Tertiary aged Calipuy volcanic complex, which hosts several prolific gold producers including Newmont’s Yanacocha and Barrick’s Laguna Norte and Pierina mines.