Monday, 20 February 2012

Promesa remains committed to Cerro Curunday after first drilling results received

Promesa (ASX: PRA) has received assays from the first nine holes of an almost 2,300 metre, 30-hole Stage 1 drill program at the Cerro Curunday Project in Peru.

The program was designed to test a series of gold bearing zones identified by channel sampling and rock chip sampling along 2.1 kilometres strike of epithermal gold mineralisation.

While the assays show that economic mineralisation was not encountered, Promesa said it remains committed the Cerro Curunday and La Libertad Concessions.

Drilling was suspended in mid-January 2012 to allow for drilling and field sampling assays and QAQC processes to catch-up with the diamond drilling and field mapping programs.

In January the company sent the remaining samples from exploration at the Cerro Curunday Project to a second laboratory to speed up the turnaround of results.

Meanwhile, Promesa is continuing with grass roots field level exploration programs and mapping activity within the 6,600 hectare concession in the La Libertad region.

The southern region of the concessions, which includes the Bacata concession, will be targeted as priority, followed by the northern region which will incorporate the Santa Rosita concession.

Access to the Santa Rosita licences should be granted in the June quarter which will be followed by the start of mapping and sampling.

New Projects

Promesa is assessing potential new projects to add to its portfolio and complement existing exploration activity in Peru.

In November last year the company increased its land holding in the in the La Libertad province of Peru by 267% to 6,600 hectares.

The concessions are located adjacent to world class deposits of major mining houses, namely Barrick Gold's (NYSE: ABX) 9 million ounce Lagunas Norte gold project.

The additional concessions will allow further exploration work on Promesa’s existing flagship projects Cerro Curunday and Santa Rosita.

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