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Para Resources Announces Results of Assays from Underground Development Faces and Tailings at El Limon
ACCESS Newswire
VANCOUVER, BC / ACCESSWIRE / April 25, 2016 / Para Resources Inc. (the "Company" or "Para") (PBR.V) (WKN:A14YF1) is pleased to announce the results of channel sample assays from the development mining faces in the underground and from the historical tailing from the El Limon Mine.
The following tables and charts illustrated the results of 75 samples assayed in Activation Laboratories Ltd. - ACTLABS. The samples were taken perpendicularly to a double vein (superior and inferior) sigmoidal loop structure and to its hanging and foot walls sericitic and chloritic hydrothermally altered zones often carrying sulphides and gold mineralization as well.
Beside the exceptional gold grades within the vein, the results indicate that the ore zone may sometimes be wider than originally thought. These assays indicate that at a 5 gram per ton Au cut-off grade, the mineralized zone could reach approximately 1 meter in width but at a fully diluted basis face sampling, the mineralized zone width could be increased to over than 2 meters.
Some of the fully diluted channel composite results below highlight the individual gold grades in the vein included, as follows:
CL-018 - 2.00 meters @ 65.33 gpt Au, including 0.30 meters @ 428.42 gpt Au
CL-017 - 2.30 meters @ 13.96 gpt Au, including 0.20 meters @ 149.56 gpt Au
CL-014 - 0.88 meters @ 10.43 gpt Au, including 0.20 meters @ 33.41 gpt Au
CL-001 - 1.95 meters @ 7.21 gpt Au, including 0.30 meters @ 34.75 gpt Au
Gold grades and sample lengths for Quartz Vein.
Gold grades for Sericitic Zone.
Gold grades of Chloritic Zone.
The tailings that were produced from operations at El Limon over the last 23 years have been stored adjacent to the mill. These tailings will be moved to a new dump site approximately 1 km away. The company assayed samples from these tailings prior to moving them in order to establish the viability of reprocessing them.
Six samples were taken randomly from the tailings pile with a hydraulic excavator and assayed in the El Limon Mine's laboratory. The results are shown in the table below:
The tailing pile is empirically estimated to contain approximately 75,000 cubic meters of material or about 125,000 tons at an average grade of 3.1 grams of gold per ton.
These tailings have already been milled and so it is expected that they can be fed into the mill circuit after the ball mill at a rate of 100 – 150 tons per day to be processed through the floatation and cyanide circuits. The tailings will ultimately be processed in conjunction with, and in addition to, the 200 tons per day from the underground and local miners.
Initially the tailings and the mined rock will be processed in separate campaigns but once the mill is running at full capacity, the additional feed from the tailing will significantly increase gold production at El Limon.
"These assays will help to corroborate Para's earlier analysis indicating that in addition to the mineralization in the main vein, there is significant mineralization in the host rock," states C. Geoffrey Hampson, Para's CEO. "The implication is that less waste rock will be mined, reducing the mining cost per ounce of gold produced. The addition of the tailings into the process will serve to reduce processing costs and increase ounces produced. It is expected that both will have a positive impact on El Limon's operating margin."
Mr. Paulo J. Andrade, a Member of the Australian Institute of Geoscientists (MAIG #6136), Senior Geologist, Vice President of Para Resources Inc., a competent and qualified person under NI-43-101, has reviewed and approved the scientific and technical information in this press release.
ABOUT PARA RESOURCES:
Para Resources is an exploration stage gold mining and toll milling company. Para is earning an interest in the El Limon project, in Colombia, with toll milling opportunities, and exploration and development upside. In addition the Company is gearing up to commence trial mining operations at its Tucuma Project and in particular on the Angelim prospect in Para State, Brazil. Para Resources will continue to take advantage of current market conditions to acquire and develop additional highly economic, near-term production assets that have strong exploration and development upside.
ON BEHALF OF THE BOARD OF DIRECTORS
"C. Geoffrey Hampson" C. Geoffrey Hampson, Chief Executive Officer and Director
For further information, please contact:
Andrea Laird Telephone: 604-259-0302
Neither TSX Venture Exchange nor its regulation service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.
