Vancouver, British Columbia — Pachamama Resources Ltd. (TSX.V — PMA)
Pachamama Resources Ltd. is pleased to announce that the 2011 exploration program has commenced at Rio Grande with the signing of four important service agreements and the start of the Quantec Titan 24 geophysics survey. The Rio Grande Cu-Au-Ag project is a 50/50 joint venture between Pachamama Resources Ltd. (“Pachamama” or the “Company”, PMA TSX.V) and Regulus Resources Inc. (“Regulus”, REG TSX.V), with Regulus acting as the operator.
The Rio Grande exploration program commences with the signing of four significant service agreements:
• Quantec Titan 24 Geophysical Survey
• RDI and SGS Metallurgical Test Work
• Wardrop Engineering, 43-101 Compliant Resource Estimate
• 15,000 metre Boart Longyear Drilling Contract
The 2011 exploration program includes:
• Quantec Titan 24 Geophysical Survey – Phase I of a 10 line (24,000 metre) Quantec Titan 24 survey started on April 1, 2011 with the first four lines expected to be completed within two weeks, and the remaining six lines to be completed later in May. The deep Titan 24 DCIP and MT geophysical survey is intended to: (a) define drill targets below the current known mineralized zones, (b) define deeper drill targets within the large, under-explored central portion of the Rio Grande ring structure, and c) outline additional targets in the area of the ring structure that have yet to be drilled.
• RDI and SGS Metallurgical Test Work – Regulus has shipped samples to two metallurgical labs for preliminary test work. RDI Laboratories in Denver Colorado will conduct bottle roll tests on samples for copper leaching and gravity gold separation in the oxide samples, as well as floatation testing for sulphide samples. SGS Canada Inc. will be testing oxide and transitional material for gold leaching as well as SART (Sulphidation, Acidification, Recovery and Thickening) analysis for copper and cyanide recovery in the oxidized material.
• Wardrop Engineering, 43-101 Compliant Resource Estimate – Regulus has signed an agreement with Wardrop Engineering Inc. (a Tetra Tech company) to complete the first 43-101 compliant resource estimate utilizing the existing database of 78 drill holes and 58 trenches. This report is expected to be completed upon the receipt of the copper and gold metallurgical studies towards the end of Q2 2011.
• Boart Longyear Drilling Contract – Regulus and Pachamama have entered into a 15,000 metre drilling contract with Boart Longyear. The drill program, which will utilize two rigs, is scheduled to start in early June when the drills become available. The program is designed to test: (a) shallow to mid-depth (0 to 250 metre) infill and extension targets in areas of known mineralization, (b) mid-depth (250 to 700 metre) targets, and (c) deep (up to 1,500 metre) targets on the deep-rooted porphyry Cu-Au-Ag system.
• Follow-up exploration on Northeast Target — The joint venture intends to follow-up the recently announced (March 3, 2011) gold in soil anomaly on the Northeast gold target located 1,500 metres to the northeast of the Discovery and Sofia Zones on the Rio Grande ring structure. The 2011 work programme will include extending the soil and surface magnetic surveys to the east and north of the 1,000 by 400 metre, greater than 50 ppb, gold anomaly.
Pachamama is a mining exploration company formed as a spin-out of Mansfield Minerals Inc. in November 2008. The mineral assets of Mansfield, with the exception of the Lindero gold deposit, were transferred to Pachamama together with certain cash and investments. The Company is currently focused on the Rio Grande project in northwestern Argentina.
On behalf of the Board of Directors,
John M. Leask, P.Eng.
President & CEO
For more information please contact us at (604) 681-4462 or see the Company’s website at www.pachamamaresources.com.