TORONTO, April 13, 2016 : GPM Metals Inc. (TSXV: GPM) (the “Company” or “GPM”) is pleased to announce an exploration update and the initial sampling results of the Pasco Project, Department of Pasco, Peru.
The 100% owned Pasco claims (6,300 hectares) are located in the Central Peruvian Zinc belt approximately 30 Km NE of the Cerro de Pasco Mine and 35km N of the Votorantim / Pan American owned Shalipayco discovery.
Mineralisation is hosted within a 5km by 500m zone of dolomitized limestones of the prolific Pucara Formation, at the contact with the Mitu Formation, within a regional scale anticline. Structurally, on a district scale, the mineralisation is located at the intersection of a North South trending basement / basin margin structure and the North East oriented Chancay – Cerro de Pasco Megafracture which cuts and offsets the Coastal Batholith, and forced igneous migration eastwards during the Cenozoic era.
The style of mineralisation is carbonate replacement, though structurally hosted Au and Cu / Au mineralisation in adjacent claims suggests potential for later overprints of intrusive related mineralisation.
A systematic soil grid of 2,564 samples covering a 3km by 4.5km area was has been completed. XRF analysis of the samples has defined a 4.25km by 1 km trend anomalous in Silver (20ppm to 152ppm), Lead (100ppm to 3.97%) and Zinc (1000ppm to 2.7%). Two zones highly anomalous in lead and zinc have been delineated. The southern anomaly is currently 1.2km by 500m and open to the south and the northern anomaly is 500m by 500m.
Grab samples containing up to 13.3% Zinc, 19.15% Lead and 466ppm Silver have been collected from relatively fresh outcrops within the system. 130 five meter long channel rock chip samples have also been collected. In the southern anomaly, samples of strongly weathered and leached outcrop are generally anomalous in Lead and Silver, with 75m @ 9.4ppm Silver and 4075ppm Lead in Trench 1 being the best result to date.
Location and sampling results are available at the Company web site link / Projects – Peru
Asesores y Consultores Mineros S.A. have been engaged to complete an ESIA study which will take a minimum of 150 days to complete and be approved by the Environmental Studies General Directorate, Peruvian Ministry of Energy and Mines as a prelude to a drill program.
Sampling and Assay methodology:
Soil samples were taken on a grid of 50 by 50 meters. The soil samples were taken from the B horizon at 25 to 30 cm depth from the surface. The weight of each sample was 2-3 kilograms. The soil samples were analyzed using XRF (The DELTA Handheld XRF model DCC-6000) on site.
Rock Chip samples were taken in continuous channels of 30 to 75 meters long. Individual samples were 5m in length. An electric hammer was used for rock sampling. The weight of each sample was 3.5-4.5 kilograms. Rock samples were assayed at ALS Chemex Lab in Lima Peru using their ME-ICP61 (33 Elements four acid ICP-AES) method.
About GPM Metals Inc.
GPM Metals is a zinc focused exploration company.
The Company’s current holdings include the district scale Walker Gossan Project, NT., Australia, a joint venture with Rio Tinto Exploration PTY Limited; and the Pasco Project , Department of Pasco , Peru.
The Company has recently announced the sale of its Sandy Lake Gold project to Lago Dourado Minerals (V.LDM), the terms of which are outlined in a press release of GPM dated 30 March 2016. Available on SEDAR at www.sedar.com
For further information contact:
GPM Metals Inc.
Att: John Patrick Sheridan, CEO
Suite 1205 – 141 Adelaide Street West,
Toronto, Ontario M5H 3L5
Telephone : (416) 628-5904
Telefax : (416) 628-6835
Email: [email protected]
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of GPM which have been used to develop such statements and/or information but which may prove to be incorrect. Although GPM believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as GPM can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; GPM’s future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which GPM has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which GPM has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which GPM has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and GPM’s dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in GPM’s public disclosure documents, (including, without limitation, those risks identified in this news release and GPM’s current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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