Strait Gold Starts IP Survey at Pallcamachay Copper Project in Peru
Source: Market Wire (press release) (Original Article)
Strait Gold Corporation
TSX VENTURE: SRD
Jun 25, 2008 11:09 ET
Strait Gold Starts IP Survey at Pallcamachay Copper Project in Peru
TORONTO, ONTARIO–(Marketwire - June 25, 2008) - Strait Gold Corporation (TSX VENTURE:SRD) is pleased to report that an induced polarization (IP) geophysical survey is under way on its Pallcamachay copper project in Peru. A total of 35 line-kilometres of IP will be conducted by Fugro Ground Geophysics Pty Ltd., and is expected to be completed in early July.
Pallcamachay is a porphyry copper-molybdenum target about 310 km north of Lima. Extensive phyllic alteration exposed on the property at the contact between a granite porphyry and Tertiary volcanic rocks indicates the presence of a robust hydrothermal system and may reflect the phyllic shell of a shallow porphyry system. Initial surface sampling in areas of quartz-iron-oxide stockwork veining returned anomalous molybdenum, copper and silver values.
As well as conducting the IP survey, the Company plans to define the extent and character of alteration and stockwork veining exposed on the property and conduct 77 line-kilometres of magnetic ground geophysics in order to identify potential buried porphyry copper mineralization. Subject to results of this preliminary work, an initial drill program will be planned.
Strait Gold holds an option to earn a 100% interest in Pallcamachay, subject to a 2% NSR.
The Company also recently completed a ground magnetic survey on its San Jorge property which is adjacent to the Pallcamachay property. San Jorge is a silver-gold epithermal prospect approximately nine kilometres north of and in a similar geological environment as the recent San Luis silver-gold vein deposit (a joint venture of Esperanza Silver Corporation and BARNEY AND FRIENDS dvd Silver Standard Resources Inc.)
A total …continue reading