4.6 m of 10.1 g/t Gold & 323 g/t Silver Confirm Highgrade Potential at La Colora

Pediment Exploration

Mexico: La Colorada, Sonora - San Antonio project, Baja California Sur.

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Clavis

Rank: President [?]

Points: 26378 [?]

Votes: 242 Score: 3.6 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

4.6 m of 10.1 g/t Gold & 323 g/t Silver Confirm Highgrade Potential at La Colora

posted on Feb 17, 2009 09:33AM

February 17, 2009

Pediment Exploration Ltd.: 4.6 m of 10.1 g/t Gold & 323 g/t Silver Confirm Highgrade Potential at La Colorada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Pediment Exploration Ltd. ("the Company") (TSX VENTURE:PEZ) is pleased to announce the results of an initial study that was conducted to develop new data to target the expansion of known resources and to test for new zones of mineralization at its La Colorada gold-silver project. The La Colorada mine produced gold and silver from open pit heap leach mining operations as recently as 2002, and from underground vein-mining operations prior to 1914. During this study, the company worked on 4 key peripheral areas to the historic open pit mine, including drilling, mapping, and bench sampling. Modelling using current and historic data and new geologic mapping is ongoing, and has confirmed the strike length of the vein system at more than 4 kilometres and open to depth.

Pediment has successfully extended mineralization with a single reverse circulation (RC) drill hole collared approximately 250 metres SW of the Grand Central Pit. (See the drill plan map at www.pedimentexploration.com/i/maps/l... ) Results below:

Gran Central Block, Southwestern Extension Outside Pit Area
---------------------------------------------------------------------------
LCOL    From (m)   To (m)  Length (m)   Gold g/t   Silver g/t   Notes
---------------------------------------------------------------------------
R17       278.9    283.5         4.6        10.1        323.8   End of hole
---------------------------------------------------------------------------
Incl.     281.9    283.4         1.5        19.3        447.9   in workings
---------------------------------------------------------------------------

At Gran Central an on-trend extension to the NE of this open-pit is cut-off by a cross-fault. Drill holes 50 to 100 m NE of this fault indicate the down-dropped continuation of the vein system within the adjacent Creston block. The three drill holes completed in this area indicate the continuation of the vein zone at a depth beginning at approx. 200 metres. (Please follow this link to view the long section map: www.pedimentexploration.com/i/pdf/La... ). Additionally, one km east in the El Creston pit, veins were shown on 25m spaced historic cross sections to contain a significant number of high grade results that have not been incorporated into an underground resource estimate. Peak values within one vein show a 300m long subset of higher grade values included 1.5 metre intervals returning 49.58, 24.03, 18.76 and 17.97 g/t gold, plus two intervals returning 18.22 and 14.23 g/t gold (non NI 43-101). The above noted results are from the area under the north central part of the El Creston pit. Pediment has also tested the SW end of this pit area with two shallow drill holes, one of which returned significant results as follows:

Creston Block, Creston pit area
---------------------------------------------------------------------------
LCOL    From (m)   To (m)  Length (m)   Gold g/t   Silver g/t   Notes
---------------------------------------------------------------------------
R21       126.5    131.1         4.6         3.2          110   End of hole
---------------------------------------------------------------------------
Incl.                            1.5         8.8          270   in workings
---------------------------------------------------------------------------

Twelve drill holes were completed to test the La Verde area (400 meters NE of the Creston pit) where drill hole R3 intersected three consecutive 1.5 m intervals returning 518, 0.93 and 12.6 g/t gold. While these results are concluded to represent a small high grade shoot, we expect larger tonnage potential to develop in two additional nearby zones as seen in R1. Drill testing at the Veta Madre zone which is located further east intersected 45.7 m, of 0.64 g/t gold and 7.5 g/t silver from surface. These three areas are to be evaluated for open pit potential. (The additional drill results can be viewed at the following link: www.pedimentexploration.com/s/La_Col... ).

Mel Herdrick, VP of exploration, comments "Data compilation and limited preliminary testing confirms that the gold-silver mineralization at La Colorada is a typical, large size low sulfidation epithermal precious metal system. New understanding of post mineral cross-faulting and tilting of the mineralized trend, considerably expands the scope for finding additional bonanza type mineralization. (Click here for the geological summary www.pedimentexploration.com/s/La_Col... ). We look forward to further confirming and testing new potential of this project; plans are being developed and will be released shortly." Mel Herdrick is a Qualified Person as defined by NI 43-101 and has approved this release.

Pediment is a Vancouver based exploration company, listed on the TSX Venture Exchange under ticker symbol "PEZ", that is focused on advancing gold projects in north western Mexico through exploration and resource definition. Pediment is well funded with $16 million of working capital and no debt.

On behalf of the board

Gary Freeman, President & CEO

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Please to post a reply