MONTRÉAL, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCQB: GPPRF) (FRA: N8HP) ("CDPR” or the "Company”) is pleased to report that the 40-hole drill program at its Quiulacocha Tailings Project ("TSF Project”) in Central Peru has been successfully completed, providing more than 1,000 samples of which 177 have been assayed to date, including the SPT04 drillhole released on October 15.

Key Highlights

• 177 assay samples from nine drill holes, equivalent to 15% of the current drill program, indicate an average silver grade of 1.72 ounces per tonne (oz/t) of silver (53.64 g/t Ag), 37% higher than the average of shallow auger samples reported by Brophy (2012) in the north and central sections of the TSF.
• Results indicate that the metal content is consistent at depth and laterally across 400 and 600 meters of the drilled area assayed to date (Figure 2).
• Gallium, a critical mineral used in high-performance microchips for advanced military technologies, is present with an average grade of 34.61 g/t in these 177 samples, reaching a maximum of 144 g/t, increasing towards the center of the TSF.

Figure 1: 40-hole Quiulacocha Drill Program showing drillholes with completed assays

CDPR's CEO, Guy Goulet commented:

"These results are highly encouraging and exceed our initial projections, particularly regarding silver continuity and grade. In addition to zinc, lead, silver, copper, and gold, the detection of elements like gallium and indium-critical for advanced 5G technologies, robotics, and nuclear medicine-presents the potential for valuable by-product metal credits in the planned concentrates.

Representative composite samples will now undergo metallurgical testing to support further studies. These findings will inform our planning for an extended drilling campaign, set to commence in the second quarter of 2025, focusing on the remaining tailings."

Assay Results

Inspectorate Services Perú S.A.C., a Peruvian subsidiary of Bureau Veritas, released the assay results of 177 samples from nine drillholes, including the SPT04 drillhole released on October 15, distributed across the northern and central areas of the polymetallic tailings (Ag-Zn-Pb; Figure 1). These assays, equivalent to 15% of the current drilling program, show average grades of 1.72 oz/t Ag (53.64 g/t Ag), 1.56% Zn, and 0.77% Pb (Table 1).

The results from each drillhole show that the metal content is continuous at depth. The plots covering 400 and 600 meters across the drilled area, show the lateral continuity of Ag, Zn, and Pb grades (Figure 2). The predominant silver grades are in the range of 1.40 to 1.80 oz/t, with slightly higher grades occurring in the northeastern portion of the drilling area, closer to the Excelsior stockpile.

These assay results are derived from a combination of multi-element ICP (detecting 60 elements), Atomic Absorption (for determining upper limits of metals Zn, Pb, and Cu), and Fire Assay for Au. The assay results for each of the nine drillholes are presented in Table 2 to Table 10.

The Iron results also indicate consistent presence of pyrite throughout the deposit. Pyrite (indicatively 50% of the tailings) may represent a valuable by-product for the project. The upcoming metallurgical test work program will also evaluate the potential for pyrite recovery, including likely grades, by-products and impurities.

Figure 2: Silver grade across 400 meters of the Quiulacocha tailings

Table 1. Statistical summary of assay results from 177 samples, nine drillholes

Table 2. Assay results, Drillhole SPT03A

Table 3. Assay results, Drillhole SPT04