(TheNewswire)
In addition, the Qualified Person (QP) for the project and author of the NI43-101 report, Jorge Ortega, P.Geo., continues in the role of Exploration Manager and is already actively supervising our geological team that has taken more than a thousand surface and underground samples at site and is building a solid understanding of the controls on gold-silver mineralization in this high-grade low sulphidation epithermal system.
‘I am excited to be working with both Carlos and Jorge again ,’ stated Robert Archer, Pinnacle’s President & CEO. ‘As former General Manager of the Guanajuato Mine and Exploration Manager for Great Panther Silver, respectively, they both played integral roles in the growth of that company. Our current mine geologist also used to work at the Guanajuato Mine during that time. As we move forward towards a production scenario at El Potrero, it is gratifying to be able to draw on their expertise in building a new team, to maximize the chance of success.’
Ing. Castro has a degree in Mining Engineering and Mineral Processing ( Ingeniero de Minas y Plantas de Beneficio) from the University of Guanajuato and has more than 45 years’ experience with companies such as Peñoles, Luismin, Great Panther and First Majestic. He has held positions ranging from Mine Superintendent to General Manager of various mining operations and, for Rochester Resources, supervised the construction of a 300 tonne per day processing plant in 7 months, which will be particularly relevant at El Potrero.
Mr. Ortega is a Professional Geologist with a B.Sc. in Geological Engineering from the National Autonomous University of Mexico and an M.Sc. in Earth Sciences from Laval University in Quebec. He has 30 years’ experience in all aspects of exploration in a variety of geological environments in Mexico, Canada, the USA, Turkey, Peru, Chile and Germany. Since 2008, he has held various positions in Mexico with Oro Silver, Alamos Gold, Great Panther and, most recently, as VP Exploration for Excellon Resources.
Qualified Person
Mr. Jorge Ortega, P. Geo, a Qualified Person as defined by National Instrument 43-101, and the author of the NI 43-101 Technical Report for the Potrero Project, has reviewed and approved this news release.
About the Potrero Property
El Potrero is located in the prolific Sierra Madre Occidental of western Mexico and lies within 35 kilometres of four operating mines, including the 4,000 tonnes per day (tpd) Ciénega Mine (Fresnillo), the 1,000 tpd Tahuehueto Mine (Luca Mining) and the 250 tpd Topia Mine (Guanajuato Silver).
High-grade gold-silver mineralization occurs in a low sulphidation epithermal breccia vein system hosted within andesites of the Lower Volcanic Series and has three historic mines along a 500 metre strike length. The property has been in private hands for almost 40 years and has never been systematically explored by modern methods, leaving significant exploration potential.
A previously operational 100 tpd plant on site can be refurbished / rebuilt and historic underground mine workings rehabilitated at relatively low cost in order to achieve near-term production once permits are in place. The property is road accessible with a power line within three kilometres. Surface rights covering the plant and mine area are privately owned (no community issues).
Pinnacle will earn an initial 50% interest immediately upon commencing production. The goal would then be to generate sufficient cash flow with which to further develop the project and increase the Company’s ownership to 100% subject to a 2% NSR. If successful, this approach would be less dilutive for shareholders than relying on the equity markets to finance the growth of the Company.
About Pinnacle Silver and Gold Corp.
Pinnacle is focused on the development of precious metals projects in the Americas. The high-grade Potrero gold-silver project in Mexico’s Sierra Madre Belt hosts an underexplored low-sulphidation epithermal vein system and provides the potential for near-term production . In the prolific Red Lake District of northwestern Ontario, the Company owns a 100% interest in the past-producing, high-grade Argosy Gold Mine and the adjacent North Birch Project with an eight-kilometre-long target horizon . With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long -term , sustainable value for shareholders.
Signed: ‘Robert A. Archer’
President & CEO
For further information contact :
Email: info@pinnaclesilverandgold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.pinnaclesilverandgold.com
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