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Pershimex pours first gold at former Pershing-Manitou mine

Abitibi-Témiscamingue-focused Pershimex Resources has produced gold from material collected from a surface trench on the crown pillar of the former Pershing-Manitou mine, in Quebec.
Pershimex pours first gold at former Pershing-Manitou mine Pershimex pours first gold at former Pershing-Manitou mine Pershimex pours first gold at former Pershing-Manitou mine Pershimex pours first gold at former Pershing-Manitou mine Pershimex pours first gold at former Pershing-Manitou mine

Staff Reporter

The Rouyn-Noranda-based company extracted the one-tonne sample grading 32.6 grams per tonne in May in preparation for processing a legacy 2,000t stockpile of mineralised material from mine development, before targeting the remaining crown pillar below surface.

The company said the sample had demonstrated the ease of gravity gold recovery. The testwork showed it was possible high grades were present on the surface.

The crown pillar of the former mine is estimated to contain 43,350t at 7.9g/t gold.

Last winter, Pershimex drilled two diamond holes directly under the trench at 20m and 15m vertical depth, intersecting mineralisation containing coarse visible gold grains.

Final assays are expected soon, after assay laboratories resumed operations recently following coronavirus restrictions.

The milestone paves the way for Pershimex to process the surface stockpile under a yet to be finalised toll milling agreement, before moving to the second phase of large-scale bulk sampling of the crown pillar, pending more drilling and project financing.

Shares in the company (TSXV:PRO) climbed 23% or 1.5c to a new 12-month high at C8c, valuing the compant at C$9 million (US$6.7 million).