2008-01-14 09:37 ET - News Release
Mr. Gary Freeman reports
PHASE ONE DRILL TESTING AND ON-GOING TARGETING UNDERWAY AT DANIEL
Pediment Exploration Ltd.'s initial drill test of the Daniel gold project is under way. Daniel is 40 kilometres northwest of Caborca in northwestern Sonora state, on good secondary road access that is within 10 km of a paved highway and power corridor. The project is located in the Mojave-Sonora Megashear gold trend and about 45 km on trend to the southeast of La Herradura gold mine, operated by Industrias Penoles SAB de CV in joint venture with Newmont Gold Corp., which is the region's archetypical large-scale gold resource below pediment cover.
Geological mapping and trench sampling at Daniel have established a trend of at least four km length in which gold is associated with quartz-carbonate vein and stockwork zones with minor sulphide minerals. This trend is along the sheared contact between rhyolitic and overlying dacitic volcanic units. Most of the gold anomaly and showings are within the rhyolite, but some values including the project high from outcrop sampling of 101 grams per tonne (g/t) gold are located within the overlying dacitic units. There is also an area of mineralization dubbed Coyote located near the contact between the rhyolite and underlying sedimentary rock (primarily sandstone and conglomerate) to the west.
Gold was emplaced by hydrothermal fluids flow focused by northeasterly dipping thrust faults into open spaces created by shattering of brittle rock during regional-scale deformation. This drill program will include testing the possibility that the overlying dacite was more impervious to the mineralizing fluids then the rhyolite so that "ponding" of the fluids took place along this contact area. Ponding of this type has enhanced both gold grade and deposit scale in a number of gold districts. The primary target for the program is discovery of a Megashear-style bulk tonnage grade gold deposit that would allow mining operations with low operating costs.
The initial drill phase will be a 5,000-metre program of 30 to 40 large diameter reverse circulation holes, focused on testing broad areas of gold anomaly in trench sampling at the Coronela and on-trend Sierrita showings. Several holes will also test the Coyote target and La Morita target that is currently the northern most extent of the main trend in Pediment ground. As announced in late December, Pediment has staked the new Daniel 7 concession that covers the on-trend potential to the north of La Morita. The company will be conducting initial targeting programs there concurrently with this initial drill phase.
The links below to Pediment's website located a geology map of the Daniel project with sample results and the locations of the different showings, and a hypothetical east-west cross-section though the Coronela and Coyote zones based on the results of the surface mapping.
Link to Daniel geology/sampling map:
http://www.pedimentexploration.com/i/misc/..._Geol_&_Geochem.jpg.Link to Daniel schematic cross-section:
http://www.pedimentexploration.com/i/maps/Daniel/...atic-Section.jpg.Vice-president of exploration Mel Herdrick comments: "Broad sections of anomalous gold around higher grade surface showings at Daniel is the ideal setting to begin our drill testing of the company's Megashear gold portfolio. Details about these systems from the surface work at Daniel are already being applied in targeting programs elsewhere in this belt. The Daniel program represents Pediment's corporate philosophy of using modern exploration theory and techniques that allow us to simultaneously explore a number of projects with multimillion-ounce discovery potential and thereby maximize leverage for our shareholders." Mr. Herdrick is a qualified person as defined by NI 43-101 and is responsible for the contents of this release. Fieldwork at Daniel is supervised by geologist Oscar Jimenez Garcia, BSc.
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