This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Results And Filing Of Technical Report On Cerro Delta Project, Argentina Announced By Pan American Goldfields Ltd.

VANCOUVER, Feb. 15, 2012 /PRNewswire/ - Pan American Goldfields Ltd. (OTCQB: "MXOM") (the "Company", "PAG") is pleased to announce that a NI43-101 compliant technical report on its Cerro Delta project in Argentina has been filed on SEDAR. The report was prepared on behalf of Pan American by Mr. William Crowl of Gustavson Associates of Lakewood, Colorado and is dated January 30, 2012. The report summarizes the geology, geophysics and mineralization of the project area and reviews the exploration plan that is the basis of the current exploration program that is currently underway.

The technical report prepared by Gustavson Associates summarizes the Cerro Delta project as follows: "PAG's Cerro Delta Project is an early stage exploration project with potential to discover porphyry gold (copper) deposits at depth. This conclusion is based on the location of the Cerro Delta Project in the Maricunga Gold Belt of Chile and Argentina, combined with the results of previous investigators geologic mapping, rock chip sampling, soil sampling and geophysical surveys. The geophysical surveys identified potential drilling targets at depths in the range of 150 to 500m. Furthermore, there are strong indications that other targets representing structurally-controlled epithermal exist on the Cerro Delta prospect."

The Cerro Delta property covers an area of 20,721 hectares in the far northwestern part of La Rioja Province, Argentina. It is within the southern portion of the "Maricunga Gold Belt" and at the current level of understanding; it shares many of the same characteristics as the many large gold and gold/copper deposits which define this belt. It is located about 20 km. to the east of the Cerro Casale deposit of Barrick/ Kinross and 30 km. southeast of the Caspiche deposit of Exeter Resources, both of which host resources exceeding 25 million ounces of gold and 6 billion pounds of copper. As stated in the technical report "the Cerro Porfiro copper-gold mineralization compares favorably with the "Porphyry Gold" model cited for the mineralization common in the Maricunga Belt, specifically at Cerro Casale, Refugio, etc."

Dr. Alexander Borisenko, an expert regarding porphyry style gold deposits and the head of the ore deposit geology department at Novosibirsk State University in Russia is also an adviser to Pan American's board of directors. He recently visited the Cerro Delta and after noting what he described as the "huge size of the Cerro Delta's alteration zone which is similar to alteration zones in neighboring known deposits" he summarized his findings by saying: "There is clear correlation by age of host rocks, by age of mineralization, by geological setting, and in addition they are located in one tectonic structure. Taking into account our knowledge of Chilean properties especially their geology there is good possibility to find something similar at Cerro delta."

Early prospecting in the wider Cerro Delta area was conducted by Cia Alto Rio Salado in 1992. In 1993/94 a strong Au anomaly in outcrops on the southern end of the Cerro Delta prospect was delineated. Additional sampling was conducted and provided the first evidence of mineralization in a porphyry intrusive apophysis in the granodiorite to the west of Cerro Delta, now known as Cerro Porfiro. In 1996/97, the first systematic exploration work was done on the property using an extensive program of soil geochemistry, rock in outcrops and trenches. Geophysics survey were conducted as well (magnetics, resistivity and induced polarization). A large gold-in-soil anomaly and a strong IP (Induced Polarization) anomaly in the area of both Cerro Porfiro and Cerro Delta were defined. The surface trenches showed samples yielding gold values in rock up to 0.8 g/t associated with stockwork sulfide veinlets at Cerro Porfiro and up to 4.0 g/t in the silicified breccias at Cerro Delta.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs