12:32 PM EST, 12/03/2024 (MT Newswires) -- Cerro de Pasco Resources ( GPPRF ) on Tuesday reported its 40-hole drilling program at the Quiulacocha Tailings Project (TSF) in Peru is complete, providing more than 1,000 samples of which 177 have been assayed to date.

Samples from nine drill holes tested at an average silver grade of 1.72 ounces per tonne (oz/t) of silver or 53.64 grams per tonne (g/t), 37% higher than the average of shallow auger samples reported in 2012 historic drilling in the north and central sections of the TSF.

The company said the samples also showed gallium content, a critical mineral used in high-performance microchips, with an average grade of 34.61 g/t in the assayed samples, reaching a maximum of 144 g/t, increasing towards the center of the TSF.

"These results are highly encouraging and exceed our initial projections, particularly regarding silver continuity and grade," said chief executive Guy Goulet. "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."

The company's shares were last seen down $0.015 to $0.335 on the Canadian Securities Exchange.

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