Another CKG JV drill play on Cucaracha goes bust.
Christopher drills 7 m of 4.17 g/t Au, drops Cucaracha
2007-09-13 12:52 ET - News Release
Dr. E. Max Baker reports
CHRISTOPHER JAMES GOLD COMPLETES PRELIMINARY ASSESSMENT DRILLING ON THE CUCARACHA DORADA GOLD PROJECT
Christopher James Gold Corp. (CJG) has received assay results from its assessment drilling program at the Cucaracha Dorada gold project, located in Durango state, Mexico. The company has an option to acquire 65 per cent of the project under an agreement with Chesapeake Gold Corp.
Company president and chief executive officer Dr. E. Max Baker commented: "Drilling at Cucaracha Dorada was designed to test the bulk grade of several zones of poorly exposed epithermal veining with surface grades of plus one gram per tonne gold over intervals of up to 30 metres. The drilling has shown that the mineralization consists of a variably developed stockwork of very thin (one to two centimetres) and widely spaced quartz veinlets. Unfortunately, the density of the stockwork veining would appear to be too low to develop economic-grade mineralization."
The drill program consisted of seven diamond drill holes aimed to test the continuity and grade of surface mineralization. Drilling was initially delayed by rig availability and weather, and did not commence until late April. Of the seven holes drilled, DDH 001 was the only hole with significant intercepts, with seven metres (from four metres to 11 metres) of 4.17 grams per tonne gold. Four of the other holes contained narrow zones of low-grade mineralization.
In view of the weakly developed mineralization encountered in the initial drill holes, the drill program was halted after the seventh hole, while the structural and lithological setting of the mineralization was re-evaluated. The conclusion of this study was that, in view of the thin nature of the mineralized zones, the low density of veining and the weak assay results received from the first seven holes, no further drilling was warranted.
The company has advised Chesapeake Gold that it will not be continuing with the Cucaracha Dorada option and is continuing to review other Mexican exploration opportunities.
Overview of investments
The company currently has approximately $7.5-million in cash and cash equivalents. None of its funds are held in asset-backed commercial paper, the value of which has been adversely affected by recent uncertainty in the global credit markets.
Quality assurance and quality control
This news release was prepared under the supervision of Dr. Baker, PhD, a qualified person as that term is defined in NI 43-101. Mineralized intersections presented herein are drill core widths and may not represent the true width of mineralization. |
