Ed & all - situation alert, Chesbar just reported significant assays for 6 holes. This is close to the surface in soft saprolite and could mine at
very low cost.
I know gold is in the doghouse today, but don't think this release will go unnoticed since they are well funded in jv with Barrick on this, Chesbar are the operator for now.
*** CORRECTED*** CHESBAR RESOURCES INC. - DRILLING EXTENDS GOLD ZONE AT LA SALLE I
TORONTO, ONTARIO--
Chesbar Resources Inc. is pleased to announce that diamond drilling has
indicated a substantial extension of the gold-bearing zone on the La Salle I
property in the Anacoco area of Venezuela. Results of fire assaying by XRAL
Laboratories (a Division of SGS Canada Inc.) in Toronto have now been
received for the first six holes in the current 40-hole program, with all
holes returning significant gold values.
These results, together with those of the original drilling done previously
by the Company, cover a 175-metre length of the mineralized zone, which has
a total length (to be tested in the current drilling campaign) of 1,700
metres, as indicated by Induced Polarization geophysical surveys. The six
holes assayed to date have returned from three to eight gold intersections in
each hole, distributed within overall core lengths of 69 to 165 metres in the
holes. These intersections occur in both the soft weathered rock (saprolite)
which extends from surface to a vertical depth averaging 50 metres, and in
the underlying hard Precambrian bedrock This indicates a potential for both
early-stage low-cost mining in the saprolite and extension to depth of the
gold mineralization in bedrock.
The best individual intersections in each hole are 1.37 grams of gold per
metric tonne over 13 metres in hole 97-1, 2.19 g/mt over 12 metres in hole
97-2, 3.02 g/mt over 7 metres in hole 97-3, 8.91 g/mt over 10 metres in hole
97-4, 4.97 g/mt over 10 metres in hole 97-5 and 3.22 g/mt over 7 metres in
hole 97-6.
Because of the large size and complex nature of the gold-bearing structure,
it is not expected that it will be possible to make preliminary resource
estimates until a substantial amount of additional drilling has been done.
With government permits and financing for this work now in place, this will
be carried out aggressively and systematically. Crews have now returned to
the property following the normal holiday break and drilling is expected to
resume within the next few days.
Chesbar Resources Inc. is a public company whose shares are listed
on the Montreal Exchange: Symbol "CBI"
For additional information : Tel: (416) 363-1124 / Fax: (416) 360-0728 |
