Champion Bear Resources Ltd -
Year end results
Champion Bear Resources Ltd CBA
Shares issued 8,077,018 1998-08-17 close $0.75
Tuesday Aug 18 1998
Mr. Richard Kantor reviews the company
Over the course of the last year and a half, the company is satisfied that it has assembled an excellent inventory of properties with strong potential.
The Plomp Farm property is in Aubrey Township, approximately 20 kilometres west of Dryden, Ontario. It consists of the equivalent of 31 claim units (six patented and four unpatented claims) totalling approximately 1,260 acres. An all weather highway and hydro lines pass through the property. A 20 man base camp is established on the claims from which exploration programs on all Champion Bear projects are carried out.
Following acquisition of the property in the spring of 1994, a program involving linecutting, geological mapping, ground geophysical surveys (magnetometer and IP) and diamond drilling (85 holes for 33,423 metres) has been completed.
Drilling at Plomp Farm has defined a large zone of altered felsic rocks containing gold and silver mineralization as well as elevated values in zinc, copper, molybdenite and other accessory minerals. The drilling at Plomp Farm has been widely spaced, typically in excess of 100 metres. An extensive and systematic drilling program is required to define economic lenses within the zone. This program will include a number of deep holes.
The Rivers claims are 45km east of Dryden, Ontario. Past exploration work on this property by the company has focused on the three main gold prospects: the Schmidt vein, the Rivers zone and the Alto-Gardner zone.
The environment here is felt to bed similar to the Porcupine-Destor fault zone (P-D break), the structure that hosts many of the huge gold deposits of the Timmins camp.
Geological and geophysical surveys were started on the property in late May and are continuing with approximately 70 per cent of the grid area being completed.
THe presence of known gold prospects associated with the structural zones and strong alteration, indicates that the property has excellent potential for hosting a multi-million ounce gold deposit.
The current program is expected to be completed in July.
Other gold properties held by the company include the Pickle Lake (July Falls), Caviar Lake and Arc prospects. While each of these has potential, the programs proposed for them are secondary to the Plomp Farm and Rivers developments.
During 1997, attention was focused on the preliminary exploration of a rare metal discovery (tantalum-lithium-tin-cesium-rubidium) on the company's claim group in the Separation Rapids area near Kenora, Ontario. Champion Bear's work program discovered promising pegmatite dykes with several economic grade tantalum, lithium and cesium intersections in channel samples and drill core.
Consisting of 14 claim units, a cesium prospect was acquired in the Dryden area - in Webb Township and referred to as the Tot Lake property. Further work including detailed ground magnetometer surveys, lithogeochemical sampling and diamond drilling is planned for this project.
The company acquired a property in March of 1998 containing 622 claim units and three leased mining claims totalling approximately 25,000 acres in the Sudbury mining division of Ontario. The Iron Mark property is host to three known high grade cobalt-nickel-copper prospects (Magnetite shaft, Cobalt shaft and Cobra). A 16 ton shipment of material from the Magnetite shaft in 1929 assayed 15 per cent cobalt and 52 oz./ton, silver.
The high grade veins described above constitute a high value target on their own, since they are located within easy trucking distance to the Inco and Falconbridge smelters in Sudbury where high grade ore is a welcome product. The more exciting target in this area, however, has much larger economic implications. The geological setting, age and complex mineralogy (cobalt-copper-nickel-silver-bismuth-gold-zinc-lead) and iron oxide bearing breccia are typical features associated with Olympic Dam type mineralization. This type of deposit has tremendous size potential.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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