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Gold/Mining/Energy : Chesbar Resources- CBI Montreal -- Ignore unavailable to you. Want to Upgrade?

To: stubbs who wrote (924)	3/1/1999 3:46:00 PM
From: Enigma	Respond to of 980

NEWS RELEASE: Wire: ISDN DateStamp: 990301 12:59:48 Corporation: CHESBAR RESOURCES INC. Stock Symbol: CBI Dateline: TORONTO, ONTARIO Headline: CHESBAR EXTENDS GOLD BEARING HORIZON IN VENEZUELA Text: Chesbar Resources Inc. is pleased to report further important progress in its ongoing exploration program on its 95 square kilometre property holdings in Venezuela. As part of the current program, in addition to the four holes previously reported in News Release No. 99-02 dated January 26, 1999, which confirmed the northward faulted extension of the original La Salle Gold Zone (previously reported in detail in News Release No. 98-04 dated June 17, 1998), seven preliminary holes have now been drilled on the Company''s two properties which adjoin the La Salle property to the north. Three of the new holes were drilled on the Guaiquinima II property and four on the Anacoco II property, as shown on the attached map. All of the drill cores were split with half the core being retained and half sent to Monitor Geochemical Laboratory in Puerto Ordaz, Venezuela, for sample preparation and assaying, using the standard fire assay method. The most interesting results were on the Anacoco II property in the vicinity of Line 6100 North, which is four kilometres north of the northern most drilling on the Main La Salle Gold Zone. Hole 99-07 cut several gold bearing sections including four metres from 14 to 18 metres in the hole which average 4.68 grams gold per tonne and a deeper section from 48 to 70 metres which averaged 1.37 grams gold per tonne over 22 metres. All of these intersections occur in the soft saprolite or near-surface weathered rock. In the same area, hole 99-05 cut a broad gold bearing zone associated with sulfide mineralization in the underlying bedrock below the saprolite zone. The overall intersection from 133 metres to 164 metres in the hole averaged 0.89 grams gold per tonne over 31 metres and included 3 metres at the top of this section which averaged 4.64 grams gold per tonne. The three widely spaced holes on the Guaiquinima II property cut relatively low gold values but confirmed the continuation of the favourable volcanic rock series in this area, with some gold values, and this favourable geology was also confirmed in the drilling on the Anacoco II property. In summary, drilling to date on the Company''s holdings has confirmed the favourable geology and gold mineralization over a total length of 4.8 kilometres, from Line 1300 North to Line 6100 North, with the trend still open to the north. Along this trend the Company''s geologists have now collected a mass of data including geological and topographical mapping, extensive geochemical sampling including both conventional and MMI ("Mobile Metal Analysis") methods and geophysical surveys using both electrical and magnetic methods, as well as trenching on the La Salle I Property. This information is now supplemented and complemented by considerable diamond drilling on the La Salle I Property and by the most recent holes on the Guaiquinima II and Anacoco II Properties. This wealth of information now has to be studied, correlated and interpreted in order to provide the best possible guidance for the further exploration of this large and promising mineralized system. This work is currently underway under the capable direction of the Company''s chief geologist in Venezuela, Mr. Chris Suchanek, who has a great deal of experience working in and interpreting the geology of this area of Venezuela. As a result of the recent financing announced in News Release No. 99-03 dated February 8, 1999, the Company is well funded to pursue this work diligently and scientifically in line with its corporate strategy. In the opinion of the Company''s management, the political and administrative situation in Venezuela has now stabilized, after a period of uncertainty during which rules and regulations were being changed and updated. Thanks to diligent work by the Company''s representatives and legal counsel, all the required permits are in place for a systematic program to define and enlarge the resource base on the Company''s 37 square mile property holdings. This work will move forward as rapidly as possible, consistent with the best scientific and engineering criteria. Progress reports on the ongoing program will be issued from time to time as the work progresses on a systematic basis. Chesbar Resources Inc. is a public company whose shares are listed on the Montreal Exchange: Symbol "CBI" for additional information, contact: Chesbar Resources Inc. Tel: (416) 363-1124/Fax: (416) 360-0728 Website: www.chesbar.com E-mail: chesbar@istar.ca For a copy of the map please call the above number. This message has been viewed 17 times Post Message · Reply to Message CBI Forum · BullBoards Main Link to this message externally: stockhouse.com Go to Post ID: