Chapleau Commences Drilling on the La Yegua Porphyry Copper (+/- Gold and Molybdenum) Project in Southern Peru & Mr. Ian Gendall
18 Dicembre 2007 - 9:16PM
Marketwired
CRANBROOK, BRITISH COLUMBIA has commenced the 1,500 m, 7 hole
drill program on the La Yegua porphyry copper (+/- gold and
molybdenum) project in southern Peru (see map on website
www.chapleauresources.com for location of drill holes). La Yegua
consists of 4,100 ha of claims located only 20 km northeast of the
Los Chancas porphyry copper deposit with a reported 4.4 billion
pounds of copper and 771,600 oz of gold (200 million tonnes @ 1 %
Cu, 0.12 g/t Au and 0.08 % Mo). Los Chancas which is owned by
Southern Copper Corporation is currently nearing completion of the
pre-feasibilty study.
Chapleau has recently completed a ground magnetic survey (64
line-km) over the main anomalous copper zone, with outcropping
porphyry rocks and a geophysical anomaly of approximately 800 m x
400 m has been identified (see map on website
www.chapleauresources.com for ground magnetic survey). This
geophysical anomaly is semi co-incident in the west with intense
stockworking veining and alteration (secondary biotite,
silicification and sericite) characteristic of porphyry copper
systems which are known to host multi billion pounds of copper both
in Peru and Chile.
Chapleau signed a Letter of Intent with Bear Creek Mining
Corporation in February 2007, regarding an option to acquire up to
a 75% interest in the La Yegua porphyry copper (+/- gold and
molybdenum) project over a 4 year period.
No previous drilling has been undertaken by Bear Creek on the La
Yegua property and initial rock sampling by them returned highly
anomalous copper (200 ppm to 1.2 % Cu), and molybdenum (100 to 424
ppm Mo) in the main zone together with gold (0.3 to 5.32 g/t Au) on
the peripheral part of the copper anomaly. La Yegua has the
potential for bulk-tonnage, disseminated copper (+/-gold and
molybdenum) mineralization with excellent location, good
infrastructure and only 250 km from the Pacific coast.
The Board of Directors of Chapleau Resources is pleased to
announce that Mr. Ian Gendall, with an M.Sc in Exploration Geology,
accepted an appointment to the Presidency of the Company and to the
Board of Directors.
Mr. Gendall will replace Mr. Eric Wiltzen as President effective
of this date. Mr. Wiltzen will remain as Chief Financial Officer
and a member of the Board of Directors.
The Company has granted Mr. Gendall an incentive option to
purchase an additional 1,000,000 shares in the capital stock at a
price of $0.42 exercisable until December 18, 2017. The options are
issued pursuant to the Company's option plan and are subject to the
approval of the TSX Venture Exchange.
This press release was prepared by Ian Gendall, Pr. Sci. Nat., a
qualified person in compliance with National Instrument 43-101.
For technical information regarding this press release, kindly
contact Ian Gendall at 604 669 8511.
This press release is available on the Chapleau Resources IR HUB
for investor commentary, feedback and questions. Investors are
asked to visit http://www.agoracom.com/IR/Chapleau.
BY ORDER OF THE BOARD OF DIRECTORS
Signed:
CHAPLEAU RESOURCES LTD.
Jim Stypula, Chief Executive Officer
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Chapleau Resources Ltd. Ian Gendall (604) 669-8511
Website: www.chapleauresources.com
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