Chapleau Resources Drilling Demonstrates Potential for Major Copper-Gold Porphyry at La Yegua, Peru
20 Febbraio 2008 - 8:35PM
Marketwired
CRANBROOK, BRITISH COLUMBIA is pleased to report that Hole #1,
which was drilled to a depth of 180.0 m ending in copper
mineralization, returned an average copper and gold grade from 0.0
to 180.0 m of 0.21% Cu and 0.05 g/t Au. Included in Hole #1 was a
2.0 m enrichment zone of 2.25 % Cu and 0.57 g/t Au from 63.0 to
65.0 m with 1.0 m of 4.04 % Cu and 1.00 g/t Au from 64.0 to 65.0
m.
The copper values and minor gold values in Hole #1 are
encouraging and there is strong evidence that the presence of minor
chalcocite (copper sulphide-Cu2S) and bornite (copper iron
sulphide-Cu5FeS4) as seen in the lower parts of the hole from 169.0
to 170.0 m may suggest higher grade primary mineralization at
depth. Potassic alteration in the form of orthoclase flooding
together with secondary biotite within a crowded feldspar porphyry
is characteristic of Hole #1 together with disseminated
chalcopyrite mineralization and various amounts of silica veining
and minor pyrite.
Hole #3 which was drilled approximately 150.0 m to the southwest
of Hole #1 had a very well developed quartz stockwork zone down to
59.3 m and also from 131.0 m to the end of the hole at 160.1 m.
These two principal quartz stockwork zones with quartz-sericite
alteration overprinted on the potassic altered crowded feldspar
porphyry indicate that a higher level of the porphyry system is
exposed to the southwest. Hole #3 returned low grade copper and
gold mineralization with the average grade being 0.15 % Cu and 0.02
g/t Au from 0 to 160.1 m (end of hole). To date Chapleau has
completed four (700 m) of the seven hole drill program totaling
1,500 m and results for Holes #2 and #4 are pending. Click on link
www.chapleauresources.com/projectmaps.php?ID=15 for results for
Holes #1 and #3.
No previous drilling has been undertaken on the La Yegua
property and it has the potential for bulk-tonnage, disseminated
copper (+/-gold) mineralization with an excellent location, good
infrastructure and only 250 km from the Pacific coast (see website
www.chapleauresources.com for location map and click on link
www.chapleauresources.com/projectmaps.php?ID=15 for position 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.
On January 29, 2008, Chapleau and Bear Creek Exploration Company
Ltd., a wholly owned subsidiary of Bear Creek Mining Corporation,
signed a Definitive Option Agreement respecting the La Yegua
project whereby Chapleau can earn up to a 75 % interest in the
project. The terms of the Option Agreement allow Chapleau to earn a
51% interest in the property by spending a total amount of
US$2,775,000 in exploration over a four year period and the
granting of the equivalent of US$350,000 in Chapleau shares during
the four years. With the issuance of an additional 1,250,000
shares, Chapleau may increase the vested interest from 51% to
75%.
The first four holes were drilled vertically and drill cores
were taken at a minimum of 1.0 m and maximum of 2.0 m intervals.
All core samples (HQ and NQ diameter) were cut with a diamond saw
and one-half of the core placed in bags, numbered and sealed then
sent via a secure transport agency to the Company's main office in
Lima, Peru for shipping directly to the ALS Chemex laboratory in
Lima. The core samples were then crushed down to 2 mm, and a split
of 250 g was taken and pulverized to better than 85% minus 200
mesh. Gold analysis was by fire assay of a 30 g sample and an
atomic absorption finish. Copper and an additional 40 elements
using aqua regia acid digestion were analyzed by Inductively
Coupled Plasma (ICP). As part of the Company's QA/QC program
duplicates, blanks and internationally recognized standards were
included in the sample batches to check on assay precision and
accuracy. SGS Geosol which is an ISO 9001:2000 and ISO 17025: 2005
registered laboratory also has a quality control program in place
which includes standards and duplicates.
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
CHAPLEAU RESOURCES LTD.
Ian Gendall, President
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 President (604)
669-8511 Email: info@chapleauresources.com Website:
www.chapleauresources.com
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