Champion Bear Discovers Campbell Zone Extension and Reports Progress on Sudbury Joint Ventures
13 9월 2011 - 10:00PM
Marketwired Canada
Champion Bear Resources Ltd. (TSX VENTURE:CBA)("Champion Bear" or the "Company")
is pleased to announce results of a successful summer field program at its 100%
owned Eagle Rock copper-nickel-platinum-palladium-gold property (the "Property")
located in northwestern Ontario. As previously announced (see news release dated
July 18(th), 2011), Champion Bear has entered into an option agreement with
Canadian Platinum Corp. ("CPC") who must complete $4,000,000 in exploration
expenditures, make option payments of $500,000, and purchase $500,000 of
Champion Bear shares over two years to earn a 50% interest in the property.
Please see the July 18(th) news release for additional terms and details of the
agreement. Champion Bear remains the operator of the project.
EAGLE ROCK (Cu - Pt - Pd - Au sulphide) -- 2011 SUMMER FIELD PROGRAM
Champion Bear has completed a successful summer prospecting and sampling program
that has resulted in identifying two new sulphide zones that are believed to
represent the extension of the Campbell Cu-Ni-Pt-Pd-Au Zone mineralization.
Richard Kantor, President of Champion Bear reported "We are very pleased with
the new sulphide zones and the potential for growth of Campbell Zone-style base
and precious metals opportunities on the large underexplored Eagle Rock
property. Our new partner, Canadian Platinum Corp., has shown great support and
continues to value the potential of both expanding and enhancing the
advanced-stage Campbell Zone as well as recognizing the opportunity to discover
other new, near-surface metal-rich zones. We look forward to advancing the
Campbell Zone to the resource estimation stage and expanding the mineralization
at the new sulphide zones."
The table shows selected assay results of the 2011 summer field program.
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Pt+Pd Cu+Ni Cu Ni Pt Pd Au
Zone +Au g/t % % % g/t g/t g/t
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Northwest Campbell Zone 2.06 0.69 0.62 0.07 0.58 1.05 0.43
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Northwest Campbell Zone 1.91 0.96 0.87 0.09 0.57 0.86 0.48
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Northwest Campbell Zone 1.52 0.65 0.56 0.08 0.46 0.74 0.33
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Main Campbell Zone 1.07 0.80 0.72 0.08 0.31 0.53 0.22
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Main Campbell Zone 1.30 0.71 0.63 0.07 0.37 0.67 0.26
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Main Campbell Zone 1.38 0.58 0.53 0.05 0.37 0.69 0.31
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new West Zone 0.95 0.47 0.41 0.05 0.25 0.48 0.22
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new West Zone 0.13 0.43 0.38 0.05 0.04 0.05 0.03
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new East Lake Zone 0.74 0.29 0.24 0.04 0.23 0.37 0.14
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new East Lake Zone 0.44 0.26 0.19 0.07 0.13 0.21 0.10
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East Campbell Zone 0.61 0.38 0.32 0.05 0.16 0.30 0.15
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West Zone - New
The West Zone lies 700 metres southwest of the Campbell Main Zone and is
interpreted to be the offset extension of the Campbell Zone mineralization.
Surface sampling results returned values of up to 0.95g/t Pt+Pd+Au and 0.46%
Cu+Ni as well as numerous samples grading between 0.4% and 0.5% copper that
define a broad zone of surface sulphide mineralization that extends over a
strike of more than 300 metres.. The Zone has not been the subject of any
previous exploration work since it was first discovered in the 1980's and
remains untested by drilling and un-surveyed by ground geophysics. Plans are to
immediately expose more surface bedrock to locate additional zones of new
sulphide mineralization. This work will be followed by geological mapping,
geochemical sampling, line cutting, and ground geophysics as part of a
methodical field program designed to generate targets for drilling later this
year.
East Lake Occurrence - New
The East Lake occurrence lies two kilometres southeast of the Campbell Zone and
is the most eastern of a series of mineralized surface occurrences that define
the extension of the Campbell Zone trend in this direction. Several surface
samples on both the east and west sides of East Lake returned results with a
Campbell-style metal signature of up to 0.73 g/t Pt+Pd+Au and 0.29% Cu+Ni, and
0.44 g/t Pt+Pd+Au and 0.26% Cu+Ni. Another sample that defines the trend grades
0.61g/t Pt+Pd+Au and 0.38% Cu+Ni. Follow-up field work including additional
prospecting and geological mapping is planned and is designed to connect the
newly recognized sulphide occurrence with the main Campbell Zone located two
kilometres to the northwest.
Northwest Campbell Zone
At the Campbell Zone, surface sampling was completed over much of the 1.3
kilometre surface expression of the Zone. Of particular interest were the
results received from the northwest portion of the Zone where samples returned
the highest grade results of the program including 2.06g/t Pt+Pd+Au and 0.69%
Cu+Ni, and 1.91g/t Pt+Pd+Au and 0.96% Cu+Ni. This is the least explored portion
of the Campbell Zone and was last worked in 1999 when shallow drilling
intersected 1.34g/t Pt+Pd+Au and 0.62% Cu+Ni over 9.6 metres, and 1.33g/t
Pt+Pd+Au and 0.53% Cu+Ni over 16.2 metres. This underexplored, higher grade
northwest area represents opportunity to expand and enhance the Campbell Zone
mineralization. Surface work is planned in anticipation of drilling that will
test the Zone from surface to a depth of 200 metres.
The large Eagle Rock Property overlies the Entwine Lake Intrusive complex and
hosts numerous sulphide showings including the Campbell copper, nickel,
platinum, palladium, gold Zone. The Campbell Zone is a continuous, predictable
reef-like horizon exposed at surface for more than one kilometre. Seventy five
drill intersects define the Zone which remains open in all directions. Drill
intersects include, for example, 5.0 metres grading 2.19 g/t Pt+Pd+Au and 0.92%
Ni+Cu, and 12.0 metres grading 1.77 g/t Pt+Pd+Au and 0.69% Ni+Cu. The Zone has
excellent open pit potential. Please refer to the company website for addition
details including drill sections and drill plan maps.
SUDBURY PROPERTY RESULTS
Richard Kantor, President of Champion Bear stated "The Sudbury projects are very
active and progressing well with positive results to date and additional results
pending. Champion Bear continues to participate in the Joint Venture activities
as we fund our portion of the programs at the Hess and Ermatinger JV's, and
continue to benefit from the carried interest to feasibility we enjoy at our
Parkin Option."
Parkin Offset Property (Ni - Cu - Pt - Pd - Au sulphide)
At the Parkin Offset Property, Champion Bear's partner and project operator
Wallbridge Mining who, along with Impala Platinum of South Africa are earning a
50% interest in the property have reported that 4 holes totaling 1,347 metres of
a 5,000 metre drill program have been completed. The drilling is the first part
of the current program designed as step-out holes to Wallbridge's Milnet 1500
Zone where drill intersections include 8.00 g/t Pt+Pd+Au, 2.57 % Cu and 0.78 %
Ni over 14.24 meters. Of the four holes drilled thus far, only one has
intersected any appreciable amount of Quartz Diorite Offset dyke, host of the
1500 Zone mineralization. Drill and borehole geophysical results for the
remaining portion of the program remain pending from the project operator.
Hess Joint Venture Property
The Hess JV property, located in the North Range of the Sudbury Mining Camp,
overlies a 14 kilometre strike length of the Hess Offset Dyke potential host of
Sudbury-type nickel-copper-precious metal-rich sulphide deposits. Field work,
first reported in January, consisting of ground electromagnetic ("EM")
geophysical survey has been completed. Results as reported to Champion Bear by
the project operator indicate that 15 conductive responses have been detected on
Grid 1 of the survey. Of importance is a weak four line anomaly that the
geophysical contractor has modeled as a weakly conductive 80 metre by 80 metre
geophysical plate potentially representing sulphides directly associated with
the Hess Offset dyke. Final results for Grid 2 of the survey are pending.
The exploration program will be overseen by Rob Foy, P.Geo., a Company director
and the Company's Qualified Person for this press release as defined in National
Instrument 43-101.
Champion Bear is a mineral exploration company focused exclusively on the
historically prospective regions of Ontario. The Company's primary target is
platinum group and precious metals and to a lesser extent polymetallic base
metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create
shareholder value through selective property acquisition and joint venture
followed by focused exploration emphasizing drilling. The Company has assembled
a large land position in the Dryden and Sudbury areas, totaling over 16,000
hectares.
This news release contains forward-looking statements concerning plans to locate
new mineralization zones, the timing and composition of the exploration and
surface work programs to be completed on certain of Champion Bear's mineral
properties which are based on Champion Bear's current internal expectations,
which may prove to be incorrect. These statements are not a guarantee of future
performance and undue reliance should not be placed on them. Such
forward-looking statements necessarily involve known and unknown risks and
uncertainties that are common to junior mineral exploration companies. These
risks and uncertainties include, among other things, Champion Bear's need for
additional funding to continue its exploration efforts, changes in general
economic, market and business conditions; and competition for, among other
things, capital and skilled personnel. The Company undertakes no obligation to
update or revise any forward-looking statements except as required by applicable
securities laws.
Champion Bear Resources (TSXV:CBA)
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