Perpetua Resources Corp. press release
Champion Bear Dryden area projects update
NASDAQ - Nasdaq Stock Market · Gold · Antimony · Silver · United States
(TSX Venture: CBA)
CALGARY, Aug. 1 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear") has now received the assay results for its third wedge hole at its Plomp Farm gold property and assay results from the additional sampling of the remaining 32 holes from its Eagle Rock property 80 kilometres south of Dryden, Ontario.
Plomp Farm Property
Assay results from hole PF-07-119W3 included 2.23 g Au/t, 17.0 g Ag/t and 3,210 ppm Cu (0.32%) over 0.6 metres from 607.7 to 608.3 metres. This hole tested approximately 15 metres below the original hole PF-06-119 which encountered 31.7 g Au/t, 33.3 g Ag/t and 1.36% Cu for a core length of 0.4 metres from 579.0 to 579.4 metres and approximately 15 metres from PF-06-119 W1 which hit 71.6 g Au/t, 6.0 g Ag/t and 141 ppm Cu, over a core length of 0.4 metres from 623.6 to 624.0 metres.
Table 1 below shows the distribution of anomalous Au (gold), Ag (silver), Cu (copper), Zn (zinc), Pb (lead) and Ba (barite) throughout the main mineralized zone in hole PF-07-119W3.
Table 1 - Hole PF-07-119W3 Selected Intervals Plomp Farm Property
Au Au Ag Ag Cu Zn Pb Ba ppb g/t ppm/ g/tonne ppm ppm ppm ppm Sample From To Width FA- (g/t) FA- TD- TD- TD- No. (m) (m) (metres) INAA GRA TD-ICP GRA ICP ICP ICP INAA 17868 583.5 584.0 0.5 241 2.5 996 84 10 1,170 17869 584.0 584.5 0.5 1,060 5.8 3,000 177 9 1,080 17870 584.5 585.0 0.5 166 2.5 869 88 11 600
17878 592.0 593.0 1 115 1.1 658 58 19 1,360 17879 593.0 594.0 1 1,950 3.6 1,470 2,300 13 1,450 17880 594.0 595.0 1 114 1 249 201 17 1,790 17881 595.0 596.0 1 251 1 279 129 12 2,890
less 17891 605.0 606.0 1 312 0.3 3.1 than 3 515 127 16 950 17892 606.0 607.0 1 877 1.15 7 9 1,490 220 10 2,090 less 17893 607.0 607.7 0.7 238 1.14 2.8 than 3 451 153 15 2,280 17894 607.7 608.0 0.3 3,520 2.54 15.5 17 3,280 420 12 2,090 17895 608.0 608.3 0.3 1,610 1.93 15.3 17 3,140 410 10 3,040 less 17896 608.3 609.0 0.7 193 0.3 2.2 than 3 405 103 13 2,850 17897 609.0 610.0 1 1,080 1.2 7.7 5 1,400 1,040 27 1,200 less 17898 610.0 611.0 1 884 0.34 4.3 than 3 902 106 21 1,450 17899 611.0 612.0 1 315 0.54 3.6 3 410 97 29 2,380 17900 612.0 613.0 1 489 1.19 7.8 6 834 304 31 2,210 17901 613.0 614.0 1 527 0.79 4.6 5 559 149 50 1,530 17902 614.0 615.0 1 1,150 1.38 11.9 14 1,520 1,120 42 830 less 17903 615.0 616.0 1 207 0.15 2.3 than 3 345 299 32 1,280
Champion Bear is very encouraged by the results from these three wedge holes which confirm the presence of a narrow high narrow grade gold zone open along strike and up dip. The mineralization encountered in these four closely spaced holes is currently being examined in detail by the company. Preliminary indications suggest later stage structures cross cutting the main zone may play an important role in controlling the higher grade gold zones.
Champion Bear is currently planning the next phase of drilling to test, in a more closely spaced pattern, this and other previously identified higher grade zones.
Eagle Rock Property
Champion Bear, as part of its program to re-evaluate the Campbell Zone Cu, Ni, Au and PGE mineralization at its Eagle Rock property 80 kilometres south of Dryden, completed its logging of the alteration and conducted a magnetic susceptibility survey of the available drill core. Twenty-seven holes were re-logged as part of this program. Additional samples were taken from 23 of these holes, including extensions of previously assayed sections and previously untested mineralized sections. Significant additional mineralization (see Table 2) was encountered in three of the re-sampled drill holes.
Table 2 - Results from the Best Three 2007 Re-Sampled Drill Holes at the Eagle Rock Property
Hole From To Interval Au+Pt+Pd Cu Ni ID (m) (m) (m) (G/T) ppm (%) ppm (%) Description ER12 10 13.5 3.5 1.34 3,604 (0.36) 671 (0.07) Added to Zone ER17 17 29.7 12.7 0.39 2,323 (0.23) 477 (0.05) New Zone ER25 59.5 67.1 7.6 0.17 1,403 (0.14) 211 (0.02) New Zone
The rocks, comprising the Campbell Zone, exhibit the presence of all three, epidotic, potassic and hematetic alteration. Sulfides and epidote, have been observed along small-scaled fractures adjacent to magnetite and actinolite/augite crystals. The magnetic susceptibility survey has clearly identified a correlation between sections with moderate magnetism and placement of sulfides.
Native copper, observed only in hole ER 17, fills the voids, fractures and spaces between the rock forming minerals in the gabbro. The fractures, are thought to have been produced by faulting, which has formed a large valley striking about 320 degrees just south of the Campbell Zone. This fault intersects a large regional north-south trending fault which to date has not been tested for mineralization.
Hole ER 17 yielded the best results of the re-sampling program and the new mineralized zone was situated entirely within the fault structure.
Champion Bear is encouraged by the results of this recently completed work program, which has identified a completely new target area within the major fault structure. The company plans to complete 3D data modeling, additional field geological and geophysical surveying in preparation of additional drill testing of the new target area.
Detailed assay results for each of the three holes are presented in Table 3 below.
Table 3 - Detailed Assays from the Best Three 2007 Re-Sampled Drill Holes at the Eagle Rock Property
Cu Pd Pt Au Ni ppm ppb ppb ppb ppm Hole From To Width Sample AR- FA- FA- FA- AR- Pd+Pt+Au No. (m) (m) (m) No. ICP MS MS MS ICP g/t
ER12 10 11 1 A8232 1,110 473 331 184 347 0.988 ER12 11 12 1 A8233 2,820 883 453 396 792 1.732 ER12 12 13.5 1.5 A8234 5,790 690 394 237 808 1.321
ER17 17 18 1 A8130 1,280 86.3 57.7 41 146 0.185 ER17 18 19 1 A8131 2,570 150 81.1 79 272 0.3101 ER17 19 20 1 A8132 2,900 198 102 109 421 0.409 ER17 20 21 1 A8133 1,520 61.3 60.9 82 412 0.2042 ER17 21 22 1 A8134 2,580 201 96.2 113 592 0.4102 ER17 22 23 1 A8135 3,480 267 139 131 810 0.537 ER17 23 24 1 A8136 3,880 323 194 152 780 0.669 ER17 24 25 1 A8137 2,870 291 161 161 799 0.613 ER17 25 26 1 A8138 3,160 273 187 145 741 0.605 ER17 26 27 1 A8139 1,260 105 64.4 56 276 0.2254 ER17 27 28 1 A8140 915 129 69 74 200 0.272 ER17 28 29 1 A8141 1,290 96.6 66.6 54 264 0.2172 ER17 29 29.7 0.7 A8142 2,580 229 132 100 503 0.461
ER25 59.5 60.5 1 A8190 1,740 107 60.2 66 215 0.2332 ER25 60.5 61 0.5 A8191 1,430 86.4 50.3 55 188 0.1917 ER25 61 62.2 1.2 A8192 1,370 65.4 39.3 42 186 0.1467 ER25 62.2 63.15 0.95 A8193 1,320 69.5 41.4 43 191 0.1539 ER25 63.15 64 0.85 A8222 768 25.8 22.8 22 161 0.0706 ER25 64 65 1 A8194 1,600 103 58.2 46 265 0.2072 ER25 65 66 1 A8195 1,740 108 58.7 59 277 0.2257 ER25 66 67.1 1.1 A8196 1,200 75.3 38.5 39 198 0.1528
Diamond drilling, field mapping and sampling programs for Plomp Farm and Eagle Rock properties, were carried out by Watts, Griffis and McOuat Limited ("WGM") personnel, under the field supervision of WGM senior geologist J. Smolen P. Geo.
Core samples were cut with a diamond saw and one-half of the core has been retained in storage for future testing and data confirmation. Channel samples, were cut with a portable masonry saw and chipped out with a chisel. All samples, were tagged and sealed in plastic bags after cutting. Sealed plastic bags, were personally delivered to the shipper for delivery to Activation Laboratories in Ancaster, Ontario.
All samples were analysed for base and precious metals using the following assay procedures, INAA (Instrumental Neutron Activation Analysis) and AR/TD-ICP (Aqua Regia/Total digestion with Inductively Coupled Plasma) including Zn, Pb, Cu, Ni, Co, Ag, As, Bi, Ba, and W. FA-MS (Fire Assay-Mass Specrometer) was used for Au, Pt, and Pd. The high-grade gold samples were re-assayed using FA-GRA (Fire Assay with Gravimetric finish) to confirm the gold analyses.
The QP for the technical aspects of this news release is Joe Hinzer P. Geo., President of WGM.
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release contains a forward-looking statement concerning the company's intention to complete additional exploration on the Plomp Farm and Eagle Rock properties which is based on Champion Bear's current internal expectations. This statement is not a guarantee of future performance and undue reliance should not be placed on it. Such forward-looking statement necessarily involves 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 and changes in general economic, market and business conditions. The company undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.