Perpetua Resources Corp. press release
Champion Bear recommences diamond drilling at its Iron Mask Polymetallic Property in the Sudbury area
NASDAQ - Nasdaq Stock Market · Gold · Antimony · Silver · United States
(TSX Venture: CBA)
CALGARY, June 6 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear" or the "Company") is pleased to announce that diamond drilling has commenced on its Iron Mask Property located in Sudbury, Ontario. The Company plans to drill four to five additional holes totalling 1,200 metres to test four more of the priority targets identified by the Company from previous ground gravity and IP geophysical surveys (see Champion Bear's news release dated October 12, 2004). The drilling will target Olympic Dam-style polymetallic (Zn, Cu, Ni, Co, Ag, W, Bi) and gold mineralization. The initial drilling, completed in December 2005, tested IP anomalies located within rocks of the Espanola Formation limestone. These targeted known Zn-Cu-Ni-Co-Ag-Bi mineralization within zones known as the Main Zone and Henri Zone. Only three holes were completed prior to the 2005 Christmas Break. Anomalous zinc +/- copper mineralization was encountered associated with magnetite-bearing limestones of the Henri Zone and included 0.39% Zn over core length of 1.9 metres (see Champion Bear's news release dated March 9, 2005). Serpent Formation wackes and siltstones which overlay the Espanola Formation also contained elevated copper and zinc values. The granite and portions of the diabase (gabbro) are permeated with magnetite veins which appear to be controlled by deep seated fault structures both cross-cutting and parallel to the diabase/granite contact zones. Magnetite veins and veinlets permeate well into the surrounding diabase and granite basement rocks near these structures. Sudbury breccia has also been intersected along the granite contact zones at several locations. The magnetite skarn deposits within the Espanola Formation Limestones may also be sourced from the vertical fault structures. Champion Bear has also extended its exploration grid approximately four kilometres northeast along the projected trend of the magnetic and gravity anomalies. Approximately 70 kilometres of linecutting with spacings at 100 and 200 metre intervals has been completed. Ground magnetic surveys are currently underway and follow-up geological mapping and geochemical sampling is scheduled for this summer. Joe Hinzer, P. Geo., of Watts, Griffis and McOuat Limited, a qualified person, has been overseeing the field surveys and has reviewed this news release.
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. The Company's primary targets are 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, totalling over 16,000 hectares.
Forward-looking statements - statements included in this news release that are not historical facts may be considered "forward-looking statements". All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.