Chapleau’s long Brazilian intersect

Results from Chapleau Resourcess (CHI-V) Cajueiro gold project in Brazil are in and were enough to give the Cranbook, B.C.-based company a modest boost on the market.

Highlights include:

• Hole DDH10 — 1.37 grams gold over 31 metres, from a depth of 45 metres.
• Hole DDH4 0.32 grams gold over 31.5 metres from a depth of 71.7 metres.
• Hole DDH5 9.12 grams gold over 1 metre from a depth of 60 metres.

In Toronto on June 26 the company was up 6% or 3 to 55 on 38,000 shares traded. It has traded between a 52-week high of 78 and a 52-week low of 36, and has roughly 82 million shares outstanding.

The results are from 10 of the 13 holes drilled in phase one of its drill program.

Chapleau says the program targeted known artisanal gold workings, gold soil anomalies and interpreted shear zones.

It says drilling confirmed significant disseminated gold mineralization associated with shear zones with sericite-pyrite alteration within silicified and propylitically altered rhyolite.

Its interpreting a continuity of gold mineralization along three shear zones in an area where it says soil anomalies indicate strike lengths that could be between 500 and 1,000 metres.

Chapleau also thinks there is the potential for shallow disseminated gold up to 31 metres wide.

It plans to run a ground geophysical program to target extensions of known mineralized shear zones and locate further mineralized structures for the Phase 2 drill program.