Chesbar resumes drilling at La Salle concession

Junior Chesbar Resources (CBI-M) has resumed diamond drilling at its gold property in southeastern Venezuela.

The effort is designed to test a faulted extension of the Main zone gold mineralization, which extends more than 1 km north from the limits of Chesbar’s summer drilling program.

The company will then test several gold targets in a mineralized area known as the Central gold zone, which straddles Chesbar’s La Salle 1 and Guaquinima II properties.

On La Salle I, drill permits are already in place, while for Chesbar’s two northern properties, Guaiquinima II and Anacoco II, permits are in the process of being prepared.

The permits for the three properties comprise a total of 10,000 metres.

To fund future drilling, Chesbar is arranging a private placement of $1.5 million by issuing 3.7 million units at 40 cents each. A unit consists of one share and one share purchase warrant entitling the holder to buy another share for 55 cents over 18 months.