LATIN AMERICA — La Salle yields more gold

Toronto-based Chesbar Resources (CBI-M) has released additional results from drilling at the La Salle I gold property on its Anacoco IV concession in Venezuela’s Bolivar state.

The 41-hole, 5,000-metre program, which was completed last spring, targeted a coincident geochemical and chargeability anomaly situated in the centre of the property. Holes were collared on fences spaced 200 metres apart, with drilling concentrated in the northernmost 500 metres of the anomaly.

Highlights from results include:

n hole 21, which intersected three intervals of 12 metres (40-52 metres) grading 1.12 grams gold per tonne, 12 metres (70-82 metres) grading 1.22 grams and 7 metres (91-98 metres) grading 5.3 grams;

n hole 22, which cut 18 metres (68-86 metres) of 1.61 grams; and n hole 28, which returned 1.8 grams over 15 metres (0-15 metres) and 1.16 grams over 4 metres (51-55 metres).

In all, 36 holes have tested the zone since exploration began in 1993. Intervals with significant gold mineralization vary from 2 to 35 metres and average between 0.72 and 8.9 grams gold.

Drilling has outlined the zone along a north-south strike length of 750 metres, a width of 200 metres and to a minimum vertical depth of 160 metres. Individual pockets of mineralization dip vertically or near-vertically and are weathered to saprolite to a depth of 50 metres. Precambrian-aged volcano-sedimentary rocks of intermediate composition underlie the saprolite layer.

In fresh rock, gold is associated with silicification and quartz veining containing 3-5% disseminated pyrite. The best drill intersections appear to form several parallel or en echelon features, the structural derivation of which is still being interpreted.

To the north, the zone is cut by a fault that may have offset mineralization tens of metres to the east. This assumption is based on the outlining of a geochemical anomaly that extends northwards from the fault for 1 km. Samples are being taken from the anomaly for mobile metal ion geochemical analysis, a technique that uses weak solvents to extract the least strongly bound metal ions from soils and, hence, the least transported in the soil profile.

While the geophysical anomaly extends southwards, significant mineralization is not expected to be found in that direction as there is no associated geochemical anomaly. Nonetheless, two holes returned 5 metres of 1.48 grams gold and 2 metres of 1.37 grams gold; the first was collared 700 metres from the zone’s southern limit and the second, 900 metres.

Chesbar holds a 90% interest in the Anacoco IV concession, with a non-profit Venezuelan foundation retaining a 10% carried interest. Barrick Gold (ABX-T) can earn 60% of Chesbar’s interest by funding $5 million in exploration and by financing and completing a feasibility study. An additional 5% can be earned for a cash payment of $5 million.