A soil geochemistry program by Chesbar Resources (CBI-M) in Venezuela has resulted in the discovery of three new gold zones on the Guaiquinima II and Anacoco II concessions.
The zones were found immediately north of La Salle I, where the company discovered the Main zone gold discovery last year. The junior says the discoveries confirm the existence of a gold-bearing structure that extends for 9 km across the three concessions.
Exploration is being funded by Barrick Gold (AMX-T) under an agreement that allows the major to buy $5 million worth of Chesbar shares. Once the exploration deal is complete, Barrick may finance a feasibility study and acquire a 60% interest in the project.
Chesbar says the new zones warrant follow-up geophysics, as well as diamond drilling.
The Northwest gold zone, which was sampled at 25-metre intervals along lines 100 metres apart, returned up to 5.04 grams gold per tonne from saprolite.
The zone appears to be structurally controlled and ranges up to 700 metres in width.
Geochemical work on the Northeast gold zone, situated about 1 km east of the Northwest zone, returned up to 147 grams gold, which is among the highest gold values encountered there to date. Chesbar says this east-west-trending structure appears to be 100 metres wide, with a strike length of 800 metres.
The North gold zone, which is less defined than the other zones, returned 0.5-2 grams gold.
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