First results show potential of Takatu

All but one of eight diamond drill holes at the Takatu gold project in Guyana have returned potentially economic grades over minable widths.

Joint-venture partners Champion Resources (chl-v) and Toscana Resources (tnr-v) are awaiting results from the remaining 14 holes drilled in the 22-hole program. Those holes tested the zone in stepouts to the south.

Highlights of the latest results include hole 7, which returned 4 metres of 6.78 grams gold per tonne from a 19-metre intercept grading 2.78 grams. The rest of the hole returned 3 metres grading 1.26 grams and 4 metres of 1.74 grams.

Other intercepts included: hole 2, which returned 12 metres of 1.45 grams gold (including 5 metres of 2.33 grams) and 7 metres of 3.77 grams; hole 3, which returned 7 metres of 0.82 gram and 5 metres of 2.14 grams; hole 4, which intercepted 3 metres grading 2.11 grams; hole 6, which returned 17.4 metres of 3.11 grams (including 7.4 metres of 4.3 grams); and hole 8, which returned 13 metres of 1.05 grams and 14 metres of 2.13 grams (including 6 metres of 3.77 grams).

Hole 1, reported in March, intersected 13.45 metres of 2 grams gold (including 7 metres of 3.38 grams), and 11 metres of 1.81 grams. Hole 5, which was drilled subparallel to the mineralized zone, returned no significant intercepts.

The gold is hosted by quartz vein stockworks in a shear zone of regional extent which cuts an Archean mafic volcanic sequence.

Assays were performed in Georgetown, the capital, by Loring Laboratories. Samples were fire-assayed with atomic absorption analysis, and all samples returning greater than 1 gram gold were subjected to a second fire assay with a gravimetric finish. Check assays will be performed by Chemex Laboratories in North Vancouver.

Champion is earning a 51% interest in Takatu from Toscana.