Partners find third target at Kougarok

Vancouver — Chapleau Resources (CHL-V) and partner Navigator Exploration (NVR-V) have discovered a third tantalum drill target at their Kougarok tantalum-tin property in Alaska.

The 55-sq-km property is in the north-central Seward Peninsula, 112 km north-northeast of Nome. Geologically, the property hosts a large magmatic-hydrothermal system that contains tantalum-tin mineralized greisens within a fluorine-lithium granite. The main mineralized system, dubbed the Main Plug, has been defined geologically and geochemically over a surface area of 1.2 by 1 km. Based on previous drilling, it is a flat-lying body of granite measuring 100-150 metres thick and lies at a depth of 200-400 metres below surface

Over the past summer, exploration by Navigator and Chapleau identified a tantalum prospect known as the Hill Top area, situated 500 metres east of the Main Plug. More recently, company geologists discovered a new intrusive center, located about 3 km to the south of the Main Plug. It occupies the most elevated sector of the Kougarok Mountain Ridge and has been named the “Real Top” area. The prospect measures 1.5-by-1.5 km and its surface expression is outlined numerous albite-zinnwaldite granitic dykes and plugs which are intruded into the local country rocks.

These dykes radiate away form the top of Kougarok Mountain and geologists believe that this represents fracturing above granitic intrusive body. They can be traced for several hundred metres along strike, however the company reports that their actual dimensions could not precisely determined due to the snow cover. The junior reports that the dykes are similar to the intrusions found at the Main Plug and Hill Top sites that host tantalum-tin mineralization. Chapleau has collected a number of samples which will be submitted for analysis.

If geochemical analysis of the samples are positive the partners hope to commence a drill program in January.

In the early 1980s, Ananconda Mineral Co. explored the Kougarok property for its tin potential. The company spent US$5.5 million on exploration, including 1,100 metres of bulldozer trenching and about 10,000 metres of diamond drilling. The effort was ceased in the mid-1980s as a result of low tin prices. Previous trenching and diamond drilling suggest a resource of 217,000 tonnes grading 1.4% tin and 99,000 tonnes grading 2.3% tin.

Chapleau stands to earn a half-interest in the Kougarok property by spending US$1 million on or before Dec. 1, 2003. Chapleau can increase its stake to 60% by spending an additional US$500,000 by 2004. The underlying vendor is entitled to receive a 5% net smelter return royalty (NSR) at the start of commercial production.