Chesbar trenching in Venezuela

Two high-grade sections were encountered during trenching in saprolitic material on La Salle, a gold concession in southeastern Venezuela.

Operator Chesbar Resources (ME) and partner VenCan Gold (ME) say assays averaged 1.03 grams gold per tonne across the entire trench length of 348 metres.

The high-grade sections included the previously reported, eastern, geochemical anomaly that ran 2.72 grams over 60 metres and the more recent, western anomaly that assayed 2.84 grams over 62 metres.

The trench was first completed across the southern end of the Central Gold zone. The zone has a north-south strike length of 1,600 metres and was found in 1993 during a geochemical survey.

In response to the assay results, Chesbar and VenCan (formerly Spirit Lake Explorations) have taken a 70% option in an additional 18,500 acres adjoining La Salle. Most of this new ground covers the potential northern extension of the Central Gold zone.

The agreement, which has yet to be approved by regulators, would raise to 23,500 acres the joint venture’s holdings in the area. The partners can earn the 70% interest from La Salle Foundation by spending US$2.1 million over two years.

Additional trenching is planned on La Salle, as well as exploration of the new ground to the north. Drilling will follow.

In other news, the partners are completing infill soil sampling on the concession known as Los Purgos, 60 miles north of La Salle. They have dropped their option on the July concession, in the Bochinche area of the country.