Chase expands gold zone at Archangel

Drilling by Chase Resource (CQS-T) at its Archangel gold-copper property in the Philippines has expanded the oxide gold zone.

An initial 13-hole program of reverse-circulation drilling, comprising 1,544 metres, has been completed.

The program extended the areas of mineralization and confirmed that the gold-silica zone remains open to the north and west.

The drilling focused on two prominent hills near the centre of the property, where flat-lying zones of sheeted quartz veins and intensely silicified andesite reportedly host oxidized gold mineralization.

The first nine holes, reported previously, were drilled at Kay Tanda, where gold mineralization was first recognized.

Two holes recently completed in the Pulang Lupa area returned broad intersections with gold grades similar to those encountered at the area known as Kay Tanda.

Hole 11 returned an 88-Metre intersection from surface grading 0.55 gram gold per tonne, including 14 metres of 2.25 grams gold and 39 grams silver.

Hole 12 intersected 74 metres from surface grading 0.42 gram gold, including 8 metres of 1.56 grams gold and 57 grams silver.

Two more holes were drilled northwest of Kay Tanda to test for downdip extensions of the silica sheet below younger volcanic cover.

Hole 10, about 400 metres northwest of Kay Tanda, intersected 8 metres of massive silica assaying 0.1% arsenic and 0.3 gram gold at the bottom of the hole.

Hole 13, drilled halfway between Pulang Lupa and hole 10, returned 8 metres of 0.22 gram gold and 3.3 grams silver.

Chase says these intersections confirm the continuity of the mineralized system beyond the currently defined zone, and at greater depths than projected.

Chase can earn a 100% interest in Archangel, subject to a 3% net smelter return royalty. The Vancouver company retains a right of first refusal over any sale or transfer of the claim-holder’s royalty rights.

In other news, Chase has completed its amalgamation with Delta Gold Mining (DTS-V).

Amalgamation of the two companies, which share a common management and exploration properties in the Philippines and Indonesia, was approved by shareholders in April.