Barrick Gold (ABX-T) has advised Chesbar Resources (CBI-M) that it will not proceed with further investment in the company and will therefore forfeit its rights at the junior’s gold properties in the Anacoco region of southeastern Venezuela.
Chesbar retains a 90% interest in the La Salle I property and a 100% interest in the Anacoco II and Guaiquinima II properties. The remaining 10% stake in La Salle is held by a local, non-profit church group.
“In the short-term, it means Barrick will not be taking down shares to fund the next phase of drilling on the property,” says Chesbar President Terry Flanagan. “But in the longer term, it doesn’t mean much — we’re still very optimistic about our Venezuelan properties and our main priority is to go ahead and find out the bigger picture.”
Flanagan says long-awaited drill permits for Guaiquinima II and Anacoco II are expected soon. Drilling will focus not only on the La Salle zone, but also farther north, on a broad, 6-km-long, north-southerly trending structure that contains the Central gold zone of the Guaiquinima II property and the North gold zone of Anacoco II.
The company is selecting drill targets based on a geochemical survey.
At last report, Chesbar had $1.4 million in cash, though Flanagan says more funds will be needed as the program progresses.
Meanwhile, in Guatemala, Chesbar has earned a half-interest in the local subsidiary of Intrepid Minerals (IAU-A).
The joint venture plans to explore a concession on the historic Matequesquintla silver mine property, in southeastern Guatemala. The concession is deemed prospective for gold, copper and silver mineralization.
As well, the subsidiary has applied to explore concessions that are prospective for epithermal gold deposits.
Be the first to comment on "Barrick leaves Chesbar on its own"