LATIN AMERICA ROUNDUP — Chesbar works two Venezuelan areas

Montreal-listed Chesbar Resources has outlined several gold anomalies on two projects it operates in northern Venezuela.

On the 2,000-hectare LaSalle project, in the Anacoco camp, a well-defined, gold-bearing zone has been delineated.

One of the anomalies there is elliptical and about 1,600 metres long by 800 metres wide. Gold values of saprolite samples from an elevated part of the anomaly returned assays as high as 3.65 grams gold per tonne. Rock fragments from these samples, analyzed separately, yielded values as high as 13.05 grams.

A second anomaly, about 400 by 400 metres, was also outlined; it had samples with gold values as high as 3.88 grams in saprolite and 6.02 grams in rock fragments.

Trenching and sampling will be followed by drilling in early 1994. The concession, in which Spirit Lake (ME) is a partner, lies north of a project being worked by Tombstone Explorations (VSE). On Tombstone’s ground, a 1,000×100-metre zone contains about 46.6 million grams gold within 25 metres of the surface.

At Chesbar’s other property, Los Purgos, a regional survey has outlined several northwest-southeast trending structures up to 3 km in length. The company says the best gold zones mined in this area have a similar trend. A second phase of close-spaced sampling should outline targets for trenching and drilling.

The 2,100-hectare property is in the Bochinche camp.

To finance exploration in Venezuela as well as in Canada, Chesbar has completed a $540,000 private placement.

The financing, which has yet to be approved by regulators, consists of 90,000 units, and involves three investors. Each unit consists of five common shares at 75 cents each and three flow-through shares at 75 cents each. The flow-through portion will be used for Chesbar’s diamond property which adjoins Monopros’s discovery in Quebec’s Le Tac area.

Meanwhile, Chesbar has applied to the U.S. Securities and Exchange Commission to obtain “blue-sky” status, which would allow American securities dealers to trade the company’s shares. The process is expected to be completed before 1994.