Chase Resource: Drilling Commences at Sto. Nino Gold Property, Philippines.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 2, 1997-- Chase Resource Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CQS CQS See Consolidated Quotation System (CQS). )--Mr. Ian Rozier, President, is pleased to announce that a Reverse Circulation drill program has commenced at the Sto. Nino Gold Property, on the island of Bohol, central Philippines. The Sto. Nino Gold Property is held by the Company's subsidiary, Plantation Mining Company (PMC (1) See Portable Media Center. (2) (PCI Mezzanine Card) A PCI-based mezzanine card that is widely adapted to VMEbus, CompactPCI and PCI cards. ), through a Mines Operating Agreement An operating agreement is an agreement among limited liability company ("LLC") members governing the LLC's business, and Member's financial and management rights and duties. No state requires an LLC to have an Operating agreement. with Philippine mining company, Philcoal Mineral Resources Inc. PMC has entered into an option and joint venture agreement with Egerton Gold N.L. of Australia whereby Egerton has the right to earn a 51 percent interest in the Sto. Nino Gold property and/or PMC's Trinidad Gold Project, subject to a series of cash payments and work commitments (see News Release dated June 16, 1997). The Sto. Nino property has a history of production from small scale miners who exploited high grade quartz veinlets and stringers hosted by altered volcanics. Samples collected by PMC returned up to 27.8 g/t gold from these veins and 30.4 g/t gold from adjacent waste piles. The drill program will comprise 1,500m of reverse circulation drilling to a maximum depth of 120m. The drilling will test coincident gold in soil and magnetic anomalies associated with gold bearing volcanic breccias and quartz stockwork zones. The volcanic breccias and stockwork zones have been mapped over wider areas than previously recognized. The alteration and mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. identified on the Sto. Nino property are consistent with the upper levels of porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. style mineralization. The recognition of these characteristics is the result of ongoing exploration by the Company in the Philippines and these anomalies represent significant, new, untested gold targets. The Sto. Nino Gold Property covers 2,187 hectares and adjoins the Company's 80,000 hectare Financial and Technical Assistance Agreement (FTAA FTAA Free Trade Area of the Americas FTAA Free Trade Agreement of the Americas FTAA Florida Turkish American Association FTAA Federated Tanners Association of Australia FTAA Fixed Threshold Adaptation Algorithm ) application area over northern Bohol. The Sto. Nino Gold Property is readily accessible from the city of Cebu, 50 km to the west, by scheduled ferry service and road. Cebu is the regional commercial centre and the second largest city in the Philippines. CONTACT: Chase Resource Corporation Barbara Dunfield, 604/685-6851 E-mail: ir@chaseresource.com |
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