Chase Resource Corp.: Three New Massive Sulphide Occurrences Discovered on the Casandig Property, Ramona Project, Samar, Philippines.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 4, 1997-- CHASE RES. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ,VSE See DOS/VSE. VSE - Virtual Storage Extended :CQS CQS See Consolidated Quotation System (CQS). .) Mr. Michael Callahan, Director, is pleased to report results from the first phase of exploration of the Casandig Property, located on the island of Samar, in east-central Philippines. The Ramona Project covers approximately 4100 hectares and comprises both the Casandig and Llorente mineral properties which are accessible from Tacloban City, the regional supply centre, which is served by daily flights from Manila, 550 kilometres to the northwest. Initial evaluation of the Casandig Property identified a massive sulphide showing at Bawa Creek where three channel samples from one of the massive sulphide lenses returned average values of 3.2 percent copper, 4.3 percent lead, 8.8 percent zinc, 3.2 g/t gold and 595 g/t silver (see News Release dated May 29, 1996). The recently completed first phase exploration programs comprised property-wide stream sediment sampling in conjunction with a limited amount of geological mapping and rock chip sampling. This work has resulted in the discovery of two new areas of massive sulphide 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. and a cluster of anomalous stream sediment samples sourced in the same area. At Guila-guila Creek, fragmental frag·men·tal adj. 1. Fragmentary. 2. Geology Consisting of broken rock, coal, or ore moved from its place of origin. frag·men or conglomeratic sulphides composed of galena, sphalerite, pyrite and chalcopyrite with covellite co·vel·lite n. A lustrous indigo-blue mineral, CuS, an important ore of copper. [After Nicolò Covelli (1790-1829), Italian mineralogist.] and malachite malachite (măl`əkīt), a mineral, the green basic carbonate of copper occurring in crystals of the monoclinic system or (more usually) in masses. It is translucent or opaque; the luster is silky, vitreous, adamantine, or dull. have been exposed. Two samples collected from a 6m outcrop returned average values of 5.0 percent copper, 6.4 percent lead, 6.2 percent zinc, 6.5 g/t gold and 783 g/t silver. At Pacao Creek a 15m by 30m outcrop of massive silicified si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. volcanic breccia is cut by a stockwork of sulphide stringers and veinlets. Five grab samples from this outcrop returned average values of 5.9 percent copper and 8.2 g/t silver. Lead and zinc values reached a maximum of 138 ppm each. At the Aragonoy Creek area stream sediment samples returned up to 300ppm copper, 25ppm lead, 330ppm zinc and 40 ppb gold. At the Llorente Property, about 60km south of Casandig, initial field work has identified at least one zone of vein style mineralization with associated massive sulphides that returned values of up to 0.8 percent copper, 3.5 percent zinc, 12.5 g/t silver and 3.9 g/t gold. The Company is pleased with the results of this first phase of exploration at the Casandig and Llorente Properties in Samar, an under-explored part of the Philippines. The Company is earning a 100 percent interest in the Ramona project, subject to 3 percent net royalty payable to the vendors of the properties. CONTACT: Chase Resource Corp., Vancouver Barbara Dunfield, 604/685-6851 604/685-6493 (FAX) Website: http://www.chaseresource.com E-mail: ir@chaseresource.com |
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