Chase Resource Mejillones project -- significant copper mineralization intersected in Phase I drilling.

VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 20, 1995--Ian Rozier, president of Chase Resource Corp., is pleased to report very encouraging results from initial drilling at the Mejillones project, in Northern Chile.

Several new zones of copper mineralization have been discovered by drill testing of geophysicial anomalies indentified by earlier work. -0-

HOLE     FROM (m)     TO (m)    INTERCEPT (m)     RESULTS

TARGET: VT MINE AREA

VT-1       14           34          20             0.35%
           70           74           4             0.14%
          100          104           4             0.25%
          112          126          14             0.23%
VT-2      136          140           4             0.37%
VT-3       82           84           2             0.50%
VT-4       26           32           6             0.20%
                                                    1g/t Au
VT-6        6           10           4             0.15%
           16           22           6             0.11%
           28           38          10             0.19%
           98          108          10             0.66%
 inc      100          104           4             1.48%
                                               0. 55 g/t Au
          130          138           8             0.16%
          144          146           2             0.43%

TARGET: "THE FLATS"
VT-7       46           56          10             0.12%
          110          114           4             0.12%

TARGET: DOS PAPAYA
Vt-10      52           64          12             1.12%

-0-

Near the "VT" Prospect holes VT-1 to VT-6 were drilled east and west of the old workings at the VT Mine. Significant copper mineralization was returned from holes VT-1 and VT-6, located 100m and 175m respectively east of the VT Mine. The zone of auriferous semi-massive sulphides encountered in hole VT-6 is beneath the lowest level of old mine workings and represents a new copper-gold occurrence.

At Dos Papaya 5km south of the VT Mine, hole VT-10 intersected a significant new copper sulphide discovery beneath a package of intensely altered and albitized andesite. This alteration sequence is repeated lower in the hole, suggesting the possibility of another massive sulphide zone at depth.

At the "The Flats" area a single inclined hole tested a broad, open IP anomaly and returned low grade copper mineralization over two short intervals. This porphyry style geophysical target is open in three directions.

Hole VT-8 tested the DAV prospect but encountered no significant mineralization and hole VT-9 was abandoned at only 36m due to poor ground conditions before intersecting the Dos Papaya target zone.

These new copper discoveries are important developments on the 16,200 ha Mejillones Project. The mineralization and alteration are similar to that of Minera Rayrock's Ivan mine, 15 km to the east.

Only a very limited portion of the property has been tested thus far. Additional geophysical surveys will commence shortly, to be followed by an expanded drilling program. Chase has the right to acquire a 75% interest in the Mejillones property.

CONTACT: Chase Resource, Vancouver

Ian Rozier, president or

Mike Callahan, director

604/685-6851

1-800/510-8566 (Toll free in North America)

INDUSTRY KEYWORD: MINING REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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