Significant New Zone Identified With Pan Concentrate Anomalies Of Up To 150.80 g/t Au
CRANBROOK, BRITISH COLUMBIA – Jan. 31, 2008 - Chapleau Resources Ltd. (TSX VENTURE:CHI) has received assay results for 9 of the planned 42 hole drill program at the Coringa. Hole 30 drilled 170 m south of Hole 4 (31.30 g/t Au plus 23.45 g/t Ag, 0.46 % Pb, and 0.17 % Zn over 1m) intersected 28.80 g/t Au, 95.50 g/t Ag, 3.51 % Pb and 0.66 % Zn over 1 m from 49.6 m to 50.6 m. Hole 29 drilled 119 m south of Hole 4 intersected 21.61 g/t Au, 24 g/t Ag, 1.37 % Pb and 0.53 % Zn over 1 m from 45.0 to 46.0 m (see map on website www.chapleauresources.com for location of drill holes).
Continued high grade gold intersections, together with the silver, lead and zinc along the northern section of the Galena-Vessa-Boca-Jaura structure is very encouraging, confirming extensions of mineralization beyond previously drilled Holes 3, 4 and 5 (see press release August 30, 2007). Drilling to the south along the 1.4 km Galena-Vessa-Boca-Jaura structure and on the 800 m Serra structures is continuing with two drill rigs. To date a total of 26 holes (2,850 m) of the 42 hole (5,000 m) second phase drill program have been completed. Details of the intersections, and results from the remaining holes will be released on receipt of assays. Summary results for 9 holes are listed below.
Further to the second phase drill program, currently underway at Coringa, additional pan concentrate sampling has been completed to the south of Mato Velho and along extensions of the Coringa structures. Pan concentrate samples greater than 1.0 g/t gold and up to 150.8 g/t have now been identified over 54 km2 between the Coringa and Mato Velho target areas. These pan concentrate samples have identified further zones of gold mineralization beyond the current drill targets which significantly expands the gold potential associated with the known 15 km of mineralized shear structures at Mato Velho and Coringa (See website www.chapleauresources.com for map of gold geochemistry in pan concentrates and Table with gold values greater than 1 g/t gold).
Summary of Drill Hole Results
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Structure
and Mineralization
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Hole From To Width Gold Silver Copper Lead Zinc
BR_COR_#
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m m m g/t g/t ppm ppm ppm
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Boca-
Vessa-
Galena
Structure
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DDH23 123.00 123.50 0.50 0.76 BD 44 632 790
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123.50 124.00 0.50 1.47 BD 88 2522 5474
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DDH24 71.00 71.50 0.50 0.50 BD 105 977 1701
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71.50 72.00 0.50 0.08 BD 186 774 1896
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72.00 72.50 0.50 0.51 BD 95 691 3154
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72.50 73.00 0.50 4.50 2.05 115 1368 1018
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DDH25 131.00 131.50 0.50 3.05 BD 21 3.9 38
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133.00 134.00 1.00 1.38 BD 80 26 49
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DDH26 52.10 52.60 0.50 5.07 21.00 4556 2159 83
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52.60 53.10 0.50 0.33 10.00 2244 1872 62
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DDH27 128.00 128.50 0.50 0.71 BD 10 358 474
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DDH28 75.80 76.30 0.50 0.88 BD 59 1091 1664
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DDH29 45.00 45.50 0.50 2.07 BD 96 2322 2755
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45.50 46.00 0.50 41.15 48.00 599 25000 7812
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55.80 57.00 1.20 0.72 BD 31 1029 1710
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DDH30 49.60 50.10 0.50 54.49 188.00 934 68000 6331
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50.10 50.60 0.50 3.10 3.00 90 2248 6887
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50.60 51.10 0.50 0.17 BD 139 1439 1956
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51.10 51.60 0.50 2.59 1.50 23 1028 1785
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53.10 53.60 0.50 8.60 5.00 24 743 952
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DDH31 100.00 100.50 0.50 0.21 BD 74 5068 562
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100.50 101.00 0.50 0.07 BD 42 2795 284
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101.00 101.50 0.50 0.11 BD 50 8854 890
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· BD – Below detection limit of less than 0.1 g/t Ag
· Gold assays greater than 0.5 g/t Au are reported with the exception of gold values included within mineralized intervals with widths of greater than 1 m.
· ppm = Parts per million. 10,000 ppm is equivalent to 1 %
Drill holes were inclined at 50° with a maximum of 173.6 m core length. Core recovery for the mineralized intervals averaged greater than 95%. The estimated true widths of all the mineralized intervals are approximately 90% of the intersected widths in the holes. Gold mineralization occurs within silicified, quartz veined and sericite altered shear zones surrounded by propylitic envelopes within granite, rhyolites and volcanic breccias. Principal sulphide mineralization includes pyrite, galena, chalcopyrite and sphalerite between 0.5% and 20.0%.
Drill cores for assaying were taken at a minimum of 0.5 m and maximum of 2.0 m intervals. All core samples (HQ diameter) were cut with a diamond saw and one-half of the core placed in bags, numbered and sealed then sent via a secure transport agency to the Company’s main office in Cuiaba in Brazil for shipping directly to the SGS Geosol Laboratory in Belo Horizonte. The core samples were then crushed down to 2 mm, a split of 250 to 300 g was taken and pulverized to better than 95% minus 150 mesh. Gold analysis was by fire assay of a 30 g sample and an atomic absorption finish. Silver and additional 32 elements using aqua regia acid digestion were analyzed by Inductively Coupled Plasma (ICP). As part of the Company’s QA/QC program duplicates, blanks and internationally recognized standards were included in the sample batches to check on assay precision and accuracy. SGS Geosol which is an ISO 9001:2000 and ISO 14001: 2004 registered laboratory also has a quality control program in place which includes standards and duplicates.
This press release was prepared by Ian Gendall, Pr. Sci. Nat., a qualified person in compliance with National Instrument 43-101.
For technical information regarding this press release, kindly contact Ian Gendall at 604 669 8511.
This press release is available on the Chapleau Resources IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/Chapleau.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Contact:
Ian Gendall
Chapleau Resources Ltd.
(604) 669-8511
Website: www.chapleauresources.com
