(TSX Venture: CBA)
CALGARY, Aug. 9 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear" or
the "Company") is pleased to announce that it has received assay results from
the last four holes of its current seven hole drilling program. A total of
1,229.5 metres were drilled in the search for Olympic Dam-style polymetallic
mineralization.
Hole IM05-5 intersected over 13 metres of anomalous base metal
mineralization. A 7.2 metre core length (from 99.5 to 106.7 metres) assayed
0.13% Cu and a 1.7 metre section of core (from 106.7 to 108.4 metres), assayed
0.20% Zn.
The four holes (NQ2 core) were the second half of a seven hole program to
test seven of 13 geophysical targets identified from previously completed
ground gravity, inducted polarization (IP) and magnetic surveys (see Champion
Bear's news release dated October 12, 2004) that cover two kilometres of an
eight kilometre long magnetic anomaly on the Iron Mask Property.
Drilling commenced on June 1 and the final hole was completed on June 21,
2005. Preliminary assays have been received while check assays forwarded to an
independent laboratory are still pending.
Drilling has now tested seven of the 13 IP targets along this 2.8
kilometre segment of the favourable structure. Anomalous Cu, Zn, As, Co, Ag,
Pb, Mo and Au mineralization was found in association with major structures.
Alteration was found parallel to and cross-cutting host Huronian
meta-sediments, Nipissing Gabbro and granite rocks.
Mineralization is associated within an extensive magnetite skarn zone
present within the sheared basal Espanola limestone. Sudbury breccia is
present locally. Champion Bear postulates that the extensive skarn development
and pervasive magnetic alteration may be the result of extensive deep-seated
fluid migration associated with the Sudbury Intrusive Complex. The program was
designed to explore for potential structural traps that may be found along the
Espanola Formation limestone rocks where concentrations of polymetallic
mineralization may have pooled. Preliminary evidence also indicates that
mineralization may be concentrated within fold structures in the key limestone
units that can now be traced along strike and down dip.
Hole IM05-4 was drilled at -58 degrees to test an IP anomaly located
along a west trending structure on line 4+00 S. The hole traversed sediments
for the most part and encountered the main Nipissing Gabbro at 403.5 metres.
The key limestone unit was not encountered in this hole. Elevated arsenic (up
to 77 ppm) is associated with elevated sulphides (3 to 4%) at a depth of 300
to 309 metres hosted predominantly in conglomerate with minor argillite rocks.
Some anomalous copper, in the 122 to 143 ppm range, was intersected in a
brecciated calcite veined section of the gabbro from 110.1 to 129.0 metres. No
significant mineralization was encountered.
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TABLE 1
ANOMALOUS COPPER/ZINC ZONE HOLE IM 05-05
-------------------------------------------------------------------------
Depth Depth Core
From To length Co Ni Cu Zn As Mo Ag Pb
(m) (m) (m) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm) (ppm)
-------------------------------------------------------------------------
99.5 100.5 1.0 153 576 1,555.8 121.7 31 nd nd 61
100.5 101.1 0.6 94 242 1,549.5 80.5 9 nd nd 14
101.1 101.8 0.7 32 17 556.9 51.3 nd nd nd 4
101.8 102.0 0.2 126 17 1,719.7 27.4 20 7 nd 7
102.0 102.2 0.2 7 1 120.5 15.2 nd 14 nd 5
102.2 103.0 0.8 221 136 1,959.5 29.0 13 30 2 21
103.0 103.7 0.7 198 64 3,168.2 42.9 10 nd 2 17
103.7 104.3 0.6 92 11 511.7 53.4 32 11 nd 12
104.3 105.2 0.9 142 48 934.6 688.0 20 50 nd 117
105.2 106.3 1.1 163 27 718.1 770.4 42 12 nd 120
106.3 106.7 0.4 73 15 535.3 106.9 102 4 nd 12
106.7 107.4 0.7 6 14 22.9 3,012.6 27 3 nd 5
107.4 108.4 1.0 5 9 22.9 1,308.0 37 2 nd 9
108.4 109.0 0.6 1 6 18.1 273.4 44 nd nd 137
-------------------------------------------------------------------------
Note: "nd" denotes not detected
Hole IM05-5 was drilled on line 1+00N at -58 degrees to test an IP
anomaly at a vertical depth of 100 metres along the Main Zone approximately
300 metres northeast of previous holes IM-04-01 and 02 (see Champion Bear's
news release dated March 9, 2005). This hole intersected a 13.5 metre zone
(from 95.5 to 109.0 metres) of anomalous Cu, Zn, Ni, Co, Pb and Mo within a
pyrite, pyrrhotite and chalcopyrite bearing magnetic skarn zone in the
Espanola limestone unit (see Table 1 above). A 7.2 metre section of this zone
(from 99.5 to 106.7 metres) ranged from 129 to 3,168 ppm copper to average
1,275 ppm copper (0.13% Cu), 251 ppm zinc, 136 ppm nickel, 134 ppm cobalt,
49 ppm lead and 14 ppm molybdenum. The 1.7 metre section of core (from 106.7
to 108.4 metres) returned 2,010 ppm (0.20%) zinc. Drilling terminated in
Nipissing Gabbro intrusive rocks.
Hole IM05-6 was drilled vertically to test an IP anomaly east of the Main
zone, at a vertical depth of 78 metres, on line 2+00N. The hole collared in
and cored Nipissing gabbro for 112.6 metres and granite to 172.4 metres at the
end of the hole. The anomaly corresponded to a 7.5 metre section of gabbro
(from 73.0 to 80.5 metres) which contains sporadic elevated sulphide
mineralization. The zone was weakly altered and contained copper in the range
of 72 to 199 ppm. The key limestone unit was not encountered.
Hole IM05-7 was drilled at -61 degrees to test an IP anomaly on the Henri
Zone limestones on Line 16+00 N. The hole encountered extensive meta-sediments
prior to intersecting the Nipissing Gabbro at 279.4 metres much later than
expected. Several fault zones encountered in the hole may account for the
displacement or steeper dip of the gabbro dyke in this area. The key limestone
was not encountered and anomalous mineralization was limited to 407 ppm Cu and
904 ppm Cu, respectively, over 0.7 and 0.2 metres in magnetite-pyrite-
chalcopyrite and calcite veined rocks within the top 30 metres of core.
Champion Bear is very encouraged by these results. Drilling has confirmed
the presence of an extensive area of alteration. Three holes drilled along the
main zone, IM04-1, IM04-03 (see Champion Bear's news release dated March 9,
2005) and IM05-05 have encountered anomalous polymetallic Cu, Zn and Ag
mineralization (see the attached Figure:
http://files.newswire.ca/363/gravitymap.pdf). These three holes which sampled
a 1,000 metre segment of the main zone show that extensive alteration
encompasses the sporadic historical high values of Cu, Bi, Co (see Champion
Bear's news release dated October 12, 2004) which occur as occasional isolated
narrow veins along these major structures that appear to be the plumbing
system for the mineralizing fluids.
Champion Bear is planning a three-pronged exploration program to test the
remaining six IP targets, explore in detail the key limestone and structures
near Hole IM05-05 and to extend the IP surveys to the northeast.
The exploration field work was carried out by Watts, Griffis and McOuat
Limited, Champion Bear's consulting geologists, under the direction of Joe
Hinzer, P. Geo., who is also the qualified person responsible for the
preparation of this news release. Samples from the Iron Mask drill program
were sealed in plastic sample bags and shipped directly to SGS laboratories in
Toronto, Ontario, an ISO accredited laboratory.
Champion Bear is a mineral exploration company focused exclusively on the
historically prospective regions of Ontario. The Company's primary target is
platinum group and precious metals and to a lesser extent polymetallic base
metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create
shareholder value through selective property acquisition and joint venture
followed by focused exploration emphasizing drilling. The Company has
assembled a large land position in the Dryden and Sudbury areas, totaling over
16,000 hectares.
Forward-looking statements - statements included in this news release
that are not historical facts may be considered "forward-looking statements".
All estimates and statements that describe the Company's objectives, goals or
future plans are forward-looking statements. Forward-looking statements
involve inherent risks and uncertainties where actual results could differ
materially from those currently anticipated.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
>>
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