(TSX Venture: CBA)
CALGARY, July 28 /CNW/ - Champion Bear Resources Ltd. ("Champion Bear") has commenced approximately 10,000 metres of drilling at its wholly-owned Eagle Rock Property to assess the quality and quantity of the mineralization at the property and prepare a resource estimation as warranted at the conclusion of the drilling program. In addition to the drilling, the company will also be carrying out a systematic surface trenching and channel sampling program and extending the previously completed IP and geological mapping program.
Drilling will be completed in two stages, an initial 4,000 metres, and the balance as field conditions permit. The drill program has been designed to drill test the mineralized zone at 50 metre centres both along strike and down dip.
Three recently completed test drill holes in December 2007 (see full details in the news release dated February 21, 2008) encountered encouraging results (see Table 1).
Table 1 - Summary Table of 2007 Eagle Rock Drill Core Assay Results
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Plat- Palla- Nic-
Inter- Gold inum dium Copper kel
section g Au/t g Pt/t g Pd/t 3PMs % % Ni
Hole From To Metres(1) (x) (x) (x) g/t(x) Cu(xx) (xx)
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ER-07-47 127.5 202.5 75.0 0.150 0.186 0.337 0.673 0.35 0.06
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including 174.5 197.5 23.0 0.239 0.289 0.510 1.038 0.53 0.08
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ER-07-48 110.5 133.6 23.1 0.197 0.251 0.429 0.877 0.43 0.07
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including 112.5 121.5 15.0 0.246 0.318 0.542 1.105 0.55 0.09
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ER-07-49 148.0 178.0 28.0 0.155 0.181 0.429 0.635 0.22 0.04
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including 148.0 152.0 4.0 0.332 0.438 0.691 1.461 0.45 0.06
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including 172.0 178.0 6.0 0.385 0.450 0.748 1.583 0.54 0.13
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Notes:
(1) denotes core length.
(x) denotes values converted from ppb (not assayed as g/t).
(xx) denotes values converted from ppm (not assayed as %).
Geological and geophysical IP surveys completed during the summer of 2007 covered a 900 metre segment of the Campbell Zone. The planned work program in 2008 will extend this work both to the east and west to cover the full 1.6 kilometre strike length of zone.
The diamond drilling program, channel sampling, mapping and geophysical programs for Eagle Rock, will be carried out by Watts, Griffis and McOuat Limited personnel, under the field supervision of WGM senior associate geologist P. Dunbar, P. Geo.
The QP for the technical aspects of this news release is Joe Hinzer P. Geo., President of WGM.
Champion Bear also announced today that it has granted options to acquire 656,000 common shares of Champion Bear to the Chairman and President of the company at an exercise price of $0.50 per share until July 24, 2013. The options vest as to one-third thereof on each of the six, 12 and 18 month anniversaries of the date of the grant.
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.
This news release contains forward-looking statements concerning the company's intention to complete additional exploration on the Eagle Rock Property which are based on Champion Bear's current internal expectations. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties that are common to junior mineral exploration companies. These risks and uncertainties include, among other things, Champion Bear's need for additional funding to continue its exploration efforts and changes in general economic, market and business conditions. The company undertakes no obligation to update or revise any forward-looking statements except as required by applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.