Feb. 9, 2011 (Filing Services Canada) -- Champlain Resources Inc. (CPL - TSX Venture)
Highlights:
* High grade gold samples up to 75.9 g/t Au collected from "Pit Zone"
* Laird Lake #2 showing assays 9.33 g/t Au
* Anomalous gold values collected up to 2.96 g/t Au over a 3.5 kilometer strike length in southwest section of claims
* 12,730 acres 100% owned and operated by Champlain
February 9, 2011, Calgary Alberta, Canada - Champlain Resources Inc. (TSX.V - CPL) ("Champlain" or the "Corporation"), is pleased to announce that recent staking initiatives have added an additional 3162 acres of mineral claims in Red Lake, Ontario. Champlain now owns and operates 12,730 acres of prospective claims in the Red Lake District.
"Champlain was very encouraged by the fall prospecting and sampling program and has taken the initiative to stake additional lands on trend with the Madsen and Starrett-Olsen Gold Deposits," said Chairman and CEO, Troy Mochoruk. "Champlain will continue to take advantage of excellent gold exploration opportunities as they present themselves".
Champlain is working towards completing the previously announced private placement financing and will continue with an ongoing work program at the Red Lake project area which will now be referred to as "The Boston Project".
The Boston Project is underlain by a portion of the prospective Red Lake Archean Greenstone Belt that hosts many of the high grade Red Lake Deposits. New geological ideas regarding mineralization in the area will be tested during upcoming field programs.
Boston Project Highlights
A total of 187 samples were collected throughout the property during the fall 2010 prospecting and sampling program. The best results came from the re-sampling of the "Pit Zone" where high grade gold values up to 75.9 g/t Au were encountered. A total of 19 grab samples were collected from this area during the program. Highlight samples have been listed in the table below.
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Gold Assay Highlight "Pit Zone"
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Sample # Assay g/t Au Sample # Assay g/t Au
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CW1001 39.1 MQ1007 10.85
CW1002 70.6 MQ1008 33.4
CW1003 5.75 MQ1009 5.84
GS1001 75.9 MQ1010 18.7
GS1002 73.6 RQ1006 35.8
GS1003 15.95 RQ1007 24.4
MQ1006 36.1 RQ1008 27.0
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Gold mineralization noted in the "Pit Zone" generally occurs in smoky quartz veins hosted within Archean mafic metavolcanics rocks. The veining is currently exposed over a 70 meter strike length and locally up to 10 feet in width. 7 out of 19 samples collected assayed better that 1 oz/t Au and visible gold was noted in several areas on the "Pit Zone".
Additional highlights from the program included the sampling of a quartz vein approximately 900 meters along strike to the northeast which returned values of 9.33 g/t Au. This area has historically been referred to as the Laird Lake #2. Highly anomalous gold up to 2.96 g/t Au was also encountered over a 3.5 kilometer strike length south and east of Laird Lake. The presence of such widespread gold in the area, particularly in various rock units including intrusives is encouraging.
All samples were analyzed at ALS Canada Limited ("ALS"), an ISO 17025 accredited company.
This technical information in this news release has been reviewed and approved by R. Dean Fraser, P.Geo, a "qualified person" under National Instrument 43-101.
For further information contact:
Mr. Troy Mochoruk
Chairman and CEO:
#1614, 246 Stewart Green SW
Calgary, AB T3H 3C8
Tel: (403) 618-8989
[email protected]
www.champlainresources.com
Cautionary Statement Regarding Forward Looking Information
This press release may contain forward-looking statements which may include plans, expectations, opinions, forecasts, projections or other statements that are not statements of fact, in particular comments relating to taking advantage of gold exploration opportunities, completing the previously announced private placement financing and the testing of new geological ideas in the Boston Project. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Achieving the expected timelines and expectations, may be affected by a variety of variables and risks associated with the capital markets and the mining and mineral processing industry, the ability of the Corporation to obtain sufficient financing to complete the program, as well as risks and variables associated in general with the Corporation's industry. As such the future plans and objectives of the Corporation are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. The Corporation has, in part, relied on information provided in analyses and the report prepared by ALS in order to develop its forward-looking statements and there is no assurance that the assumptions, forecasts or information relied upon by the Corporation is correct, or will not be affected by events or circumstances beyond the control of the Corporation. The Corporation's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Source: Champlain Resources Inc. (CPL - TSX-V)
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