Nov. 30, 2010 (Filing Services Canada) --
Champlain Reports Assays of Multiple High Grade Gold Samples including 75.9 g/t Au on its Laird Lake Gold Property Located in Red Lake, Ontario
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
* Targeting drilling in early 2011
Calgary, Alberta CANADA, November 30, 2010 /FSC/ - Champlain Resources Inc. (CPL - TSX Venture), ("Champlain" or the "Corporation"), is pleased to announce the results of the Phase 1 prospecting program recently completed on its Laird Lake Gold Property located near Red Lake, Ontario. A total of 187 samples were collected throughout the property during the 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
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CW1002 70.6 MQ1008 33.4
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CW1003 5.75 MQ1009 5.84
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GS1001 75.9 MQ1010 18.7
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GS1002 73.6 RQ1006 35.8
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GS1003 15.95 RQ1007 24.4
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MQ1006 36.1 RQ1008 27.0
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Mr. Troy Mochoruk states "We are extremely impressed with the results of high grade gold sampling during the Phase 1 program. The assays are some of the best recorded to date from this area. The identification of gold concentrations along the south margin of the Laird Lake magnetic high may prove valuable in aiding with additional exploration. Champlain looks forward to actively exploring this area and moving this program to a drill ready stage during 2011."
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.
A recent review of geological and airborne geophysical data suggests the area represents a highly prospective belt of rocks. Initial results indicate that gold mineralization appears to be concentrated along the southern edge of an intense magnetic high anomaly situated directly under Laird Lake. The source of the anomaly is not clearly understood but may be related to mineralization in the area. The Laird Lake claims comprise prospective mafic and felsic metavolcanics along with ultramafic and multiple phase porphyritic intrusives. Strong structural features and deformational zones also cut through the property. Such an environment, particularly in the Red Lake area, may prove conducive to hosting gold deposits. Additional detailed geological, geochemical and geophysical work will be required as part of an ongoing exploration program.
A compilation of all data pertaining to the property is also on-going and a program of follow-up winter ground geophysics is currently being planned. Maps related to the Laird Lake Property can be viewed on the Company website at www.champlainresources.com.
All samples were analyzed at ALS Canada Limited ("ALS"), an ISO 17025 accredited company.
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 actively exploring the Laird Lake area and moving the Laird Lake program to a drill ready stage during 2011. Although the Company 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 Company to obtain sufficient financing to complete the program, as well as risks and variables associated in general with the Company's industry. As such the future plans and objectives of the Company 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 Company has, in part, relied on information provided in 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 Company is correct, or will not be affected by events or circumstances beyond the control of the Company. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company 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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