Two Montreal-listed companies, Spirit Lake and Chesbar Resources, plan immediately to explore their newly acquired La Salle concession in the Anacoco area of Venezuela.
The option (30% for each company) was bought from the La Salle Natural Science Foundation, a major Venezuelan educational foundation which itself was given the 2,000-hectare concession by CVG, a land-holding government agency.
Extensive geological, geophysical and geochemical work has been done and several anomalies have been identified. Small-scale mining has also occurred on an adjacent property.
Spirit Lake and Chesbar will earn their interest by spending US$1.5 million over the next two years and paying US$1.13 million over 18 months. An additional 20% interest for another $1.5 million is under discussion. Spirit Lake President John Hansuld noted that there were three main criteria in choosing La Salle. The first was the favorable geology; the second, no concerns whatsoever over land title; and third, payment and work requirements that he feels are not excessive.
Be the first to comment on "Chesbar, Spirit in Venezuela"