Spirit Lake Explorations (ME) and Chesbar Resources (TSE) have announced a spectacular intersection from a trench on La Salle concession in the Anacoco area of eastern Venezuela.
Results from the first trench of the joint-venture program returned assays averaging 5.07 grams gold per tonne over 30 metres. If low-grade gold-bearing material is included, the average grade changes to 2.72 grams per tonne over 60 metres.
The trench, completed by operator Chesbar, was dug to a depth of up to two metres across the southern portion of the central gold zone. The zone was outlined by a geochemical survey and measures about 1,600 metres long by 800 metres wide. The central gold zone extends further to the south onto a concession where Tombstone Exploration (VSE) is working. Tombstone has completed five trenches and reported assays ranging between 0.47 grams per tonne across 102 metres and 1.761 grams per tonne over 58 metres. Spirit and Chesbar are planning further trenching on the central gold zone, as well as other trenching on other gold-bearing zones. This will be followed by drilling.
In other news, Spirit will, over the next year, seek one or more private placements to total six million shares. The company will use the proceeds to explore La Salle and two other Venezuelan concessions known as Los Purgos and July. Chesbar is the operator and joint-venture partner on the former. Spirit intends to change its name to VenCan Gold, but will continue to trade on the Montreal Exchange.
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