Chrysos Capital Corporation
TSX VENTURE : CSZ

March 04, 2010 10:26 ET

Chrysos Commences 2010 Program at Niaouleni

HALIFAX, NOVA SCOTIA--(Marketwire - March 4, 2010) - Gregory Isenor, P.Geo., President and CEO of Chrysos Capital Corporation. ("Chrysos")(TSX VENTURE:CSZ) announces that the 2010 exploration program at the Niaouleni Gold Project ("Niaouleni") has begun.



Highlights

- Niaouleni Gold Project - contiguous to and on strike with the Kabada
deposit targeted for 1,000,000 ounces (i)
- Camp construction completed
- Historical data compilation, review and analysis substantially complete
- Soil and termite mound geochemical survey in process
- RAB drill program in advanced planning
- Diamond drill program planned


Commentary

"We are pleased to announce that the 2010 exploration program is underway on our 94 square kilometre Niaouleni Gold Project in south Mali," said Gregory Isenor, President and CEO of Chrysos. "We have brought together a first-class exploration team and construction of a year-round camp is complete. An extensive process of compilation, review and analysis of an estimated $10,000,000 of historical exploration work is substantially complete. A soil and termite mound geochemical survey covering all areas not previously sampled and verifying prior sampling programs is underway. Lastly, a substantial Rotary Air Blast ("RAB") drill program is well advanced in planning and a confirmation diamond drill program is on our 2010 exploration agenda. Given the very substantial amount of historical exploration data available to us we anticipate that the current program will quickly define many significant drill targets for future drill programs."

Niaouleni Gold Project

Located in south Mali, Niaouleni (pronounced ne-ow-len-ee) is comprised of two granted and one pending exploration permits covering 94 square kilometres. Accessible by year round road, Niaouleni encompasses approximately one-half of a major 25 km mineralized structure extending from Naiouleni north to the Kabada Deposit where African Gold Group has launched an exploration program aimed at establishing a 1,000,000 ounce gold resource(i). Niaouleni is an ancient artisanal gold mining site with recorded activity dating back to the fourteenth century. Since the 1960s, Niaouleni had been explored by both public and private companies and Frontline has acquired and now reviewed and analyzed all of that historical data.

(i) AGG news release February 18, 2010

Niaouleni 2010 Exploration Program

The Niaouleni 2010 exploration program is comprised of four components: camp construction, historical data evaluation, geochemistry, and drilling.

Camp

Chrysos has constructed a year round camp comprised of residential compounds, kitchen and dining facility and a digitally connected exploration headquarters. This exploration compound is accessible by year-round roads.

Project History

The effective compilation, review and analysis of the approximately $10,000,000 of historical exploration at Niaouleni, all of which Chrysos has acquired, is critical to maximizing the future success of exploration programs at Niaouleni. This process is now substantially complete and the results will greatly assist the directing of future RAB and diamond drill programs.

Geochemistry

From prior exploration there are significant amounts of geochemical data available. The current geochemical surveys will survey all permit areas not already sampled and will sample other areas sufficient to verify the historical geochemical surveys. Additionally, a termite mound sampling program, a widely-accepted exploration technique in both Africa and Australia for obtaining deep (+75 metres) samples, is underway.

The Drill Program

A significant drill program is planned for 2010. A major RAB program to test drill targets identified by prior exploration and geochemistry is in the advanced planning stage and diamond drilling of selected verification holes to confirm historic drill results and new priority targets will follow.

The principal assets of Chrysos are a 100% ownership of the Niaouleni Gold Project in Mali and its 50% interest in the Jubilee Zinc Project and ancillary zinc properties, the Cape Breton Regional Zinc Claims and the Eastville Permits, all in Nova Scotia. (see news release January 4, 2010)

Gregory P. Isenor, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Chrysos Capital Corporation
    Greg Isenor
    President & CEO
    (902) 832-5555
    or
    Chrysos Capital Corporation
    Tom Hickey
    Vice-President
    (902) 832-5555
    info@merrexgold.com