Absolut Resources Corp.

Absolut Resources Corp.

December 19, 2006 13:27 ET

Absolut Announces Results of Bulk Sampling at Chaparra

TORONTO, ONTARIO--(CCNMatthews - Dec. 19, 2006) - Absolut Resources Corp. (TSX VENTURE:ABS) announced today that it has received results from an underground bulk sampling program at the Chaparra high-grade gold mesothermal vein system, located 45 km east of the coastal town of Chala, in the department of Arequipa, Peru. The Chaparra Project consists of 3,730 hectares of exploration concessions within the Chaparra District of the Nazca-Ocona gold belt. There has been mining activity in Chaparra since the 1930s.

Results from the bulk sampling program confirm rock chip sampling results from 2005 (see news release September 7, 2005) indicating that mineralization continues beneath the previously mined 1,900 m Level of the El Cambio Vein, with grades of up to 25 g/t Au over 1.5 m widths.

Bulk Sample Results:

Sample Titan
Number Length Width Weight Labs ALS Chemex Labs
(m) (m) (tonne) Au (g/t) (Duplicates) Au (g/t)
1 6.0 0.90 21.0 8.77 10.26
2 10.0 0.52 58.8 10.74 12.40
3 5.0 0.70 5.0 14.00 15.25
4 6.1 0.80 15.0 6.50 7.62
5 4.4 0.60 5.2 12.75 14.00
6 3.2 1.12 4.8 6.53 7.47
7 4.4 1.50 9.9 22.02 25.01
8 6.0 0.18 1.3 3.42 3.78

Further exploration rock chip sampling throughout the Chaparra vein system has returned concentrations of up to 24.3 g/t Au from Veta Victoria, 20.1 g/t Au from Veta Rinconada, 16.85 g/t Au from Veta Encantada, 7.9 g/t Au from Veta Blanca and 5.6 g/t Au from Veta Rosario. A map is available on the Company website http://www.absolutresources.com/projects/chaparra.htm.

Absolut has been permitted to complete 3,500 metres of exploration drifting on the Chaparra Project.

Bulk samples from El Cambio were collected by company staff and transported via a company truck to the Belen Plant of Minera Titan del Peru S.R.L. At the Belen plant, the sample is weighed, crushed to -30 cm and then a 100 kg portion is collected. The sample is then quartered into a 25 kg sample that is ground to -200 mesh, from which six 500 g samples are collected. Two of the 500 g samples are then sent to the Titan Chemical Lab, two are stored at Minera Titan's facilities and two are transported to Absolut's offices in Lima. One 500 g sample is then sent to the Lima labs of ALS Chemex for analysis using a 50 g fire assay method with gravimetric finish. Results from both the Minera Titan and ALS Chemex laboratories are reported in this news release.

On September 8th, 2005 Minera Calipuy (Absolut's 100% Peruvian subsidiary) exercised its option to purchase Compania Minera Colorado S.A.C. ("CMC"), a privately held Peruvian company with an option to purchase the Chaparra Project. Under the CMC share purchase agreement, Absolut issued 100,000 shares of ABS stock to CMC directors and will pay $US600,000 over a four-year period.

On November 10th, 2005 CMC permanently ceded its contractual positions and assets to Minera Calipuy. The 8 Chaparra concession assets and concession obligations of US$1,500,000 over a 4-year period, were assumed by Minera Calipuy. Minera Calipuy also assumed responsibility for the annual concession fees and the salaries of the people working at the mine. No interest is payable on either the share purchase or concession obligation schedules of payments. Subsequent to the agreement, CMC was placed in formal liquidation under the administration of the firm of Rivera Lhoiry.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Absolut Resources Corp.
    Daniel Noone
    President & CEO
    (416) 214-4654
    (416) 599-4959 (FAX)