Claim Post Resources Inc.
TSX VENTURE : CPS

Claim Post Resources Inc.

January 18, 2011 11:16 ET

Claim Post Resources Commences Drilling on the Dayton-Racetrack Property

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2011) - Claim Post Resources Inc. (TSX VENTURE:CPS) (the Company) has signed a 5,000 meter drill contract with Crites Diamond Drilling and has commenced the winter diamond drill program. The Company has prioritized 3 gold and 2 VMS base metal drill targets on the Dayton-Racetrack and Kamiskotia Properties respectfully. The Dayton-Racetrack gold targets were identified from the deep IP program that was completed in September of 2010.

The Company is also pleased to announce that it has completed a Fugro Magnetic and Deep EM Airborne geophysical survey over the entire Dayton-Racetrack Property. The Dayton Gold zone has a 1 to 2 meter wide pyrite – pyrrotite marker horizon which may be traceable by the airborne EM survey. The 16 km2 Racetrack property; although only 3 km south of and parallel to the Porcupine Destor Fault has never been historically drilled, and therefore tracing the Dayton Horizon west is a priority.

The current phase of the Dayton Racetrack gold exploration involves drilling along strike to the west and down plunge of the 500m long Dayton Porcupine gold zone. The two initial 600m long DD holes will be collared 200m and 500m further to the west of initial drill hole 1. The deep IP indicates that the system becomes more competent to the west thus probably has more silica or quartz veining.

Phase One Drilling Program Results

As mentioned in the Company's previous Press Release dated October 13, 2010, an initial DD hole (CPDP10-06) on the Dayton Property was targeted to intersect the down plunge direction of the Dayton gold horizon to the west. This hole intersected two anomalous gold quartz vein systems, the upper horizon assayed .3g/t over a core length of 1.8m and the lower horizon assayed 1.14g/t gold a core over length of 3.1m. Both intersections were located in much wider zones of quartz veining, 8.4m and 7.6m core lengths respectively. The above intersections were at 200 and 250m below surface respectively and both matched the deep IP profiles.

A second DD hole (CPDP10-07) was designed to check a very strong chargeability anomaly within a serpentine dike that also crosses the Dayton Property. The second hole has been logged; diamond sawed and is out for Platinum – Palladium assaying. The second hole will be deepened in this program of drilling to 500m to check a parallel resistivity - weak chargeability anomaly on the north side of the serpentine.

The Company's President and C.E.O., Charles Gryba commented "We are pleased that 2 of the quartz vein systems below the west end of the Dayton Gold Horizon had anomalous gold at 200 and 250 m depths; most of the previous diamond drilling was less than 100 m in depth. The IP sections indicate that the system is getting stronger to the west."

A total of 299 samples were sawn from the drill core with one half left in the box and the other half sent to Actlabs in Timmins for fire assay analysis with a gravimetric finish. The pulps were then transferred to the Actlabs main laboratory in Ancaster, Ontario for geochemical ICP analysis using a full acid leach process. Blanks, duplicates and standards were inserted into the sampling process every 30 to 40 samples as part of the ongoing QA/QC program.

Lawrence Buss P. Geo. Exploration Manager is Claim Post's Qualified Person in compliance with National Instrument 43-101 with respect to this release. Mr. Buss has reviewed the contents for accuracy and has approved the press release on behalf of Claim Post.

Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company currently holds a 100% interest in the mineral rights to about 1145 staked claim units and 63 patented claims (~200 km sq. or 72 sq. miles), wholly within the city limits of Timmins, Ontario. The Company continues to stake ground as it becomes available. There are 36,163,831 common shares of the Company issued and outstanding.

Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.

Neither 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

  • Claim Post Resources Inc.
    Charles Gryba
    President and Director
    416 801 6366
    or
    First Canadian Capital Corp
    Daniel Boase
    Managing Partner
    416 742 5600