Claim Post Resources Inc.

Claim Post Resources Inc.

June 21, 2011 09:15 ET

Claim Post Resources Exploration Update

TORONTO, ONTARIO--(Marketwire - June 21, 2011) -Claim Post Resources Inc. (TSX VENTURE:CPS) (the Company) is pleased to provide the following update, having drilled a total of five diamond drill holes on the Dayton-Race Track property. Two NQ size diamond drill holes were completed on the Dayton - Porcupine Gold Trend 8 kilometres (km) south of Timmins, Ontario in Deloro Township. Three NQ size diamond drill holes took place on the Race Track Property 10 km South West of Timmins and 3 km from the Porcupine Destor in Ogden Township.

Claim Post is fully funded of 2011 for the remainder to continue its exploration programs on the Dayton-Racetrack, McLaren Mine and Kamiskotia properties. Osisko Mining Corporation is scheduled to spend $1.1 million dollars under the Mountjoy Township Agreement (see website for details of Agreement).

Dayton – Porcupine Gold Trend

Diamond drill hole CPDP11-10 was drilled north along grid line 5900E at 375S to test the lithological unit above and north of hole CPDP 11-09 which intersected 15 low grade gold intersections (See April 6th Press release). CPDP11-10 was dominantly in a chlorite schist with weak carbonate and silica alteration zones throughout. A quartz feldspar porphyry unit was intersected from 350.0 metres (m) to 363.8 m. Only anomalous gold values 0.2 grams per tonne were intersected in Hole 10. This suggested that the gold maybe confined to the porphyry units intersected in hole 9; an estimated 50 m to the south.

The second hole on Dayton property CPDP11-11 was designed to test a deep IP anomalous feature as well as to test for the south boundary of the porphyry intersected in Hole 9. CPDP11-11 was drilled in a southerly direction on line 5900E at 800S to a depth of 728 m. The majority of the hole contained a mafic volcanic tuff unit with 3 main lenses of feldspar porphyry/quartz-feldspar porphyry units. A 300 m diabase dike occurred at the center of the hole from 263 m to 570 m. Assays are still pending from this hole.

Most recently the Diamond drill has been moved to the McLaren Porcupine property 5 miles SE of Timmins to test another deep IP anomaly from a survey conducted last summer. During the month of May, Claim Post Resources was engaged by Goldstone Resources Inc. (TSX VENTURE:GRC) to manage a diamond drill program comprised of 4 holes or 1000 m. The drilling was completed in Deloro Township within striking distance of Claim Post's wholly owned McLaren Porcupine Mine property. The drilling was based on the shared Airbourne Magnetic and Radiometric Survey that was conducted earlier this spring. "Managing the drill program was beneficial to Claim Post as Goldstone Resources was drilling on the McLaren boundary giving us a better understanding of the surrounding geology. Secondly there was a cost plus fee paid for services."

Race Track Property

Claim Post Resources Inc. also recently completed 3 holes (1800 m) on the Racetrack property with a second drill. The main purpose was to test a deep modeled Fugro airborne EM anomaly. The target is modeled to start about 700 m below surface with an estimated diameter of 1500 m in diameter. Talc – chlorite schist faulted material with chlorite seams was encountered throughout the entire length of each hole which were only able to reach 500 m in depth.

However a syenite unit was noted in two out of three holes. Diamond drill Hole CPRT11-01 intersected nickel mineralization at the lower contact of the syenite lens. ICP analysis of the core resulted in a weighted average of 1,226 parts per million "ppm" nickel over 1.95 m of core. Hole CPR11-03 intersected the same type of unit and contained a weighted average of 606 ppm Ni over 4.2 m of core length. This nickel mineralization was noted at the upper contact of the syenite unit.

To re-evaluate and define the deep EM target; both a Gravity and a Down-the-Hole IP survey have been contracted. The surface gravity survey was completed with a DTH IP survey this past week. The gravity survey indicated that a gravity low; fault bounded grabin type structure exists. The gravity survey results are very similar to a previous gravity survey crossing Pearl Lake above the McIntyre Mine. The DTH IP survey is within 200 m of the top of the EM target thus, results from that survey will be used to collar the 4th diamond drill hole.

Charles Gryba President and CEO remarked, "We are very pleased at the progress of the 2011 Dayton Racetrack Property drill program. We have traced the historical Dayton gold horizon west into a multi - phased porphyry intrusive that is 600 to 800 m in diameter with gold values on the north contact. Drilling the deep EM anomaly on the Race Track Property 2 km further west has been challenging as we have hit extensive faulting at a 500 m depth. The EM target size, modeled at 1500 m in diameter is four times larger than any other anomaly that Claim Post has on its 200 km2 land portfolio; thus is worth a 4th hole if the IP confirms the target."

"On a regional exploration basis, we have contracted to Exsics Exploration Services to conduct 40 km of line cutting followed by 1,000 MMI™ (Mobil Metal Ion) Orientation Survey Geochemical program at 25 m spacing on the cut North South lines. The entire Dayton Racetrack property will be sampled at 500 m intervals to look for parallel east-west gold horizons. Secondly, our partner Osisko Mining Corporation has also contracted an Airborne Magnetic and Radiometric survey to cover the Mountjoy and a portion of Godfrey Township. The Airborne results will be combined with last year's 3,000 MMI™ sampling results and to plan the next phase of exploration in Mountjoy Township."

A total of 50 diamond drill core samples are presently awaiting ICP multi-element results and 400 diamond drill core samples are in the laboratory waiting on fire assay gold analysis. All samples were sent to Expert Laboratories in Rouyn-Noranda, Quebec for sample prep and fire assay gold analysis. The prepped ICP samples are shipped to Actlabs main laboratory in Ancaster, Ontario for geochemical ICP analysis using a full acid leach process. Both labs are certified labs under ISO certification. Blanks, duplicates and standards are inserted into the drill core sampling process 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.

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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 km2 or 72 square 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.

Click on the link below to listen to an interview with Claim Post President & CEO, Mr. Charles Gryba discussing the significance of this press release:


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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

    First Canadian Capital Corp
    Daniel Boase
    Managing Partner
    416 742 5600