Claim Post Resources Inc.
TSX VENTURE : CPS

Claim Post Resources Inc.

April 06, 2011 11:00 ET

Claim Post Resources Intersects a New Gold Bearing Porphyry System on the Dayton-Racetrack Property-Timmins

TORONTO, ONTARIO--(Marketwire - April 6, 2011) - Claim Post Resources Inc. (TSX VENTURE:CPS) (the Company) has completed the first 2 diamond drill holes of the winter drill program on the Dayton Racetrack property 5 miles south of the city of Timmins in Northern Ontario, Canada. The historical Dayton gold zone has been traced by ground magnetics and "deep" IP and most recently with a deep EM – Magnetic airborne survey by Fugro. The Insight deep IP survey has indicated a 1.2 km wide shear zone with IP targets similar, in nature, to the Lakeshore Gold system, 20km to the west.

2011 Drilling Program Results

As mentioned in the previous Company Press Release dated October 13, 2010, diamond drill hole CPDP10-06 was collared at the west end of Dayton gold system to intersect the down plunge direction at a 300m depth. This hole intersected two anomalous gold quartz vein systems with the best intersection being 1.14g/t gold along a core length of 3.1m; both intersections were located in much wider zones of quartz veining, 8.4m and 7.6m core length respectively. The 2011 diamond drill holes CPDP11-08 and -09 were designed to check the Dayton gold horizon 200m and 500m further to the west.

Drill hole CPDP11- 08; was drilled at 180 degrees azimuth with a minus 50 degree dip. The reflex survey showed the hole flattening to 38 degrees prior to terminating in a talc-chlorite rich shear zone. However, nine separate low grade gold intersections were assayed with the intersections over 1.0 g/t listed on the attached table. The highest grade interval to date is 5.87g/t over .66m within a mineralized lens averaging 1.2g/t over 6.78m. A wider zone of banded iron formation, compared to the surface exposure, was noted from 592.24 to 598.92 meters down the hole.

Drill hole CPDP11-09 was drilled south to the north (000 azimuth) at a minus 58 degree dip and intersected 3 gold bearing porphyry lenses between 260 m to 430m; 451m to 486m and 622m to 635m, prior to terminating in a siliceous, porous, "rehealed-pebbly" volcanic zone from 700m to 743m. A total of 15 low grade gold intersections were encountered in all rock types including the porphyries. The best grade intersection assayed 4.79g/t gold over 0.84m, from 701.24 to 702.21 m down the hole – see following table for intersections and lithological units.

Table 1: Significant Intersections CPDP11-8

Hole # Dip Length
(m)
Rock Type From
(m)
To
(m)
Core
Length (m)
Au
(g/t)
CPDP11-8 -45 614.00 Altered Tuff 253.89 254.64 0.75 0.85
      Altered Tuff 258.43 259.16 0.73 0.86
      Brecciated Quartz Vein 441.85 442.89 1.04 0.37
      Brecciated Chlorite Schist 442.89 443.35 0.46 0.96
      Brecciated Chlorite Schist 443.35 443.70 0.35 0.11
      Brecciated Quartz Vein 443.70 444.23 0.53 0.01
      Brecciated Chlorite Schist 444.23 444.92 0.69 0.37
      Weighted Average     3.07 0.37
      Sheared Tuff 473.07 473.67 0.60 0.65
      Brecciated Tuff 473.67 474.65 0.98 0.01
      Brecciated Tuff 474.65 475.57 0.92 0.53
      Brecciated Tuff 475.57 476.40 0.83 0.45
      Brecciated Tuff 476.40 477.27 0.87 0.94
      Sheared Tuff 477.27 478.48 1.21 1.08
      Weighted Average     5.41 0.63
      Sheared Tuff 512.13 512.63 0.50 1.62
      Volcanic Agglomerate 568.19 568.77 0.58 1.64
      Porphyritic Andesite 586.67 587.71 1.04 0.31
      Porphyritic Andesite 587.71 588.51 0.80 0.88
      Porphyritic Andesite 588.51 589.25 0.74 0.68
      Weighted Average     2.58 0.59
      Banded Iron Formation 592.24 592.90 0.66 0.75
      Banded Iron Formation 592.90 593.58 0.68 0.91
      Banded Iron Formation 593.58 594.37 0.79 0.29
      Banded Iron Formation 594.37 595.01 0.64 0.71
      Banded Iron Formation 595.01 595.50 0.49 1.33
      Banded Iron Formation 595.50 596.19 0.69 0.01
      Banded Iron Formation 596.19 597.00 0.81 0.01
      Banded Iron Formation 597.00 597.66 0.66 5.87
      Banded Iron Formation 597.66 598.07 0.41 0.01
      Banded Iron Formation 598.07 598.92 0.85 1.45
      Weighted Average     6.68 1.13
      Chlorite Schist 601.88 602.40 0.52 1.00
      Chlorite Schist 602.40 603.02 0.62 0.28
      Chlorite Schist 603.02 604.01 0.99 0.57
      Weighted Average     2.13 0.59

Table 2: Significant Intersections CPDP11-9

Hole # Dip Length
(m)
Rock Type From
(m)
To
(m)
Core
Length (m)
Au
(g/t)
CPDP11-9 -58 743.00 Porphyritic Syenite 274.23 275.06 0.83 1.36
      Porphyritic Syenite 275.06 275.83 0.77 0.11
      Porphyritic Syenite 275.83 276.45 0.62 1.73
      Weighted Average     2.22 1.03
      Porphyritic Syenite 300.81 301.33 0.52 0.96
      Altered Syenite Porphyry 405.75 406.38 0.63 2.41
      Altered Syenite Porphyry 422.56 423.23 0.67 0.85
      Syenite 428.35 429.00 0.65 0.31
      Brecciated Syenite 429.00 429.55 0.55 1.45
      Brecciated Syenite 429.55 430.30 0.75 0.34
      Weighted Average     1.95 0.65
      Brecciated Chlorite Schist 494.71 495.43 0.72 0.37
      Chlorite Schist 495.43 496.58 1.15 1.76
      Chlorite Schist 496.58 497.42 0.84 0.34
      Weighted Average     2.71 0.95
      Chlorite Schist 506.23 506.65 0.42 2.86
      Chlorite Schist 506.65 507.38 0.73 0.01
      Chlorite Schist 507.38 508.20 0.82 0.54
      Brecciated Chlorite Schist 508.20 508.84 0.64 0.01
      Quartz Vein 508.84 509.41 0.57 0.01
      Brecciated Quartz Vein 509.41 510.23 0.82 0.51
      Quartz Vein 510.23 510.94 0.71 0.40
      Weighted Average     4.71 0.50
      Porphyritic Chlorite Schist 557.45 557.95 0.50 0.91
      Porphyritic Chlorite Schist 567.14 567.94 0.80 0.45
      Porphyritic Chlorite Schist 567.94 568.69 0.75 0.79
      Porphyritic Chlorite Schist 568.69 569.60 0.91 0.68
      Weighted Average     2.46 0.64
      Chlorite Schist 627.86 628.12 0.26 0.88
      Porphyritic Syenite 628.12 628.75 0.63 0.77
      Weighted Average     0.89 0.81
      Altered Syenite Porphyry 639.84 640.23 0.39 1.73
      Chlorite Schist 646.68 647.15 0.47 0.71
      Chlorite Schist Shear Zone 701.24 702.08 0.84 4.79
      Porphyritic Chlorite Schist 738.06 739.21 1.15 1.56

The Company's President and C.E.O., Charles Gryba commented: "A gold exploration program in the Timmins area looks for 3 things: gold values, fault structures and porphyry systems. Finding a new gold bearing porphyry system that looks like the Lakeshore porphyries is very encouraging. As for structure, both holes unfortunately ended in porous fault/shear zones before completely drilling through the IP targets. As such, we may have identified the north boundary of the 1.2km wide shear zone"

"The Dayton gold system has now been test drilled along a strike length of one kilometer with gold values intersected down to a depth of 500m. We also now have evidence that a porphyry system and structure exists on the properties. What is encouraging is that the numbers of individual gold intersections are increasing from 2 or 3 at the east end of the Dayton gold system to 15 intersections (greater than 1.00 g/t) in multiple rock types over a 200m width towards the west. Many of the gold systems in Timmins have been known to be 3 to 10 km long and so; we will keep drilling further west, and hopefully sooner or later we may encounter a wider high grade zone."

A total of 227 samples were sawn from drill hole CPDP11-8 and 666 samples from CPDP11-9. One half of the sawn core was left in the box with it's corresponding sample tag. The second half was bagged and sent to SPJ Labs, Metals & Minerals in Lively, Ontario for fire assay gold analysis with a gravimetric finish. SPJ Labs is an ISO 9001 certified lab for sample preparation and fire assaying. 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.

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:

http://rblcommunications.com/webcasts/CPS1apr2011/CPS1apr2011.html

Investors are also invited to visit the Claim Post social network where images of core intersections that correspond with this press release can be viewed.

Facebook http://www.facebook.com/pages/Claim-Post-Resources/135101976562107

Twitter http://twitter.com/claimpost

YouTube http://www.youtube.com/user/claimpostresources

Flickr http://www.flickr.com/photos/claimpostresources

Claim Post Resources has also updated its corporate website. Please go to:

www.claimpostresources.com

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
    www.claimpostresources.com
    or
    First Canadian Capital Corp
    Daniel Boase
    Investor Relations
    416-742-5600