Chesstown Capital Announces Completion of Drilling Program on the Burton Gold Property, Ontario
July 14 2011 - 9:27AM
Marketwired
Chesstown Capital Inc. (TSX VENTURE: FG), ("Chesstown" or the
"Company") is pleased to announce the completion of its planned
initial diamond drilling campaign on the Burton Gold Property
located near Gogama, Northeastern Ontario.
Results of the drilling program will be released as they become
available.
About The Burton Property
The Burton Gold Property is located in the Swayze Greenstone
Belt, Northeastern Ontario, approximately 150 kilometres (km) south
of Timmins and 180 km north of Sudbury. The property is
well-positioned in a very actively explored geological belt and is
approximately 38 kms northwest of the Cote Lake Deposit of
Trelawney Mining and Exploration Inc. which has an inferred
resource of 4.22 M oz Au (131 M tonnes @ 1.00 g/t)(1)and is
approximately 10 km northwest of the past producing Jerome Gold
Mine which produced 56,878 ounces gold from 1941 to 1943 (303,966
tonnes @ 6.72 g/t)(2). The Burton Gold Property has been the target
of limited past exploration efforts, however, historical diamond
drill intersections include 9.34 g/t Au over an intersection length
of 7.75 metres (m) in the Shaft Zone and 9.53 g/t over an
intersection length of 1.45 m located approximately 450 m east of
the Shaft Zone at the East Zone.
The Burton Gold Property is road accessible and consists of 6
patented mining claims and 16 unpatented mining claims encompassing
22 claim units (356 hectares) located in Esther Township, Porcupine
Mining Division, Ontario.
About Chesstown Capital Inc.
Chesstown Capital Inc. is focused on gold exploration in Canada.
The Company commenced trading on the TSX Venture Exchange on May 3,
2011 after completing its Qualifying Transaction and trades under
the symbol FG.
Qualified Person and NI 43-101 Disclosure
Jamie Lavigne, P.Geo. Vice President Exploration for Chesstown
is the Qualified Person, as defined in National Instrument 43-101,
who has reviewed and approved this press release and is responsible
for the technical information reported herein.
1 Data from Trelawney Mining and Exploration Inc. press release
dated March 7, 2011.
2 Data from Ontario Ministry of Northern Development and Mines,
1988.
On Behalf of the Board of Directors
CHESSTOWN CAPITAL INC.
Edward Stringer, President, CEO and Director
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward looking statements in this news release include that the
diamond drilling results on the Burton Gold Property will be
released as they become available.
It is important to note that the actual outcomes and the
Company's actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause actual
results to differ materially may include misinterpretation of data;
that we may not be able to obtain equipment or labor as we need it;
that we may not be able to raise sufficient funds to complete our
intended exploration and development; that our applications to
drill may be denied; that weather, logistical problems or hazards
may prevent us from exploration; that equipment may not work as
well as expected; that analysis of data may not be possible
accurately and at depth; that results which we or others have found
in any particular location are not necessarily indicative of larger
areas of our properties; that we may not complete environmental
programs in a timely manner or at all; that market prices may not
justify commercial production costs; and that despite encouraging
data there may be no commercially exploitable mineralization on our
properties. Readers should refer to the risk disclosures outlined
in the Company's Filing Statement and other documents available on
SEDAR.
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.
Contacts: Chesstown Capital Inc. Edward Stringer President, CEO
and Director 705-524-3777
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