The Fox River Project, located in the western Cobequid Highlands, is comprised of 176 claims covering previously defined gravity anomalies and more recently delineated Versatile Time Domain Electromagnetic (VTEM) targets. In August 2013, Minotaur Exploration Limited (Australia) conducted a review of the VTEM data identifying a total of 42 targets based on the potential for a response due to bedrock sulphide mineralization. Of the 42 targets identified, 9 were classified as high or very high priority. Inversion modeling of the VTEM targets suggest conductive sources are present between 30 and 100 meters below surface. Ground based pulse electromagnetic (PEM) was recommended over 2 high priority targets in order to define the depth and dip characteristics of the conductive source prior to drilling. In the southern portion of the project, semi-massive pyrite within a chloritic and sericitic argillite was located in outcrop along with float of a similar rock type that hosts the host galena mineralization recently discovered by Cogonov on the Bass River Project.
Chilean Metals is continuing to work with the TSXV on the approval of the previously announced purchase of Bass River and two additional properties also from Cogonov in Nova Scotia.
In addition, Chilean Metals has granted 1,600,000 options under the employee incentive stock option plan to Patrick Cruickshank, CEO and Gary Lohman VP Exploration. The option entitles the user to purchase the stock at $.09 per share for a period of five years from date of grant.
Patrick Cruickshank Chilean CEO commented
“We are pleased to complete the Fox River acquisition. We believe Fox River and the three additional properties under definitive agreement give us a very interesting stake in the growing prospectivity of the region.”
Chilean Metals Inc – Cogonov Inc – Cobequid – Fox River Composite
Chilean Metals Inc – Cogonov Inc – Cobequid – Bass River Composite
Chilean Metals Inc – Cogonov Inc – Cobequid – Parrsboro and Lynn Composite
Chilean Metals Inc – Cogonov Inc – Cobequid – Economy River Composite
Timeline
Chilean Metals Inc. Acquires Fox River from Cogonov Inc.
Read the news release here.