Breakaway Resources: JV partner reports gold exploration target at Chameleon Prospect

Breakaway Resources (ASX: BRW) joint venture partner Aphrodite Gold (ASX: AQQ) has reported that a gold exploration target has been placed on the Chameleon Prospect, which forms part of the Scotia Gold joint venture project.

Aphrodite is using a farm-in to gain exposure to Chameleon, which now has a 100,000 to 140,000 gold ounce exploration target, which is derived from 2.1 to 2.5 million tonnes at between 1.4g/t and 1.9g/t gold.

The target has been estimated to a vertical depth of around 200 metres with
mineralisation remaining open at depth.

Under the terms of the joint venture Aphrodite can earn up to 80% of the gold rights in the Scotia Project tenements which cover almost 220 square kilometres.

Where the story gets really interesting for Aphrodite is the joint venture is located just a few kilometres from the plus 1 million gold ounce Aphrodite Gold Deposit - allowing the company to continue to boost its gold exposure in this highly prospective region.

Breakaway therefore gains gold exploration exposure from a company with a solid understanding and past experience of the geology in the area.


Exploration underway at Chameleon

A four hole reverse circulation program is currently underway at the prospect which is targeting additional information to allow a fuller analysis of the mineralisation and
planning of a resource drilling program scheduled for 2012.

Some results though have already been received by the joint venture, from a 3200 metre program earlier in the year.

Highlights included:

- 12 metres at 10.99g/t gold from 66 metres;
- 6 metres at 4.48g/t gold from 92 metres; and
- 11 metres at 2.05g/t gold from 129 metres.


Chameleon historical highlights add spice

Adding some more spice to the prospect, historical highlights include:

- 29 metres at 3.40g/t gold from 124 metres;
- 22 metres at 5.43g/t gold from 150 metres; and
- 8 metres at 3.39g/t gold from 202 metres.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23499/breakaway-resources-jv-partner-reports-gold-exploration-target-at-chameleon-prospect-23499.html