TORONTO, Jan. 4 /CNW/ - Goldcrest Resources Ltd. ("Goldcrest" or "the Company"), (GCL-TSX.V) is pleased to report that assay results from the final six diamond drill holes have identified new target zones that have the potential to expand the size of the mineralized area at its Gaoua copper-gold project in southern Burkina Faso, West Africa.
"We are extremely pleased to have still more evidence confirming not only that Gaoua is a large, significantly mineralized and near-surface copper-gold project, but that we seem to have not yet reached its limits," said Kevin Bullock President and CEO, Goldcrest Resources Ltd. "We look forward to further delineating this mineralization as quickly as possible working towards a resource calculation in 2008."
The original goal of the drill program, which began in April (see News Release of 5 April, 2007), was to test several targets for copper-gold porphyry style mineralization in three main areas; Gongondy, in the Souhouera property, and the Dienemera and Mont Biri targets, in the Malba property (see figure 1 - http://files.newswire.ca/329/fig1.pdf). Encouraging results from the original program led to its being increased by a further 2,500 metres in August 2007, mainly aimed at drill testing the Gongondy target (see News Release of August 30, 2007). Drilling was completed on October 31st, (see News Release October 22, 2007) with 41 core holes drilled for 12,626 metres on the three targets. The campaign has confirmed the presence of highly anomalous copper-gold mineralization hosted by brecciated diorite and hydrothermal breccia, which show porphyry copper characteristics in all three target areas.
The latest results concern four holes drilled at Gongondy (S36 GON/07 to S39 GON/07), one drilled at Mont Biri (S48MBI/07) and one hole drilled at Dienemera (S78DIE/07).
The assay results obtained from the last holes drilled on the Gongondy target (the most southerly of the three target areas) confirm the trend of relatively higher grade gold and indicate the extension of the copper-gold mineralization to the north towards Dienemera. These holes were quite large step outs (see figure 2 - http://files.newswire.ca/329/fig2.pdf). Highlights of the Gongondy drilling include 8m @ 0.43%Cu and 0.26g/t Au, from surface, and 6m @ 0.52% Cu and 0.28g/t Au, from 113m, in hole S39GON/07; 40m @ 0.54 g/t Au from 1m, 3m @ 1.85g/t Au, from 75m, and 8m @ 1.32g/t Au, from 120m, in hole S37GON/07; and 14m @ 1.16g/t Au, from 188m, including 2m @ 5.27g/t Au, in hole S38 GON/07.
Copper-gold mineralization has now been recognized at Gongondy over a more than two-kilometre strike length extending from hole S22 in the south to hole S39 in the north. Further drilling will be needed to test whether the mineralization is continuous, hosted by one large breccia, or in a set of contiguous breccia bodies. Drill results obtained to date indicate that the northernmost area is richer in gold, inferring a zoning in the mineralization.
The latest hole drilled at Mont Biri, approximately 15 km north of Gongondy, intersected 13m @ 0.43% Cu and 0.18g/t Au under a prominent copper-in-soil anomaly (see figure 3 - http://files.newswire.ca/329/fig3.pdf), confirming the prospectivity of the southeastern part of the otherwise untested Mont Biri prospect. Previous, wide-spaced, drilling elsewhere on Mont Biri had also confirmed the presence of widespread copper-gold mineralization in the area, justifying further testing of the target.
Hole S78DIE/07, drilled in the northernmost part of the Dienemera prospect, two kilometers south of Mont Biri, intersected 18m @ 0.27% Cu from 143m, including several 1m intervals grading higher than 0.5% Cu. Drilling at Dienemera has identified copper-gold mineralization over the entire tested area, extending in (N-S) length over more than 900m from hole S66DIE in the south to hole S78DIE in the north, and in width over nearly 850m from hole S67DIE in the west to S72 in the east (see figure 4 - http://files.newswire.ca/329/fig4.pdf). The mineralization remains open in all directions. Further drilling will be needed to test whether the mineralization is contained in one large body, or whether it is hosted by a set of contiguous bodies.
Goldcrest intends to carry out an aggressive drilling program, commencing in February, 2008, followed by a resource calculation on the Gongondy and Dienemerra deposits.
<<
Table 1. Main Cu-Au Intercepts.
-------------------------------------------------------------------------
DRILL Maximum
HOLE FROM* INTERVAL* Au Internal
NB (m) TO*(m) (m) Cu (%) (g/t) Dilution (m)
-------------------------------------------------------------------------
1 41 40 less than 0.54 3
0.1
-----------------------------------------------------------------
75 78 3 less than 1.85 0
0.1
-----------------------------------------------------------------
S37 120 128 8 less than 1.32 2
GON/07 0.1
-----------------------------------------------------------------
Incl. 120 121 1 less than 7.74 0
0.1
-------------------------------------------------------------------------
188 202 14 less than 1.16 1
0.1
S38 -----------------------------------------------------------------
GON/07 Incl. 188 190 2 less than 5.27 0
0.1
-------------------------------------------------------------------------
0 8 8 0.43 0.26 2
S39 -----------------------------------------------------------------
GON/07 113 119 6 0.52 0.28 2
-------------------------------------------------------------------------
145 147 2 0.48 0.39 0
S48 -----------------------------------------------------------------
MBI/07 166 179 13 0.43 0.18 2
-------------------------------------------------------------------------
67 69 2 1.39 0.90 0
-----------------------------------------------------------------
143 161 18 0.27 0.22 9
-----------------------------------------------------------------
INCL. 143 147 4 0.45 0.53 3
S78 -----------------------------------------------------------------
DIE/07 INCL. 156 160 4 0.46 0.25 2
-------------------------------------------------------------------------
* core length - not true width.
>>
The drilling campaign, just completed, was funded by Freeport-McMoRan Exploration Corporation (formerly Phelps Dodge Exploration Corporation), a subsidiary of Freeport-McMoRan Copper & Gold Inc., as part of its earn-in (see news release of 21 November, 2006).
The above Cu-Au intersections are based on a 0.3% Cu cut-off with no top cut applied. Internal dilution (less than 0.3 % Cu) has been carried out to a maximum of 2m except for the wider (18m) interval in hole S78DIE/07, where the maximum internal dilution is 9m (147 to 156m). The above gold (with no associated Cu) intersections are based on a 0.30g/t Au cut-off with no top cut applied. Internal dilution (less than 0.30g/t Au) has been carried out to a maximum of 1m, except for hole S37 (3m internal dilution in the 1-41m interval and 2m in the 120-128m interval).
<<
Table 2. Drill Hole Locations for Holes S36GON to S39GON, S48MBI and
S78DIE
-------------------------------------------------------------------------
AREA Drill Hole Location(*) Azimuth Dip Drill Hole
Nb --------------- (degrees) (degrees) Length (m)
East North
-------------------------------------------------------------------------
S36GON/07 498863 1140500 90 55 239.90
---------------------------------------------------------------
S37GON/07 498613 1140900 90 55 263.70
GONGONDY ---------------------------------------------------------------
S38 GON/07 498463 1140900 90 55 305.80
---------------------------------------------------------------
S39 GON/07 498375 1141300 90 55 446.80
-------------------------------------------------------------------------
MONT BIRI S48MBI/07 498800 1149285 90 55 452.80
-------------------------------------------------------------------------
DIENEMERA S78 DIE/07 497780 1148400 90 55 254.60
-------------------------------------------------------------------------
* Datum WGS84, coordinates as planned, final coordinates to be surveyed
and confirmed.
>>
These assay results were obtained on HQ and some NQ sized core generally sampled at 1m intervals (sampling intervals are occasionally less than 1m), and cut in half using a diamond saw. One-half of the core was archived at the core storage facility on site while the other half was sent to Abilab Burkina S.A.R.L, Ouagadougou/Burkina Faso (subsidiary of ALS Laboratory Group) for standard preparation (crushing, pulverization, split) and gold fire assay on 50g charge. Copper was assayed by atomic absorption at the ABILAB facilities in Bamako/Mali, while multi-element analysis, aimed at characterizing the mineralization, is being carried out by ICP-MS by the ALS Laboratory Group in the Republic of South Africa (results pending). The accuracy of the results was tested through the systematic inclusion of standards (Ore Research and Exploration, Australia, (OREAS) Cu-Au and OREAS multi-element standards) and field blanks. Standards were inserted about every 15 samples and blanks every 30 samples. From a QA/QC perspective, the initial review of results suggests this is a satisfactory and reliable data set.
Under the guidelines of National Instrument 43-101, the qualified person for the Gaoua copper-gold project is Mr. Guy Franceschi, Vice President, Exploration of the company. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
The Company has granted 200,000 options to purchase common shares to an officer of the Company exercisable at $0.30 per share until December 11, 2012.
Goldcrest currently has 81,707,573 shares issued and outstanding and a cash position of over $14,500,000 as well as holding 10,000,000 shares in Apex Minerals NL valued at over $10,500,000 as at January 4th closing price of AUS $1.35 per share.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Except for the historical statements contained herein, this news release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Goldcrest to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Goldcrest Resources Ltd. believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcrest does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. Trading in the securities of Goldcrest Resources Ltd. should be considered highly speculative.
%SEDAR: 00017848E
For further information: Kevin Bullock, P.Eng., President & CEO, Goldcrest Resources Ltd., kbullock@goldcrestresources.com, Ph: (416) 867-2299, Fax: (416) 867-2298; Greg Taylor, Investor Relations, Goldcrest Resources Ltd., gtaylor@goldcrestresources.com, Ph: (905) 337-7673, Fax: (905) 844-6532; Corporate Website: www.goldcrestresources.com
© CNW Group
