Crazy Horse Drills 326.4m @ 0.41% Cu, 0.25 g Au/T, 1.61 g Ag/T at Taysan Project
(firmenpresse) - MANILA, PHILIPPINES -- (Marketwire) -- 12/16/11 -- Crazy Horse Resources Inc. (TSX VENTURE: CZH)(OTCQX: CRZHF) -
Highlights:
Crazy Horse Resources Inc. (the "Company") a Philippines based mineral development company, announces assays from the last 49 drill holes (15,335 metres of drilling) that completes all of the resource drilling program on its Taysan copper-gold-silver porphyry project. To date, Crazy Horse has completed 36,494 metres of drilling at the Taysan Project.
The deposit is now drilled off completely to the standard required for a bankable feasibility study. The results of the drilling will form the basis of the pre-feasibility study due to be completed by Q2 2012.
The Company is fully funded to complete the pre-feasibility study on its newly designed 15 million tonnes per annum mining project which is estimated to produce over 40,000 tonnes of copper and 57,000 oz. of gold per annum, as well as silver and magnetite by products.
The Company will be filing in early January 2012 to convert its exploration permit to a mine permit as per the Philippine Mining Act of 1995.
Chairman Mitch Alland states: "There are many reasons to be excited about Crazy Horse. The latest drilling confirms the known resource, and enhances the resource categories, but more importantly, with the upcoming conversion of the current resource at Taysan to a minable reserve, and with a pending mine permit, we believe that the company is now poised to realize its value."
A summary of the results from drill holes CZT045 to CZT093 is as follows:
Note: To view "Location Map of Drill Collars for all Crazy Horse Drill Holes Reported to Date", please click the following link: .
QAQC
Drilling was carried out by Quest Exploration Drilling (Philippines) Inc. using Edson 3000 and LF70 drill rigs and a triple tube diamond core drilling system. All holes were started in PQ (150-200m) then continued in HQ. All core was split using a diamond-bladed drill-core saw and always sampled from the (true) left side of the core. The remaining half of the core was sealed in plastic bags in a nitrogen atmosphere and stored in a covered, guarded core shed. Core samples were bagged in new polyethylene, UV stable plastic bags, sealed with a plastic tie, numbered outside and had a tag placed inside the bag. All samples were accompanied by Asian Arc personnel from site to the McPhar Laboratory under secure "Chain of Custody" procedures. Samples were crushed to 85% less than 2mm then 1kg was split out and pulverised in an LM2 Puck and Bowl Pulveriser to 90% less than 75um. Gold was assayed by Fire Assay (50g charge) with AAS finish (PM6). Cu, Ag, As, Pb, Zn, Mo, Al, Ca, Fe, K and S were assayed by 4 Acid Digest (HCl / HNO3 / HClO4 / HF) Ore grade analysis with ICP-AES finish (ICP-3). Sample rejects were returned from the McPhar Laboratory under secure "Chain of Custody" procedures by Asian Arc staff and also stored in the core shed in heat sealed plastic bags in a nitrogen atmosphere. McPhar Geoservices (Phil), Inc. is ISO 17025:2005 accredited and is a member of the International Intertek Laboratory Group.
Taysan Project
A copy of the National Instrument 43-101 ("NI 43-101") report dated October 10, 2011 entitled "Update of the Mineral Resource Estimate and Preliminary Economic Assessment for the Taysan Project" and authored by Mining Associates Pty. Ltd. and AMEC Minproc Limited of Australia can viewed under the Company's profile on SEDAR ().
The Taysan Project contains a drill defined copper-gold porphyry deposit, and is comprised of two mining exploration permits and three mining exploration permit applications (permits: EP-IVA-005 and EP-IVA-016, and permit applications: EPA-IVA-108, EPA-IVA-111 and EPA-IVA-081) over five contiguous claim blocks covering a combined total area of 11,254 hectares. The Project hosts a large and fully explored copper-gold porphyry deposit similar to other copper-gold porphyry deposits previously mined in the Philippines. The Project is located in southern Luzon, Philippines in a pro responsible mining province and is readily accessible by road, and is located 20km east of the provincial capital and deep-water commercial port of Batangas City. The Company is currently conducting a pre-feasibility study under the management of AMEC Minproc Limited.
Brian Lueck, P.Geo., a Director and Chief Operating Officer of the Company, is the qualified person who has reviewed the geological data summarized in this news release on behalf of the Company.
ON BEHALF OF THE BOARD
Mitch Alland, President, CEO and Secretary
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Crazy Horse Resources Inc. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse Resources Inc. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Neither the 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:
KIN Communications Inc.
Investor Relations
1-866-684-6730
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Datum: 16.12.2011 - 17:03 Uhr
Sprache: Deutsch
News-ID 97967
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Town:
MANILA, PHILIPPINES
Kategorie:
Mining & Metals
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