Crescent Resources Amends Terms of Option to Earn 100% Interest in Uncle Sam Gold Project, Alaska
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/23/11 -- Crescent Resources Corp. (TSX VENTURE: CRC) ("Crescent" or the "Company") is pleased to announce that the option agreement between the Company and Millrock Resources Inc. ("Millrock") dated December 15, 2010 (the "Option Agreement"), pursuant to which Millrock granted the Company an option to acquire a 100% interest in Millrock's interest in the Uncle Sam gold project located in Alaska, has been amended to extend the timing of certain required share issuances to Millrock and to provide an anti-dilution provision in favour of Millrock, subject to the approval of the TSX Venture Exchange. The requirement under the Option Agreement to issue such number of common shares of Crescent (the "Common Shares") to Millrock which would result in Millrock owning 18% of the issued and outstanding Common Shares by the first anniversary of the effective date of the Option Agreement (January 6, 2012), has been amended such that Crescent is now required to issue 1,500,000 Common Shares by January 6, 2012 and 2,600,000 Common Shares by the earlier of (a) January 6, 2013 or (b) the date upon which Crescent elects to exercise the option. The amended terms of the Option Agreement are expected to result in Millrock owning approximately 10.6% of the issued and outstanding Common Shares by January, 2012 and approximately 18% of the now issued and outstanding Common Shares by January, 2013. In addition, Millrock has been granted the right, until such time as Millrock holds less than 7% of the issued and outstanding Common Shares, to participate in any future equity financing of Crescent to maintain the same equity interest it held in Crescent immediately prior to such equity financing.
The Uncle Sam Gold Project, Alaska
The Uncle Sam gold project is an intrusion related gold target hosted in a similar age of intrusive rocks which host the Pogo Gold Mine in east central Alaska approximately 60 kilometres to the east of the Uncle Sam project. The project is located 75 kilometres southeast of the city of Fairbanks, Alaska.
In 2011, the Company expended approximately US$2.3 million on the Uncle Sam project for an exploration soil sampling and diamond drill program and for maintaining the project. A total of 1,950 metres of drilling was conducted at two different targets, the Wolf and Lone Tree targets. Assay results confirmed the presence of strong, near surface gold mineralization.
Wolf Prospect
The first phase of the 2011 drilling program was on the Wolf prospect at the southern end of the claim block with 4 diamond drill holes for a total of 621 metres. Drilling targeted a strong gold in soil anomaly measuring over 2,000 metres in length and 1,000 metres in width. Historic drilling in this area by previous explorers had returned encouraging results such as reverse-circulation drill hole USRC-22, where an intersection averaged 4.45 g/t gold over 15.54 metres and drill hole USR-055, where an interval averaged 1.34 g/t gold over 13.72 metres. These additional 2011 Wolf prospect drill results confirm the presence of strong, near-surface gold mineralization and continuation of the zone along strike. A summary of significant results is as follows:
Gold mineralization at the Wolf prospect appears to strike in a northwest - southeast orientation with a gentle southwest dip, and is open to depth and in both strike directions. The mineralization appears to have the same orientation as a new gold zone recently announced by Sumitomo at their adjacent Stone Boy project. The new zone at the Stone Boy project, called Naosi, is located just 500 metres southeast of the Uncle Sam project claim boundary and two kilometres southeast of the Wolf zone. Sumitomo reports that the Naosi zone consists of a vein system continuous over at least a 1,500 metre strike and 500 metres in the down-dip direction. Sumitomo reports that the zone includes an intersection of 7.92 metres averaging 7.8 g/t gold and 19.7 g/t silver. The proximity of the Wolf and Naosi zones suggests the possibility of a larger gold mineralized system.
Lone Tree Prospect
Five diamond drill holes totaling 1,329 metres were completed at the Lone Tree prospect located in the northwest part of the Uncle Sam project. Previous historical drilling by other operators in the general area returned encouraging results such as drill holes USC-011, which contained an intersection of 19.22 metres averaging 2.03 g/t gold, and USC-013, which contained 6.0 metres averaging 1.79 g/t gold and 14.0 metres averaging 1.65 g/t gold. A summary of significant results is as follows:
The listed gold intercepts at the Lone Tree prospect typically occur within thicker zones containing anomalous gold mineralization commonly associated with faults and fault zones. This is evident in LT-005 which intersected 33.83 metres grading 0.58 grams per tonne gold. Host rocks for mineralization include both metamorphic rocks (schist, gneiss) and, to a lesser extent, granitic intrusive rocks.
About Crescent Resources Corp.
Crescent is a mineral resource exploration company focused on the exploration of the Uncle Sam gold project in Alaska. Management will also continue to review other opportunities in the resource sector. After the January 2012 issue of 1,500,000 Common Shares to Millrock, the Company will have 29,091,872 Common Shares outstanding of which Millrock will own approximately 10.6%. As at December 23, 2011, Crescent had approximately $1.2 million in cash.
CRESCENT RESOURCES CORP.
Don Halliday, President and Chief Executive Officer
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe","anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or"will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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:
Crescent Resources Corp.
Don Halliday
President and Chief Executive Officer
604-899-1505 (direct)
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Datum: 23.12.2011 - 21:45 Uhr
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News-ID 99854
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Mining & Metals
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