Apr. 12, 2010 (Marketwire Canada) -- PERTH, WESTERN AUSTRALIA--(Marketwire - April 12, 2010) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Gold producer, Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5) announces it has recorded significant high-grade intersections in recent reverse circulation (RC) drilling at its Craiggiemore gold project near Laverton.
Significant intersections include 8m at 7.5g/t gold, 11m at 5.1g/t gold, 6m at 7.0g/t gold and 13m at 3.6g/t gold.
Located 3km southwest of Laverton, the Craiggiemore development project on mining lease 38/270 is 15 km distance from Barrick Gold Corporation's processing facility at Granny Smith where Crescent is currently milling its ore.
Crescent Gold Managing Director Roland Hill said the significant results supported the company's view of the potential exploration upside of the Craiggiemore project.
"The Craiggiemore project includes Craiggiemore, Mary Mac South and Mary Mac gold deposits, held 100% by Crescent Gold Limited. These high-grade intercepts auger well for the future exploration potential of the Craiggiemore project," Mr Hill said.
"Two RC drill rigs are continuing the infill and extensional drilling on the Craiggiemore project, with further diamond drilling expected to commence in April 2010. Mining on the Craiggiemore resource is expected to commence mid-2010, with the Mary Mac South and Mary Mac resources expected to follow-on."
In addition to early historic mining production from underground operations on the Craiggiemore and Mary Mac prospects, open cut mining between 1988 and 1990 at Craiggiemore by Ashton Gold Mines Pty Limited produced (milled) a total of 417,700 tonnes for 34,700oz gold.
Since commencing in late November 2009, the latest round of RC drilling on the Craiggiemore project has seen 65 holes drilled for 6,178m. The purpose of the drilling was to infill and extend the known mineralisation on the Craiggiemore project.
Crescent has previously reported a Probable Reserve at Mary Mac South of 110,000t at 1.9g/t gold and an Indicated and Inferred Resource (inclusive of the Reserve) of 600,000t at 1.9g/t gold. Crescent has also previously announced a Measured, Indicated and Inferred Resource for Craiggiemore of 1,600,000t at 1.6g/t gold. Full details of these resources and reserve are presented in the Crescent Gold 2009 Annual Report.
Longer term development focus will examine the potential for future underground operations. Structurally controlled ore shoots within the host sequence are interpreted to plunge shallowly to the north. High grade gold intersections within these plunging shoots extend below the planned open pit and will drive this exploration.
Regards
Crescent Gold Limited
Roland Hill, Chairman & Managing Director
Additional information related to the Company is available for review at sedar.com or on the Company's website at www.crescentgold.com.
The tables below list significant results from analyses received to date. Selection criteria were, 0.8g/t gold lower cut-off, minimum down-hole width of 2m and maximum down-hole internal dilution of 2m. The tables list only those intercepts with a gram-metre product greater than or equal to 5 gram-metres.
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CRAIGGIEMORE RC DRILLING
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FROM TO WIDTH GRADE MGA MGA
HOLE No. (m) (m) (m) (g/t Au) EAST NORTH SUMMARY
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CMRC227 118 126 8 7.5 440483 6829609 8 m @ 7.5 g/t
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CMRC228 90 103 13 3.6 440483 6829636 13 m @ 3.6 g/t
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CMRC225 33 49 16 2.3 440277 6829568 16 m @ 2.3 g/t
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CMRC216 109 116 7 4.9 440454 6829462 7 m @ 4.9 g/t
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CMRC222 137 142 5 3.9 440480 6829506 5 m @ 3.9 g/t
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CMRC230 0 5 5 3.0 440424 6829704 5 m @ 3.0 g/t
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CMRC223 180 189 9 1.3 440511 6829524 9 m @ 1.3 g/t
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CMRC229 21 25 4 2.8 440436 6829675 4 m @ 2.8 g/t
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CMRC211 4 9 5 2.1 440381 6829431 5 m @ 2.1 g/t
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CMRC209 57 62 5 1.9 440391 6829375 5 m @ 1.9 g/t
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CMRC212 40 47 7 1.3 440405 6829423 7 m @ 1.3 g/t
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CMRC213 104 108 4 2.0 440447 6829438 4 m @ 2.0 g/t
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CMRC219 16 19 3 1.8 440269 6829540 3 m @ 1.8 g/t
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CMRC226 148 150 2 2.7 440488 6829582 2 m @ 2.7 g/t
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CMRC226 132 137 5 1.0 440488 6829582 5 m @ 1.0 g/t
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CMRC209 42 45 3 1.4 440391 6829375 3 m @ 1.4 g/t
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MARY MAC SOUTH RC DRILLING
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FROM TO WIDTH GRADE MGA MGA
HOLE No. (m) (m) (m) (g/t Au) EAST NORTH SUMMARY
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MMSRC089 43 54 11 5.1 440483 6830643 11 m @ 5.1 g/t
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MMSRC092 41 47 6 7.0 440564 6830683 6 m @ 7.0 g/t
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MMSRC092 52 59 7 4.5 440564 6830683 7 m @ 4.5 g/t
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MMSRC083 78 86 8 3.4 440520 6830482 8 m @ 3.4 g/t
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MMSRC103 69 82 13 2.1 440581 6830880 13 m @ 2.1 g/t
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MMSRC111 0 5 5 5.2 440560 6830964 5 m @ 5.2 g/t
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MMSRC092 24 28 4 4.7 440564 6830683 4 m @ 4.7 g/t
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MMSRC092 110 122 12 1.4 440564 6830683 12 m @ 1.4 g/t
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MMSRC080 55 64 9 1.8 440502 6830461 9 m @ 1.8 g/t
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MMSRC092 125 130 5 2.9 440564 6830683 5 m @ 2.9 g/t
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MMSRC089 84 90 6 1.8 440483 6830643 6 m @ 1.8 g/t
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MMSRC099 110 112 2 4.7 440583 6830703 2 m @ 4.7 g/t
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MMSRC086 64 69 5 1.6 440521 6830529 5 m @ 1.6 g/t
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MMSRC106 31 36 5 1.5 440563 6830911 5 m @ 1.5 g/t
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MMSRC112 30 37 7 1.1 440577 6830959 7 m @ 1.1 g/t
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MMSRC092 67 71 4 1.8 440564 6830683 4 m @ 1.8 g/t
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MMSRC088 70 72 2 2.9 440496 6830580 2 m @ 2.9 g/t
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MMSRC080 97 99 2 2.9 440502 6830461 2 m @ 2.9 g/t
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MMSRC087 0 3 3 1.9 440454 6830605 3 m @ 1.9 g/t
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MMSRC095 60 62 2 2.8 440490 6830607 2 m @ 2.8 g/t
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MMSRC103 61 65 4 1.3 440581 6830880 4 m @ 1.3 g/t
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MMSRC105 18 20 2 2.5 440546 6830916 2 m @ 2.5 g/t
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MMSRC099 85 87 2 2.5 440583 6830703 2 m @ 2.5 g/t
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To view the map accompanying this news release, please click on the following link: http://media3.marketwire.com/docs/cra412m.pdf
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Neal Leggo, who is a Member of the Australian Institute of Geoscientists. Neal Leggo has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and a Qualified Person under "Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects". Neal Leggo consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Neal Leggo is employed by Crescent Gold Limited.
SHARE INFORMATION
ASX Share Price: A$0.165
Issued Shares: 620.1m
Market Cap: A$102.3m
Options unlisted: 37.3m
FULLY DILUTED BASIS
Shares: 657.4m
ABN 49 087 360 996
