Goldcrest Commences 5,500 Meter RAB/Aircore Drilling Program at its Youanmi Project in Western Australia
Monday April 16, 9:21 am ET
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TORONTO, April 16 /CNW/ - Goldcrest Resources Ltd. ("Goldcrest", "the Company"), (GCL-TSX.V) is pleased to announce that it has commenced a 5,500m RAB(Rotary Air Blast)/Aircore drilling program on its Youanmi project in Western Australia. A total of 110 holes will be drilled to depths of approximately 50m to assess 8 target areas determined by Goldcrest's previous drilling programs and by regional geological interpretation. This is the first phase of a planned 10,000 meter RAB program scheduled for 2007.
The main objectives of this drilling program are to better understand the gold anomalies identified in the previous drilling programs as well as delineate new supergene anomalies in covered areas which are related to significant NNW trending structures. Additional RAB and RC testing of these anomalies will be required to define the extent of the mineralisation.
The first phase of the 2007 RAB drilling program is expected to be completed in early May, with analytical results available later in the month.
The widely spaced single RAB/Aircore traverses will cover about 30km of strike length from the Youanmi Gold deposits to the Penny West deposit.
Four of the traverses, including Plant Zone East and Hannans, have been designed to examine previous gold intercepts, with a further five planned to test prospective gold structures, which were identified by surface Maglag or soil anomalies. One traverse is located between the two wide nickel lateritic zones discovered in Goldcrest's previous Aircore drilling program (See Goldcrest press release dated January 10, 2007). This traverse will help identify the width and extent of the lateritic nickel mineralisation previously encountered.
Under the guidelines of National Instrument 43-101, the qualified person for the Youanmi Gold Project is Mr. Rick Berg who is a Member of the AIG. Mr. Berg has reviewed and approved the contents of this news release.
Goldcrest Resources Ltd. is a mineral exploration company focused on growing shareholder value through the advancement of its Youanmi project in Western Australia and its Gaoua copper-gold and Kampti and Titao Sud gold projects in Burkina Faso. The Youanmi project has complete infrastructure including a carbon in pulp ("CIP") processing plant, a biological leach plant and a mine village on site. The Youanmi property has previously produced over 667,000 ounces of gold. New NI 43-101 estimates identify measured and indicated resources of 432,249 ounces of gold (5,449,249 tonnes (at) 2.47 g/t Au) and inferred resources of 519,190 ounces of gold (2,785,546 tonnes (at) 5.80 g/t Au). The mineral resource estimates have been prepared in accordance with National Instrument 43-101 and were reported on by Ravensgate Pty Ltd. and RSG Global Pty Ltd. of Perth, Western Australia. (See Qualified Persons Report dated July 16, 2003 by RSG Global Pty Ltd., Independent Resource Model Report On the Youanmi Deeps Underground Gold Project dated July 25, 2006 by Ravensgate Pty Ltd., and Amended Independent Resource Model Report On the Youanmi '4 pits' and Youanmi 'South' Gold projects by Ravensgate Pty Ltd. dated August 15, 2006, all filed on Sedar). (www.sedar.com).
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. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. 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.
For further information
Kevin Bullock, P.Eng., President & CEO, Goldcrest Resources Ltd., kbullock@goldcrestresources.com, Ph: (416) 867 2299, Fax: (416) 867 2298, Corporate Website: www.goldcrestresources.com
Ann Gibbs, Investor Relations, Goldcrest Resources Ltd., agibbs@goldcrestresources.com, Ph: (416) 488 0778
Source: Goldcrest Resources Ltd. |
