Jan 6 2011
Crazy Horse Resources Inc. (TSX VENTURE:CZH) a Philippines based mineral exploration company, announces assays from the third, fourth and fifth holes of a ten-hole confirmatory drilling program on its Taysan copper-gold-silver porphyry project.
HIGHLIGHTS:
- Results from drill holes 3,4 and 5 continue to confirm the presence of a significant and consistent near surface Copper-Gold-Silver deposit
- High grade sections are present in all three drill holes
- All three drill holes also contain additional intervals of lower grade mineralization below the main intersections
Hole CZT003 drilled 448 meters of 0.33% Cu, 0.19 g/T Au and 1.34 g/T Ag, and includes a high grade near surface zone of 216m of 0.5% Cu, 0.32 g/T Au and 2.12 g/T Ag from 54m - 270m down hole.
Hole CZT004 drilled 404 meters of 0.32% Cu, 0.07 g/T Au and 1.24 g/T Ag, and includes a high grade zone of 90m of 0.37% Cu, 0.15 g/T Au and 1.6 g/T Ag from 242m - 332m down hole.
Hole CZT005 drilled 390 meters of 0.304% Cu, 0.084 g/T Au and 1.0 g/T Ag, and includes a high grade zone of 180m of 0.40% Cu, 0.11 g/T Au and 1.4 g/T Ag from 142m - 322m down hole.
Results from the first five holes (CZT001 to CZT005) reinforce that the Company's belief in the presence of a significant Copper-Gold-Silver deposit is well founded.
The confirmatory drilling program of 10 drill holes totalling 5715.3m has now been completed. Drill logging, cutting and sample shipments have also been completed for all ten holes. Assays from holes six to ten are expected shortly and will complete the planned Phase one drill program.
The Company will continue to drill define the Taysan deposit in preparation for the next study phase, however the ten holes drilled to date are anticipated to be sufficient to bring the Taysan deposit into a NI 43-101 compliant resource, which will be finalized once all assays have been completed.
A summary of the results from holes CZT003 to CZT005 are as follows:
Johan Raadsma, President and CEO of Crazy Horse states, "We are extremely excited about this very large interval of mineralisation with the addition of significant silver grades, which historically have not been incorporated into the project valuation. It confirms our belief that a very robust, near surface deposit is present near the infrastructure required to develop an economical project. We have access to water, electricity, roads, manpower and are only 20 km's from a commercial port. We intend to develop this project rapidly."
Taysan Project
A copy of the National Instrument 43-101 ("NI 43-101") report by R. Sowerby, of Geosynthesis Pty Ltd. entitled "A Technical Review of Exploration and Resource Estimates of the Taysan Project, Batangas Province, Philippines", in collaboration with Mining Associates Inc. of Australia can viewed under the Company's profile on SEDAR.
The 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 only partly 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 well developed mining province and readily accessible by road located 20km east of the provincial capital and deep water commercial port of Batangas City. The Company is currently conducting a confirmatory scoping study under the management of AMEC Minproc Limited, which remains on track and on schedule.
Brian Lueck, Chairman of the Company, is the qualified person who has reviewed the geological data summarized in this news release on behalf of the Company.
Source: Crazy Horse Resources Inc.