Feb 23 2011
Crazy Horse Resources Inc., a Philippines based mineral exploration company, announces partial assays from the eleventh hole of the feasibility drill program on its Taysan copper-gold-silver porphyry project.
HIGHLIGHTS:
- 434 meters of 0.36% Cu, 0.14 gpt Au and 1.57 gpt Ag.
- 270m of 0.46% Cu, 0.25 gpt Au and 2.03 gpt Ag.
- Drilling continues with five diamond drill rigs.
- Exploration drilling has commenced on proximal target.
- Scoping Study report and NI43-101 Copper resource report on track for end of February 2011.
Hole CZT011 drilled 434 meters of 0.36% Cu, 0.14 gpt Au and 1.57 gpt Ag, including a higher grade near surface zone of 270m of 0.46% Cu, 0.25 g/t Au and 2.03 g/t Ag from 30m - 300m down hole. Results from the drilling program to date continue to support the Company's belief in the presence of a significant Copper-Gold-Silver deposit.
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. We also look forward to exploration results in the near future."
A Scoping Study report on the Taysan deposit is on track for completion in early March to be followed by a NI 43-101 compliant copper resource report.
A pre-feasibility and bankable feasibility study will commence on March 14, 2011 and is expected to take 18 months to complete. However this study is already ahead of schedule as in-fill drilling started in January using five diamond drill rigs, one of which is currently drilling a proximal target that could confirm an extension to the current Taysan project. The results from this exploration hole are anticipated in late March.
QAQC
Drilling is being 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 are started in PQ (150-200m) then continued in HQ. All core is 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 is sealed in plastic bags in a nitrogen atmosphere and stored in a covered, guarded core shed. Core samples are bagged in new polyethylene, UV stable plastic bags, sealed with a plastic tie, numbered outside and have a tag placed inside the bag. All samples are accompanied by Asian Arc personnel from site to the McPhar Laboratory under secure "Chain of Custody" procedures. Samples are crushed to 85% <2mm then 1kg is split out and pulverised in an LM2 Puck and Bowl Pulveriser to 90% <75um. Gold is assayed by Fire Assay (50g charge) with AAS finish (PM6). Cu, Ag, As, Pb, Zn, Mo, Al, Ca, Fe, K and S are assayed by 4 Acid Digest (HCl / HNO3 / HClO4 / HF) Ore grade analysis with ICP-AES finish (ICP-3). Sample rejects are 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
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-IVI-108, EPA-IVI-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 Taysan 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.
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.