Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5), the growing Australian gold miner and resources developer today reported encouraging results from its first programme of Reverse Circulation drilling at the Company's Apollo gold project, part of its broader Laverton gold project in Western Australia.
The Company believes these results, in conjunction with previous and planned drilling will form the basis for attractive additions to its growing reserve and resource base. The Company's focus on increasing both the quality and quantity of its reserve inventory is paying off, as evidenced by the recently announced increase in reserves from 254,000 oz to 445,000 oz over the last year.
The current drill programme is aimed at extending the known resources on the Apollo project area, estimated at June 30 at an Inferred Resource of 1.4 million tonnes grading an average 2.4 grams per tonne gold for a contained 109,000 ounces of gold.
Crescent Gold's Interim Managing Director, Mr Mark Tory, commented, "We are very excited and pleased with our first round of drilling results from the Apollo gold project. These results and further planned drilling on the project will likely enable the Company to extend its resource base for the project."
The Apollo deposit is located 8 kilometres southwest of Laverton and approximately 20 kilometres from Barrick's Granny Smith Mill (BGSM). Crescent has an Ore Purchase Agreement (OPA) with subsidiaries of Barrick Gold for the sale of Crescent's gold ore to Barrick for processing at BGSM.
Along with the associated mineralisation on the Aurora prospect and the nearby Eclipse prospect, the Apollo mineralization is located on mining leases 38/535 and 38/101, held 100% by Crescent Gold Limited.
Up until 30th September, Crescent had drilled 63 RC holes for 5,434 m at Apollo to extend and scope the mineralisation. RC drilling is continuing at Apollo, Aurora, Eclipse and Calypso, along a gold mineralized trend that strikes in excess of 11 kilometres.
Crescent intends to continue development of these deposits, with further infill RC, diamond core drilling and associated development studies to commence by early 2011.
The information in this report that relates to gold Exploration Results is based on information compiled by Mr Jeff Ion, who is a Member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists and is employed by Crescent. Mr Ion 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". He consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Source: Crescent Gold Limited