Gold Crest Mines Inc. Reports on Alaskan Exploration and Initial Drilling Results
SPOKANE, Wash., Sept. 14 /PRNewswire-FirstCall/ — Gold Crest Mines Inc. (Pink Sheets: GCMN) is pleased to announce that field activities have concluded for the 2007 field season on their five claim blocks in the Kisaralik Lake area of southwest Alaska. The field work was suspended for the season due to inclement weather heralding the approach of winter.
The drilling this season targeted the main alteration breccia body on the Kisa block. Drilling conditions were difficult due to the steep nature of the terrain and the highly altered, broken formations. A total of 3,102 feet of diamond drilling was completed in six drill holes. This was less than the initially planned footage due to the difficult ground conditions, numerous weather delays and logistical issues created in large part by the shortage of contractor support due to the strong levels of exploration activity experienced in Alaska this year.
However, there were many positive results. Broad zones of weak to moderate alteration and low grade mineralization in sedimentary and intrusive lithologies were observed in holes K07-2 through K07-6. Gold grades, intercept widths and visible alteration intensity appear to be increasing as drill holes get closer to the main breccia body (intercepted in later holes). The alteration patterns seen in these holes are consistent with a classic alteration envelope with increased fracturing, veining and alteration as the center of mineralization is approached.
Assay results have been received for the first three holes (K07-1 through K07-3) and the upper portion of hole K07-4. Turn-around times from the assay lab are considerably longer than anticipated. However, it is now expected that all of the assays from the Kisa drill core, and other samples discussed below, will be received by October 15. Drill core assay results received to-date are shown in the table at the end of this release.
In addition to the diamond drilling, over 30 line-km of IP-Resistivity surveys and 210 line-km of ground magnetics have been completed over the five claim blocks. Soil geochemical sampling grids have been completed on two of the claim blocks and a number of other showings have been prospected with several new targets identified. A total of 571 stream sediments, 74 soils and 146 rock samples have been shipped to Alaskan Assay Laboratories in Fairbanks for analyses.
Further releases will be made as assay results are received. DRILL RESULTS KISA DRILLING PROGRAM, 2007 Total Angle from Drill Depth, Horizontal/ Significant intercepts; Hole Ft Azimuth grams /tonne Comments K07-1 307 -45/182 0′-45′ (45ft) / 0.265 gpt Broken ground., poor core recovery K07-2 603 -50/148 28′-603′ (575ft0 / 0.191 gpt In breccia footwall K07-3 393 -90/000 0-157′ (157ft) / 0.294 gpt In breccia including 21′-62′ (41′) / footwall 0.454 gpt K07-4 871 -49/142 0-65′ (120ft) / 0.426 gpt Assays pending and 185′-300′ (120′) / below 325′ 0.489 gpt K07-5 432 -48/090 Assays pending K07-6 501 -46/156 Assays pending
Gold Crest Mines Inc. is a junior gold exploration company with properties in Alaska and Idaho, and is a reporting company under the Securities and Exchange Act of 1934. GCMN is in the process of upgrading its listing from the Pink Sheets to the OTCBB.
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Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains “forward-looking statements” which can be identified by the use of forward-looking terminology such as “believe”, “expect”, “may”, “should”, “up to”, “approximately”, “likely”, or “anticipates” or the negative thereof or given that the future results covered by such forward looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. Investors should carefully consider the preceding information as well as information contained in any news release before making any investment in the shares of the company. Gold Crest Mines, Inc. undertakes no obligation to update any forward-looking statements.
Gold Crest Mines Inc.
CONTACT: Tom Parker, President & CEO, +1-509-893-0171, or Terry Dunne,CFO, +1-509-462-0315, both of Gold Crest Mines Inc.