Crown Gold Confirms High Silver Assays at Black Warrior in Nevada
07 June 2011 - 10:30PM
Marketwired
Crown Gold Corporation ("Crown") (TSX VENTURE: CWM) is pleased to
announce that assay results from new sampling have confirmed silver
values as high as 14.4 ounces per ton (496 grams/tonne) with 0.07
opt (2.4 g/t) gold over 0.6 meter in channel chip sampling on its
Black Warrior property in Esmeralda County, Nevada. The work was
undertaken to confirm the previous reports of grades of 20 opt (685
g/t) silver in hand sorted ore sent to the old Sunshine mill at
Silver Peak in 1983.
A total of 35 rock chip channel samples were collected along
lines oriented perpendicular, and parallel to, en-echelon, steeply
dipping, NE striking, quartz veins exposed in a 60 x 20 m shallow
open-cut. The quartz veins cut gently dipping, late Precambrian
dolomites. Quartz veining also occurs parallel to bedding. The
highest grade sample reported above was taken perpendicular to a
copper-manganese stained vein outcrop exposed at the north-east end
of the open cut. Adjacent 3 m channel samples assayed 0.91 g/t
gold, 242 g/t silver and 0.33 g/t gold, 111 g/t silver,
respectively, with highly anomalous copper-lead-antimony-zinc and
other metals. Country rock dolomite samples without visible signs
of quartz are generally barren. On the south-east side of the cut
an interval of 22.5 m along strike averages 44.6 g/t silver in
altered dolomite with widespread, minor quartz veining and
manganese stained quartz stockwork.
The work strengthens the evidence for a steeply dipping vein
target postulated in a 2008 report prepared by a qualified
consultant. Previous RC drilling of vertical holes around the open
cut were sub-parallel to steeply dipping structures. Angled core
drilling of these vein targets will also provide subsurface
information on the surrounding base metal rich stockwork, reported
by another consulting geologist, as at least 250 m in length. This
type of stockwork, with highly anomalous base and precious metals,
is a signature of porphyry style mineralization. Detailed mapping
and grid soil sampling is planned to further evaluate both
high-grade vein as well as porphyry style mineralization and
develop drill targets.
About Crown
On March 28, 2011 Crown announced signing a letter of intent
with an arm's length private Canadian company, Argentium Resources
Inc. ("Argentium"), to sell Crown's Monte Cristo, Sugarloaf and
Blue Sphinx properties in Nevada for $16,000,000 total
consideration, including $2,500,000 in cash and $13,500,000
securities. Crown will also receive 4,500,000 warrants and
Argentium will commit to spend at least $10,000,000 on the Nevada
properties within three years. Completion of a definitive agreement
is expected this month with a closing date in July.
Crown has NI 43-101 compliant inferred resource at Monte Cristo
of 3,158,347 tonnes at a grade of 3.02 g/t gold at a 0.5 g/t gold
cut-off, a total of 306,000 ounces. At Sugarloaf Peak, the Tip Top
Mine has a 43-101 compliant indicated resource of 353,100 tonnes at
a grade of 3.27 g/t gold at a 1.0 g/t gold cut-off, a total of
37,000 ounces. In addition, an inferred resource amounts to 293,500
tonnes at a grade of 2.47 g/t gold, also at a 1.0 g/t cut-off, a
total of 23,000 ounces.
One other Nevada property, Gold Springs, contains well-defined,
essentially undrilled, silver and gold targets. There, silver
values in surface rock samples range between 575 g/t (16.8 opt) and
350 g/t (10.2 opt) silver along a 4 km prominent vein outcrop. A
second, poorly exposed sub parallel vein to the east, assays 33 g/t
gold over a 1.3 m true width channel sample.
In Ontario, surface work is now proposed at McKenzie Island
property at Red Lake to develop new drill targets. Drilling along
the north west striking Bishops Break trend earlier this year
yielded promising results, including 75 g/t (2.2 opt) gold over
0.91 m (3 feet). Crown's other northwest Ontario properties are its
Sakoose property near Kenora and its Surprise Lake property in the
Uchi Belt, east of Red Lake. In northeastern Ontario, Crown holds
three other strategic land positions: one adjacent to Trelawney's
Chester discovery near Gogama, another at the old Stairs Mine near
Matachewan and a third in the heart of the Timmins camp. Field work
on all properties is planned when exploration funds become
available after the close of the Argentium purchase agreement.
Larry Kornze, Senior Consultant to Crown Gold and a registered
Professional Engineer/Geologist, is designated as the Qualified
Person under National Instrument 43-101 and has reviewed and
approved the contents of this news release.
For more information please see the Crown website at
www.crowngoldcorp.com.
This press release contains forward-looking statements within
the meaning of applicable Canadian and U.S. securities regulation,
including statements regarding the future activities of the
Company. Forward-looking statements reflect the current beliefs and
expectations of management and are identified by the use of words
including "will", "anticipates", "expected to", "plans", "planned"
and other similar words. Actual results may differ significantly.
The achievement of the results expressed in forward-looking
statements is subject to a number of risks, including those
described in the Company's management discussion and analysis as
filed with the Canadian securities regulatory authorities which are
available at www.sedar.com. Investors are cautioned not to place
undue reliance upon forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Crown Gold Corporation Mr. Stephen Dunn President and
CEO (416) 361-2827 Crown Gold Corporation Dr. Anthony Taylor
Executive Chairman (775) 284-7200 info@crowngoldcorp.com
www.crowngoldcorp.com
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