Crown Gold Corporation ("Crown" or the "Company") (TSX VENTURE:
CWM) is pleased to announce assays from a recent 10 hole core
drilling programme at its McKenzie Island property at Red Lake in
northwestern Ontario.
A total of 660 metres were drilled to test the down dip
extension east of a 100 m strike interval where channel samples of
an exposed quartz vein assayed between 3.2 g/t and 30.7 g/t gold
over true widths between 0.32 to 0.75 m. (News Release 10.16.10).
The quartz vein lies along, or close to, the western contact of a
NNE striking mafic dyke that cuts the Dome intrusive granodiorite
stock.
All holes intersected quartz veining down dip to approximately
75 m, indicating good continuity. The more northerly six holes all
contain gold values that exceed 1 g/t and up to 65.5 g/t (1.9 opt)
gold over intersected widths between 0.80 and 0.35 m. Assay results
from these six holes are tabulated below.
McKenzie Drill Assay Results
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Hole No From To IW g/t Au
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metres
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1 29.00 29.88 0.88 6.18
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incl 29.40 29.88 0.48 10.73
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2 21.28 21.78 0.50 1.37
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3 31.10 31.45 0.35 1.71
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8 54.24 55 0.76 41.5
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incl 54.24 54.54 0.46 65.48
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9 70.80 71.6 0.80 4.39
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The results suggest a northerly plunge to the gold bearing part
of the vein and follow up drilling is warranted down plunge and
along strike to the north and will start as soon as winter
conditions permit. The wide range of individual assays in both
trench and core samples along with several examples of visible gold
in trenches indicate that coarse gold mineralization is irregularly
distributed, placing a premium on collection of large samples.
Assaying of remaining mineralized core halves as well as additional
splits taken from larger pulverized samples is planned together
with fire screen assays to provide further data.
Crown's Red Lake property consists of six patented claims on
McKenzie Island, approximately 4 km southwest of the former
McKenzie Red Lake Mine, which produced more than 651,000 ounces of
gold at an average grade of 9.5 g/t (0.277 oz/t) from veins in the
McKenzie Stock, a comparable geological setting. Crown's property
is situated within and near the northern edge of the Dome Stock,
the same age as the McKenzie Stock.
The quartz vein target drilled occurs in a granodiorite adjacent
to, and west of, the contact with a mafic dyke in a NNW striking,
composite shear zone, all recently exposed by mechanical trenching
and stripping along 200 m of strike. These quartz-gold occurrences
were originally prospected by shallow trenches and drilled by
short, small diameter, core holes in the 1930s when assays as high
as 43.2 g/t (1.26 oz/t) gold across 1.2 m were reported.
Surface geophysical data completed by Crown earlier this year
indicates that a strong linear conductive trend, probably
coincident with the shear, and a magnetic anomaly reflecting a
mafic dyke adjacent to the quartz veining, extend 900 m NNW across
the property. This extension is by no means fully prospected and
this work is planned in 2011.
The McKenzie Island property also contains an east-west trending
gold-bearing quartz-carbonate vein system, the "MacAndrew Trend",
representing another target not yet examined in detail by Crown. It
is described in old reports as an east-west, northerly dipping,
carbonated shear zone with numerous small quartz veins and is
approximately 100 m wide. In light of continued encouraging drill
results from a similar east west zone, the Laverty Corridor, on the
Mega Precious Metal North Madsen property south of McKenzie Island,
Crown Gold now considers the MacAndrew trend a promising large
tonnage-open pit target. Sampling and drilling is planned this
winter.
Crown Gold, formed by the recent amalgamation of Crown Minerals
and Gold Summit, is exploring for high grade gold and silver
deposits in Nevada and high grade gold deposits in both Nevada and
Ontario. In Nevada, Crown has NI 43-101 compliant inferred
resources of approximately 300,000 ounces of gold and indicated
resources of 37,000 ounces of gold at its Monte Cristo and
Sugarloaf properties at a cut-off grade of 1 g/t. These are the
most advanced of five, high-grade, epithermal vein systems
controlled by the company. The existing resources at Monte Cristo
and Sugarloaf remain open along strike and at depth. Planning for
further exploration and development either underground or by
surface drilling is underway. The three other properties, Blue
Sphinx, Gold Springs and Black Warrior, all contain well-defined
and essentially undrilled targets.
In northwestern Ontario, Crown has two other gold properties in
addition to McKenzie Island. At Tabour Lake, sampling and previous
drilling at the old Sakoose Mine confirm that extension of
previously mined grades of 14 g/t gold are present down plunge and
open at depth. Drilling of this property is planned in early 2011.
A large property package at Surprise Lake in the Uchi Belt, east of
Red Lake, contains a large number of gold occurrences, all classic
greenstone gold targets.
In northeastern Ontario, the company holds strategic land
positions adjacent to Trelawney's Chester discovery, at the old
Stairs Mine and in the Timmins camp. Evaluation of drill targets on
these properties will continue.
All assays reported in this release are from half sawn 42 mm
diameter BTW core samples, analyzed by standard fire assay/AA or
fire assay/gravimetric methods at SGS Laboratories in Red Lake.
Crown's QA/QC protocol includes the introduction of standard, blank
and replicate samples.
Larry Kornze, Senior Consultant to Crown Gold and a registered
Professional Engineer/Geologist, is designated as the Qualified
Person under National Instrument 43-101 has reviewed and approved
the contents of this news release.
Forward-looking Information: This news release may contain or
refer to forward-looking information. All information other than
statements of historical fact that address activities, events or
developments that Crown believes, expects or anticipates will or
may occur in the future are forward-looking statements. These
forward-looking statements are subject to a variety of risks and
uncertainties beyond Crown's ability to control or predict that may
cause actual events or results to differ materially from those
discussed in such forward-looking statements. Any forward-looking
statement, speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, Crown
disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although Crown believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, undue reliance should not be placed on these
forward-looking statements due to the inherent uncertainty
therein.
Historical information, such as the reported assay results for
the McKenzie Island property from the 1930s, pre-dates NI 43-101
and, accordingly, is not compliant with the requirements of NI
43-101; such historical information should not be relied upon.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
contents of this news release.
Contacts: Crown Gold Corporation Mr. Stephen Dunn President and
CEO (416) 822-3343 Crown Gold Corporation Dr Anthony Taylor
Executive Chairman (775) 843-5838 www.crowngoldcorp.com
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