Eaglecrest Announces Initial NI 43-101 Resource Estimate Bolivia
14 Diciembre 2010 - 4:44PM
Marketwired
EAGLECREST EXPLORATIONS LTD. (TSX VENTURE: EEL)(PINK SHEETS:
ECRTF)(FRANKFURT: EAT) ("Eaglecrest"; the "Company") announced
today that SRK Canada ("SRK") completed a National Instrument
43-101 ("NI 43-101") resource estimate on the L463 Gold Shoot in
the Dona Amelia Zone, San Simon Project, Bolivia. The capped
Indicated Mineral Resources show 262,300 tonnes grading 5.15 grams
per tonne gold, and the capped Inferred Mineral Resources show
251,800 tonnes grading 5.46 grams per tonne gold classified, at a 3
grams per tonne cut-off.
"We are pleased the SRK estimate verifies our anticipated
results of the detailed drill program in the L463 Gold Shoot,"
commented CEO Hans Rasmussen. "While several drill holes were
completed prior to 2007, the (100-metre) drill spacing in the Dona
Amelia Zone was too coarse, just the 2008 drill holes with 25-metre
offsets were used in this estimate. The good news is that SRK
concluded additional resources are favourable using data from the
100-metre program, drilling shorter offsets in areas where
sufficient gold was encountered."
Mineral Resource Statement(i), L463 Gold Shoot, Dona Amelia Zone
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Cut-Off Gold Tonnage(i) Gold Cap
Classification grams/tonne Tonnes grams/tonne
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Indicated greater than 16 300 16.77
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Indicated greater than 10 11,700 12.11
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Indicated greater than 5 103,100 7.20
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Indicated greater than 4 159,100 6.23
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Indicated greater than 3 262,300 5.15
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Inferred greater than 16 2,700 20.99
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Inferred greater than 10 14,000 13.77
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Inferred greater than 5 105,000 7.77
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Inferred greater than 4 159,000 6.65
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Inferred greater than 3 251,800 5.46
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(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All numbers have been rounded to reflect the
relative accuracy of the estimates.
---------------------------------------------------------------------------
In June 2010, Eaglecrest Explorations Ltd. retained SRK to
prepare a NI 43-101 technical report and resource estimate for the
Dona Amelia portion of the San Simon Property. SRK carried out a
site visit in July examining drill core, reviewing sampling
intervals, locating drill collars and reviewing the local surface
geology. SRK determined that the drill core sampling was adequate
and appropriate for this type of deposit. The core sampling
protocols are in keeping with standard industry practices. SRK also
validated the digital assay database supplied by Eaglecrest and
concluded that it was sufficiently free of errors to support
estimation of mineral resources.
In 2007, the drill program focused in the L463 Gold Shoot with
infill and step-out holes at a nominal spacing of 25 metres. The
increased data density enabled in-house modeling by Eaglecrest in
2008, and the preparation by SRK, of the resource estimate
presented above. Based on this new resource model, SRK recommends
that future exploration drill holes maintain a nominal spacing of
25-metres and should concentrate in areas where the strike or dip
of the structures change abruptly as such changes may represent
dilation zones favourable for gold deposition.
Eaglecrest first became involved in the San Simon district in
late 1994 and financed intermittent exploration work in the Amelia
and Paititi areas until 2002. This work was mostly conducted by
contractors and administered by Excalibur Holdings. In 2003,
Eaglecrest's Bolivian subsidiary began operating directly. In
total, 327 holes totalling 78,585 metres have been drilled in the
Dona Amelia zone. The Dona Amelia zone covers the
Trinidad-Manganeso thrust zone which trends nearly East-West and
has been traced for a distance of at least four kilometres.
Mineral resources for the Dona Amelia zone were estimated and
classified by Dr. Gilles Arseneau (P. Geo.), Principal Consultant,
Geology at SRK in Vancouver using three-dimensional block modelling
software. Mineral resources were estimated using block modelling
method with values interpolated into 6 metres along strike, 6
metres along the dip and 2 metres in thickness. Grade values were
estimated for gold only as no other metal occurs within the Dona
Amelia area in economic concentration. Grades were estimated in
blocks using ordinary kriging algorithm. The grade interpolation
was carried out in multiple passes using a search ellipsoid
generally parallel to the long axis of the east-west thrust fault
in the Dona Amelia zone. Grades were composited to one metre
lengths for grade estimation and composites were capped to a
maximum of 40 grams per tonne gold. Blocks were classified as
Indicated Mineral resources if at least three drill holes were
found within the first interpolation pass. Blocks interpolated
during Pass 2 and 3 were classified as Inferred Mineral
Resources.
The technical information in this news release has been reviewed
and approved by Dr. Gilles Arseneau who is a Qualified Person in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects.
Company Update - Bolivia
In November 2010, the Company's Bolivian subsidiary provided
notice to Bolivian property owners that it is removing six
concessions from the exploration and option agreements. The change
will reduce the Company's holdings to a total of 52.5 square
kilometres from the prior 120.5 square kilometres. The decision to
reduce the size of the San Simon holdings was based on the results
of exploration work conducted from 2008 to 2010 and took all prior
data into consideration. The reduction will reduce future holding
costs and enable the Company to focus exploration on the areas that
are known to have significant gold mineralization or are considered
to have good exploration potential.
About Eaglecrest
Eaglecrest Explorations Ltd. is systematically exploring
promising gold projects in Colombia and Bolivia. The management and
geologic teams at Eaglecrest are comprised of industry experts
experienced with gold discoveries over the past three decades while
working with both junior and major mining companies. With this team
and the increased sentiment towards gold, Eaglecrest looks to
accelerate the capitalization of its Bolivian asset, shifting its
focus to securing interests in, and initiating the exploration
programs at the Fredonia and Venecia projects, Colombia, located
south of Medellin.
If you would prefer to receive news releases via email please
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news" in the subject line.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX-Venture
Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission.
Neither the TSX Venture nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Eaglecrest Explorations Ltd. Hans Rasmussen President
and CEO 604-684-7160 hans@eaglecrestexplorations.com
www.eaglecrestexplorations.com
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