Crest Minerals embarks on maiden drill program
Crest Minerals announced it had commenced its maiden drilling program at its flagship tenement in Western Australia’s prolific Eastern Goldfields near Kalgoorlie
The Company is undertaking an Aircore Drilling (AC) program of up to 10,000 metres to test gold/copper zones at its Majestic North prospect.
Crest’s drill schedule is targeting the northern extensions of a gold and copper mineralisation trend, drilled less than three kilometres away by Integra Mining Ltd (ASX: IGR) at its Majestic project and new Imperial discovery.
Crest said the drill program is designed to expand on previous exploration on the tenement which showed evidence of gold and copper mineralisation, including:
Existing gold drill intersections in the supergene zone of similar magnitude to neighbouring discoveries.
Coincident copper and gold anomaly in near surface soils.
Evidence of granite in existing drilling, which are the same host rocks types as neighbouring Majestic/Imperial.
Crest Minerals Managing Director, Mr Angus Middleton, said: “Our neighbour, Integra Mining (ASX: AGR), is achieving spectacular results from the Imperial discovery in the Randall’s Gold Project, which also hosts its Majestic discovery.
“Our mission is to improve upon their success, while also reinforcing our view that Crest has created valuable opportunity for its shareholders by recognising and holding the rights to the tenure over the greater northward extent of an existing mineralised trend.”
Crest CEO, Mr Stephen Jones, is managing the aircore drilling program, which is designed to extend the 500 metre by 250 metre existing supergene gold anomaly with 40 metre spaced drill-holes.
The program will also drill test the eastern side of the southern tenements with 80 metre east-west centred exploration holes on five drill lines over a two kilometre north-south extent.
Crest expects to announce results from its (AC) drill program at Majestic North in August, and then immediately commence Reverse Circulation (RC) drilling targeting mineralisation at greater depth.
“We are excited about the large-scale potential of Crests tenements in the area,” Mr Middleton said.
“The greater Majestic area is interpreted to be part of a large intrusive-related or porphyry-style high-grade gold/copper mineralised system of a style previously unknown in the Eastern Goldfields.”
Crest Minerals commenced trading on the ASX on 29 June 2012 with only 21,649,997 quoted shares, following a successful $3.5 million Initial Public Offering.
Current SP - 17c.