Crazy Horse Resources Inc.
TSX VENTURE : CZH

Crazy Horse Resources Inc.

December 09, 2009 13:31 ET

Crazy Horse Resources Inc. Announces Completion of Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2009) - Crazy Horse Resources Inc. (the "Company" or "Crazy Horse") (TSX VENTURE:CZH) announces the completion of an exploration program on its Iron River Property.

During the months of October and November, the Company's field crew carried out an exploration program consisting of prospecting and rock/soil sampling work; focusing on geophysical anomalies identified in prior 2007 and 2008 exploration programs as well as numerous recently created new rock outcrop road cuts. A total of 80 rock samples and 297 soil samples were collected. Rock samples were collected primarily from road-cut outcrops, while soil samples were collected from select areas coincident with higher priority geophysical anomalies.

Reconnaissance prospecting on the property identified six main zones of skarn and iron oxide alteration with sulphide mineralization, as well as one zone of intrusive hematite-chlorite breccias. Generally, rock sampling from these areas yielded low precious and base metal values. The best rock sample was 6.1% copper over 0.20 metres from a chip sample across a rusty, chlorite-altered fracture/veinlet zone in Karmutsen formation volcanic rocks ("410 Zone"). Some airborne geophysical and most ground geophysical (VLF-EM) anomalies were covered by geochemical soil sampling on small grids or select test lines. Generally, the reconnaissance soil samplings reveal a few interesting geochemical anomalies; most notably adjacent the West Zone and a limited copper in soil high on "Grid B" possibly associated with an extension of the Gal-Aurizon zones. Numerous sites of airborne geophysical anomalies were visited, particularly on the underexplored southern portion of the property. In most cases these conductivity and resistivity anomalies were explained by inferred or observed fault or fracture zones, however many of the anomalies that occurred in areas underlain by Nanaimo Group sandstone rocks were not satisfactorily explained.

Future exploration work will focus on the remaining priority iron-copper skarn areas underlain by the soil Grid B, Gal, Aurizon and West-East zones.

The Iron River Iron-Copper Skarn property is located on east-central Vancouver Island, British Columbia approximately 180 kilometres northwest of Vancouver or about 15 kilometres southwest of Campbell River. The claims are 10 kilometres northeast of the past producing Iron Hill skarn deposit which has a reported historical production of about 1.99 billion kilograms of iron from an estimated 3.73 million tonnes of ore (after BC EMPR Minfile 092F 075). The property is accessible by a combination of paved and gravel roads and also importantly the project is in close proximity to the Quinsam Coal Mine that mines and ships its ore via ocean freighter facilities at Campbell River.

The Company also announces that, subject to the acceptance of the TSX Venture Exchange, it is extending the exercise period of an aggregate of 2,825,000 transferable common share purchase warrants, from January 31, 2010 (as to 875,000 warrants); February 15, 2010 (as to 1,900,000 warrants) and October 8, 2010 all to December 31, 2011. All other warrant terms remain unchanged.

Mr. Michael Moore, PGeo is the qualified person who has reviewed the technical information contained in this news release on behalf of the Company. Samples were shipped to ALS Chemex Laboratories (North Vancouver, BC). ALS is an ISO 9001:2000 accredited laboratory. The rock samples were prepared for analysis by fine crushing (70% passing a minus 2mm mesh screen), then the crushed sample were then pulverized in a ring mill, to greater than 85% of the sample pulverized to 75 microns or finer. A 25 gram sample of the pulverized rock was analysed for gold by aqua regia digestion, followed by analysis by Inductively Coupled Plasma Mass Spectrometry (ICP-MS). A suite of 33 other elements were analysed by four acid, near total digestion of a minimum 1 gram sample, followed by analysis by Inductively Coupled Plasma Atomic Absorption Spectrometry (ICP-AES). All coarse rejects and sample pulps are currently stored at the ALS facilities.

ON BEHALF OF THE BOARD

Darren Devine, President and CEO

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Statements regarding future fund raising and capital expenditures are subject to all of the risks and uncertainties normally incident with the raising of capital including, but are not limited to, financing risks, inflation and costs of goods and services. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Crazy Horse does not assume the obligation to update any forward-looking statement, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Crazy Horse Resources Inc.
    Darren Devine
    President
    604-638-8067