Eaglecrest Explorations Ltd.

Eaglecrest Explorations Ltd.

March 02, 2010 10:31 ET

Eaglecrest Confirms That San Simon's Buriti and Paititi Gold Zones Are Connected

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2010) - Eaglecrest Explorations Ltd. ("Eaglecrest"; the "Company") (TSX VENTURE:EEL)(FRANKFURT:EAT) today reported that a technical review of the most recent data from its sampling and trenching program confirms that the Buriti and Paititi zones are connected through the San Francisco zone that lies in between both Buriti and Paititi zones. The Buriti - San Francisco - Paititi trend lies across a mineralized width of up to 1.5 km, along a total length of approximately 7 km on the San Simon property in northeastern Bolivia.

Hans Rasmussen, President & COO of Eaglecrest, explained: "After the last two years of systematic soil and rock chip sampling and mapping, along with data compilation from old reports, we designed a trenching program to understand the distribution of gold mineralization in bedrock between the Buriti and Paititi zones. These results, when considered with the new faults and veins that are being mapped, indicate that gold mineralization is continuous between the Paititi and Buriti zones. The significance of this is that instead of Paititi being the only potential open-pit style gold resource, we now have several targets to drill between Paititi and Buriti with gold mineralization near surface."

Recent rock chip sampling from the surface high-grade gold zone at Buriti has helped to define the limits of the gold enrichment in and around the Buriti prospect. Of 122 samples, 30 had results greater than 1 gram per tonne gold. Assay results from surface rock chip and channel samples varied from below detection to 160 grams per tonne gold. The most promising results came from between the east-west trending faults that lie north and south of the mineralized areas. The Buriti zone is at the western end of the east-west Paititi-San Francisco-Buriti trend (see map at http://www.eaglecrestexplorations.com/images/pdf/map-sansimon-summary.pdf). For more information on prior sample results from Buriti, please see December 2, 2009 news release at http://www.eaglecrestexplorations.com/pdf/news2009/nr_2009_12_02.pdf.

The Paititi zone, located on the eastern side of the trend, was partially drilled in three short-lived programs during 1996, 2000 and 2001. Paititi has extensive exposures of mineralized bedrock where artisanal miners have been working over the past 20 years. The exposed gold mineralization has provided valuable information by allowing field mapping of the gold mineralized rock while also helping Eaglecrest geologists identify more zones along the trend.

In addition to the rock chip sampling at Buriti described above, 10 trenches (2,200 metres) were dug with a backhoe to test between the Buriti and Paititi zones, in areas with thicker cover or considerable surface disturbance from previous activities. While there was little natural outcrop on the surface, the trenches all intercepted notable gold mineralized structures with quartz veins, veinlets or stockwork zones. Gold assay values from channel-chip samples in the trenches ranged from below detection to 13 grams per tonne gold in vein or stockwork samples. Follow up and additional trenches are planned for the coming months to help identify drill targets.

Exploration Plans for 2010:

The Board of Directors has approved a work program of US$6 million budget, as follows:

San Simon, Bolivia:

  • Complete a NI 43-101 qualified Mineral Resource model for the Trinidad-Mina Vieja gold shoots and eastward within the Dona Amelia zone.
    • Detailed drilling in 2007-2008 successfully returned over one-third of the drill holes with intercepts greater than 10 grams per tonne gold. With these excellent results, the Company prepared an in-house Gemcom model of the first gold shoot, L463. The Company will work with a qualified 3rd party toward producing a NI 43-101 compliant resource estimation – the calculation will also encompass the adjacent gold mineralization that covers almost 1.5 kilometres of strike length along a dipping, gold-mineralized fault zone.
  • Launch an aggressive drill campaign to test the Paititi zone where gold mineralization outcrops over a 200 metre by 800 metre area. Since mineralization begins near the surface, the drill holes are planned to go to a maximum depth of 200 metres initially, followed by deeper and more detailed drilling as the program verifies the potential for an open-pit style gold resource.
  • Identify and test two to four gold mineralized zones that have been discovered recently around the Buriti prospect. These zones occur at fault intersections and are only now being exposed by trenching along a regional east-west fault zone. Values up to 160 grams per tonne have been sampled in these zones, as discussed above. Each zone will have approximately five drill holes planned.

Fredonia, Colombia:

  • Launch an exploration program in Fredonia, Colombia, beginning with detailed airborne magnetics coincident with stream sediment sampling and mapping to identify target areas in the 18,000 hectare project area.
    • Magnetic data is very useful because gold mineralization in the type of porphyry gold targets we anticipate contain 10 to 15% magnetite associated with the central gold-rich zones.
    • The initial phases of exploration are designed to identify potential areas for further detailed work, such as road and trench sampling, soil and rock-chip sampling and geologic mapping.
    • All exploration tools and the eventual results will focus on identifying targets for drilling later in 2010.

"The combination of a NI 43-101 resource calculation for Trinidad-Mina Vieja, along with successful drill results leading to a potentially large open-pit style resource at Paititi will add substantial value to our projects and should give Eaglecrest some well-deserved support in the market," commented Mr. Rasmussen "These plans are dependent upon the Company raising the necessary funds."

All soil and rock chip samples taken in 2009 were prepared at the Company's on-site assay laboratory, operated by Analab SA of Peru. Soil samples were passed through an 80-mesh screen and the fine fraction was shipped to ACME Laboratories in Vancouver. At ACME, sample splits of 0.5 grams were analyzed for 30 elements using ICP-MS analysis with a detection limit for gold of 0.5 parts per billion. Rock chip samples taken in 2009 were prepared in the on-site sample preparation laboratory and then shipped to ALS Chemex in Vancouver for analysis. At ALS Chemex a 30-gram split of the sample is used for gold analysis, by fire assay and AAS, for a detection limit of 0.5 parts per billion. The ICP-AES technique is used to detect 41 additional elements.

The technical information in this news release has been reviewed and approved by Dr. Odin Christensen, a technical consultant and director of the Company, who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Eaglecrest

Eaglecrest Explorations Ltd.'s mandate is to increase shareholder value by employing deep expertise both at the Board level and on the ground to systematically explore, develop and monetize promising gold projects in Colombia and Bolivia.

Eaglecrest is utilizing management's extensive experience with major mining companies to acquire and explore strategic gold and gold-copper projects in the central Cordillera of Colombia. The first of these projects includes the newly acquired 18,000-hectare Fredonia project area, which is located in a prolific Central Cordillera gold belt 40 kilometers south of Medellin.

Eaglecrest continues to advance with surface geologic exploration the San Simon gold property, which is situated in the Precambrian Amazon Basin shield. The Company controls mineral rights that cover nearly 300 km2 on the San Simon Plateau in northeastern Bolivia.

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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This news release concerns certain "forward-looking statements," including but not limited to, the statements regarding the Company's strategic plan, work programs and exploration budgets at the Company's San Simon Project. The forward-looking statements express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with industry risks, risks associated with foreign operations, environmental risks and hazards and other risks.

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