AurCrest Gold Inc.
TSX VENTURE : AGO

AurCrest Gold Inc.

September 25, 2014 08:00 ET

AurCrest Gold Announces Drilling Results from Richardson Lake Property

TORONTO, ONTARIO--(Marketwired - Sept. 25, 2014) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX Venture:AGO) is pleased to announce assay results from the first two diamond drill holes of its 2014 exploration program at the Richardson Lake Property including a one metre intersection at the bottom of hole RL-14-08 grading 15.48 g/t Au. The Company is drill testing interpreted shear zones originally discovered in hole RL-12-07 (News Release, April 30 2012) associated with a two kilometre long folded high magnetic anomaly which has been identified as gold bearing from both surface sampling and the above mentioned drill-hole. Drilling was paused after the completion of the two holes pending the return of these results.

The first hole RL-14-08 was set up 300 metres further west of hole RL-12-07, oriented SSE and dipping 45 degrees, with the purpose of testing the previously named South-Side Zone west of the 2012 discovery within the west trending Richardson Lake magnetic anomaly. The hole intersected two sections of hydrothermally altered, steeply south dipping zones of banded chert-magnetite iron formation hosting variable but extensive quartz-carbonate veining and injections with disseminated iron sulphides. Sampling and analysis of the deeper iron formation section returned significant gold over 13 metres with an average grade of 1.63 g/t Au from 369 - 382 metres down hole including 0.86 g/t Au from 369 - 373 metres and 3.46 g/t Au from 377 - 382 metres including 15.48 g/t Au from 381 - 382 metres which marked the end of the hole. The Company will move to extend hole RL-14-08, immediately following the Thanksgiving holiday, as the final metre of 15.48 grams represents the highest grade result recovered by AurCrest to date. Analysis of samples from the upper iron formation section, which was interested from 287 - 303 metres down hole, returned low gold values. No estimations of the true widths of these intersections can be made at this stage.

The second hole RL-14-09 was drilled from the same set-up, orientated south and dipping 45 degrees, directly across the centre of the interpreted fold of the iron formation. Drilling intersected intermittent sub-sections of banded chert-magnetic iron formation in association with irregular quartz-carbonate veining and disseminated iron sulphides from 241 - 246 metres, 376 - 402 metres and 443 - 457 metres. Sampling and analysis of these sub-sections generally returned low gold with intermittent anomalous values.

The diamond drill has been kept at the same set-up in order to test across the iron formation fold nose to the southwest and to facilitate the now priority extension of hole RL-14-08.

Ian Brodie-Brown, President and CEO stated: "This intersection in hole RL-14-08 generates exciting results for the continued exploration of the South Side Zone and the folded iron formation structure at Richardson Lake in general. Based upon these results to-date continued diamond drill testing is planned commencing with the extension of hole RL-14-08."

The samples were gathered as NQ core lengths of 0.5 to 1.0 metres with recoveries of >98%. The core was split in half using a diamond saw, sealed in secure packages, and shipped by bonded carrier to AGAT Laboratories facility in Thunder Bay, Ontario for preparation. Due to the extreme hardness of the samples, in some instances parts of the core had to be hand split on-site under the supervision of the qualified person. Following preparation, the sample pulps were shipped to the AGAT analytical facility in Mississauga, Ontario and analyzed for gold by fire assay with ICP-OES finish. A duplicate unknown to the laboratory was submitted per batch of ten samples and a gold standard and a blank, unknown to the laboratory, were included with each batch of samples. AGAT Laboratories is an ISO 9001 facility and fulfills standard QA/QC protocols.

Trevor Boyd, P.Geo., Vice President of Exploration, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this press release.

About AurCrest Gold Inc.

AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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