Crazy Horse Resources Inc.
TSX VENTURE : CZH

Crazy Horse Resources Inc.

December 07, 2010 12:38 ET

Crazy Horse Resources Inc.: Taysan Project CZT001 Assays Confirm Historic Data and Presence of a Significant Porphyry Copper-Gold-Silver Deposit in the Philippines

MANILA, PHILIPPINES--(Marketwire - Dec. 7, 2010) - Crazy Horse Resources Inc. (TSX VENTURE:CZH) -

HIGHLIGHTS:

  • 214m of 0.38% Cu, 0.12 g/t Au and 1.4 g/t Ag from 62-276m
  • Silver not previously included in Preliminary Economic Assessment
  • Higher grade zone from 202-246m comprising 44m of 0.83% Cu, 0.31 g/t Au and 3.5 g/t Ag, including 8m of 2.82% Cu, 1.46 g/t Au and 10.6 g/t Ag
  • Ore grades above 0.1% Cu cut off continue 316m below the bottom of previous drill holes indicating significant ore zone extension.

Crazy Horse Resources Inc. (the "Company"), a Philippines based mineral exploration company, announces the results of the first batch of copper, gold and silver assays from a confirmatory drilling program over its Taysan copper-gold porphyry project (the "Project"). This drill program comprises 12 twin drill holes totalling 6,670m designed to check historic resource data. To date the Company has completed drilling the first four holes – CZT001 to CZT004.

The data set out below is from drill hole CZT001, drilled to a total depth of 645m. The results indicate deep intercepts of grades above cut-off (0.1% Cu) interspersed with high grade zones of >0.3% Cu and importantly, these drill results correlate with historic data in nearby drill holes with an additional 316 meters of ore grade above 0.1% Cu extending below previous drill holes on this section.

Ore zones from 12-276m closely confirm results from nearby historic drill holes. The additional ore zone from 322-520m indicates a deep ore zone inferred from other sections but not previously drilled on this section (19520N), while the zone from 566-626m is a newly discovered potential ore zone at depth.

In total, nine shipments totalling 1,102 samples have been received by McPhar Geoservices (Phil), Inc. and are being processed for assay determination. All samples have been transported by the Company's personnel from the drill site to the assaying laboratory, McPhar Laboratory, under secure "Chain of Custody" procedures. McPhar Geoservices (Phil), Inc. is ISO 17025:2005 accredited and is a member of the International Intertek Laboratory Group.

It is expected that results of batches 2 through 9 will be available within the coming weeks from holes CZT002, CZT003 and CZT004.

      Cut-off Cu Au Ag
From To Interval (% Cu) (%) (ppm) (ppm)
12 28 16 0.1 0.12 0.02 0.2
34 50 16 0.1 0.14 0.02 0.0
62 276 214 0.1 0.38 0.12 1.4
Including            
66 72 6 0.3 0.43 0.07 0.5
106 114 8 0.3 0.38 0.08 1.2
130 140 10 0.3 0.50 0.40 1.8
150 158 8 0.3 0.34 0.10 1.5
164 176 12 0.3 0.42 0.12 1.7
184 190 6 0.3 0.39 0.06 2.3
202 246 44 0.3 0.83 0.31 3.5
And including            
208 216 8 0.7 2.82 1.46 10.6
             
332 520 188 0.1 0.18 0.07 0.2
Including            
368 378 10 0.3 0.31 0.07 0.0
             
566 626 60 0.1 0.14 0.05 0.4

Taysan Project

A copy of the National Instrument 43-101 ("NI 43-101") report by R. Sowerby, of Geosynthesis Pty Ltd. entitled "A Technical Review of Exploration and Resource Estimates of the Taysan Project, Batangas Province, Philippines", in collaboration with Mining Associates Inc. of Australia can be viewed under the Company's profile on SEDAR (www.sedar.com).

The Project contains a drill defined copper-gold porphyry deposit, and is comprised of two mining exploration permits and three mining exploration permit applications (permits: EP-IVA-005 and EP-IVA-016, and permit applications: EPA-IVI-108, EPA-IVI-111 and EPA-IVA-081) over five contiguous claim blocks covering a combined total area of 11,254 hectares. The Project hosts a large and only partly explored copper-gold porphyry deposit similar to other copper-gold porphyry deposits previously mined in the Philippines. The Project is located in southern Luzon, Philippines in a well developed mining province and readily accessible by road located 20km east of the provincial capital and deep water commercial port of Batangas City.

The Company is currently conducting a confirmatory scoping study under the management of AMEC Minproc Limited, which remains on track and on schedule.

Qualified Person

Brian Lueck, Chairman of the Company, is the qualified person who has reviewed the geological data summarized in this news release on behalf of the Company.

ON BEHALF OF THE BOARD

Johan Raadsma, President, CEO and Secretary

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 Crazy Horse Resources Inc. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. 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. There is no assurance that the Company will be able to replicate historic results, or that the underlying assumptions to the historic economic assessment of the Project will prove to be accurate. Statements as to the potential quantity and grade of mineralization within the Project is conceptual in nature, and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in any resource being delineated. 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 Resources Inc. 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 (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Crazy Horse Resources Inc.
    Investor Relations
    1-866-684-6730