Crescent Resources Corp.
TSX VENTURE : CRC

Crescent Resources Corp.

July 28, 2011 08:00 ET

Crescent Resources Reports Phase One Drill Results Confirming Near Surface Gold Mineralization, Including 11.40 Meters at 4.86 g/t Gold, on the Uncle Sam Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2011) - Crescent Resources Corp. (TSX VENTURE:CRC) reports results from the first four diamond drill holes completed as part of the 2011 exploration and drill program at the Uncle Sam Gold Project in the Tintina Gold Belt, Alaska. These results are from the Wolf Prospect, the first of three large gold in soil anomalies on the project to be drilled by Crescent. The project is located 65 kilometers southeast of Fairbanks, Alaska, 40 kilometers west of Sumitomo Metal Mining's Pogo Gold Mine and adjacent to Stone Boy, a recent gold discovery reported by Sumitomo. The work on Uncle Sam is being funded by Crescent and is operated by Millrock Resources Inc. The 2011 exploration program also includes a property-wide surface geochemical sampling program with the objective of defining existing targets in greater detail and generating additional targets.

Wolf Prospect

The first phase of the current drilling program was on the Wolf Prospect at the southern end of the claim block with 4 diamond drill holes for a total of 621 meters. Drilling targeted a strong gold in soil anomaly measuring over 2,000 meters in length and 1,000 meters in width. Historic drilling in this area by previous explorers had returned encouraging results such as reverse-circulation drill hole USRC-22, where an intersection averaged 4.45 g/t gold over 15.54 meters and drill hole USR – 055 where an interval averaged 1.34 g/t gold over 13.72 meters. These new Wolf Prospect drill results confirm the presence of strong, near-surface gold mineralization and continuation of the zone along strike. A summary of significant results follow.

To view a drill plan map, please visit the following link: http://media3.marketwire.com/docs/crcFig1.JPG.

Drill Hole From meters To meters Interval –meters Gold g/t
WLF-001 41.76 44.50 2.74 3.63
WLF-002 35.66 47.06 11.40 4.86
WLF-003 57.00 60.05 3.05 3.27
WLF-004 48.77 50.90 2.13 1.81

Gold mineralization at the Wolf Prospect appears to strike in a northwest – southeast orientation with a gentle southwest dip, and is open to depth and in both strike directions. The mineralization appears to have the same orientation as a new gold zone recently announced by Sumitomo at their adjacent Stone Boy Project (see link to story http://www.petroleumnews.com/mnarch/05-23-1.html), the new zone at Stone Boy called Naosi is located just 500 meters southeast of the Uncle Sam project claim boundary and two kilometers southeast of the Wolf zone. Sumitomo reports that the Naosi zone consists of a vein system continuous over at least a 1,500 m strike and 500 m in the down-dip direction. The zone includes an intersection of 7.92 meters averaging 7.8 g/t gold and 19.7 g/t silver. The proximity of the Wolf and Naosi zones suggests the possibility of a larger gold mineralized system.

Lone Tree Prospect

As part of the 2011 exploration program by Crescent and Millrock, five diamond drill holes totaling 1,329 meters, have also been completed at the Lone Tree Prospect which is located further to the northwest from the Wolf Prospect and the Naosi discovery. Drilling targeted a strong gold in soil anomaly that measures approximately 4,000 meters in length and up to 1,000 meters wide. Previous drilling by other operators has returned encouraging results such as drill holes USC-011, which contained an intersection of 19.22 meters averaging 2.03 g/t gold and USC-013, which contained 6.0 meters averaging 1.79 g/t gold and 14.0 meters averaging 1.65 g/t gold. The recent drilling program was designed to expand upon the area of known gold mineralization. Assay results are expected soon.

Crescent can earn a 100% interest in the 31 square kilometer Uncle Sam project in an agreement signed with Millrock on December 15, 2010.

About Crescent Resources Corp.

Crescent is a resource exploration company focused on the exploration of the Uncle Sam Gold Project in Alaska. Management will also continue to review other opportunities in the resource sector. The Company has 27.6 million shares outstanding thereby providing its shareholders strong leverage to a successful exploration and drilling program.

Notes:

  1. All drill holes reported are diamond drill holes.
  2. Drill intercept lengths only are reported in the tabulations as there is insufficient information to estimate true widths.
  3. All samples from the project were delivered by Millrock personnel to ALS Chemex, Fairbanks, Alaska for analysis.
  4. A description of the geology, sampling procedures, and the Company's laboratory Quality Assurance / Quality Control procedures are as described in the Company's most recent National Instrument 43-101 Technical Reports filed and dated November 8, 2010. This report is available on the Company's profile at www.sedar.com.
  5. The Qualified Person responsible for the release of this exploration information is Michael Hopley, President and Chief Executive Officer of Sunridge Gold Corp.

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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.

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