Currie Rose Resources Inc.

Currie Rose Resources Inc.

October 11, 2011 09:48 ET

Currie Rose Resources Inc.: News Release

ST. CATHARINES, ONTARIO--(Marketwire - Oct. 11, 2011) - Currie Rose Resources Inc. (the company) (TSX VENTURE:CUI)(PINK SHEETS:CUIRF) has been informed by Liontown Resources Limited that the following news release has been issued with respect to the Jubilee Reef Joint Venture in Tanzania, East Africa.

"Liontown Resources Limited (ASX:LTR) is pleased to report that results from the Company's maiden drilling program at its Jubilee Reef JV in Tanzania, East Africa (see Figure 1) indicate potential for the Project to host large-scale gold deposits with significant widths and grades of mineralisation intersected.

A program comprising approximately 4,000m RC and RAB drilling was undertaken at three gold prospects (see Figure 2) and was designed to test beneath and along strike of previously reported shallow gold intersections (see ASX announcements dated 25th January and 27th January 2011).

Better intersections are listed above and results for all holes for which assays have been received are appended. Assay results are still pending for one RC hole drilled into the Shangaza/Panapendesa gold target and for 12 RC holes drilled into iron targets located in the eastern part of the Project area.

Holes JBRRC018 and JBRRC019 were drilled at the Masabi Hill prospect (see Figure 3) and confirm the down dip extension of extensive gold mineralisation intersected in previous shallow RAB holes (see Figures 4 and 5). The mineralisation remains open along strike to the east and at depth.

Holes JBRRC024 and JBRRC025 were drilled at the Shangaza/Panapendesa prospect (see Figures 2 and 6). JBRRC024 was drilled approximately 50m down dip of a previous intersection of 19m at 3.6g/t gold reported at the bottom of a RAB hole JLRB126 (see Figure 7) while JBRRC025 was drilled approximately 100m along strike to the north-east. The mineralisation remains open along strike to the east and at depth.

The RAB drilling was undertaken at the Masabi Hill prospect (see Figure 3) to test for extensions of a large, 150x500m, east-west trending gold geochemical anomaly which had been partially defined by previous soil sampling and RAB drilling.

The gold mineralisation at Masabi Hill is hosted by a strongly altered granitic intrusion and the recent RAB drilling program was also designed to intersect the previously untested contact with the adjacent greenstone lithologies.

Results from the RAB drilling confirm that strong gold anomalism (>0.1g/t) extend eastwards beneath shallow transported cover for at least another 350m from the previously defined mineralised zone. The latest results are of similar magnitude as that recorded by previous RAB drilling up dip of the intersections in JBRRC018 and JBRRC019 referred to above (see Figures 4 and 5).

Significantly the results in JLRB483, JLRB0498 and JLRB499 (see Figure 3) confirm the potential of granite contact zone to host economic gold mineralisation. The granite contact, which geophysics indicates is at least 3km long on the JV area, is completely covered by shallow transported soil and has only been intersected by the single RAB traverse drilled by Liontown.

Commenting on the results, Liontown's Managing Director, Mr David Richards, said "These are very exciting results for a maiden drilling program and highlight the potential for a major gold system, particularly at Masabi Hill. More RAB drilling is needed to define the extent of the gold anomalism at Masabi Hill as well as diamond core drilling to get a better handle on what is controlling mineralisation. We will then need an RC rig to work out the real size of the system. This work will start as soon as all assay results are received (including 1m splits of composite samples) and suitable drill rigs can be secured."

Liontown entered into the Jubilee Reef JV Project with Canadian company Currie Rose Resources Ltd (TSX VENTURE:CUI) at the beginning of 2011. Liontown has the right to earn up to 75% equity in the Project which is located in the Lake Victoria Goldfield (see Figure 1), an Archaean greenstone-granite terrain similar to the Eastern Goldfields of W.A.

Several multi-million ounce gold deposits are currently being mined in the region including Bulyanhulu and Geita.

Best RC Intersections from maiden drilling program
- JBRRC018 28m @ 3.02g/t gold from 40m, including 8m @ 7.45g/t gold from 56m

- JBRRC019 40m @ 1.19g/t gold from 8m

- JBRRC024 28m @ 2.8g/t gold from 72m, including 8m @ 5.1g/t gold from 72m

- JBRRC025 12m @ 2.3g/t gold from 40m

RAB Intersections
- JLRB488 22m @ 1.3g/t gold from 8 – 30m (EOH), including 12m @ 2.21/t gold from 8m

- JLRB498 29m @ 0.75g/t gold from 8 – 37m (EOH)

- JLRB499 33m @ 0.62g/t gold from 4 – 37m (EOH), including 8m @ 1.74g/t gold from 8m

- JLRB523 15m @ 0.75/t gold from 24 – 39m (EOH), including 8m @ 1.1g/t gold from 28m

- JLRB528 16m @ 0.70g/t gold from 16 - 32m (EOH), including 4m @ 1.2g/t gold from 28m (EOH)
(NB: all assays reported are 4metre composite samples)

All Figures above can be reviewed on the Liontown website:

"David Richards"

DAVID RICHARDS Managing Director
10 October 2011

The information in this report that relates to Exploration Results is based on information compiled by Mr David Richards, a full time employee of Liontown Resources Limited, who is a Member of the Australian Institute of Geoscientists. Mr Richards has sufficient experience in the field of activity being reported to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, and consents to the release of information in the form and context in which it appears here."


Harold Smith, President

The technical information in this News Release has been reviewed and approved by Michael Griffiths FAusIMM, a qualified person as defined by National Instrument No. 43-101, and a Director of Currie Rose Resources Inc. and Director of Chalice Gold Mines Limited (ASX) and Mozambi Coal Limited (ASX).

"This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the and properties and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation."

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

  • Currie Rose Resources Inc.
    Harold Smith
    (905) 688-9115