Red Crescent Resources Limited

Red Crescent Resources Limited

November 09, 2010 13:24 ET

Red Crescent Resources Limited (Formerly NiCo Mining Limited) Maiden Exploration Results & Forecast for Expected Reporting of Maiden NI43-101 Compliant Resources & Updated Technical Report

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2010) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Red Crescent Resources Limited ("RCR") (formerly NiCo Mining Limited) ("RCR" or the "Company") is pleased to announce that it has in the interim completed within the current drilling season to date approximately 1700m of HQ3 Diamond drilling on its Licence No.5 and "Pentagon" Licence (situated between Licence No.8 & No.10) properties. 

Further a significant amount of trenching has also been completed and sampled with some results received. While RCR programmed drilling operations are continuing apace taking advantage of the unseasonably good weather conditions, RCR deems it in the interim appropriate and further to the earlier press release of August 3rd, 2010 to release more detailed information at this time. Specifically in respect of InnovX XRF field measurements on/and chemical assay results from trench samples and core samples that have been received from independent laboratories ALS Chemex. It must be noted that not all submitted sample packages have as yet been returned with results, along with appropriate QA/QC checks by the CP, from ALS Chemex.

RCR has deployed early on in its exploration work program, as a field tool, the Handheld InnovX XRF analyzer for immediate testing of grade of prepared samples and cores. While the initial comparisons between XRF field measurements and laboratory chemical assays have indicated the InnovX under reports for grades measured above 5% Zn on Hakkari mined ores and samples, work is continuing to define an appropriate correlation model. 

The combined InnovX XRF field measurements and chemical assay results reported by ALS Chemex from samples submitted, having successfully passed all QA/QC controls, based on a 1% Zn grade cut-off and with a reasonable correlation being shown between Zinc and Lead grades, have shown Zinc grade variation between 3.7% and greater than 45%, with Lead grade variation between 1.5% and greater than 8%. The best reported intersections measured on split core by the InnovX unit have been 4 metres @ 35% Zn and 3.5% Pb and 3.2m @ 46% Zn and 1.6% Pb. As a result RCR remains confident that the Maiden resource will exhibit high average Zinc grades in line with those originally expected.

Figure 1 (Below) – Illustrates the strip log from Hole PENDD010 on the "Pentagon" Licence

http://media3.marketwire.com/docs/rcr11109.pdf

Other unexpected chemical assay results from within the laboratory ordered range assayed are indicating a potential for a wider more polymetallic nature of the potential resource containing potentially significant other base, precious and rare earth metals, such as copper, silver, cadmium, etc, but these require further significant work to confirm both economic quantities and recoverability.

Figure 2 (Below) – Illustrates the strip log from Hole PENDD006

http://media3.marketwire.com/docs/rcr21109.pdf

As the current season's drilling program continues to execute a step-out and in-fill drill campaign, estimated at a further 1000m of drilling on Licence No.5 and informed from the assay results received to date from ALS Chemex towards its expected termination point during mid-December 2010, RCR will continue to receive returns on its chemical assay results from trench and core sample packages already submitted and will as appropriate make further announcements in due course.

RCR remains on track to report its Maiden NI43-101 compliant resource not later than February 2011 and the commensurately upgraded NI43-101 Technical report during March/April 2011.

About Red Crescent Resources Limited 

RCR's business objective is to secure, consolidate and grow its portfolio of base metal opportunities in Turkey, including zinc & lead, copper and manganese and to rapidly progress these up the value curve to production. 

RCR's initial and principal focus is the completion of the exploration and the development of the Hakkari Zinc Project, but also has a clear albeit secondary focus, in the exploration and development of its currently non-material properties, which include the Hakkari Copper Project and Hakkari Manganese Project opportunities held through its commodity-focused subsidiaries. 

RCR reported earlier it is also seeking regional consolidation opportunities for further acquisition, leveraging its strategic relationships and positioning, accordingly it can be expected RCR will be reporting significant success in this regard within a further press release on this subject soon. See the Filing Statement dated October 26, 2010 referred to above.

A copy of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Technical Report entitled "NI 43-101 Technical Report on the Hakkari Zinc Project" dated March 30, 2010 has been filed on SEDAR. The report was prepared by Michael James Robertson, Pr.Sci.Nat, MSAIMM, Principal Consulting Geologist for The MSA Group (Pty) Ltd., on behalf of Red Crescent Resources Holding A.S. ("RCR"), a 99.99% owned subsidiary of RCRB, in respect of its Hakkari zinc project located in the Republic of Turkey.

Alan Clegg, a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this news release.

The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

Contact Information

  • Red Crescent Resources
    R. A. Bondy
    416-637-2080
    416-637-2081 (FAX)
    or
    Red Crescent Resources
    Alan Clegg
    +90 530 662 8964 or +27 82 469 8378
    +90 312 448 2926 (FAX)