Red Crescent Resources Limited
TSX : RCB

Red Crescent Resources Limited

December 15, 2010 09:58 ET

Red Crescent Resources Limited: Hakkari Zinc Project Phase 1 Exploration Program Close Out

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Red Crescent Resources Limited ("RCR" or the "Company") (TSX:RCB), a base metals focused mineral exploration and development company, is pleased to announce that it has successfully completed its 2010 and Phase 1 exploration program on its core Hakkari Zinc Project ("HZP") in SE Turkey. HZP is a high grade carbonate MVT style Zinc/Lead project which hosts exceptional potential for the development of very significant compliant mineral and metal resources.

The 2010 Phase 1 program was focused on both the more immediately and easily accessible western edge of Licence No.5 situated marginally west of central and the "Pentagon" area situated marginally east of central within the contiguous and adjacent licensed holdings of the HZP; see maps attached. The total area drilled and trenched represents <1% of the area under licence in the HZP (>50 000 Ha) and with known outcrops of high grade zinc/lead mineralisation. Several kilometers of continuous outcrop has been measured on Licence 5 alone.

This program met all of its objectives and consisted of the completion of over 2000m of drilling in 22 HQ3 diamond drill holes intersecting total mineralized width of more than 150m and over 400m of trenching exposing more mineralized width of more than 76m. The total mineralized width intersected and exposed is three to four times more than was expected significantly boosting the potential NI 43-101 compliant resource tonnage that is now being generated within the Phase 1 program resource model.

The intersected carbonate "oxide" mineralized widths have all been measured for grade in situ using handheld InnovX XRF device, either from extracted diamond drill core placed in core boxes or from exposed in trench zones and road cuts to gain an indication of what can be expected from the laboratory analysis. The Zinc grade variance recorded by the InnovX XRF machine to date has been between 3% Zn and >50% Zn with associated Lead grades recorded between 1% Pb and 6.5% Pb. Some examples of XRF analysis of drill core from the drilling program are;

PENDD006 – 3.2m @ 46% Zn and 1.6% Pb PENDDO10 – 4.0m @ 35% Zn and 3.5% Pb
   
5DD002 – 8.5m @ 8.1% Zn and 3.1% Pb 5DD003 – 13.7m @ 8.7% Zn and 3.1% Pb

Further these recorded and surveyed measurements are being collated into a unique data set and data base for the determination of a correlation model between in-situ XRF field measurements and full laboratory sample analysis when these results are received soon. To date comparisons are indicating that the XRF unit under reads grade contained in fresh core especially when grade exceeds 5% Zn. Progress on this will be further reported upon in the revised and updated NI 43-101 Technical Report post the reporting of the maiden NI 43-101 resource in late January 2011.

The sample generation program from the drill cores recovered, road cuts made and trenches opened, has been completed. All samples have been submitted to accredited laboratory ALS Chemex for final analysis and RCR's independent CP Mike Robertson has just completed a check visit to ALS Chemex to update and check all sample analysis protocols, in particular for analyzing sample with grades in excess of 25% to 30% Zinc. The production of input data for the resource modeling exercise will imminently follow during December 2010.

Accordingly RCR remains on track to complete the resource modeling and report its maiden NI 43-101 compliant resource for the Hakkari Zinc Project by late January 2011, following which it's published NI 43-101 Technical Report entitled "NI 43-101 Technical Report on the Hakkari Zinc Project" dated March 30, 2010 filed on SEDAR will be updated.

RCR is further pleased to report that its experimental use of IP (Induced Polarization) geophysical techniques over 3 line kilometers has shown good potential for success. When correlated with known mineralized outcrops and mining excavations both underground and surface where high grade ores >25% Zn have been both historically and today economically extracted, the IP Resistivity and Chargeability maps attached have shown exciting indicator results and highlighted a number of potentially significant buried "sulphide" anomalies. While these targets will be tested early in the Phase 2 diamond drilling program set to begin in March/April 2011, further geophysical work is being planned for the 2011 exploration season program.

"The 2010 HZP exploration program has been very successful having achieved all of its aims of achieving a better understanding of the hosting of the mineralisation, the variances that can be found within it and most importantly strong indications of the primary sulphide origination. This along with the completion of the Phase 1 drilling program and proving of supporting technologies and applications in XRF and geophysical techniques for expansion of activities in Phase 2 during 2011 offers much satisfaction," said Alan Clegg, RCR's Chairman & CEO. "We look forward to our maiden resource in January and to significantly extending the HZP resource potential in this exciting new emerging minerals province in SE Turkey."

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/gold and manganese and to rapidly progress these up the value curve to production.

RCR's initial and principal focus for the balance of 2010 was the completion of the Phase 1 exploration and the development of the Hakkari Zinc Project reported upon here above. From 2011 it is intended this program will be accelerated and further 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 is also continuously seeking regional consolidation opportunities for further acquisition.

RCR is proving that its licensed area contains strong potential for the delineation of mineral resources through the exploration and evaluation with "state of the art" technologies and techniques of known zinc-lead mineralization and other anomalies highlighted by RCR's regional remote sensing and satellite imagery analysis, in particular Copper.

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 RCR, 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.

To view Annexures on Phase 1 Exploration Close out, please visit: http://media3.marketwire.com/docs/RCB%20Annexures.pdf.

Contact Information

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