GOLD CREST MINES INC. REPORTS ON GOLDEN DYKE EXPLORATION RESULTS
SPOKANE, Wash., Oct. 30 -- Gold Crest Mines Inc. (OTC Bulletin Board: GCMN) is pleased to report analytical results from exploration work on its Golden Dyke prospect, located on the Company's Kisa Project, in the Kuskokwim Mineral Belt of southwest Alaska. GCMN's wholly owned Alaskan subsidiary, Kisa Gold Mining, Inc., completed a mapping, sampling and ground geophysical exploration program on the prospect over the summer. The work program was designed to verify sampling results from a previous operator and further define areas of outcropping gold mineralization in preparation for future drilling planned for 2008.
The Golden Dyke prospect consists of a prominent, iron oxide-stained ridge containing numerous silica-carbonate-sulfide altered porphyritic felsic to intermediate dikes and sills and silicified sedimentary rocks. The dike and sill swarm is composed of over twenty dikes and sills ranging in thickness from approximately 3-feet to over 30-feet true width. Many of the dikes pinch and swell and locally appear to form small stock-like bodies. The swarm has been mapped along cliff faces, the ridge crest and into the adjoining talus- and tundra-covered slopes and is at least 750 feet wide and extends along strike over 7500 feet with at least 500 feet of exposed vertical extent. Sedimentary rocks are heavily iron oxide stained and fractured in the hornfelsed zones adjacent to and along margins of the intrusive rocks. The igneous rocks are typically well oxidized, and bleached, but many contain relict sulfides primarily pyrite, arsenopyrite and stibnite and to a lessor extent chalcopyrite and molybdenite as disseminations, distinct veins and in quartz-sulfide stockworks.
A systematic rock chip sampling program was carried out by company staff along the steep cliffs and talus slopes where the dikes and sills are relatively well exposed, but extremely difficult to access. Previous work indicated the likelihood that the gold-bearing dike swarm continued along strike from the previously sampled areas across the cliff faces and extended along strike under the main ridge. A total of 34 rock chip samples were collected from dikes and altered sandstones exposed within the prospect area. Anomalous gold was detected in 28 of the 34 samples, with values as high as 0.18 ounces per ton reported. Gold is associated with anomalous arsenic, antimony (up to 328 ppm), bismuth (up to 57 ppm), molybdenum (up to 45 ppm), silver (up to 6 ppm), copper (up to 1.0%), tellurium (up to 30 ppm) and tungsten (up to 48 ppm).
In addition to the rock sampling, a reconnaissance-scale soil grid was established over the trace of the dike swarm in areas along strike where exposure was limited or non-existent. Samples were collected along reconnaissance lines with variable spacings ranging from 100-foot to 300-foot apart. A total of 56 soil samples were collected on the grid and results show a strong gold in soils anomaly coincident with the projected trace of the dike swarm with 54 of 56 samples returning anomalous gold values. The soil anomaly measures approximately 600-foot to 800-foot wide by 4200 feet long and is open in all directions. Gold in soils reported as high as 2340 ppb (0.068 opt). Over 25 of the samples reported gold values greater then 100 ppb.
High resolution aeromagnetic and electromagnetic survey data from fall 2006 and spring 2007 surveys shows a very distinctive geophysical anomaly associated with the dike swarm. Over 60-line miles of ground magnetic surveys were completed over the anomalous area during the summer program to validate the airborne geophysical anomalies and further define the limits of the favorable gold-bearing intrusive system.
Geologic mapping, rock chip sampling, grid soil sampling and air and ground geophysical surveys outline an extremely large target area now demonstrated to be over 11,700 feet in length (approximately 2.2 miles). The spatial extent of the system, intensity of alteration observed, as well as the widespread occurrence of gold in rocks and soils collected from the dike swarm and surrounding host rocks suggest the presence of a major mineralized system at the surface and underlying the ridge. Additional exploration work and core drilling are currently being planned for the Golden Dyke prospect next year.
GCMN is actively and aggressively pursuing exploration of its land holdings which includes claims covering approximately 93,500 acres of state lands in Alaska. The company has developed an extensive database containing proprietary geological, geochemical and geophysical data for the Kisa Project area, including the Golden Dyke prospect, which is being utilized to define drill targets on the property.
Gold Crest Mines Inc. is a junior gold exploration company with properties in Alaska and Idaho, and is a reporting company under the Securities and Exchange Act of 1934. GCMN is traded on the NASDAQ OTCBB under the symbol GCMN.OB
For additional information, please visit the Company's web site at http://www.goldcrestminensinc.com or contact:
Tom Parker Chris Dail
President & CEO Vice President, Exploration
Tel: (509) 893-0171 Tel: (509) 893-0172
'Safe Harbor' Statement under Private Securities Litigation Reform Act of 1995:
Certain statements contained herein constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Information contained herein contains 'forward-looking statements' which can be identified by the use of forward-looking terminology such as 'believe', 'expect', 'may', 'should', 'up to', 'approximately', 'likely', or 'anticipates' or the negative thereof or given that the future results covered by such forward looking statements will be achieved. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only for the date the statement was made. Investors should carefully consider the preceding information as well as information contained in any news release before making any investment in the shares of the Company. Gold Crest Mines, Inc. undertakes no obligation to update any forward-looking statements.
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