GOLD CREST MINES INC. ANNOUNCES LUNA PROSPECT EXPLORATION RESULTS
SPOKANE, Wash., Oct. 23 /PRNewswire-FirstCall/ -- Gold Crest Mines Inc. (OTC Bulletin Board: GCMN) is pleased to report exploration results from its newly discovered Luna prospect located in the Kuskokwim Mineral Belt of southwest Alaska. The new discovery is situated approximately 6 miles west of the company's Kisa Project. GCMN's wholly owned Alaskan subsidiary, Kisa Gold Mining, Inc. staked claims over the prospective area and completed extensive ground geophysical surveys and a mapping and sampling program on the claims over the summer.
The Luna prospect was located during follow-up of an airborne geophysical anomaly identified from proprietary surveys completed in the fall of 2006 and winter of 2007. A regional-scale structural zone was interpreted from the airborne geophysical data. Follow-up exploration involving induced polarization (IP), resistivity and ground magnetic surveys, systematic stream sediment and rock chip sampling and geologic mapping led to the discovery. Over 16 line-miles of IP-resistivity and 40 line-miles of ground magnetics were completed defining the anomaly. A total of 41 stream silt samples from the prospect area outline a distinct 10 square mile gold, arsenic, and antimony anomaly. Silt samples returned values up to 1052 ppb gold. A total of 40 of 72 rock chip samples collected from the prospect area contain anomalous gold, with values as high as 0.75 ounces per ton reported. Gold is associated with anomalous arsenic (up to 8400 ppm), antimony (up to 158 ppm), bismuth (up to 36 ppm), molybdenum (up to 64 ppm), silver (up to 23 ppm), copper (up to 0.44%), lead (up to 0.12%) and zinc (up to 0.6%).
Mineralization is hosted in calcareous siltstones, cherts and tuffaceous sedimentary rocks as well as in porphyritic intrusive rocks. Gold has been found in a broad area that exhibits pervasive fracturing and clay alteration. The prospective area contains ubiquitous disseminated, vein and stockwork sulfide accumulations. Intrusive rocks occur as dikes, sills and small stocks and compositionally include diorites and granodiorites as well as rhyolites. Several zones of stratiform sulfide replacement mineralization with cherty silica alteration containing up to 70% sulfides, primarily fine-grained pyrite, arsenopyrite and stibnite and to a lessor extent chalcopyrite and sphalerite, have been located within the claim group.
The presence of widespread base and precious metals anomalies in stream sediments and rocks along this newly located structural zone and the association of these anomalies with intrusive rocks and reactive sedimentary rocks opens up a wide range of opportunities for future discoveries. Company management are excited about the prospects in the Luna claim group and the new discovery demonstrates the effectiveness of the company's regional exploration approach. Additional exploration work and core drilling are currently being planned for the Luna 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 which is being utilized to target prospective regions such as the area where the Luna prospect was discovered.
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 contact:
Tom Parker Chris Dail
President and CEO Vice President, Exploration
Tel. 509-893-0171 Tel. 509-893-0171
'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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