Toronto, Ontario–(Newsfile Corp. – November 15, 2013) – Crown Gold Corporation (TSX Venture: CWM) (“Crown” or the “Company“) is pleased to announce that it has received and filed on SEDAR a National Instrument 43-101 report entitled “Technical Report and Resource Estimate for the Superior Project, Plumas County, California”. The report was prepared by Mr. William Tanaka and Mr. John Lukens, both qualified persons as defined by NI 43-01.
The highlights from the Technical Report were highlighted in Crown’s earlier news release of October 2, 2013. These highlights were the reporting of initial resource estimates, compliant with the requirements of National Instrument 43-101 (“NI 43-101”), for its 100% controlled Superior and Engels copper deposits located in northeast California, USA.
An inferred mineral resource of 54 million metric tonnes at an average grade of 0.41% total copper with 487 million pounds of contained copper in the Superior Deposit.
An inferred mineral resource of 2.6 million metric tonnes at an average grade of 1.05% total copper with 60 million pounds of contained copper in the Engels Deposit.
The estimate is summarized as follows:
Notes: Engels tonnage has been adjusted by removal of 700,000 tonnes at the average estimated grade above cut-off to account for material historically mined within the pit shell volume.
The authors of the report conclude that “the Superior Project demonstrates the presence of a significant resource with considerable upside potential for expansion through focused exploration…” There are 3 deposits in the Superior Project and “Sulfide Ridge presents the greatest opportunity for significant expansion of the resource.” The authors “recommend that Crown Gold undertake a phased approach to advancing all three deposits with first priorities to include drilling to expand the shallow mineralization at Engels.”
The Technical Report can now be viewed on the Sedar website under Crown Gold’s Profile.
William F. Tanaka, Independent Mineral Consultant, FAusIMM, has prepared the Mineral Resource Estimate for the Superior Project, and is independent of Crown Gold for purposes of NI 43-101.
Mr. Tanaka is the Qualified Person pursuant to NI 43-101 responsible for, and has reviewed and approved, the technical information contained in this news release.
About the Superior Project
The Superior Project currently consists of three deposits, Superior, Sulfide Ridge and Engels, associated with the Lights Creek Stock, a quartz monzonite porphyry. Historic mining from 1914 through 1930 produced over 160 million lbs. of copper from 4.3 million metric tonnes of ore (3.1 million from Engels and 1.2 million from Superior) at a recovery adjusted (85% recovery) grade of 2.2% copper.
The Superior and Sulfide Ridge Deposits are hosted within the Lights Creek Stock and are classified as copper porphyry deposits with disseminated mineralization in the form of chalcopyrite and bornite present within stockwork fractures. The Engels Deposit lies just outside the Lights Creek Stock in the surrounding metavolcanic country rock and is classified as a structurally controlled deposit.
The Sulfide Ridge Deposit has insufficient drilling (total of 28 widely space drill holes) to permit reportable resource estimation.
Crown Gold benefits from extensive exploration of all three deposits by Placer Amex in the 1960’s and 1970’s as well as more recent exploration of the Engels and Superior Deposits in the period of 2005-2010.
For more information please see the Crown website at www.crowngoldcorp.com.
For Further Information Contact:
Mr. Stephen Dunn, CEO, President and Director, Crown Gold Corporation (416) 361-2827 or email [email protected].
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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “anticipates”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company’s management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.