Currie Rose Partners With Australian-Based Company to Develop Jubilee Reef Project in Tanzania
25 Janeiro 2011 - 1:14PM
Marketwired
Currie Rose Resources (TSX VENTURE: CUI) -
Mr. Harold Smith reports:
Currie Rose Resources is pleased to announce it has entered into
a joint venture agreement with Australian-based Liontown Resources
Limited (ASX: LTR) to develop Currie Rose's Jubilee Reef Gold
Project in northwest Tanzania. Jubilee Reef is located along the
same Archaean greenstone-granite terrain that hosts a number of
world class gold deposits.
The agreement allows Liontown Resources to earn as much as a 75%
interest in the project by completing a definitive feasibility
study. Liontown can first earn a 51% interest by drilling a minimum
of 5,000 metres at Jubilee this year (scheduled to commence in the
second quarter) and an additional 10,000 metres by no later than
December 31, 2013. Liontown must spend a minimum $50,000 on a
four-month data review for drill target definition.
Previous exploration including soil sampling and shallow
drilling has defined several gold anomalies at Jubilee Reef that
are open along strike and effectively untested at depth. The more
advanced of these anomalies include:
-- Shangaza-Panapeneza Prospect: A 1 km long gold anomaly defined by 12 RAB
drill holes with an average depth of 46 metres. The RAB drilling
intersected up to 19 metres @ 3.6 g/t Au from 26 metres depth while
limited and deeper RC drilling intersected up to 20 metres @ 1.5 g/t Au
from 123 metres depth.
-- Chela Prospect: A greater than 1 km long gold anomaly defined by five
wide-spaced RAB/Aircore drill holes with an average depth of 32 metres.
Better near-surface intersections include 4 metres @ 3.6 g/t Au and 8
metres @ 1.3 g/t Au. The mineralized trend is open along strike and
remains untested at depth.
-- Masibi Hill Prospect: A greater than 500 metre long gold anomaly defined
by four wide-spaced RAB/Aircore drill holes with an average depth of 26
metres. Numerous holes bottomed in anomalous gold and limited deeper RC
drilling intersected 14 metres grading 1.0 g/t Au from 62 metres depth.
Masibi is open along strike and is largely untested at depth.
Upon a successful further review of Jubilee Reef geological
data, which includes airborne aeromagnetic and VTEM surveys,
Liontown will proceed with a minimum 5,000 metre Phase 1 drill
program. The company holds the right to withdraw from the agreement
after its initial data review and target definition expenditure of
at least $50,000.
"This win-win joint venture with Liontown allows us to maintain
our focus on two major and very exciting projects, Sekenke and
Mabale Hills, while at the same time developing another important
asset in the area through a strategic partnership," stated Harold
Smith, Currie Rose President and CEO. "Added to the minimum 10,000
metres of drilling we've already committed to at Sekenke and Mabale
Hills, and the 8,000 metres now underway at our Scadding Gold
Property near Sudbury through our partner Trueclaim Exploration,
5,000 metres at Jubilee would give Currie Rose at least 23,000
metres of drilling on its properties in 2011. This will be our most
aggressive year ever for exploration. We're looking forward to the
advancement of each of these projects."
Currie Rose continues its efforts to define the highest priority
targets for its first-ever drill program at Sekenke, a nearly 300
square kilometre land package that runs in between and surrounds
two past producing historic high grade mines. In addition, new and
historical data for the Mabale Hills Project is being reviewed in
preparation for a major drill program there.
BY ORDER OF THE BOARD OF DIRECTORS OF CURRIE ROSE RESOURCES
INC.
Harold Smith, President
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 release.
Contacts: Currie Rose Resources Harold Smith President (905)
688-9115
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