PERTH, WESTERN AUSTRALIA--(Marketwire - Jan. 5, 2010) - Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CRE5), is pleased to announce exciting uranium assay results from its Sturt Project tenements centred on Moomba in north eastern South Australia. The results are based on drill core samples obtained from the Project's first cored holes. Maximum values were:
1,625 ppm U3O8 over a 7.5cm interval - Big Lake 20 Prospect
864 ppm U3O8 over a 10cm interval - Big Lake 28 Prospect
Roland Hill, Managing Director, said, "Assays of this magnitude enhance the significance of our announcement on 25 September 2009 of the discovery of extensive sedimentary uranium anomalism hosted in the Namba Formation sediments of Tertiary age."
Complete cores were obtained through the mineralised intervals providing high-quality samples which were assayed using pressed powder XRF by Genalysis Laboratories. The uranium mineralisation at both localities has been found to occur in dark clays directly underlying oxidised channel sands.
Crescent Managing Director Mr. Roland Hill said today that, "The discovery of strong uranium grades in bounding clays is indicative of the passage of a strongly mineralised system through adjacent permeable sands."
"We plan to explore these channel sands down hydraulic dip in search of uranium mineralisation retained within the sands themselves. Sandstone hosted uranium mineralisation of this style is potentially amenable to low cost, low impact solution mining techniques," Mr Hill said.
Crescent advises that it does not consider the clay-hosted mineralisation to itself be amenable to solution mining recoveries.
One core hole has been drilled at each of these prospects with the following encouraging results:
Big Lake 20 Locality
Core hole BLD084 – a twin of rotary mud hole BL064
1,652ppm U3O8 over 7.5cm, within a zone of
329ppm U3O8 from 87.0 – 87.4 metres
Big Lake 28 Locality
Core hole BLD085 – a twin of rotary mud hole BL080
864ppm U3O8 over 10cm, within a zone of
247ppm U3O8 from 105.7 – 106.1 metres
Crescent is targeting channel sand-hosted uranium in the upper Tertiary age Namba Formation as an analogue of discoveries elsewhere in the Lake Eyre Basin at the Beverley, Four Mile and Honeymoon.
Crescent is also targeting the discovery of extensive solution-front uranium mineralisation in the lower Tertiary age Eyre Formation as an analogue of the world's largest sandstone hosted uranium deposits, found in Kazakhstan, central Asia.
Aggressive exploration programs are planned for 2010 across the very large tenement position the joint venture partners have secured surrounding these anomalies. These will target both the Namba and underlying Eyre Formation.
Crescent is earning into the Sturt Project from joint-venture partner TC Development Corporation Pty Ltd, who are project managers.
The information in this report that relates to Exploration Results at the Sturt Uranium Project, is based on information compiled by Mr Tony Mason, who is a Member of the Australasian Institute of Mining and Metallurgy and registered in the field of uranium reporting and resource estimation. Tony Mason has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and a Qualified Person under "Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects". Tony Mason consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Tony Mason is an independent consultant.
Yours faithfully
ROLAND HILL
CHAIRMAN
Additional information related to the Company is available for review at www.sedar.com or on the Company's website at www.crescentgold.com.
To view the maps accompanying this press release please visit the following link: http://media3.marketwire.com/docs/CGMaps.pdf
To view the core photographs accompanying this press release please visit the following link: http://media3.marketwire.com/docs/CGCores.pdf
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