Exploration and Corporate Update

Posted in 2015

Goldcrest Resources plc, the gold exploration company with interests in prospective projects in Ghana, is pleased to provide shareholders with an update on exploration activities at the Fumbisi project.

Highlights

  • Lithological mapping and rock chip sampling completed across 30km long zone of known gold mineralisation
  • Significant rock chip samples peaking at 61.7g/t Au
  • New artisanal sites discovered and strike extensions to existing workings peaking at 17.9g/t Au

Fumbisi Project, Ghana

From 2006 to 2009 Randgold Resources completed a number of early stage exploration programs in the region including stream sediment, soil geochemical and rock chip sampling.  A 1,400m soil anomaly over 20ppb Au was identified at the Fumbisi North prospect with a contiguous +50ppb arsenic anomaly.  Additionally a number of highly anomalous stream sediments and rock-chip samples were recovered across the licence area.

Since signing an option agreement to acquire the licence from a local company in 2013, Goldcrest has acquired satellite imagery over known areas of gold mineralisation, undertaken field trips to map the most prospective areas and collected rock chip samples to identify areas of high-grade gold mineralisation.

The most recent field trip was undertaken by the Company’s in-country exploration manager to map the key areas of interest within the project area and investigate a number of active artisanal workings.

Lithological mapping and rock chip sampling was completed across a 30km long zone of known gold mineralisation. A total of 42 rock chips, 2 artisanal tailings and 3 soil samples were collected from a mixture of outcrop exposures and artisanal pits. The samples were then sent to the ALS Minerals Laboratory in Kumasi where the rock chips were analysed for gold by fire assay and regolith samples by BLEG. The results highlighted a number of areas with 19 of the 47 samples submitted returning grades above 1g/t Au.

The highest grade rock chip of 61.7g/t Au was collected from sheared metasediment schist in a new artisanal site in the south-west of the licence area.  The artisanal workings discovered in the area cover a strike length of 750m and extend the known zone of gold mineralisation significantly.  Previously mineralisation has been encountered to the north and north-west of the Small-Scale Mining Area (“SSMA”) and this is the first confirmation of further workings to the south-west.

At Nangruma North, where artisanal miners are targeting parallel zones of gold mineralisation, new workings extended the potential strike length of mineralisation and increase the potential for the area to host significant mineralisation. A peak sample of 17.9g/t Au was returned in this area.

In total 7 significant artisanal sites have now been identified across the Fumbisi licence and these are being prioritised for further follow-up.  The majority of these occur along the zone of known gold mineralisation that hosts the 18km² excluded SSMA in the centre of the project and are coincident with structures interpreted from aerial magnetics.

Within the SSMA itself, significant artisanal workings are already present over a 2km strike and the confirmation and continuation of workings into the Company’s surrounding licence is very encouraging.

Frederick Bell, Managing Director commented: “The excellent exploration results from Fumbisi support the Company’s strategy of acquiring ground in underexplored greenstone belts and the opportunity to progress exploration on these prospects provides Goldcrest with a high-impact, low cost exploration opportunity. The high-grades encountered across the licence demonstrate the opportunities available in early-stage exploration and we look forward to further updating shareholders.”

Corporate Update

Goldcrest has taken the opportunity to repay a significant proportion of the outstanding loans from directors and related parties, along with interest on these loans covering the period to 31 December 2014. The total amount repaid is £48,491.41.

The Company is grateful for the continued support of the Board and major shareholders.

The Company has also issued 1,548,200 new ordinary shares of 0.05p at a price of 0.2p each to former employees in settlement of outstanding liabilities due.

Following the issue of the 1,548,200 new ordinary shares, Goldcrest has 1,495,987,439 ordinary shares in issue, which also represents the total number of voting rights in the Company. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

The Directors of the Issuer accept responsibility for this announcement.

 

--ENDS--

 

Goldcrest Resources plc

Frederick Bell,

Managing Director

Tel: 0755 4872 794

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Cairn Financial Advisers LLP

Avi Robinson / Jo Turner

Tel: 020 7148 7900