Pinecrest Iniates Phase 1 Exploration on the Espiritu Polymetallic Vein/Breccia Property, Sonora, Mexico
10.11.2011 | Marketwire
VANCOUVER, Nov. 10, 2011 - Mr. Edward Farrauto, President and CEO of Pinecrest Resources Ltd. (TSX VENTURE:PCR) ("Pinecrest" or the "Company) is pleased to announce that a Phase 1 exploration program has begun on the Company's Espiritu polymetallic vein/breccia project, Sonora, Mexico. Pursuant to the terms of an option agreement with Kootenay Gold Inc. (TSX VENTURE:KTN) ("Kootenay Gold"), Pinecrest can earn a 50% interest in the 10,000 ha Espiritu project by spending $1.0 million on exploration over a four year period and by issuing up to 750,000 common shares of Pinecrest over 3 years. Pinecrest is the operator on the project (see Pinecrest News Release dated February 28th, 2011).The Phase 1 exploration program will focus on the south-western portion of the property where mineralization is characterised by veins, breccias and stockworks anomalous in silver, gold, copper, lead and zinc. The main mineralization in the south-west is defined by several zones spread along a two km length. Fifty-eight grab samples were collected by Kootenay Gold in 2009-2010 within the west, central and eastern parts of the southwest polymetallic vein/breccia zone. The polymetallic veins averaged 226 g/t Ag, 1.58% Pb, 1.57% Zn associated with 0.18 g/t Au and 0.15% Cu. The current exploration program on the Espiritu property will include prospecting, geological mapping, trenching, rock chip sampling and diamond drilling of high priority targets. The budget for this program is $233,000.00
The technical disclosure in this release has been reviewed and verified by James McDonald, P.Geo., a qualified person ("QP") as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. McDonald is a director of Kootenay Gold.
ON BEHALF OF THE BOARD
Edward Farrauto, CGA
President and CEO
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed and elsewhere in the company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Pinecrest does not assume the obligation to update any forward-looking statements.
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.
Contact Information
Pinecrest Resources Ltd.
Edward Farrauto, President and CEO
604-687-3992
www.pinecrestresources.com