Mabale Hills Gold Project
Currie Rose has intersected near-surface gold mineralization along a strike length of 300 metres in its first-ever drill program at Sisu River, one of several prospective properties at its 260-square kilometre Mabale Hills Project in the prolific Lake Victoria Greenstone Belt of northwest Tanzania.
Drill hole MBMR-01 returned three metres grading 9.89 g/t Au (including one metre of 28.25 g/t Au) while MBMR-013 intersected 11 g/t Au over three metres (including one metre of 21.25 g/t Au). Six holes in the 2,587-metre reverse circulation (RC) drill program encountered significant gold mineralization while an additional 12 holes also intersected mineralization (low grade). Based on these results, the company has contracted Layne Drilling Tanzania for a major follow-up drill program this spring utilizing a multi-purpose rig (diamond drilling and RC). Currie Rose is also immediately proceeding with a satellite imagery analysis of the Sisu River anomaly which will include a potassium alteration interpretation. A deep penetrating IP survey will also be conducted as soon as weather conditions permit.
"We have outlined a significant near-surface expression at Sisu River with a zone that is open both to the north and the south and at depth," states Michael Griffiths, Currie Rose's consulting geologist. "We've also discovered at least two parallel zones of low grade material suggesting multiple shear zones. Most of the 26 holes were drilled to vertical depths of only 85 to 95 metres. Our goal in Phase 2 will be to drill underneath the encouraging intercepts we found in Phase 1 for the potential of wider zones and higher grade material at vertical depths between 100 and 150 metres. We're optimistic because other deposits in Tanzania show similar near-surface expressions."
Sisu River is approximately six kilometres northeast of Currie Rose's Mwamazengo Property where over 6,000 metres of drilling by the Company has confirmed the presence of a mineralized zone that is continuous for 240 metres along strike and down dip from the surface to approximately 200 metres and remains open at depth. Notable high-grade intercepts from different holes include 12 metres grading 9.11 g/t Au, 31 metres grading 5.97 g/t Au, 34 metres grading 3.60 g/t Au, and 63 metres grading 2.59 g/t Au. The Company is reviewing all of its exploration data regarding Mwamazengo and will be utilizing enhanced geophysical techniques in order to gain a better understanding of this robust mineralized system in preparation for a new drill program this spring.
Only a small portion of the large Mabale Hills Project has been systematically explored. The Company believes the area has strong exploration upside and expects to define a series of promising new regional targets in the near future. Mabale Hills has similar geological characteristics to the multi-million ounce Geita Gold Mine, approximately 65 kilometres to the northeast, where gold is found in shear zones within banded iron formations.
Sekenke Gold Project
The Sekenke Gold Project, approximately 200 kilometres from Mabale Hills at the southeastern end of the Lake Victoria Greenstone Belt, will be a major focus of Currie Rose's exploration efforts this year. A 5,000 metre Phase 1 drill program will commence this spring at Sekenke, a land package that covers nearly 300 square kilometres and surrounds and runs in between two past producing historic high-grade mines. The Phase 1 drill program, using a multi-purpose rig, will test the highest priority targets derived from an extensive ground-based and airborne geophysical program as well as satellite imagery.
Currie Rose has already identified a highly prospective structure (12 km x 800 metres) within a shear zone on the margins of a large granite intrusion that hosts numerous quartz reefs of the same type and even larger than those that developed at the nearby historic mines.
Scadding Gold Property
The Company is pleased to report that an 8,000 metre Phase 2 drill program is scheduled to commence tomorrow, January 11, at its Scadding Gold Mine Property near Sudbury, Ontario. Trueclaim Exploration (TSX.V � TRM), the operator, is absorbing the entire cost of this program as part of its option to earn a 51% interest in the Scadding Project. A promising Phase 1 drill program produced multiple high-grade gold intercepts across significant lengths in holes throughout the five zones identified to date at this former producing mine, including 12.9 g/t Au over 19 metres in TRM-10-07.
Phase 2 drilling at Scadding will target areas of chlorite breccia, the host rock for the gold mineralization, and is designed to confirm zone to zone continuity of mineralization. In addition, previous underground workings where high grades were recovered will be explored to test the potential for a significant extension of this mineralized system at depth.
Corporate Developments
Due to the exercising of warrants, Currie Rose's working capital has increased to $2 million. This provides the company with ample resources to complete a major exploration program in Tanzania over the coming months which is warranted due to the very encouraging early stage results to date at the Mabale Hills and Sekenke Projects.
"We hold a very large and strategic land position in the Lake Victoria Greenstone Belt, a proven gold producing region with several significant deposits and operating mines in close proximity to our properties," explains Harold Smith, Currie Rose President and CEO. "2011 is going to be our busiest year ever for exploration as we will be working vigorously to unlock the value of our projects. We are in a prolific area of Tanzania where of course there are also additional opportunities and potential synergies that we are examining. In that regard our focus is on advanced situations and if they have the potential to enhance shareholder value, we will pursue them."
Drill result highlights from Sisu River and detailed geological information concerning its
Tanzanian and Scadding gold properties are available at the company's web site, www.CurrieRose.com.
BY ORDER OF THE BOARD OF DIRECTORS OF CURRIE ROSE RESOURCES INC.
"Harold Smith"
Harold Smith
President
Notes:
- All Assay values are uncut.
- As there is insufficient data to calculated true widths, drill intercept lengths only are reported.
- A Quality Assurance/Quality Control program is part of the drilling program on the Mabale Hills Project. This program includes chain of custody protocol as well as systematic submittals of standards, duplicates and blank samples into the flow of samples produced by the drilling.
- A description of the geology, sampling procedures, and the Company's laboratory Quality Assurance / Quality Control procedures are as described in the Company's National Instrument 43-101 Technical Report filed on March 21, 2005. This report is available at www.sedar.com.
- Samples are prepared and analysed at ALS Laboratories � Mwanza, Tanzania.
"This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the and properties and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation."
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