Crosshair Begins Expansion Drilling of High Grade Gold Zone at Golden Promise
Crosshair Begins Expansion Drilling of High Grade Gold Zone at Golden Promise
Jun. 25, 2007 01:31 PM
VANCOUVER, BC, -- (MARKET WIRE) -- 06/25/07 --
"Advancing Uranium"
Crosshair Begins Expansion Drilling of High Grade Gold Zone at
Golden
Promise
Crosshair Exploration and Mining Corp. (AMEX: CXZ), (TSX-V: CXX) is
pleased to announce that a 3,750 meter summer diamond
drilling
program has commenced on the Golden Promise Project located
35
kilometers west of Grand Falls - Windsor in central
Newfoundland.
The Golden Promise Project is host to the Jaclyn Zone, a
gold
mineralized composite vein system defined over a strike length of
750
meters and to a depth of 225 meters, which remains open
for
expansion. The current program is aimed at further testing this
zone
and further expanding it along strike and to depth.
Jaclyn Main Zone Drilling
A total of 2,945 meters of drilling in 19 holes are planned for
the
Jaclyn Main Zone. The drilling is designed to:
* expand the higher grade portion of the zone identified
in
previous drill programs, and
* firm up resources in the near surface portion of the
vein
to allow incorporation into a 43-101 resource estimate planned
for
release later in 2007.
The expansion holes in this drill program will follow up on
positive
results from the previous drill program, which intersected some
of
the highest grades at depth thus far, including:
GP06-65: 20.65 g/t gold over 1.60 metres, including 55.03 g/t
gold
over 0.60 metres;
GP06-66: 11.90 g/t gold over 1.05 metres, including 21.87 g/t
gold
over 0.55 metres.
The drilling will also test the eastern portion of the Main Zone
at
vertical depths of 300 meters, where mineralization, including
the
higher grade core, remains open. Additional drilling will
be
proposed once the current program has been completed and all
results
interpreted.
Jaclyn North Zone Drilling
A total of 805 meters are planned in 4 holes at Jaclyn North
to
follow up on earlier drilling, which returned several high
grade
intercepts, including 14.01 g/t gold over 0.35 meters. The
Jaclyn
North zone, which lies 250 meters north of the Main Zone, is
a
parallel vein system that strongly resembles the Main Zone, and
which
has only been tested along strike for 150 meters. The drill
program
is designed to expand the known limits of mineralization both
to
depth and along strike to the east and west.
A trenching program is also planned to further expose a
mineralized
gabbro unit discovered in the southeastern portion of the
property
where prospectors collected grab samples assaying up to 10 g/t
Au
from an area measuring 50 meters by 50 meters. The showing has
the
potential to host bulk minable open pit style gold mineralization.
The Golden Promise Project is a joint venture between the Company
and
Paragon Minerals Corporation. The Golden Promise Project work
is
being carried out by David Mullen, consulting geologist to
Paragon
and supervised by Qualified Person David Copeland, M.Sc.,
P.Geo.,
Exploration Manager for Paragon. Mr. Copeland has verified that
the
results presented above have been accurately summarized from
the
official assay certificates.
Spin-Out
This is the final work program on Golden Promise before
Crosshair
begins to take formal steps to spin out its Golden Promise,
South
Golden Promise and Victoria Lake properties into a new public
company
by way of shareholder dividend. It is currently
management's
intention to call a special meeting of shareholders in early 2008
to
obtain shareholder approval to the proposed transaction, which
will
also be subject to regulatory approval.
About Crosshair
Crosshair is a dominant player in the exploration for uranium in
the
Central Mineral Belt of Labrador Canada's most promising
emerging
uranium district. The 750 sq km Central Mineral Belt Uranium
Project
is host to potentially three types of uranium mineralization -
Iron
Oxide Copper Gold (IOCG - Olympic Dam), structurally
controlled,
shear zone and unconformity types of mineralization. In
addition,
through option agreements with Paragon Minerals
Corporation,
Crosshair has secured a position in one of the most
prospective
massive sulphide districts in Canada as well as a promising
high
grade gold project at South Golden Promise and Golden Promise.
For more information of the Company and its properties, please
visit
the website at www.crosshairexploration.com.
ON BEHALF OF THE BOARD
"Mark J Morabito"
President and CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may
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include, among others, the following risks: the risks associated
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risks
associated with mining and mineral processing; fluctuations
in
uranium, gold and other commodity prices; title
matters;
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personnel; the potential for conflicts of interest among
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the
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