News
January 12, 2010 Vancouver, BC, January 12, 2010 - Central Resources Corp., (TSX-V: CBC) ("Central" or the "Company") is pleased to announce assay results from the first four holes of an ongoing drill program on the Newman Todd property in Red Lake, Ontario. Central has an option on the Newman Todd and can earn up to a 60% interest in the property by incurring $6.5 million of exploration expense and issuing to Redstar Gold Corp. 1,250,000 common shares before December 31, 2014. The results from the drill program build on previous work and continue to define the high-grade zones of gold on the property. Three of the four holes intersected greater than 20 g/t gold intervals, varying from 0.65 metres to 1.50 meters in thickness, within much thicker multi-gram intervals. Highlight intersections include hole NT-047 producing 45.30 g/t gold over 0.35 metre, and hole NT-048 with 26.80 g/t gold over 1.5 metres. Furthermore, the results have helped define the main structural corridor (Newman Todd Structural Zone), which hosts the high-grade mineralization, and has been traced for over two kilometres in strike length and to a depth of over 300 metres. "The Red Lake gold camp is one of the most prolific gold regions in the world and we are very pleased to have initiated the next exploration phase on the Newman Todd property," said Paul Reynolds, President and Chief Executive Officer of Central Resources. "We are encouraged by the success of the first four holes, and we are impressed by the intensity of alteration which is similar to the main Red Lake Mine area. The focus of our program is to test the Newman Todd structural zone and better define the known high-grade mineralization of the Newman Todd system." To date three zones within the Newman Todd Structural Zone have been identified: Heath Bull, Hinge and North Breccia, and all have returned significant results. Gold mineralization within the Heath Bull Zone was originally identified in the 1940's. The Hinge Zone is 400 metres north of the Heath Bull Zone, and has only been tested by two drill holes to date. The North Breccia Zone is 400 metres north of the Hinge Zone and although there was no drilling completed on this zone during the latest drilling, previous results include NT-036 which intersected 16.35 g/t gold over 1.0 metre within a broader zone of 25.43 metres of 1.5 g/t gold. A plan map, sections and composite long section can be found on Redstar's web site (www.redstargold.com). The following summarizes the results from the current drilling. Table 1 is a summary of significant intercepts from Central's drill program and Table 2 summarizes previous drilling completed by Redstar. Hinge Zone Two holes have been completed in the Hinge Zone, with hole NT-046 being the first to completely test across the Newman Todd Structural Zone. This hole intersected two zones of gold mineralization. The upper zone consists of a high-grade core (1.0 metre of 23.50 g/t gold or 5.0 metres of 7.78 g/t gold) within a broad zone (30.5 metres of 1.85 g/t gold) of silicification and sulphide mineralization. Hole NT-042 intersected 25.70 g/t gold over 1.0 metre within 45.0 metres of 1.5 g/t gold before being lost in a fault. The Hinge Zone, remains open in all directions, further drilling will be completed during the winter drill program. Heath Bull Zone Hole NT-047 is the deepest hole to date within the Heath Bull Zone, and intersected 45.3 g/t gold over 0.35 metres within 1.3 metres of 12.84 g/t gold. This intercept is approximately 75 metres below a high grade intercept in hole NT-040 (61.2 g/t gold over 1.0 metre within 5.0 metres of 14.23 g/t gold). The Heath Bull Zone remains open in all directions, further drilling is planned during the winter drill program. Figure 1 - Results of Current Drill Program
Figure 2 - Results from Previous Drilling by Redstar
High-grade gold mineralization within the Newman Todd Structural Zone is associated with quartz veining and silica, sulphide and magnetite replacement of intensely iron carbonate altered breccias zones. High-grade mineralization is often associated within wide zones of lower grade mineralization (e.g. NT-048: 26.8 g/t over 1.5 metres within 23.5 metres of 2.01g/t gold) and occur as multiple, steeply dipping, parallel lenses. Central's drilling program on the Newman Todd property is expected to resume in January. The three known zones of high-grade gold mineralization will continue to be explored, along with untested portions of the Newman Todd Structural Zone. The Newman Todd property has been tested to only shallow levels and it is expected that the 2010 winter program, will include a number of deeper drill holes. ALS Chemex of Vancouver BC, an ISO accredited laboratory, is conducting the sample preparation and analyses of samples. Central's field contractor is submitting standards, blanks and duplicates into the sample stream to maintain quality control. Bob Singh P. Geo., a qualified person as defined by National Instrument 43-101, is responsible for the design and implementation of the work program at Newman Todd. Bob Singh is the Canadian Exploration Manager for Redstar Gold Corp. Peter Thiersch, M. Sc., P. Geo., a qualified person as defined by National Instrument 43-101 has reviewed and approved the technical information in this news release. About Central Resources Central Resources Corp. is a junior mineral exploration company created to leverage the extensive knowledge and expertise of a team of financial and resource industry professionals. The management team is committed to developing a successful junior resource company through the acquisition and exploration of properties of merit. Contact: Paul Reynolds President and CEO Central Resources Corp. Tim McNulty Vice President Central Resources Corp. Tel: 778-327-6678 Email: info@centralres.ca Website: www.centralres.ca Neither 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. This news release may contain forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
