CURRIE ROSE (TSX.V:CUI) PARTNERS WITH AUSTRALIAN-BASED COMPANY TO EXPAND JUBILEE REEF PROJECT IN TANZANIA
January 25, 2011 (InvestorIdeas.com mining stocks newswire) - Mr. Harold Smith reports: Currie Rose Resources (TSX.V - CUI) is pleased to announce it has entered into a joint venture agreement with Australian-based Liontown Resources Limited (ASX - LTR) to develop Currie Rose�s Jubilee Reef Gold Project in northwest Tanzania. Jubilee Reef is located along the same Archaean greenstone-granite terrain that hosts a number of world class gold deposits.
The agreement allows Liontown Resources to earn as much as a 75% interest in the project by completing a definitive feasibility study. Liontown can first earn a 51% interest by drilling a minimum of 5,000 metres at Jubilee this year (scheduled to commence in the second quarter) and an additional 10,000 metres by no later than December 31, 2013. Liontown must spend a minimum $50,000 on a four-month data review for drill target definition.
Previous exploration including soil sampling and shallow drilling has defined several gold anomalies at Jubilee Reef that are open along strike and effectively untested at depth. The more advanced of these anomalies include:
* Shangaza-Panapeneza prospect -- a one-kilometre-long gold anomaly defined by 12 rotary air blast (RAB) drill holes with an average depth of 46 metres. The RAB drilling intersected up to 19 metres at 3.6 grams per tonne gold from 26 metres depth while limited and deeper reverse-circulation (RC) drilling intersected up to 20 metres at 1.5 g/t Au from 123 metres depth.
* Chela prospect -- a more-than-one-kilometre-long gold anomaly defined by five wide-spaced RAB/aircore drill holes with an average depth of 32 metres. Better near-surface intersections include four metres at 3.6 g/t Au and eight metres at 1.3 g/t Au. The mineralized trend is open along strike and remains untested at depth.
* Masibi Hill prospect -- an over-500-metre-long gold anomaly defined by four wide-spaced RAB/aircore drill holes with an average depth of 26 metres. Numerous holes bottomed in anomalous gold and limited deeper RC drilling intersected 14 metres grading 1.0 g/t Au from 62 metres depth. Masibi is open along strike and is largely untested at depth.
Upon a successful further review of Jubilee Reef geological data, which includes airborne aeromagnetic and VTEM surveys, Liontown will proceed with a minimum 5,000-metre phase I drill program. The company holds the right to withdraw from the agreement after its initial data review and target definition expenditure of at least $50,000.
"This win-win joint venture with Liontown allows us to maintain our focus on two major and very exciting projects, Sekenke and Mabale Hills, while at the same time developing another important asset in the area through a strategic partnership," stated Harold Smith, Currie Rose president and chief executive officer. "Added to the minimum 10,000 metres of drilling we've already committed to at Sekenke and Mabale Hills, and the 8,000 metres now under way at our Scadding gold property near Sudbury through our partner Trueclaim Exploration, 5,000 metres at Jubilee would give Currie Rose at least 23,000 metres of drilling on its properties in 2011. This will be our most aggressive year ever for exploration. We're looking forward to the advancement of each of these projects."
Currie Rose continues its efforts to define the highest-priority targets for its first ever drill program at Sekenke, a nearly 300-square-kilometre land package that runs in between and surrounds two past-producing historic high-grade mines. In addition, new and historical data for the Mabale Hills project are being reviewed in preparation for a major drill program there.
BY ORDER OF THE BOARD OF DIRECTORS OF
CURRIE ROSE RESOURCES INC.
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