TORONTO, ONTARIO--(Marketwired - May 27, 2014) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE:AGO) is pleased to report that it has hired Aeroquest Airborne, a division of Geotech, to fly the remaining 11 kilometres of the untested Jacquie-Girl Iron Formation ("JGIF") on its Richardson Lake property. The survey will begin the first week of June. The JGIF is a 12 kilometre long iron formation 100% owned by AurCrest. The first kilometre is host to the South Side Lucky gold discovery made by AurCrest's team in the late winter - early spring of the 2012 drill campaign. During the program it was referred to as the Richardson Lake Gold Discovery in the Company's Press Releases dated April 30, 2012 and June 5, 2012 whereupon it was announced diamond drillhole RL-12-07 had intersected 15 metres of 1.83 g/t Au, including 3 metres of 7.4 g/t Au. Due to market conditions, the new discovery has lain dormant until now. This marks the beginning of the 'follow-up' phase to the discovery set to ascertain the significance of a new gold hosting iron formation. The Helicopter-Borne High Resolution Magnetic Survey will define the boundaries of the JGIF and areas of deformation (folding) which could potentially host other gold zones.
The Jacquie-Girl Iron Formation is likened to the 8 kilometre iron formation that hosts the Musslewhite Gold Mine and the 11 kilometre long iron formation that is host to the historic Homestake Gold Mine. The airborne will cover the untested 11 kilometres trending west from the discovery. Of particular note is towards the western boundary of the Richardson Lake property where the Shabumeni Break (Fault) may intersect the JGIF.
The Company wishes to announce that it placed a further 500,000 working capital units (each a "WC Unit") of the non-brokered private placement announced in its Press Release dated April 16, 2014, for proceeds of $25,000. Securities issued are subject to a hold period expiring on September 27, 2014. The Company also wishes to announce that it has increased the Offering to a total of $450,000 with the addition of up to a further 3,000,000 WC Units for up to a further $150,000.
Trevor Boyd, P.Geo., Vice-President of Exploration, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release in compliance with National Instrument 43-101.
About AurCrest Gold Inc.
AurCrest Gold is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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.