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Pinecrest Resources Commences 3,000 Metre RC Drill Program at Enchi Gold Project in Ghana
VANCOUVER, British Columbia, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Pinecrest Resources Ltd. (TSX-V:PCR) (the “Company” or “Pinecrest”) is pleased to announce the co
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[{"type":"text","content":"VANCOUVER, British Columbia, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Pinecrest Resources Ltd. (TSX-V:PCR) (the “Company” or “Pinecrest”) is pleased to announce the commencement of a 3,000 metre Reverse Circulation (“RC”) drill program on the 100% owned Enchi Gold Project (“Enchi or the Project”), located in Southwest Ghana, a region well-known for prolific gold production. Highlights on the Enchi Gold Project Pinecrest has commenced a RC drilling program testing shallow extensions of the existing open pit, one million ounce, Inferred gold resource (37.36 Mt grading 0.9 g/t) at Enchi The program includes 3,000 meters in approximately 27 RC drill holes Past work at Enchi has included extensive RC and diamond drilling (52,385 m in 646 drill holes), resource estimation and a Preliminary Economic Assessment (“PEA”) study (Pre-Tax NPV 5%: US$102 million using US$1,300/oz gold) The Enchi gold deposit remains open for further resource expansion along strike and to depth. Numerous, additional high priority gold targets exist on the 568 km2 property Ryan King, President and Director of Pinecrest, commented: “The Company is pleased to be starting the 2017 RC drilling program which will test on-strike targets of the current gold resource and follow-up on high priority targets where previous drilling has been limited. Based on the current Preliminary Economic Assessment, at market gold prices we have the potential for a robust project however we believe there is significant opportunity to expand on the current one million ounce gold resource. The Enchi gold deposit covers 40 km of the prolific Bibiani Shear Zone were several multi-million-ounce gold deposits have been discovered and mined including the Chirano gold mine operated by Kinross Gold Corporation located 70 km northwest of the Project.” The 2017 Enchi Drill Program The 2017 RC drill program will include approximately 27 holes totalling 3,000 metres of infill, step out and exploration drilling on the Boin and Sewum Zones and two new zones outside of the maiden Inferred Resource; Boin northwest and Kojina Hill both representing high priority targets based on geological, geochemical and geophysical surface work and previous drilling. BOIN NORTHWEST (‘NW”) TARGET Boin NW target is located approximately 1000 metres northwest of the main Boin Gold Zone and importa...