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Fredonia Property



 
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On August 13, 2010 Colombia Crest Gold (prior Eaglecrest Exploration) signed a definitive agreement with Grupo de Bullet, S.A. to purchase up to a 75% interest in the mineral title of the Fredonia Area, located in Antioquia, Colombia.  Fredonia consists of approximately 15,000 hectares (150square kilometres) of mineral title. This is the first of several projects the Company is evaluating for acquisition in a 300-kilometre long gold belt that extends from the La Colosa gold resource owned by AngloGold-Ashanti through Medellín. 

The Fredonia Project Area is located in the Cauca River Valley, between the Eastern and Western Cordillera of the Andes Mountains, northwestern Colombia. Situated approximately 40 km south of the city of Medellín, in Antioquia, the property is positioned within one of the most prospective and productive gold belts of Colombia, one that has more than 500 years of gold mining history combined with a number of significant modern day discoveries.

Fredonia is a large area of principally unexplored ground in close proximity to several significant proven gold resources, which along with Management's preliminary geologic work, indicates a high-probability for the discovery of one or more large porphyry-style gold deposits.

Surrounding the Fredonia property to the north and south are a number of projects currently being advanced by multi-national exploration and mining companies such as the Anglogold Ashanti /B2Gold's Quebradona project, which is located to the south of the Fredonia Project. Located within the northern portion of Fredonia are the multi-million ounce districts with producing mines of Titiribi, Cerro Vetas and El Zancudo. Farther south of Quebradona and in the same geologic belt lies the famous 500-year-old, 10+ million ounce Marmato mining district.

In February 2011, the Company contracted MPX Geophysics Ltd. to acquire 5,103 line kilometres of high-resolution airborne magnetic and radiometric data.  Data was collected with a helicopter along flight lines that were flown in an east-west direction, 100-metres apart, in an attempt to map the distribution of porphyry-related intrusions that may contain gold within the belt.  Known faults, that control gold mineralization trend north-south and northwest-southeast. The flight lines were designed to appropriately resolve these faults as well as any porphyry-related magnetic anomalies, which tend to be circular magnetic highs, typically only 200 to 800 metres in diameter. 

There have been three new discoveries of gold mineralization on properties nearby that confirm strong porphyry gold-copper systems in the area including La Mina where hole 19 intercepted 230 metres of 0.99 grams per tonne gold and 0.3 percent copper (see Bellhaven Resources news release April 5, 2011).  Using this information and integrated with the new airborne geophysical data, the same mineralized structures can be projected onto our Fredonia concessions where the same magnetic patterns were detected.

Nine high-quality target areas were defined through the detailed integrating of the new airborne magnetic and radiometric data, along with stream sediment sampling data for gold and copper values and the interpretation of geologic maps and fault intersections analysis from satellite maps.  Each of the targets have been prioritized for field follow up.  Highest priority was given to targets with the best results from each of the data groups mentioned above. 

Ground work currently being conducted includes geological mapping and rock chip sampling to identify any obvious mineralized outcrops, followed by stream-sediment and soil sampling to identify those more specific areas of gold mineralization under partial cover.