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Pinecrest Resources Ltd.

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March 21, 2018

Pinecrest Drilling Expands Shallow Zones of Oxide Gold Mineralizaton at 100% Owned Enchi Gold Project, Ghana


Results Include: 38.0 Metres Grading 1.12 g/t Gold, 35.0 Metres Grading 1.15 g/t Gold

Vancouver, British Columbia:  Pinecrest Resources Ltd.  (TSX-V: PCR) (the “Company” or “Pinecrest”) is pleased to announce drill results from its 3,400 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 resources and production.  The Enchi Gold Project currently hosts a +1 million ounce inferred gold resource (37.36 Mt grading 0.9 g/t gold) with a positive Preliminary Economic Assessment (“PEA”) study completed demonstrating a Pre-tax NPV 5%: US$102 million using US$1,300/oz gold and Post-tax NPV 5%: US$62 million using US$1,300/oz gold, (see news release dated May 24, 2017 for full details). The district hosts numerous historical and current operating open pit and underground gold mines located along strike to the northeast of the Project including the Chirano Gold Mine owned and operated by Kinross Gold Corporation.

Highlight Drill Results including several drill holes successfully intersecting gold mineralization outside of the currently defined NI 43-101 Inferred Resource

Highlights

Sewum Gold Zone

  • Highlight drill holes include;
    • SWRC060 intersected 31.0 m grading 0.94 g/t gold  including 20.0 m grading 1.27 g/t gold,  
    • SWRC062 intersected 35.0 m grading 0.50 g/t gold and,
    • SWRC064 intersected 38.0 m grading 1.12 g/t gold.
  • All of these intercepts are oxidized mineralization expanding previously defined zones of gold mineralization.

Kojina Hill Gold Target

  • The Kojina Hill Gold Target (“Kojina”) is a new gold zone located outside of the current NI 43-101 inferred resource on the Enchi Gold Project.
  • KJRC010 intersected 9.0 m grading 1.99 g/t gold from surface and a second zone of 29.0 m grading 0.87 g/t gold confirming continuity of the mineralized gold zone at depth.

Boin Gold Zone

  • Drilling at the Boin Gold Zone (“Boin”) successfully intersected mineralization outside of the defined NI 43-101 Inferred resource areas.
  • KBRC137, one of the deepest holes ever drilled at Boin, intersected 35.0 m grading 1.15 g/t gold including; 19.0 m grading 1.67 g/t gold, opening a new expanded zone of mineralization to the northeast, potentially open along strike.
  • KBRC128 intersected 10.0 m grading 1.46 g/t gold with the drill hole ending in a previously unrecognized new gold zone. 
  • KBRC127 intersected 25.0 m grading 0.58 g/t gold. 

Boin Northwest Gold Zone

  • Boin Northwest Gold Zone (“Boin NW”) is a new gold zone located outside of the current NI 43-101 inferred resource on the Enchi Gold Project.
  • KBRC126 intersected 18.0 m grading 0.59 g/t gold.
  • Boin NW has been traced over a strike length of 300 metres and is open along strike and down dip.

Ryan King, President & CEO of Pinecrest, commented: “The Enchi gold project’s total land package is 568 km2 with numerous untested gold targets to explore along a 40 km long strike covering the prolific Bibiani Shear Zone.  The Bibiani Shear Zone hosts a number of open pit and underground gold mines including the Chirano gold mine operated by Kinross Gold Corporation located 70 km northwest of the Project.  Pinecrest drilling confirms the significant potential to expand the current +1 million oz gold resource at the Boin and Sewum deposits and identifies additional new zones like the newly discovered Kojina Hill.” 

The 2017 Enchi Drill Program

The 2017 RC drill program included 28 holes totalling 3,406 metres of infill, step out and exploration drilling on the Sewum Gold Zone, Kojina Hill Target, Boin Gold Zone and Boin Northwest.

SEWUM GOLD ZONE

The Sewum Gold Zone (“Sewum”) is one of the main deposits contributing to the current NI 43-101 inferred resource estimate. Sewum is located 13.0 km south of the major town of Enchi and 5.0 km southeast of the other major gold resource identified at Boin. Roads and power pass through the project area. Gold mineralisation at Sewum can be traced continuously for over 2.0 km and is contained within broad (up to 40.0 m thick) steep, gold-bearing shear zones. In 2017, eleven RC holes totalling 1,396 metres were drilled at Sewum to test extensions of known mineralised zones aimed at expanding resources. Wide intervals of gold mineralisation were intersected in several holes with significant potential to expand the current inferred resource.

SEWUM GOLD ZONE - TABLE 1

Drill Hole from to Length (m) Au g/t
SWRC060 53.0 84.0 31.0 0.94
including 53.0 73.0 20.0 1.27
SWRC061 128.0 138.0 10.0 1.58
SWRC062 65.0 100.0 35.0 0.50
SWRC064 77.0 115.0 38.0 1.12
SWRC067 50.0 147.0 97.0 0.24
    Notes for all Tables:
 
  • See final table for complete results.
  • Intervals are core lengths / true width are estimated to be 70-90% of lengths
  • Length weighted averages from uncut assays.

KOJINA HILL GOLD TARGET

Kojina Hill is located approximately 400 metres northwest of the Nyam Zone and not included in the current NI 43-101 Inferred Resource Estimate.  A steeply dipping, northeast striking gold zone currently known to be approximately 100 metres long and up to 30 metres wide has been defined in RC and Diamond Drilling. Previous drilling highlights from only eight drill holes included near surface intercepts of: 42.0 metres grading 1.68 g/t gold and 17.0 metres grading 0.94 g/t gold. The 2017 program consisted of 2 holes totaling 200 metres, intersecting mineralization to a depth of 80 metres below surface. During the 2017, RC drilling program drill hole KJRC010 intersected 9.0 metres of 1.99 g/t gold and 29.0 m grading 0.87 g/t gold confirming continuity of the mineralized gold zone.

KOJINA HILL GOLD TARGET - TABLE 2

Drill Hole from to Length (m) Au g/t
KJRC010 0.0 9.0 9.0 1.99
KJRC010 21.0 50.0 29.0 0.87
KJRC010 87.0 90.0 3.0 1.12

BOIN GOLD ZONE

The Boin Gold Zone is the primary deposit forming the current NI 43-101 inferred gold resource at the Enchi Gold Project. Boin is well located with nearby roads, power and the town of Enchi. The 2017 RC drill program was targeting infill and expansion drilling along the mineralized zone. The program consisted of 12 holes totaling 1,445 metres, intersecting mineralization to a depth of 150 metres below surface and successfully extended the main zone of continuous gold mineralization to 2,500 m in length and 150 m depth.

BOIN GOLD ZONE - TABLE 3

Drill Hole from to Length (m) Au g/t
KBRC127 12.0 37.0 25.0 0.58
KBRC128 140.0 150.0 10.0 1.46
KBRC 137 97.0 132.0 35.0 1.15
Including 99.0 118.0 19.0 1.67

BOIN NORTHWEST TARGET

The Boin NW target is located approximately 1,000 metres northwest of the main Boin zone and importantly not currently included in the NI 43-101 Inferred Resource Estimate or PEA. Previous trenching intersected 26.0 metres grading 0.61 g/t gold and 40.0 metres grading 0.54 g/t gold including 10.0 m at 1.64 g/t gold. Past limited drilling intersected 23.0 m at 0.43 g/t gold and 39.0 m at 0.43 g/t gold within the near surface oxidized material. The 2017 program consisted of 3 holes totaling 365 metres, intersecting mineralization to a depth of 120 metres below surface. Highlight drill hole KBRC126 successfully intersected three mineralized zones; 18.0 m grading 0.59 g/t gold, 7.0 m grading 0.70 g/t gold, and 6.0 m grading 1.06 g/t gold.

BOIN NORTHWEST TARGET - TABLE 4

Drill Hole from to Length (m) Au g/t
KBRC126 54.0 60.0 6.0 1.06
and 78.0 85.0 7.0 0.70
and 103.0 121.0 18.0 0.59

Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.

About Pinecrest Resources

Pinecrest engages principally in the acquisition, advancement and development of precious metal properties with the Company’s primary focus being the 100% owned Enchi Gold Project located in Southwest Ghana.  Major shareholders of Pinecrest include Kinross Gold Corporation, Management and Directors.

Pinecrest Resources Ltd.

“Ryan King”

Ryan King
President, CEO & Director  

For further information contact:
Ryan King
604 628-1012
www.pinecrestresources.com

Neither the 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.

Cautionary Note Regarding Forward Looking Statements

This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or does not expect”, “is expected”, anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”.  Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995:  Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Atlas to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements.

COMPLETE 2017 INTERCEPT RC DRILLING TABLE 5

Drill Hole Zone from to Length (m) Au g/t
SWRC058 Sewum 70.0 82.0 12.0 0.48
  Sewum 95.0 105.0 10.0 0.56
SWRC059 Sewum 23.0 28.0 5.0 0.87
  Sewum 37.0 41.0 4.0 0.95
  Sewum 44.0 50.0 6.0 0.62
  Sewum 95.0 100.0 5.0 0.42
SWRC060 Sewum 25.0 35.0 10.0 0.54
  Sewum 53.0 84.0 31.0 0.94
incl Sewum 53.0 73.0 20.0 1.27
SWRC061 Sewum 66.0 70.0 4.0 0.86
  Sewum 82.0 97.0 15.0 0.60
  Sewum 128.0 138.0 10.0 1.58
SWRC062 Sewum 7.0 10.0 3.0 0.84
  Sewum 65.0 100.0 35.0 0.50
incl Sewum 81.0 87.0 6.0 0.94
SWRC063 Sewum 21.0 22.0 1.0 1.47
SWRC064 Sewum 32.0 41.0 9.0 0.34
  Sewum 77.0 115.0 38.0 1.12
incl Sewum 77.0 92.0 15.0 1.89
SWRC065 Sewum 0.0 4.0 4.0 0.31
  Sewum 51.0 53.0 2.0 1.06
SWRC066 Sewum hole lost  
SWRC066A Sewum 69.0 72.0 3.0 0.15
SWRC067 Sewum 23.0 31.0 8.0 0.67
  Sewum 50.0 147.0 97.0 0.24
KBRC124 Boin NW nsv  
KBRC125 Boin NW 20.0 26.0 6.0 0.54
KBRC126 Boin NW 42.0 44.0 2.0 0.69
  Boin NW 54.0 60.0 6.0 1.06
  Boin NW 78.0 85.0 7.0 0.70
  Boin NW 103.0 121.0 18.0 0.59
KBRC127 Boin 12.0 37.0 25.0 0.58
  Boin 66.0 68.0 2.0 0.50
KBRC128 Boin 140.0 150.0 10.0 1.46
KBRC129 Boin nsv  
KBRC130 Boin 70.0 78.0 8.0 1.12
  Boin 90.0 101.0 11.0 0.59
KBRC131 Boin 77.0 79.0 2.0 0.67
  Boin 92.0 96.0 4.0 0.97
  Boin 107.0 109.0 2.0 0.65
KBRC131a Boin 75.0 77.0 2.0 0.78
  Boin 106.0 108.0 2.0 1.05
  Boin 133.0 137.0 4.0 0.60
  Boin 142.0 150.0 8.0 0.60
KBRC132 Boin 73.0 78.0 5.0 0.64
  Boin 81.0 87.0 6.0 1.77
KBRC133 Boin 103.0 118.0 15.0 0.47
  Boin 131.0 140.0 9.0 0.88
KBRC134 Boin 37.0 40.0 3.0 0.39
KBRC135 Boin 2.0 5.0 3.0 1.17
  Boin 51.0 53.0 2.0 0.49
KBRC136 Boin 6.0 7.0 1.0 0.54
  Boin 96.0 98.0 2.0 0.67
  Boin 112.0 117.0 5.0 0.95
KBRC137 Boin 37.0 42.0 5.0 0.52
  Boin 97.0 132.0 35.0 1.15
incl Boin 99.0 118.0 19.0 1.67
KJRC009 Kojina 0 4.0 4 0.19
KJRC010 Kojina 0.0 9.0 9.0 1.99
  Kojina 21.0 50.0 29.0 0.87
  Kojina 87.0 90.0 3.0 1.12
    Notes:
 
  • Intervals are core lengths / true width are estimated to be 70-90% of lengths
  • Length weighted averages from uncut assays.
  • All drilling completed by independent contractor
  • All drilling samples sealed on site and delivered directly to independent lab Intertek Mineral Limited located in Tarkwa, Ghana for preparation and 50g Fire Assay with AAS finish.
  • QA/QC procedures include industry standard inclusion of standards, blanks, and duplicates in all sample batches.

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