Lucrum Capital Corp. ("The Company") Phase 3 drilling program extends Kerrs Gold System
11/19/2008 9:37 AM - Canada NewsWire

TORONTO, Nov. 19, 2008 (Canada NewsWire via COMTEX News Network) --

<< With Average Grades Between 5.72 g/t and 6.43 g/t Over True Widths Ranging from 3.8 m to 4.5 m and an Up-dip Length of 150 m Trading Symbol: TSX-V LRU >>

The Company, through its wholly-owned subsidiary Sheltered Oak Resources Inc. ("OAK"), has an option agreement with Sage Gold Inc. (TSX-V: SGX) ("SAGE") whereby OAK may acquire a 55% joint venture interest in the Kerrs Gold Property from SAGE. Further details about the property and option agreement can be found in the Company's Filing Statement dated Aug. 18, 2008 and filed on SEDAR at www.sedar.com.

The Company announces initial results from its Phase 3 drill program at the Kerrs Gold Property located on the western shore of Lake Abitibi, northeast of Matheson, Ontario. To date, three drill holes (K-08-20, 21 and 17) have been completed totaling 1,576 metres with two additional holes (K-08-18 and 19) totaling approximately 850 metres in progress.

The Phase 3 program is designed to test the up-dip strike extent below Bell Lake and down-dip extensions of quartz-pyrite replacement veining and green carbonate quartz vein breccia zones varying in thickness from 10m to 40m. Gold mineralization occurs as pyritized quartz vein breccias enveloped by quartz fuchsite carbonate vein breccias with three brecciation sequences identified in several drill holes. Fine gold is primarily associated with fine pyrite grains (1 to 5%) disseminated within quartz veins and altered mafic pillow flow volcanic overlying a magnetite/olivine-rich ultramafic assemblage. Coarse gold also occurs in sulphide-poor fuchsite carbonate quartz veins as observed in K-06-13 returning 27.8 g/t over 0.5 m. and K-05-01 returning 32.8 g/t over 0.44 m in the upper zone. Drill hole K-08-17 confirms the presence of three discrete vein systems which exhibits good correlations over an up-dip length of 150 m with the three zones reported in K-05-7. The middle vein breccias zone shows gold enrichment in both holes with weighted average grades varying between 5.72 g/t and 6.43 g/t over true widths ranging from 3.8 m to 4.5 m.

    <<
    -------------------------------------------------------------------------
    Hole Number    Location       Interval(Metres)              Weighted
                                                               Average Au
                                                               Grade/Metre -
                                                                  True
                                                               thickness(m)
    -------------------------------------------------------------------------
    K-05-01*  L1150 N / 6+55W   284.3m - 286.16m (upper)  9.18g/t - 1.86 m
                Dip: 60 degrees   375.48m - 83.51m (middle) 7.43g/t - 3.22 m
                Az 130 degrees
    -------------------------------------------------------------------------
    K-05-7      L1150N / 70W      411m - 413m (upper)        1.06g/t / 2.0 m
                Dip: -60 degrees  427.5m - 431.3m (middle)  5.72 g/t / 3.8 m
                Az 310 degrees    441m - 446.1m (lower)     2.15 g/t / 5.1 m
    -------------------------------------------------------------------------
    K-08-17     L1150N / 170W     340.8m - 345m (upper)     0.82 g/t / 0.6 m
                Dip: -60 degrees  355.5m - 360m (middle)    6.43 g/t / 4.5 m
                Az 310 degrees    397.0 - 402m (lower)       0.96g/t / 5.0 m

    -------------------------------------------------------------------------
    K-06-08     L1200 N / 70W     430.6 to 436.2            0.64 g/t / 5.6 m
                Dip: 90 degrees
    -------------------------------------------------------------------------
    K-06-12     L1400N / BL0+00   223.1 to 223.7 429 - 436  4.47 g/t / 0.6 m
                Dip: -60 degrees  429.7 - 432.5             2.88 g/t / 7.0 m
                Az 310 degrees                              4.29 g/t / 2.8 m
                                                            (includes 8.1g/t
                                                                over 0.9 m)
    -------------------------------------------------------------------------
    K-06-13     L815N / BL 0+40W  428.1 to 430.8            6.82 g/t / 2.5 m
                 including        429.1 to 429.6            27.8 g/t / 0.5 m
    -------------------------------------------------------------------------
    >>

The following work was done by SAGE prior to the option agreement being executed between SAGE and OAK. Drill holes numbered K-05-01 through K-05-07 were drilled during the fall of 2005 and were reported in SAGE's press release dated November 8, 2005. Drill holes K-06-08, and K06-12 were drilled during SAGE's winter program of 2006 and were reported in SAGE's press release of March 7, 2006. K-06-9 and K-06-15 were also drilled during the winter program but did not yield significant assay results.

* K-05-01 re-assaying of pulps and pulp metallic analysis of rejects ** K-05-07 was reported as 5.73 g/t - 3.3 m (press release of November 8, 2005). The core was re-analyzed at a finer grind (-230 mesh from plus 10 mesh) resulting in an improvement of approximately 11% in the grade of the sample.

The Kerrs Gold Property has been defined by 17 drill holes arrayed in a 200m x 200m pattern with in-filling at 100m spacing on section 1150 piercing a shallow dipping synclinal fold structure. The results of drill holes K-06-08, 10, 11, 12, 13, 14, and 16 indicate that the green carbonate quartz breccia zone and mafic replacement zones can be traced for over 1,200 meters. The down-dip dimension of the fold structure has been delineated by holes K-05-1, K-05-7, K-06-8, K-08-17 and K-08-18 to depth along a curvilinear inclined plane from 150m to 750m measured from surface. The system is open to depth from surface and along strike to both the northeast and southeast.

Robert Hanson, President and CEO, commented "We are most encouraged by the success of our drilling program with regard to continuity, grade and strike length of the Kerrs Gold Property."

The surface diamond drilling program involving geological core logging, sampling and assaying tasks was supervised by Peter Hubacheck, P.Geo. No.1059 (APGO) on behalf of Hubacheck Consulting Geologists (HCG), affiliated with W.A. Hubacheck Consultants Ltd. Peter Hubacheck is a qualified person as defined by NI-43-101 and has reviewed and authorized the geotechnical material in this press release.

The NQ core samples were collected by HCG personnel at the drill from the drilling contractor (Salo Drilling, Timmins, Ontario) and transported to a core processing facility located on the Wahgoshig First Nation Reserve, 30 km. from the project site. The drill core was geologically logged for rock type, alteration, mineralization, % recovery and RQD (rock quality designation) factors, prior to being sawn lengthwise in half. Individual core sample lengths (standardized from 0.5m to 1.5m) were selected by the HCG personnel on a geological basis to delimit the gold mineralization based on lithological rock type, alteration and structural features. The remaining half core is stored and secured inside the core processing facility. The core samples were bagged, labeled and then transported in sealed plastic pails by HCG personnel and delivered via Manitoulin Transport to Accurassay Laboratories in Thunder Bay, Ontario. At this facility, there was crushing of the total sample, splitting to 250 grams using a Jones Riffle, and pulverized to 90% -230 mesh. Gold analysis is performed on 50 gram splits using atomic absorption (AA) and AA samples greater than 2000 ppb were checked with gravimetric finishing by fire assay. Quality control was maintained by periodic check assays with the insertion of lab standards and blanks in the sample stream. Duplicate samples were also inserted using quartered core samples from selected samples taken from the mineralized zones.

There are 17,135,808 issued and outstanding common shares of the Company.

<< The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. >>

Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding the option to earn an interest in the Kerrs Gold Property. Factors that could cause actual results to differ materially include any inability to complete future financings to finance exploration and make option payments to SAGE and future results of exploration programs. The Company disclaims any obligation to update forward-looking statements unless required by law.

SOURCE: Lucrum Capital Corp.