NewsCreso Drills 10.6 g/t Au Over 4 Meters and Extends Historic Gold Zone to 470 Meters Below the Tyranite Mine Shaft Collar
4/21/2011 10:18:32 AM - Market Wire
MONTREAL, QUEBEC, Apr 21, 2011 (MARKETWIRE via COMTEX News Network) --
CresoExploration Inc. ("Creso" or the "Corporation") (TSX VENTURE: CXT)(OTCQX: CRXEF) (FRANKFURT: C3X) is pleased to announce the results ofthree diamond drill holes totaling 1698 meters completed at the Tyranitezone in the Shining Tree project in NE Ontario. The Tyranite results,as presented below, demonstrate that significant gold mineralization isdeveloped over some 470 vertical meters and 1,200 meters along strike,open vertically and along strike. Moreover, airborne geophysics suggeststhat the Tyranite Main Zone mineralization aligns with the Mintodeposit, 2.5 km to the SSE, along a narrow structural corridor trendingN10W.
Highlights from this program are shown in Table 1 below.Significant widths and gold grades are evidenced along multiple strandsof mineralization within the Main Zone (N-S strike; 73 degrees W dip)of the Tyranite mine. The best and deepest intercept from this drillprogram had 5.22 g/t Au over 11.8 meters in hole TY11-02, from 492.5m to504.3m (including 10.61 g/t Au over 4m). This intercept penetrated theMain Zone at approximately 130m depth below the deepest level (1125level) of the old Tyranite mine, some 470m vertically below the surface.In addition, hole TY11-03b intercepted 3.68 g/t Au over 30 meters,including 6.5 g/t Au over 4.5 meters, with the highest individual assayfrom this interval grading 11.85 g/t Au over 1.5m, from 429.5m to 431m.The highest single sample value from this drill program is 14.0 g/t Auover 0.3m, from 419.8m to 420.1m in hole TY11-01. Additional outliers ofmineralization occur locally away from the Main Zone, both in thehanging wall and footwall, with the latter exemplified by the intervalof 5.53 g/t Au over 0.7m, from 437.4m to 438.1m in hole TY11-01 as shownbelow. Creso geologists believe there is additional gold potentialdeeper beneath the current drilling.
The significant intercepts encountered in the drilling are shown in Table 1 below.
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Hole From To Length Grade Target Comment
(i)
Number meters meters meters Au gpt
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TY11-01 390.1 393.8 3.7 5.83 Tyranite intercept
409.3 412.8 3.5 5.02 Tyranite approximately 50
419 421 2 6.31 Tyranite meters below
437.4 438.1 .7 5.53 Tyranite the lowest working
TY11-02 492.5 504.3 11.8 5.22 Tyranite approximately
including 495.5 499.5 4 10.61 130 meters below the
1125 level
TY11-03b 406.7 408.9 2.2 4.3 Tyranite suggests a
413 443 30 3.68 Tyranite southerly rake to
including 426.5 431 4.5 6.5 Tyranite the mineralized zone
(i)Note: True widths are approximately 0.65 of reported interval lengths.
Historicproduction at the Tyranite(1939 to 1942) totaled 223,810 tons at anaverage grade of 0.14 opt Au ( 4.81 g/t Au). The Tyranite Main Zone wasdeveloped by 7 levels and a 3-compartment shaft, with the lowest level(1125) approximately 340 meters below the surface. All drilling by Cresointercepted the mineralized zone(s) below this lowest level. Figure 1is a plan map that shows the outline of the historic workings, old drillholes, as well as the recent drill holes completed by Creso.
Allthree drill holes of this program were designed to test targets ofcoincident IP (Chargeability) and Resistivity highs that are alsocoincident with projected extensions of historic mineralization and highgrade drill intercepts directly beneath the bottom of the Tyraniteshaft that ranged from 0.16 oz/t Au over 4.8m to 0.49 oz/t Au over 4.7mat vertical depths of approximately 400m below the surface. Drill holeTY11-01 passed approximately 10 meters below the historic drill holeI-325 that returned the 0.49 oz/t Au grade.
Geophysical data hasproven to be very useful in targeting drill holes at Tyranite. Dataderived from the TerraQuest Ltd magnetic, radiometric, and VLF-EMhelicopter survey with 15m line separation, together with evidence fromhistoric geological mine maps, indicate that the shaft was driventhrough a quadruple intersection of NS, EW, NE, and NW-trending faultsets, each of which appears to have had some control on mineralization.Of these, NS structures exhibit the most significant control. The dip ofthe NS-trending Main Zone at Tyranite varies between 80 degrees and 50degrees west, with the higher grade gold mineralization historicallytending to occur at the bends ("rolls") to the lower dip angles. Thisprominent structural trend that can vary in azimuth between NS, N10W,and locally N10E, dipping on average 73 degrees west, appears to alignthe Minto and Tyranite zones over a distance of 2.5 km. Notably, Cresohas previously reported 13.3 g/t Au over 82.5m, from 508.5m to 591.4m inhole MC-09-01 from the Minto zone (see Creso Press Release dated August9, 2010).
The gradient array IP/Resistivity anomalies determinedby Insight Geophysics Inc from their surface network were furtherdetailed in the vertical dimension by surveying them with Insight DC/IPsections. This approach was particularly useful in locating areas withstrong silica-carbonate-sericite alteration with disseminated sulfides(pyrite, with lesser chalcopyrite and trace molybdenite) variably 1% to15% by volume. Interestingly, the most intense silicification withpyrite, representing up to 40% silica and 15-20% sulfides provided themost distinct IP and Resistivity highs, but not necessarily the highestgold values. Gold is most closely associated with a slightly earlierphase of quartz-carbonate-pyrite+/-hematite veinlets with, on average,2% to 5% sulfides. Mineralization appears to be concentrated at thesouth boundary of the Milly Creek syenodiorite stock where it is incontact with a sequence of fine to coarse grained mafic volcanicsinterbedded with serpentinized komatiitic flows. It is theorized thathydrothermal fluids may have emanated from hidden plugs of syenite atdepth, representing multiple phases of the Milly Creek stock.
Figure2 shows a view of the Tyranite zone in long section (inclined) lookingeast. Historic drilling used in this drawing includes 60 drill holestotaling more than 12600 meters. Recent drilling since 2009 totals 4holes and 1854.7 meters. Figure 2 shows the mined-out portions of thezone (223,810 tons), the different levels of the Tyranite mine, and theprojections of the drill holes where they penetrate the structure. Thegram-meter (gm-m) calculation for each hole is done using the compositeintercept of the zone (in g/t Au) multiplied by the length of thecomposite in meters. Any gm-m value less than 10 is not shown. Thosefrom 10 to 25 are green, and from 25 to 50 are yellow. All gm-m valuesgreater than 50 are in red. It should be noted that it is likely thatsome of the older holes in the northern and southern parts of the longsection do not appear to have penetrated the Main Zone. The highest gm-mvalues are developed below the lowest level of the Tyranite Mine andsuggest a vertical to steep southerly plunge to what may be high gradeshoots that rake across the Main Zone structure.
Figure 3 is across-section showing the drill holes TY11-02 and 03b as well as theunderground workings of the Tyranite mine and a projection of the MainZone.
All drilling is currently paused at Creso's Shining Treeproject to allow time for the evaluation and tabulation of all drillingand geophysical data that has been collected over the past severalmonths. Geologists are presently re-logging, and selectivelyre-sampling, old core from the Tyranite mine. Additional explorationtargets are being developed from this work, in combination with the datareview.
This Press Release has been reviewed and approved by Mr.Alex Kutah, M. Sc, P. Geo., the Qualified Person under NationalInstrument 43-101.
Creso Exploration Gold QA/QC procedures followstandard industry practices. Sealed core boxes are transported twicedaily from the drill rig to the core logging facility by qualified Cresopersonnel. Core is logged and prepared for sampling in a securebuilding. Sample intervals are selected according to geologic contacts,visible mineralization, and alteration. Drill core is cut along a centerline using a typical circular rock saw designed for core cutting.Sampled core is placed into sample bags, sealed, and shipped to an assaylab that follows ISO 9000 series of Quality Management standards. Allsamples are analyzed for gold and other trace elements at ALS CanadaLtd. laboratories in North Vancouver, British Columbia by standardindustry procedures. These procedures include gold by fire assay-AASfinish, with follow-up gold analyses by fire assay-gravimetric finishand/or metallic screen. Multi-element analysis is done by ICP (ME-MS61)using a four-acid digestion.
Blank and certified standard samplesare routinely submitted with all sample batches sent to the lab forassay. In addition, replicates, duplicates, and field duplicates areroutinely included in sample batches. Samples with visible gold, areanalyzed with procedures designed to reduce the variability of thesample results. And finally, samples are routinely sent to other labsfor additional checks.
To view the figures, please visit the following link: https://media3.marketwire.com/docs/creso_maps0421.pdf
About Creso
TheCorporation's principal mining exploration holdings are located in theShining Tree mining camp of Northern Ontario within 100 km of theTimmins and Kirkland Lake mining camps, and additional interests areheld in base metal properties in Guatemala.
FORWARD LOOKINGSTATEMENTS: This press release contains forward-looking statements,which address future events and conditions, which are subject to variousrisks and uncertainties. Forward looking statements in this pressrelease may be identified by the words "estimate", "believe","anticipate", "intend", "expect", "plan", "may", "should", "will", andthe negative thereof or other variations thereon or comparableterminology. Actual results could differ materially from thoseanticipated in such forward-looking statements as a result of numerousfactors, some of which may be beyond the Corporation's control. Thesefactors include: results of exploration activities, general market andindustry conditions, and other risks disclosed in the Company's filingswith Canadian Securities Regulators.
Forward-looking statementsare based on the expectations and opinions of the Corporation'smanagement on the date the statements are made. The assumptions used inthe preparation of such statements, although considered reasonable atthe time of preparation, may prove to be imprecise and, as such, unduereliance should not be placed on forward-looking statements. TheCorporation expressly disclaims any intention or obligation to update orrevise any forward-looking statements whether as a result of newinformation, future events or otherwise, except as required byapplicable law. Depending on exploration results and availablefinancing, the Corporation may at any point modify the suggested workprogram for 2011.
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.
Contacts: Creso Exploration Inc. Robert CasaceliPresident and CEO 514-866-6001 # 239 514-866-6193 (FAX)scarrasco@creso.ca Creso Exploration Inc. Douglas Murray InvestorRelations 613-220-0569 613-882-7295 (FAX) dmurray@creso.ca www.creso.ca
SOURCE: Creso Exploration Inc.
mailto:scarrasco@creso.ca mailto:dmurray@creso.ca https://www.creso.ca
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