Cream Minerals News-time to buy NOWCream Minerals samples 452 g/t Ag at Nuevo Milenio
2009-06-10 09:43 ET - News Release
Mr. Michael O'Connor reports
CREAM MINERALS ANNOUNCES NEW DISCOVERY AT NUEVO MILENIO SILVER-GOLD PROJECT
Cream Minerals Ltd. has made a new discovery at its 100-per-cent-owned Nuevo Milenio silver-gold project located in Nayarit state, Mexico. A channel sample taken just inside a recently discovered historic Spanish working on Cerro Dos Pinos, which is located approximately 500 metres southeast of the high-grade silver-gold Veta Tomas vein, yielded assays of 0.95 gram per tonne (g/t) Au and 452 g/t Ag respectively.
Cerro Dos Pinos lies approximately 500 metres southeast of drill hole DDH-07-23 which was drilled on the Veta Tomas structure. The company believes that the new discovery is a probable fault segment of the high-grade silver-gold Veta Tomas structure and if correct extends the known strike length of the Veta Tomas-Dos Hornos zones from 1,300 metres to 1,800 metres. The historic Spanish adit, which is 1.60 m wide and caved, was driven on a quartz vein structure outcropping within a window of younger devitrified rhyolite flows. The Cerro Dos Pinos discovery also aided in defining the approximate location of the Dos Hornos 3 fault segment which lies northeast of the Veta Tomas vein.
The assays in the table are taken from various locations along the Veta Tomas vein structures to facilitate comparison of the new discovery with previous assays at Nuevo Milenio.
From To Width Au Ag Sample No. m m m g/t g/t Veta Tomas DDH-07-23 295758-60 78.60 84.60 6.00 1.706 525.73 295758-59 78.60 82.60 4.00 2.438 771.20 295759 80.60 82.60 2.00 4.350 1388.40Mina Santa Gertrudis 34106 Chip sample 4.00 1.540 700.00Dos Pinos -- Portal 6887745 Channel sample 1.60 0.950 452.50
Cream Minerals has developed an impressive high-grade silver-gold inferred mineral resource at the company's Nuevo Milenio project. The revised NI 43-101-compliant inferred mineral resource estimate of 54.6 million ounces silver equivalent is contained within 5.1 million tonnes.
The "NI 43-101-compliant reported inferred mineral resources revised Dec. 24, 2008" table details the NI 43-101-compliant revised inferred mineral resources as previously reported (report dated Dec. 24, 2008).
NI 43-101 COMPLIANT REPORTED INFERRED MINERAL RESOURCES REVISED DEC. 24, 2008Dos Hornos (U/G) Width Tonnes Au Ag Au Ag m g/t g/t oz ozDos Hornos Segment 1 4.70 1,173,901.56 1.500 165.34 59,400.00 6,552,238.85Dos Hornos Segment 2 4.06 746,528.32 1.770 201.95 42,390.25 4,847,215.70Veta Tomas 5.09 1,246,162.50 1.280 351.19 51,344.17 14,070,467.48Once Bocas 2.42 1,921,162.50 1.920 252.59 118,347.79 15,602,012.74Total 5,087,754.88 1.660 251.09 271,482.21 41,071,934.77Tonnes: 5,088,000 Au: 1.660 g/t, Ag 251.09 g/t Au: 271,500 ounces, Ag: 41,072,000 Silver equivalent (gold silver price ratio is equal to 50:1): 54,647,000 ounces (assumes 100-per-cent recovery)
Cream outlined a revised underground development program (see news in Stockwatch on May 11, 2009). The objectives of the revised underground development program are to begin establishing the true grade and economic width of the mineralized zone, stage underground diamond drilling and begin upgrading the inferred mineral resources to the measured and indicated status. Ferdinand Holcapek, PEng, director and administrator general, Cream Minerals De Mexico, SA de CV, supervises exploration programs on the Nuevo Milenio Project. He is responsible for all technical reporting and is the company's qualified person for the purpose of National Instrument 43-101.