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BREAKING: Hollister Biosciences Signs Letter of Intent to Acquire Venom Extracts With $16.4 Million In Revenue And $2.48 Million EBITDA
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Message: Creso Begins Drilling the Tyranite Mine Zone at the Shining Tree Project
MONTREAL, QUEBEC--(Marketwire - Feb. 18, 2011) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) is pleased to announce the commencement of diamond drilling on the Tyranite property in NE Ontario, where gold mineralization was identified historically over a NS strike length of over 1,200m. The old Tyranite mine has a shaft 343m deep that serviced seven levels and produced 223,810 tons of ore at a recovered grade of 0.14 oz/t Au, accounting for 31,360 oz of gold, the most of any zone in the Shining Tree district. The Tyranite mine is located 2.5 km north of the Company's Minto project, along a NS structural trend recently interpreted from ground and airborne geophysical surveys. The initial drilling is targeted to intercept an historic mineralized zone below the shaft with reported drill assays of up to 0.49 oz/t Au over 4.7m.
Creso geologists believe that the Tyranite zone may provide the best potential for deep gold mineralization in the Shining Tree district, with recent geophysical surveys and acquired historic information, indicating targets at depth and along strike of prior gold production areas.
The first drill hole planned in this program is designed to test two IP/Resistivity targets, one of which is coincident with a cluster of six historic high grade drill intercepts directly beneath the bottom of the Tyranite shaft that range from 0.16 oz/t Au over 4.8m to 0.49 oz/t Au over 4.7m at vertical depths of approximately 400m below the surface. Geophysical evidence and historic geological mine maps indicate that the shaft was driven through a quadruple intersection of NS, EW, NE, and NW-trending fault sets, each of which appears to have had some control on mineralization. Of these, NS structures exhibit the most significant control, and one prominent structural trend that varies in azimuth between NS and N10W, dipping 75degrees west, appears to align with and possibly connect the Minto and Tyranite zones of mineralization over a distance of 2.5 km.
The Tyranite property lies at the south boundary of the Milly Creek syenodiorite stock where it is in contact with a sequence of fine to coarse grained mafic volcanics interbedded with serpentinized komatiitic flows. Previous workers have defined the northerly trending, and mineralized, Tyranite structure as consisting of the North Lens, North Lens Extension, Main Lens, and South Lens which jointly have been traced along strike for over 1,200m and to a depth of some 425m, where it is open-ended. Gold is associated with concentrations of pyrite occurring with quartz-carbonate-hematite veins, veinlets and broader alteration zones within and around a main shear zone with subsidiary splays and cross-cutting shears encompassing variable true widths of one to twelve meters.
The geophysical surveys recently completed by Creso on the Tyranite property consist of a TerraQuest Ltd magnetic, radiometric, and VLF-EM helicopter survey with 15m line separation, and an Insight Geophysics Inc gradient array and Insight section DC/IP survey. The NS mineralized Tyranite shear zone is expressed as coincident chargeability and resistivity highs that appear to extend beyond the currently recognized strike length, with additional other elongate anomalies that appear to follow parallel NS, and also EW, NE, and NW trends. Several drill targets are currently recognized on the property, and on the adjacent Duggan property, from these surveys. Creso geologists are hopeful that the known association of gold and pyrite in silicified bodies at Tyranite will lead them to new IP/Resistivity targets hosting gold mineralization along the recognized structural trends cutting the mafic volcanics and the syendiorite stock, as well as along the main contact zones of the stock and other potentially hidden plugs of syenite at depth, that may have emanated from the Milly Creek stock.
This Press Release has been reviewed and approved by Mr. Michael White, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101. The historic assay results reported above have not been analyzed, or otherwise verified by Creso, and therefore cannot be relied upon.
The Corporation's principal mining exploration holdings are located in the Shining Tree mining camp of Northern Ontario within 100 km of the Timmins and Kirkland Lake mining camps, and additional interests are held in base metal properties in Guatemala.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release may be identified by the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: results of exploration activities, general market and industry conditions and other risks disclosed in the Company's filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of the Corporation's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Depending on exploration results and available financing, the Corporation may at any point modify the suggested work program for 2011.
FOR FURTHER INFORMATION PLEASE CONTACT: Robert Casaceli
Creso Exploration Inc.
President and CEO
514-866-6001 # 239
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