Creso Announces 3.04 g/t Au Over 15.7m Intersection Starting at 27.5m From Results of Tyranite Diamond Drill Program
January 31 2012 - 9:37AM
Marketwired Canada
Creso Exploration Inc. ("Creso" or the "Company") (TSX
VENTURE:CXT)(OTCQX:CRXEF)(FRANKFURT:C3X) is pleased to announce assay results
from the diamond drill program conducted on its 100% owned Tyranite Gold
property in the Shining Tree district, Ontario. Hole TY11-04 intersected 15.7m
of 3.04 g/t Au at a depth of only 27.5 metres confirming the near surface
mineralization and open pit potential. Also highlighted from the results is the
intersection in hole TY11-12 of 1.68 g/t Au over 39.9m from 222.9 to 262.8m,
including the intercept 3.99 g/t Au over 4.0m from 229.0 to 233.0m. The current
drilling campaign along with historical drilling now confirms the mineralization
over a strike length of 1200 metres in a North--South direction and to a depth
of 550 metres. The mineralization remains open along the North--South strike and
at depth. (Please refer to the attached North-South section in Figure 1).
The 12 hole program, totalling 2,225m, was designed to confirm the results of
historic drill holes in the Tyranite Main Zone and to test targets to the east
and west of that zone by drilling locations selected on the basis of IP criteria
confirmed by surface exposures of pyrite mineralization. The significant
intercepts encountered in the drilling are shown in Table 1. Information
concerning the location and orientation of holes completed is presented in Table
2. Figure 2 is a plan map that shows the outline of select historic drill holes
as well as the recent drill holes completed by Creso.
Holes TY11-04 and TY11-05 were designed to test the near surface mineralized
extensions to the Tyranite Main Zone as indicated by both ore pillars exposed at
surface between open stopes and gradient IP Chargeability anomalies on the west
side of Zone 2. As shown in Table 1, both successfully encountered gold
intercepts, including the result from hole TY11-04 of 13.15 g/t Au over 1.1m
from 27.5 to 28.6m. Hole TY11-06, a 60m step-out to Zone 3, to the west of hole
TY11-05, encountered no significant intercepts.
Hole TY11-07 was designed to test for a deeper extent to the gold mineralization
intercepted in historic holes 1316-29 and 1316-31, which had dips of -50 deg.
Historic hole 1316-30B, drilled with a dip of -70 deg. recorded no significant
intercepts; however, Insight Geophysics' DC/IP vertical section in this vicinity
suggested the anomaly extended at least as deep as hole 1316-30B, and hole
TY11-07 with a dip of -70 deg. was successful in confirming that gold
mineralization extends approx. 20m deeper than previously demonstrated, at
approximately 350m south of the historic shaft. Hole TY11-15, designed to
intersect IP Zones 2 and 3 deeper than historic hole 1316-32 and hole TY11-07,
had an intercept grading 1.11 g/t Au over 4.45m from 306.8 to 311.25m.
Hole TY11-08 tested an IP Chargeability high location co-incident with a
mineralized surface vein at the intersection of the western projection of the IP
Zone 2 and the eastern projection of IP Zone 3. This hole, drilled some 83m
further south and 100m further west than prior southernmost historic drill holes
1316- 23/24, successfully intercepted gold mineralization grading 3.17 g/t over
0.85m from 264.9 to 265.75m and 1.61 g/t Au over 0.5m from 281 to 281.5m,
increasing the previously known southern extent of gold values encountered in
Zone 2. This is approximately 590m south of the historic shaft. Holes TY11-09
and TY11-10 tested the eastern extension of the Tyranite Main Zone, south of
historic drilling, but did not encounter any significant intercepts in chemical
sediment.
Holes TY11-11 and TY11-12 were designed to confirm historic drill results at the
northern extension of IP Zone 1 and the western extent of Tyranite Main Zone at
IP Zone 7. Both intercepted significant gold values. Hole TY11-12, located
approximately 90m east of historic hole 96-87, encountered two distinct zones
with elevated gold mineralization. These intercepts confirm the extension to the
north of the intercepts encountered in previous Creso holes TY11-01, TY11-02 and
TY11-03b. Additionally, a sectional view of holes TY11-11, TY11-12 and historic
hole 96-87 plotted to show intersections of gold values greater than 1 g/t
indicates a possible near-surface exposure may be found at the location that
coincides with the IP Chargeability high in Zone 10. This projection of
mineralization to surface will need to be confirmed in future exploration
activity. The mineralized zone comprises a N--S structure (steeply dipping to
West) with continuous anomalous gold mineralization 10 to 50 times background
(0.05 to 0.5 g/t Au, average 0.1 g/t Au) open in the N--S direction and at
depth. Structural offsets are common and localized high grade pods
characteristic. Both High chargeability and High resistivity IP reflect the
mineralized trend, reflecting both sulphide mineralization and altered host
rock.
Finally, Creso is pleased to announce the filing on SEDAR of an updated NI
43-101 report on the Shining Tree project, Tyrrell and Knight Townships, Larder
Lake Mining Division, Ontario prepared by G.A. Harron, P.Eng.
This Press Release has been reviewed and approved by Mr. Mike White, M.Sc.,
P.Geo., the Qualified Person under National Instrument 43-101.
Creso Exploration QA/QC procedures follow standard industry practices. Sealed
core boxes are transported twice daily from the drill rig to the core logging
facility by qualified drill contractor personnel. Core is logged and prepared
for sampling in a secure building. Sample intervals are selected according to
geologic contacts, visible mineralization, and alteration. Drill core is cut
along a center line using a typical circular rock saw designed for core cutting.
Sampled core is placed into sample bags, sealed and shipped to an assay lab that
follows the ISO 9000 series of Quality Management standards. All samples were
analyzed for silver, gold and other trace elements at ALS Group Ltd.
laboratories by standard industry procedures. These procedures include silver
and gold by fire assay-AAS finish, with follow-up silver and gold analyses by
fire assay-gravimetric finish and/or metallic screen. Multi-element analysis is
done by ICP (ME-ACD81) using a four-acid digestion. Whole rock analysis is done
by ICP-AES (ME- ICP06) using a lithium metaborate fusion.
Blank and certified standard samples are routinely submitted with all sample
batches sent to the lab for assay. In addition, replicates, duplicates, and
field duplicates are routinely included in sample batches. Samples with visible
gold are analyzed with procedures designed to reduce the variability of the
sample results. And finally, samples are routinely sent to other labs for
additional checks.
Table 1. List of Significant Drill Intercepts From Current Program at the
Tyranite Property, Ontario
Grade
Hole From To Length(i) Au Comment
Number (m) (m) (m) (g/t) Target
----------------------------------------------------------------------------
test western
TY11-04 27.5 43.2 15.7 3.04 extent of
historic open gradient IP
including 27.5 36.0 8.5 4.45 stope survey Zone2
including 27.5 28.6 1.1 13.15
and 50.0 53.2 3.2 2.10
----------------------------------------------------------------------------
test western
TY11-05 13.0 27.0 14.0 1.31 extent of
historic
including 13.0 15.0 2.0 4.03 timber raise IP Zone 2
----------------------------------------------------------------------------
50m step-out
TY11-06 no significant values IP Zone 3 west from
timber raise
----------------------------------------------------------------------------
test historic
TY11-07 109.2 110.0 0.8 1.57 intersection of
confirm 1316-30B extent
and 122.0 123.0 1.0 1.75 historic DDH at depth
----------------------------------------------------------------------------
test western
TY11-08 264.9 265.75 0.85 3.17 IP Zone3 extent Tyranite
main zone at
and 281.0 281.5 0.5 1.61 surface vein
----------------------------------------------------------------------------
test eastern
TY11-09 no significant values IP anomaly extent Zone 1,
south of
historic
drilling
----------------------------------------------------------------------------
test eastern
TY11-10 no significant values IP anomaly extent Zone 1,
south of
historic
drilling
----------------------------------------------------------------------------
test north
TY11-11 85.3 87.2 1.9 1.20 IP Zone 1 extension to
and 94.3 99.4 5.1 1.00 Zone 1
and 151.6 153.6 2.0 1.07
and 174.15 174.55 0.4 1.66
----------------------------------------------------------------------------
confirm
TY11-12 222.9 262.8 39.9 1.68 IP Zone 7 mineralization
continuity
between
including 222.9 241.0 18.1 2.70 historic
holes 91-78 and
including 229.0 233.0 4.0 3.99 91-85
and 270.9 277.0 6.1 1.90
----------------------------------------------------------------------------
test IP anomaly
TY11-13 98.7 107.1 8.4 0.28 IP Zone 5 400m west
----------------------------------------------------------------------------
test IP anomaly
TY11-14 no significant values IP Zone 5 W to E
----------------------------------------------------------------------------
deeper than
historic 1316-
TY11-15 306.8 311.25 4.45 1.11 IP zones 2,3 32
(i) Length intervals are actual core length. The true thickness of
mineralized intervals has not been estimated.
Table 2. Drill Hole Location and Collar Information
Hole Easting Northing Elevation Length
Number (m) (m) (m) (m) Azimuth Dip
TY11-04 499596 5279214 351 53.2 80 -60
TY11-05 499618 5279159 352 51 80 -60
TY11-06 499572 5279157 353 57 270 -45
TY11-07 499501 5278875 358 231 90 -70
TY11-08 499415 5278632 358 300 90 -65
TY11-09 500033 5278675 366 162 270 -45
TY11-10 500034 5278674 366 111.3 90 -45
TY11-11 499598 5279444 349 176 90 -45
TY11-12 499391 5279439 338 389 90 -58
TY11-13 499084 5278901 374 161.5 90 -58
TY11-14 499084 5278901 374 173.8 270 -60
TY11-15 499326 5278906 358 360 90 -53
Figure 1 is available at the following link:
http://media3.marketwire.com/docs/cxtfigure1.pdf
Figure 2 is available at the following link:
http://media3.marketwire.com/docs/cxtfigure2.pdf
About Creso
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 that address future events and conditions, which are subject to
various risks and uncertainties. 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 Corporation'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 its work program.
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