MONTREAL, QUEBEC--(Marketwire - March 13, 2013) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(CRXEF)(C3X.F) is pleased to announce the results from metallic screen assays on the Duggan gold property located in the Shining Tree area of northeastern Ontario.
A total of 177 core sample rejects from hole CD13-03 were re-analysed using metallic screen assay methods. Initial assays were previously reported based on a 30g fire assay (see February 14th, 2013 news release) and returned values of 2.20 g/t Au over 34.5 metres. Results have increased using the metallic screen method and auriferous intervals are now of 1.50 g/t Au over 80.9 metres, including 2.82 g/t Au over 34.5 metres, due to a gold nugget effect. Metallic screen assays are a more accurate measure of the gold grade of a sample.
Interpretation of all available exploration work on the Duggan deposit show a north-northwest trending auriferous zone which steeply dips to the west with a strike length of over 600 meters, a true width up to 85 meters and down to 250 meters in depth. The following tables provide selected drill intersections.
Table 1: Drilling results, selected intersections
|Hole ID||Year||Easting*||Northing*||From |
|*Datum: NAD 83 UTM Zone 17|
|**Intervals represent core lengths and not true width|
Seventy (70) samples returned higher results, forty-eight (48) returned lower results and fifty-nine (59) samples returned the same result as the initial 30g fire assay. As coarse gold is known to occur throughout the mineralized body, the Corporation is currently re-evaluating the potential of the deposit by selecting additional drill core intervals and sending them for metallic screen assays in order to better evaluate and reflect the gold potential.
Mineralization on the Duggan deposit consists of pyrite, as the main sulphide mineral, with trace amounts of chalcopyrite, arsenopyrite and visible gold; contained within altered plutonic rock. Alteration consists of strong pervasive sericite, calcite and hematite with moderate to strong silicification. Quartz and quartz-calcite stringers are common throughout the zone.
Creso Exploration QA/QC procedures follow standard industry practices. Sealed core boxes are transported once 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 centre line using a typical rock saw designed for core cutting. Sampled core is placed into sample bags, sealed and shipped to an assay lab that follows ISO 9000 series of Quality Management standards. All samples were analyzed at AGAT Laboratories by standard industry procedures. These procedures include gold by fire assay-ICP-OES finish (202062) and fire assay-metallic gold-ICP finish (202120).
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.
This press release has been reviewed and approved by Mr. Michael White, M.Sc. P. Geo, the Qualified Person under National Instrument 43-101.
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.