MONTREAL, QUEBEC--(Marketwire - Feb. 14, 2013) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(CRXEF)(C3X.F) is pleased to announce the results from the most recent drill program completed on the Duggan gold property located in the Shining Tree area of northeastern Ontario.
A total of 5 diamond drill holes, totaling 1,117 metres, were completed in December of 2012 and January of 2013. The drilling program tested the historic drill holes in five sections within the mineralized deposit over 280m, confirming historic mineralization (eg CD13-03: historic section 1.3g/t over 87m).
The Duggan zone comprises several N-S vein systems over 900m of a strike length, tested to 150m depth, and open to the North and South showing continued structure, alteration, and anomalous gold.
- CD13-03: 2.20 g/t over 34.50 metres, including 11.41 g/t over 5.65 metres which includes 40 g/t over 1.0 metre and 27.50 g/t over 0.80 metres.
- CD13-04: 2.13 g/t over 10.20 m, including 11.70 g/t over 1.10 metres; and 2.24 g/t over 4.45 metres.
Mineralization on the Duggan deposit is contained within altered plutonic rock. Alteration consists of strong pervasive calcite, hematization and moderate to strong silicification. Quartz and quartz-calcite stringers are common throughout the zone. Pyrite is the main sulphide mineral, with trace amounts of chalcopyrite and arsenopyrite. Visible gold is present in small amounts. The mineralized body strikes N-S and steeply (70-75°) dips to the West.
|Table 1: Drill holes collar location.|
|Hole ID||Easting*||Northing*||Elevation |
|*Datum: NAD 83 UTM Zone 17|
|Table 2: Results from the reported drill holes.|
|Hole ID||From |
|**Intervals represent core lengths and not true width|
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 for gold and other trace elements at AGAT Laboratories by standard industry procedures. These procedures include gold by fire assay-ICP-OES finish (202062) and silver by aqua regia digest-AAS finish (201025). Multi-element analysis is done by a lithium borate fusion with XRF finish (201676).
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.
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 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.
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.