Creston Moly Intersects 33.55 Metres of 0.243% Molybdenum
18 Octobre 2010 - 2:00PM
Marketwired Canada
Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) today
announced the assay results of four diamond drill holes recently completed at
its El Creston molybdenum property located in the state of Sonora, Mexico.
Highlights include:
-- Hole EC10-113 intersecting 33.55 metres averaging 0.243% molybdenum;
-- Hole EC10-110 intersecting 48.80 metres averaging 0.46% copper
coincidental with a 33.55 metre section of 0.032% molybdenum and a 20
metre section of 28.06 g/t silver;
-- Hole EC10-109 intersecting a 70.15 metre section averaging 0.081%
molybdenum within a 100.65 metre section of 0.070% molybdenum. The
100.65 metre intercept also includes a 57.95 metre section averaging
0.11% copper and a 6.50 metre section of 42.80 g/t silver;
-- Hole EC10-112 intersecting a 27.45 metre section averaging 0.064%
molybdenum, 0.18% copper and 2.30 g/t silver at the bottom of the hole.
The holes are from Phase 3 of a four phased drill program initiated in February
2010 to advance the El Creston molybdenum deposit in the preparation of a
feasibility study. The purpose of the drill program is to:
-- expand the El Creston deposit in selected areas
-- complete in-fill drilling in areas of limited drilling within the
Creston Main Zone Resource
-- drill the Red Hill Shallow zone such that in conjunction with historic
drilling it may be incorporated into 43-101 compliant resources and be
included into the Creston Open Pit, and complete drill testing for
structural and hydrological information
"We are extremely pleased with the results of our 2010 drilling and believe that
data collected from the program will interpret the El Creston molybdenum deposit
to be a much larger resource than originally determined," said Bruce McLeod,
President & CEO. "Additionally with Hole EC10-113 intersecting 0.243% molybdenum
midway between holes that intersected sections grading as high as 0.107% and
0.113% Mo it is apparent that there may be several areas which could be modeled
as higher grade starter pits in the upcoming technical studies."
Drill Results
Maps showing the drill hole locations are available at www.crestonmoly.com or
click the link below to view the map showing the drill-hole locations.
www.crestonmoly.com/i/maps/2010-10-15_News_Release.jpg
Hole EC10-109 was drilled to test the upper portion of the Main Deposit between
Holes EC08-39 located 70 metres to the north and EC08-47 located 75 metres to
the south. Hole EC08-39, an angle hole drilled due south, intersected a 291.55
metre section averaging 0.085% molybdenum commencing at a down hole depth of
40.85 metres. At the top of the section is a 41.05 metre intersection averaging
0.16% copper. Hole EC08-47, a vertical hole, intersected a 172.4 metre section
averaging 0.084% molybdenum commencing at a depth of 124.75 metres. Hole
EC10-109 intersected a 70.15 metre section averaging 0.081% molybdenum within a
100.65 metre section averaging 0.070% molybdenum. Coincidental with the 100.65
metre intercept is a 57.95 metre section averaging 0.11% copper in which there
is a 6.50 metre section averaging 42.80 g/t silver.
Hole EC10-110, a vertical hole, was drilled near the southern resource boundary
of the Main Deposit. The hole is located approximately 50 metres due south of
EC08-30 and 130 metres north of Hole EC10-085. Hole EC08-30 intersected
significant molybdenum and copper mineralization with results including 62.75
metres averaging 0.041% molybdenum within a 151.05 metre section averaging 0.40%
copper. Hole EC10-085, located in the Red Hill Zone, intersected 32.50 metres
averaging 0.087% molybdenum that is partially coincidental with a 43.75 metre
section averaging 0.18% copper. Hole EC10-110 intersected a 33.55 metre section
averaging 0.032% molybdenum within a 48.80 metre section averaging 0.46% copper.
Coincidental with the intercept is a 20 metre section averaging 28.06 g/t
silver.
Hole EC10-112 was drilled to test the continuity of mineralization between Holes
EC08-026 located 40 metres to the west (Upper Zone 46.85 metres averaging 0.021%
molybdenum with 0.30% copper) and Hole EC08-21 located 100 metres to the north
(228.6 metres averaging 0.076% molybdenum commencing at a depth of 58.84
metres). Commencing at a down hole depth of 125.05 metres the final 27.45 metres
of Hole EC10-112 averaged 0.064% molybdenum, 0.18% copper and 2.30 g/t silver.
Hole EC10-113 is located in close proximity to northern resource boundary of the
Main Deposit. The hole, located approximately 50 metres north of Hole EC10-072
(195.6 metres averaging 0.086% molybdenum) was drilled to test the continuity of
the mineralization in the upper portion of the Main Deposit in the area
identified as a potential site of a starter pit. Commencing at a depth of 61
metres the hole intersected a 33.55 metre section averaging 0.243% molybdenum
that is coincidental with a 24.70 metre section averaging 0.10% copper.
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EL CRESTON MAIN ZONE DRILL RESULTS: HOLES EC10-109, 110, 112, 113
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Mo-
LENGTH FROM TO INT. Mo OXIDE Cu Ag
HOLE (Metres) AZ DIP (Metres) (Metres) (Metres) (%) (%) (%) (g/t)
---------------------------------------------------------------------------
EC10-109 155.55 0 -90 3.05 54.90 51.85 0.063
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54.90 155.55 100.65 0.070
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inc. 54.90 125.05 70.15 0.081
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54.90 112.85 57.95 0.11
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139.90 146.40 6.50 42.80
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---------------------------------------------------------------------------
EC10-110 164.00 0 -90 0.00 97.60 97.60 0.034 3.28
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106.75 140.30 33.55 0.032
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97.60 146.40 48.80 0.46
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97.60 117.60 20.00 28.06
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inc. 112.85 117.60 4.75 112.00
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158.60 164.00 5.40 0.048
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EC10-112 152.50 0 -60 0.00 109.80 109.80 0.043
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0.00 73.20 73.20 3.10
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70.15 79.30 9.15 0.15
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109.80 125.05 15.25 0.074 0.08
(i)
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125.05 152.50 27.45 0.064 0.18 2.30
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---------------------------------------------------------------------------
EC10-113 100.65 0 -90 0.00 61.00 61.00 0.098
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61.00 94.55 33.55 0.243
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64.05 88.75 24.70 0.10
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(i) transition zone
2010 Drilling
To-date, Creston has completed three phases of drilling totaling approximately
9,700 metres on its El Creston molybdenum deposit. The drilling has intersected
significant above cut-off grade mineralization on the south, west and northern
boundaries of the Main Zone resource outline. In addition, drilling on the Red
Hill Zone has encountered significant near surface molybdenum and/or copper
mineralization that could potentially be mined as part of a larger open pit that
would include both the El Creston Main and Red Hill Zones.
The Company has recently commenced a 4th phase of drilling consisting of eight
geotechnical holes to test the design of the open pit and two diamond drill
holes to test the Red Hill strike extension. Results of the Phase 4 will be
released as they become available. The drilling is part of a program being
completed to advance the deposit towards the completion of a definitive
feasibility study which is expected to be completed in the 2nd quarter, 2011.
Sampling and QA/QC
All of the samples collected were delivered by Company personnel to ALS-Chemex's
prep lab in Hermosillo, Mexico where they were logged into the computer tracking
system, crushed, split and a pulp sample prepared. The pulp sample was sent to
ALS- Chemex's laboratory in Vancouver, B.C. for analysis by Inductively Coupled
Plasma. ALS-Chemex is an ISO/17025 accredited laboratory. ALS-Chemex monitors
quality control through the introduction of blanks, standards and duplicate
sampling. In addition, Creston personnel routinely insert blanks and standards
into the sample stream. Dave Visagie, P. Geo., a Qualified Person as defined by
NI 43-101 is responsible for the technical information contained in this
release.
El Creston Molybdenum Deposit
In 2009 a NI 43-101 compliant Pre-Feasibility Study ("PFS"), was issued by M3
Engineering & Technology Corporation of Tucson, Arizona ("M3"). Using a base
case scenario of $15/lb Mo and $1.75/lb Cu M3 determined that the El Creston
molybdenum deposit has an after-tax Net Present Value ("NPV") at an 8% discount
rate of USD$306.02 million and an Internal Rate of Return ("IRR") of 20.2%.
Creston is focusing on the completion of optimization projects designed to
further improve the economics of the project by increasing the size of the
resource and re-engineering certain key components of the project.
On Behalf of the Board of Directors
CRESTON MOLY CORP.
D. Bruce McLeod, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements are made as of
the date of this document and Creston does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and
reflect Creston management's expectations or beliefs regarding future events and
include, but are not limited to, statements with respect to the estimation of
mineral reserves and resources, the realization of mineral reserve estimates,
the timing and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and limitations on
insurance coverage. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved" or the
negative of these terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Creston to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of current
exploration activities; changes in project parameters as plans continue to be
refined; future prices of resources; possible variations in ore reserves, grade
or recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those factors
detailed from time to time in Creston's interim and annual financial statements
and management's discussion and analysis of those statements, all of which are
filed and available for review on SEDAR at www.sedar.com. Although Creston has
attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not
to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.
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