Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE: CMS)
announces assay results from three exploration diamond drill holes
recently completed at its El Creston molybdenum property located in
the state of Sonora, Mexico.
Highlights include:
-- Hole EC10-111 intersecting 70.15 metres averaging 0.076% molybdenum,
0.11% copper and 1.62 g/t silver;
-- Hole EC10-114 intersecting 33.55 metres averaging 0.054% molybdenum
coincidental with a 30.5 metre section averaging 0.10% copper;
-- Hole EC10-115 intersecting 18.3 metre section averaging 0.41% copper
with 4.85 g/t silver.
Hole EC10-111 is an infill hole located in the Main Zone, while
Holes EC10-114 and 115 are step out holes located in the Red Hill
Zone. 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 in the Creston Open Pit, and for collection of structural and
hydrological information.
"We continue to be very pleased with our drill results," said
Bruce McLeod, President & CEO of Creston. The economic
assessment, to be released by year end, will show the effect of the
larger resource. The financings that the Company has recently
closed will allow us to be more aggressive in the delivery of the
feasibility study."
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/2010-11-30_News_Release.jpg
Hole EC10-111, an infill hole, is located 50 metres to the north
east of Hole EC08-31 (86.18 metres averaging 0.059% molybdenum
coincidental with an 80.35 metre intercept averaging 0.15% copper
and a second deeper section averaging 47.78 metres averaging 0.083%
molybdenum coincidental with a 69.45 metre section averaging 0.16%
copper). Hole EC10-111 intersected a 134.2 metre section averaging
0.063% molybdenum 0.11% copper and 1.62 gpt silver in which there
is a 70.15 metre section averaging 0.076% molybdenum. The hole
confirmed the block model.
Hole EC10-114 and 115 are the northernmost holes drilled in the
Red Hill Zone. Hole EC10-114, located 120 metres north west of Hole
EC10-095 (128 metres averaging 0.056% molybdenum) intersected a
33.55 metre section averaging 0.054% molybdenum that is
coincidental with a 30.5 metre section averaging 0.10% copper. The
hole bottomed in mineralization with the final 15.25 metres
averaging 0.040% molybdenum with the last sample assaying 0.087%
molybdenum. Hole EC10-115 is located 130 metres to the east of Hole
EC10-114, 80 metre northeast of Hole A-40 (54 metres averaging
0.117% molybdenum including 12 metres averaging 0.333% molybdenum),
80 metres west of Hole A-09 (4 metres averaging 0.297% molybdenum
coincidental with a 52 metre section averaging 0.08% molybdenum).
The hole intersected an 18.3 metre section averaging 0.015%
molybdenum, 0.41% copper and 4.85 g/t silver. The hole bottomed in
copper mineralization with the final 70.15 metres averaging 0.09%
copper.
The two holes showed the Red Hill Zone to be open to the north
with the northern rim being copper rich.
---------------------------------------------------------------------------
EL CRESTON MAIN ZONE DRILL RESULTS: HOLES EC10-111, 114 and 115
---------------------------------------------------------------------------
Mo-
LENGTH FROM TO INTERVAL OXIDE Cu Ag
HOLE (Metres) AZ DIP (Metres) (Metres) (Metres) Mo (%) (%) (%) (g/t)
---------------------------------------------------------------------------
EC10-
111 241 0 -90 0 100.65 100.65 0.055 3.33
---------------------------------------------------------------------------
103.70 237.90 134.20 0.063 0.11 1.55
---------------------------------------------------------------------------
inc. 158.60 228.75 70.15 0.076 0.11 1.62
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC10-
114 131.15 0 -70 0 27.45 27.45 0.051
---------------------------------------------------------------------------
57.95 91.45 33.55 0.054
---------------------------------------------------------------------------
54.9 85.4 30.50 0.10
---------------------------------------------------------------------------
128.1 131.15 3.05 0.087
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC10-
115 134.20 0 -70 30.50 48.80 18.30 0.015 0.41 4.85
---------------------------------------------------------------------------
2010 Drilling
To date, Creston has completed four phases of drilling that has
resulted in the drilling of 45 Exploration and 17 Geotechnical
Holes totaling 7835 and 3085 metres, respectively 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 drilling is part of a program being completed to advance the
deposit towards the completion of a new economic assessment which
will be delivered before the end of the year and a feasibility
study which will be delivered later in 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
MINERAL RESOURCE ESTIMATES
In October 2010, an updated resource estimate was completed by
SRK with Gilles Arseneau, P. Geo. acting as the Independent
Qualified Person under NI 43-101. Subsequently, JDS Energy and
Mining Inc. undertook a conceptual optimized pit Resource
calculation as detailed below. Mike Makarenko, P. Eng., of JDS is
the Independent Qualified Person responsible for the
calculations.
The tables presented below are intended to show the contained
metal improvement from the 2009 Pre-Feasibility with the additional
resources (due to 2010 drilling) and the potential to improve the
plant throughput to 50 ktpd at an improved stripping ratio.
M3 2009 PFS
----------------------------------------------------------------------------
Mo Lbs Cu Lbs
0.037% Mo eq cut-off Tonnes Mo (%) Cu (%) Millions Millions
----------------------------------------------------------------------------
Proven Reserves 44,736,000 0.079 0.053 78.024 52.217
----------------------------------------------------------------------------
Probable Reserves 101,968,000 0.076 0.047 171.924 106.614
----------------------------------------------------------------------------
Proven & Probable 146,705,000 0.077 0.049 249.948 158.831
----------------------------------------------------------------------------
The stripping ratio of the pit in the M3 2009 pre-feasibility is
1.23:1 and includes ramps using Mo $12/lb and Cu $1.60/lb. Note that
Mo-Equivalent % = Mo% + (Cu%/7.5)
2010 Conceptual Pit Resources (JDS)
----------------------------------------------------------------------------
Mo-Eq Mo Lbs Cu Lbs
0.036% Mo eq cut-off Tonnes Mo (%) Cu (%) (%) Millions Millions
----------------------------------------------------------------------------
Measured 56,325,346 0.074 0.058 0.082 91.3 71.6
----------------------------------------------------------------------------
Indicated 159,101,604 0.07 0.06 0.078 244.2 208.9
----------------------------------------------------------------------------
Mea + Ind 215,426,950 0.071 0.059 0.079 335.5 280.5
----------------------------------------------------------------------------
The stripping ratio in this conceptual pit is estimated to be 0.94:1.
This includes an allowance for an additional 5% waste in lieu of
design ramps, plus approximately 4.4% inferred material also
considered waste for this exercise.
Results for seven Exploration and eight Geotechnical holes are
to be added to the data base and the mineral resource updated at a
later date.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Creston Moly Corp. Mr. Bruce McLeod President &
CEO 604-687-7545 or Toll Free: 1-888-338-2200 Creston Moly Corp.
Chris Curran Investor Relations 604-687-7545 or Toll Free:
1-888-338-2200 Creston Moly Corp. Ken MacDonald 604-694-0005
www.crestonmoly.com
Creston Molly Corp (TSXV:CMS)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Creston Molly Corp (TSXV:CMS)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
