Creston Intersects 125 Metres Averaging 0.072% Molybdenum; Additional Drilling to Commence
04 Mai 2011 - 2:00PM
Marketwired Canada
Creston Moly Corp. (TSX VENTURE:CMS) ("Creston" or the Company") announces assay
results from fifteen exploration diamond drill holes recently completed at its
El Creston molybdenum deposit located in the state of Sonora, Mexico.
Drill highlights include:
-- Hole EC11-126 intersecting 76.25 metres averaging 0.067% molybdenum;
-- Hole EC11-131 intersecting 34.10 metres averaging 0.021% molybdenum,
0.685% copper and 2.84 gpt silver;
-- Hole EC11-135 intersecting 125.05 metres averaging 0.072% molybdenum
including a 57.95 metre section averaging 0.092% molybdenum;
-- Hole EC11-139 intersecting 131.7 metres averaging 0.068% molybdenum
including an 82.35 metre section averaging 0.082% molybdenum.
The holes are part of a drill program designed to:
-- Test areas peripheral to the Main Deposit;
-- Complete in-fill drilling in areas of limited drilling;
-- Test areas where previous holes were not included in resource modeling
due to poor recovery or lack of quality control records; and
-- Determine ground conditions to the south of the proposed pit (hole EC10-
140).
"Drilling continues to expand the resource as the Company advances the El
Creston molybdenum deposit towards production," said Bruce McLeod, President &
CEO of Creston. "Results from the holes released today should positively impact
the soon to be released revised resource estimate used in 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.
http://www.crestonmoly.com/i/pdf/2011-05-03_News_Release.pdf
Drill Holes EC11-126, 135 to 139 were drilled to the northeast of Hole EC10-70
(222.65 metres averaging 0.074% molybdenum). All of the holes, with the
exception of EC11-136 and 137 intersected significant widths of near surface,
above cut-off grade molybdenum. Holes 136 and 137 delineated the zone to the
north. Hole EC11-135, located in the extreme northeast intersected a near
surface 125.05 metre section averaging 0.072% molybdenum including sections of
57.95 and 18.30 metres, averaging 0.092 and 0.083% molybdenum respectively.
(There are no holes to the east of EC11-135).
Hole EC10-127 is located 160 metres to the southeast of Hole 135 and 80 metres
east of Hole GT10-001 (33.55 metres averaging 0.045% molybdenum). This hole,
located immediately adjacent to the eastern margin of the proposed open pit,
intersected a near surface 63.70 metre section averaging 0.046% molybdenum which
includes a 42.35 metre section averaging 0.054% molybdenum.
Holes EC11-128 and 129 tested the southeast corner of the proposed open pit for
its potential to host additional resources. Both holes returned no significant
zones of mineralization.
Holes EC11-130 and 131 were drilled to test the copper mineralization within the
southern portion of the Main Zone. Hole EC 11-130, located 80 metres southwest
of Hole EC07-13 (98.88 metres averaging 0.032% molybdenum, 0.20% copper and 2.98
gpt silver), intersected a 42.15 metre section averaging 0.017% molybdenum,
0.222% copper with 1.53gpt Ag. Hole EC11-131, located in the south west portion
of the main deposit, approximately 55 metres northeast of Hole EC10-115 (18.3
metres averaging 0.412% Cu with 4.85gpt silver), intersected a 67.1 metre
section averaging 0.019% molybdenum, 0.394% copper and 1.67 gpt silver. Within
the intercept there is a 34.10 metre section averaging 0.021% molybdenum, 0.685%
copper and 2.84 gpt silver.
Holes EC11-132 to 134 tested the western limits of the Main Zone Deposit. Hole
EC11-132 intersected at depth immediately below the oxidized zone a 15.25 metre
section averaging 0.120% copper with 1.16 gpt silver. Hole EC11-133 was
completely oxidized throughout its length with only low molybdenum values being
recorded. Hole EC11-134 intersected a 30.50 metre section averaging 0.10% copper
with low molybdenum values.
Hole EC10-140 was drilled to test ground conditions at the proposed crusher
site. The hole, located 120 metres south of the proposed open pit, intersected
at depth a 61 metre section averaging 0.031% molybdenum which includes a 18.3
metre section averaging 0.036% molybdenum. A review of the data suggests that
this zone corresponds with the projection of the top of the Red Hill Deep Zone
as intersected in a series of holes located 580 metres to the west. Previous
results from the Red Hill Deep Zone include a 207.75 metre section averaging
0.090% molybdenum commencing at a depth of 253.15 metres. Additional drilling
will be required to evaluate the potential of the Red Hill Deep Zone to host
significant resources.
The drill results are summarized below.
---------------------------------------------------------------------------
Mo-
Length From To Int Mo Oxide Cu Ag
Hole (metres) Az Dip (metres) (metres) (metres) (%) (%) (%) (gpt)
---------------------------------------------------------------------------
EC11-126 244.00 180 -83 1.5 6.1 4.6 0.030
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33.55 143.55 110 0.056
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Inc. 33.55 109.80 76.25 0.067
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or 73.20 109.80 36.60 0.087
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201.30 225.70 24.40 0.042
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---------------------------------------------------------------------------
EC11-127 109.80 0 -80 6.10 15.25 9.15 0.041
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15.25 78.95 63.70 0.046
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Inc. 36.60 78.95 42.35 0.054
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---------------------------------------------------------------------------
EC11-128 97.60 0 -80 1.50 21.35 19.85 0.026
---------------------------------------------------------------------------
30.50 33.55 3.05 0.040
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51.85 61.00 9.15 0.032
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---------------------------------------------------------------------------
EC11-129 88.45 0 -85 NSR
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-130 174.35 0 -90 1.5 42.70 41.20 0.081 1.77
---------------------------------------------------------------------------
48.80 90.95 42.15 0.017 0.222 1.53
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-131 174.35 0 -90 0 73.20 73.20 0.029 3.19
---------------------------------------------------------------------------
73.20 140.30 67.1 0.019 0.394 1.67
---------------------------------------------------------------------------
Inc. 73.20 107.30 34.10 0.021 0.685 2.84
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-132 150.00 0 -90 109.80 131.15 21.35 0.097 1.23
---------------------------------------------------------------------------
Inc. 115.90 131.15 15.25 0.120 1.16
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EC11-133 196.40 45 -76 ALL
OXIDE
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-134 150.00 0 -90 45.75 76.25 30.50 0.10
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-135 155.55 0 -90 24.40 149.45 125.05 0.072
---------------------------------------------------------------------------
24.40 82.35 57.95 0.092
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109.80 128.10 18.30 0.083
---------------------------------------------------------------------------
140.30 149.45 9.15 0.120
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-136 109.50 0 -90 15.25 27.45 12.20 0.020
---------------------------------------------------------------------------
88.45 91.50 3.05 0.044
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97.60 106.75 9.15 0.033
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-137 100.65 0 -90 NSR
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-138 204.35 0 -90 36.60 103.70 67.10 0.082
---------------------------------------------------------------------------
Inc. 36.60 61.00 24.40 0.135
---------------------------------------------------------------------------
and 85.40 103.70 18.30 0.100
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167.75 179.95 12.20 0.028
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---------------------------------------------------------------------------
EC11-139 150.00 0 -90 3.05 12.20 9.15 0.060
---------------------------------------------------------------------------
18.30 150.00 131.7 0.068
---------------------------------------------------------------------------
48.80 131.15 82.35 0.082
---------------------------------------------------------------------------
or 48.80 91.50 42.7 0.093
---------------------------------------------------------------------------
115.90 131.15 15.25 0.138
---------------------------------------------------------------------------
143.35 150.00 6.65 0.127
---------------------------------------------------------------------------
9.15 18.30 9.15 0.149
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-140 210.50 0 -90 140.30 201.30 61.00 0.031
---------------------------------------------------------------------------
183.00 201.30 18.30 0.036
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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, BC 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.
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.
2010 Conceptual Pit Resources (JDS)
---------------------------------------------------------------------------
0.036% Mo Mo Cu Mo-Eq Mo Lbs Cu Lbs
eq cut-off Tonnes (%) (%) (%) 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 0.96:1. 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.
The results of holes EC11-126 to 140 will be incorporated into the data base
along with those from previously released drill holes EC10-104, EC10-107 to 125
and GT10-10 to 17 for an updated resource estimate to be completed by SRK.
2011 Drill Program
Presently, the Company is conducting drilling at proposed sites where future
operations are planned. In addition, the Company is planning to complete three
drill holes totaling 750 metres in length to test the continuity and grade of
mineralization intersected in drill hole A-37 (74 metres averaging 0.094%
molybdenum commencing at a depth of 44 metres).
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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