Creston Moly Corp.
TSX VENTURE : CMS

Creston Moly Corp.

May 06, 2010 08:00 ET

Creston Announces Geophysical Results at El Creston Molybdenum Property, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2010) - Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) today announced the results of a 3D Inversion Induced Polarization and Magnetic Survey ("the Survey") recently completed at the El Creston molybdenum property located in Sonora State, Mexico. The Survey, part of the Company's optimization program to advance the project to completion of a feasibility study, was conducted over a segment of the 5.5 km long Creston Trend that includes the El Creston molybdenum deposit main, Red Hill, A-37 and Alejandra zones. As well as conducting the Survey on the property, the Company also completed diamond drilling and other ground work, which will be reported when the results become available.

Highlights of the Survey include:

  • Outlining of resistivity and chargeability anomalies within both the El Creston molybdenum deposit main zone and the Alejandra zone; and
  • Identification of a large chargeability anomaly that is in part coincidental with the Red Hill and A-37 zones

S.J. Geophysics of Delta, BC was commissioned, in February 2010, to conduct the Survey across portions of the El Creston molybdenum property in order to map lithological variations and identify structural trends that may relate to observed mineralization. The resulting information was then utilized to determine new exploration targets. 

The Survey was completed on two grids; the El Creston molybdenum deposit main zone (covering an area of 3,300 metres in length and 1,000 metres width) and the Alejandra zone (covering an area of 2,800 metres in length and 1,100 metres width).

SJV Consultants, a division of SJ Geophysics, concluded that nine areas (four on the El Creston Grid and five on the Alejandra Grid) had anomalous geophysical signatures. Of the nine areas; two are directly associated with the El Creston molybdenum deposit main zone, three are associated with the Alejandra zone (which was already targeted as an area of interest) and four are new areas requiring geological mapping.

"The results of the Survey have identified a number of priority targets on the El Creston molybdenum property," said Bruce McLeod, President & CEO of Creston Moly Corp. "Orientation lines completed over defined areas of mineralization have provided us with signatures that we have used to identify blind deposits within our large landholdings. Several anomalies, most notably Anomaly 3 appears to have signatures equal to or larger than the El Creston molybdenum deposit main zone. The Company is currently in the planning stages for follow up work which will lead to the drilling of several of these targets."

Geophysics Results According to SJV Consultants:

(Anomalies 1 and 2 are in part coincidental with the Main Zone Resource Limits)

Anomaly 1 – "a very high resistivity layer that covers the western portion of the main deposit resource outline." 

Anomaly 2 – "focused a high chargeability pipe located in the eastern part of the El Creston main zone resource area. The pipe appears to form a westerly dipping body that approaches to within 150 m of the surface which closely ties to a breccia and high grade molybdenum zone that was intersected by several drill holes."

Anomaly 3 – "a large chargeability high mapped on the southern portions of lines in part coincidental with the Red Hill and A-37 Zones. It is open to both the east and west and appears to be getting smaller to the east. No clear resistivity signature is associated with the chargeability anomaly."

Anomaly 4 – "a flat lying high chargeability body some 700 m N-S by 200 m to 400 m E-W and 175 m thick."

(Anomalies 5 to 9 occur on the Alejandra Grid of which 5, 7 and 8 appear to be the most significant.)

Anomaly 5 - "referred to as a strong chargeability, resistivity and magnetic high mapped in the southeast corner of the Alejandra Grid open to the south and east. The chargeability response suggests a horizontal pod extending from surface to about 200 m deep while the high resistivity anomaly outlines a larger area than the chargeability response, suggesting it extends from surface to over 400 m in depth."

Anomaly 7 – "underlies the Alejandra West Zone that is approximately 800 m long and up to 400 m wide. It is a buried high resistivity body with a weak, low chargeability association that forms a 1,000 m by 300 m body approximately 250 m deep at its southern end and dips gently to the NNE."

Anomaly 8 – "located in the northeast portion of the grid and appears as a northerly elongated, pipe like body that forms as an apophysis from a resistive basement and approached to within 150 m of the surface. It is associated with a weak chargeability increase that forms a halo surrounding the top of the resistive pipe."

SJV in its recommendations states, "Initial efforts should be afforded to geological prospecting and soil geochemistry across the geophysically anomalous areas identified as anomalies 3-9. The main objective of this work is to provide additional information to help construct geological models and prioritize them as exploration targets. The sources of the high chargeability responses for anomalies 3, 5 and 9 are likely at or very near the ground surface and might be identified by normal prospecting techniques. The balance of the anomalies will likely require further drilling to be identified…"

Maps are available at www.crestonmoly.com or click the link below to view the map showing the Anomaly locations.

http://www.crestonmoly.com/i/maps/2010-05-04_Geophysical_Anomaly_Map.pdf

A37 – Red Hill 3D Inversion Chargeability

http://www.crestonmoly.com/i/maps/3D_Inverstion_Chargeability_A37.pdf

Dave Visagie, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.

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.

Contact Information

  • Creston Moly Corp.
    Mr. Bruce McLeod
    President & CEO
    604-687-7545 or Toll Free: 1-888-338-2200
    or
    Creston Moly Corp.
    Chris Curran
    Investor Relations
    604-687-7545 or Toll Free: 1-888-338-2200
    604-689-5041 (FAX)
    or
    Creston Moly Corp.
    Ken MacDonald
    604-694-0005
    604-689-5041 (FAX)
    www.crestonmoly.com