Creso Exploration Inc.

Creso Exploration Inc.

February 09, 2011 15:00 ET

Creso Announces Additional Drill Results at the Shining Tree Project

MONTREAL, QUEBEC--(Marketwire - Feb. 9, 2011) - Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT)(OTCQX:CRXEF)(FRANKFURT:C3X) is pleased to announce diamond drill results from the Minto Zone in the Shining Tree area of NE Ontario. This release summarizes results from 10 drill holes totaling 6347.3 meters of drilling completed at the Minto Zone. Highlights from the results reported here are 24.48 g/t Au over 1.41 meters in the deeper part of Hole MC09-01 and 6.8 g/t Au over 20.0 meters in a more complete tabulation of a previously reported interval in Hole MC10-03b. Assays from 12 additional holes (from Minto and 3 other areas at Shining Tree), that have either not yet been received from the lab or have not yet been fully tabulated, will be released as soon as the complete results are ready. The results at Minto demonstrate that a strong alkalic gold system is developed over 800 vertical meters and at least 100 meters in a north south direction. The system is open at depth and along strike. 

Currently two drill rigs are testing other Creso targets in the Shining Tree area. Additional holes are planned at Minto and those holes will commence when all assay results have been reviewed and geologic modeling complete. In addition, Gary H. Guiroux MASc, P.Eng. has been retained to complete a resource estimate at Minto with a scheduled completion of late 2nd quarter 2011. Detailed lithogeochemical and petrographic studies currently underway as well and will help guide future target development.

Additional diamond drill holes are planned for the Tyranite, Duggan, and Matona properties within the Shining Tree district.

Table 1 summarizes gold intercepts in this most recent drill program. Please note, that results from MC10-09 and MC10-10 had not cleared QAQC at the time of this release.

Two mineralized zones are present at Minto (Upper and Lower) and separated by a pre-mineral (altered and mineralized) mafic unit. There are also post-mineral (unaltered) mafic units present. Both Upper and Lower zones show affinities to alkalic-style gold mineralization, supported by the recent identification of the telluride mineral sylvanite ((Ag, Au)Te4) from the Minto Pit, and the presence of altered syenodiorite at depth in drill hole MC09-01. Much of the drilling late in 2010 was designed to test the upper zone or the connecting structures/feeders in the intervening mafic unit. Figure 1 below is a plan map of the Minto drilling.

A north-south cross section (A-A') is shown in Figure 2 that depicts the major features of the mineralized zones at Minto. The upper zone is lens-like to pipe-like in shape and plunges steeply to the south-southeast. Within this zone, gold may be present in veins of multiple orientations hosted by pyritic-chlorite breccias. The shape and orientation of the lower zone are not well understood. Preliminary petrographic and geochemical indications suggest widespread alteration as wells as broad zones of anomalous gold.


Significant results from previously reported holes are reported again for drill holes MC09-1 and MC09-02 as well as MC10-03. MC09-01 and 02 were started in 2009 and deepened in 2010. As shown in Figure 1, Hole 02 intercepted upper zone mineralization above a mafic unit. Not reported previously, Hole MC09-02 intercepted significant mineralization in the mafic unit that included 6.89 meters of 5.23 gpt from 430.7 to 437.59 meters. This zone is likely one of the feeders or connections between the lower and upper zones. 

MC09-01 passed beneath the upper mineral zone and encountered gold mineralization up to 10 gpt (0.40 meters) and wider zones of anomalous gold in the upper 400 meters of the hole. Lower zone mineralization in 01 begins directly below the altered mafic unit and includes the previously reported 82.91 meters of 13.2 gpt from 508.5 to 591.41. This hole also encountered a 1.41 meters of 24.48 gpt Au that has not been previously reported from 700.81m to 702.22m within a small fault zone with strong carbonate alteration and disseminated pyrite that may represent part of a system of feeder zones several hundred meters beneath the Minto Pit.

MC10-03b was designed to pass beneath the intercept encountered in 01 as shown in Figures 2 and 3. Previously reported intercepts in the press release of October 29, include a broad zone with 280 meters of greater than 1 gpt Au. This zone is shown graphically in both cross sections, and includes an even broader halo of anomalous gold (>.5 gpt) shown in green. The anomalous gold is developed adjacent to and within a mineralized intrusion of syenodiorite. Perhaps the most significant intercept in MC10-03b was contained within the large low grade zone and includes 20.79 meters of 6.8 gpt Au from 754.38m to 775.15 m. The lower zone is clearly open at depth and along strike.

Drill hole MC10-04 was designed to test the lower mineralized zone at even greater depths than 03b, however the hole direction deviated significantly to the west. This hole encountered several strongly anomalous gold zones as shown in Table 1. It is important to note that MC10-04 passed along the west side of a significant north-south-trending controlling structure for the gold mineralization (Figure 3, Inclined Section). Both drill holes 01 and 03b were on the east side of this structure. Some post-mineral movement on this structure may have caused a minor offset between the upper and lower mineralized zones at Minto.

Figures 1, 2 and 3  are available at the following link:

MC10-05 was collard about 225 meters to the northwest of the Minto zone and designed to test geophysical anomalies (chargeability and resistivity). The hole encountered low-grade gold mineralization, demonstrating that some mineralizing fluids moved significant distances away from the Minto zone.

Drill holes MC10-06, 07 and 08 tested the upper zone to the west of MC10-02. Significant intercepts include 12m of 2.85 gpt Au from 75 to 87 meters which includes 1.4 meters of 8.4 gpt Au. Hole 07 also had 12 meters of 3 gpt Au from 95 to 107 meters. The deeper test was along the margins of the pipe-like body and encountered 1.6 meters of 2.53 gpt Au. 

Drill hole MC10-09 was designed to test the upper zone to the east of MC10-02. The results from this hole are awaiting clearance from QAQC.

MC10-10 tested between the upper and lower zones in the mafic units for additional gold zones. The results from this hole also await clearance from QAQC. 

Future Plans

Work plans for the first half of 2011 at Minto include additional shallow and intermediate length holes to better define the upper zone and the controlling feeder structures. Wedge-off holes from MC09-01 andMC09-02 are also being considered to further test the lower zone mineralization. In addition, a resource estimate will be completed by the end of the 2nd quarter 2011, which will likely require some additional shallow drilling within and around the Minto Pit. Lastly, geochemical modeling of the gold-bearing intrusive complex at depth, as well as petrographic studies of alteration and mineralization, are underway.

Additional exploration targets defined by surface mineralization at areas of multiple structural intersections and geophysical anomalies are planned to be drilled in the near future at the Tyranite, Duggan, Matona, and Churchill properties. Further details of these programs are pending.

This Press Release has been reviewed and approved by Mr. Michael White, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101.

Creso Exploration Inc. QA/QC procedures follow standard industry practices. Sealed core boxes are transported twice daily from the drill rig to the core logging facility by qualified Creso 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 center line using a typical circular 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 are analyzed for gold and other trace elements at AGAT Laboratories, Mississauga, Ontario by standard industry procedures. These procedures include gold by fire assay-AAS finish, with follow-up gold analyses by fire assay-gravimetric finish and/or metallic screen. Multi-element analysis is done by ICP-OES finish using an aqua regia digestion.

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.

About Creso

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, and additional interests are held in base metal properties in Guatemala.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward looking statements in this press release may be identified by the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology. 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 Company'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 the suggested work program for 2011.

Neither 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.

Table 1 - List of Significant Drill Intercepts at the Minto Zone, Northern Ontario.

Hole From To Length Grade Target   Comment
Number Meters Meters Meters Au gpt      
MC09-01 508.5 591.41 82.91 13.2 Lower Zone   Previously reported
including 508.5 520.77 12.27 8.01 Lower Zone   Previously reported
including 522.84 591.41 68.57 14.5 Lower Zone   Previously reported
MC09-01 700.81 702.22 1.41 24.48 Lower Zone   Not previously reported, feeder/fault zone
MC09-02 38.1 115 76.9 16.09 Upper zone   Previously reported interval
MC09-02 194.4 214.4 20 9.63 Upper zone   Previously reported interval
MC09-02 430.7 437.59 6.89 5.23 feeder   Not previously reported, feeder between lower and upper zones
MC10-03B 681.59 720.54 39.82 2.37 Lower zone   Previously reported
MC10-03B 728.91 808.52 79.61 3.3 Lower zone   Previously reported
including 754.38 775.17 20.79 6.8 Lower zone   Previously reported
including 756.36 757.73 1.37 38 Lower zone    
MC10-03B 794.52 808.52 14 3.32 Lower zone   Previously reported
MC10-04 73.5 75 1.5 1.11 Lower zone   Drill hole deviated to the west of target area
MC10-04 519 520.5 1.5 2.81 Lower zone  
MC10-04 526.5 528 1.5 2.06 Lower zone  
MC10-05 426 426.7 0.7 1.88 IP Anomaly   Collared 225m north of main zone
MC10-06 75 87 12 3.24 Upper zone   Drilled to test the extent of mineralization west of MC09-02 in the upper zone
including 83.1 84.5 1.4 10.36 Upper zone  
MC10-06 103 104 1 3.23 Upper zone  
MC10-07 95 107 12 3 Upper zone   Test of western extent of upper part of gold zone
including 101 102.5 1.5 4.41 Upper zone  
MC10-07 113 116 3 1.7 Upper zone  
MC10-08 168.4 170 1.6 2.53 Upper zone   Test of western extent of the upper zone below 150m.
MC10-09       Results pending QAQC      
MC10-10       Results pending QAQC      

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