Dec 17 2010
Creso Exploration Inc. (TSX VENTURE:CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) has reported that its diamond core drilling campaign to date in 2010 has exceeded 8,700 meters jointly at the Minto, Duggan, and Gold Corona areas that lie within the Company's broader holdings totaling over 280 km² in the Shining Tree Project in northeast Ontario.
The Company is waiting for results from 14 holes that have been completed, and a second lab is being utilized to accelerate the receipt of these results.
At the Minto Zone over 7,200 meters have been drilled in ten holes in 2010. Drilling in Hole MC10-10 will continue until field work is shut-down for the Christmas break, and will resume again on January 10, 2011. The current program is designed to test IP anomalies associated with mineralization encountered in previously released intervals from Holes MC10-01, 02, and 03b, and where possible, to model a mineral resource around these intervals. The deeper portions of holes 01 and 02 have been analyzed and do not show significant widths of high grade mineralization, although a picture is emerging of a surprisingly broad halo of low grade mineralization and alkalic alteration peripheral to a northerly trending, structurally controlled hydrothermal system plunging steeply at about 80° southward.
At the Duggan property, 3.2 km northwest of the Minto Pit, two holes (DUG10-15 and DUG10-16) totaling 465 meters were drilled across the north-trending Duggan Zone and encountered multiple narrow sulfide-bearing quartz-carbonate veins, with logging and sampling currently in progress. These holes were drilled to test vertical and strike extensions of historical high grade gold zones from rock-chips in trenches located some 50m to the south, which ran up to 8.18 oz/t Au over 1.2m (1938 MNDM Assessment File # CO 1322). The two holes are also intended to test the possible extension of lower grade mineralization associated with quartz veinlets as indicated by the interval of 1.5 g/t Au over 76m starting at 76m depth that was encountered in Creso hole DUG 3-07 that was collared in 2007 slightly north of the historical trench with high grade gold noted above (see January 20, 2010 43-101 Report by M.V.White).
In addition, Creso drilled three holes totaling 1,003 meters on the Gold Corona JV with Platinex in the West Shining Tree area, with all sample results pending.
Creso management and geologists emphasize that based-on results to date, it is clear that Shining Tree is a district-wide exploration play for deep-rooted alkalic gold hydrothermal systems, with more than 35 known gold occurrences, with 7 historical mining shafts on Company-controlled ground, providing abundant targets to prioritize and systematically test. In addition to ongoing drilling and surface trenching to be conducted in 2011 over the areas indicated above, the Company plans to do similar work at the Matona property, 4.6 km west of Minto, where three shafts had minor historical production and reported drill intercepts from the Main Vein of up to 26.8 g/t Au over 0.65m and from the Hare Creek zone, of up to 21.7 g/t Au over 1.3m (see Creso Press Release, June 22, 2010).
Creso has not analyzed the historical assay results reported from the Duggan and Matona properties above and therefore cannot verify the values presented. The historical values reported have been used only as conceptual guides to current ongoing exploration.
This Press Release has been reviewed and approved by Mr. Michael White, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101.
Source: Creso Exploration Inc.