Feb 19 2011
Creso Exploration Inc. (TSX VENTURE:CXT) (OTCQX:CRXEF) (FRANKFURT:C3X) has announced the commencement of diamond drilling on the Tyranite property in NE Ontario, where gold mineralization was identified historically over a NS strike length of over 1,200m.
The old Tyranite mine has a shaft 343m deep that serviced seven levels and produced 223,810 tons of ore at a recovered grade of 0.14 oz/t Au, accounting for 31,360 oz of gold, the most of any zone in the Shining Tree district. The Tyranite mine is located 2.5 km north of the Company's Minto project, along a NS structural trend recently interpreted from ground and airborne geophysical surveys. The initial drilling is targeted to intercept an historic mineralized zone below the shaft with reported drill assays of up to 0.49 oz/t Au over 4.7m.
Creso geologists believe that the Tyranite zone may provide the best potential for deep gold mineralization in the Shining Tree district, with recent geophysical surveys and acquired historic information, indicating targets at depth and along strike of prior gold production areas.
The first drill hole planned in this program is designed to test two IP/Resistivity targets, one of which is coincident with a cluster of six historic high grade drill intercepts directly beneath the bottom of the Tyranite shaft that range from 0.16 oz/t Au over 4.8m to 0.49 oz/t Au over 4.7m at vertical depths of approximately 400m below the surface. Geophysical evidence and historic geological mine maps indicate that the shaft was driven through a quadruple intersection of NS, EW, NE, and NW-trending fault sets, each of which appears to have had some control on mineralization. Of these, NS structures exhibit the most significant control, and one prominent structural trend that varies in azimuth between NS and N10W, dipping 75° west, appears to align with and possibly connect the Minto and Tyranite zones of mineralization over a distance of 2.5 km.
The Tyranite property lies at the south boundary of the Milly Creek syenodiorite stock where it is in contact with a sequence of fine to coarse grained mafic volcanics interbedded with serpentinized komatiitic flows. Previous workers have defined the northerly trending, and mineralized, Tyranite structure as consisting of the North Lens, North Lens Extension, Main Lens, and South Lens which jointly have been traced along strike for over 1,200m and to a depth of some 425m, where it is open-ended. Gold is associated with concentrations of pyrite occurring with quartz-carbonate-hematite veins, veinlets and broader alteration zones within and around a main shear zone with subsidiary splays and cross-cutting shears encompassing variable true widths of one to twelve meters.
The geophysical surveys recently completed by Creso on the Tyranite property consist of a TerraQuest Ltd magnetic, radiometric, and VLF-EM helicopter survey with 15m line separation, and an Insight Geophysics Inc gradient array and Insight section DC/IP survey. The NS mineralized Tyranite shear zone is expressed as coincident chargeability and resistivity highs that appear to extend beyond the currently recognized strike length, with additional other elongate anomalies that appear to follow parallel NS, and also EW, NE, and NW trends. Several drill targets are currently recognized on the property, and on the adjacent Duggan property, from these surveys. Creso geologists are hopeful that the known association of gold and pyrite in silicified bodies at Tyranite will lead them to new IP/Resistivity targets hosting gold mineralization along the recognized structural trends cutting the mafic volcanics and the syendiorite stock, as well as along the main contact zones of the stock and other potentially hidden plugs of syenite at depth, that may have emanated from the Milly Creek stock.
This Press Release has been reviewed and approved by Mr. Michael White, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101. The historic assay results reported above have not been analyzed, or otherwise verified by Creso, and therefore cannot be relied upon.
Source: Creso Exploration Inc.