Defuser
14 years ago
NEWS!!
CRESO ENTERS INTO AN INVESTOR RELATIONS AGREEMENT WITH OCTOBAAN IR CAPITAL INC.
7/14/2010 11:59:24 AM - Market Wire
MONTREAL, QUEBEC, Jul 14, 2010 (Marketwire via COMTEX News Network) --
Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) is pleased to announce that it has entered into an investor relations agreement (the "Agreement") with Octobaan IR Capital Inc. ("Octobaan"). Octobaan will assist Creso in working with members of the financial community, potential investors and current shareholders to keep them informed and up-to-date on Creso's activities.
The Agreement is for a term of one year. In consideration for the services of Octobaan., Creso has agreed to pay a fee of $5,000 per month. Beaufield shall also grant Octobaan 200,000 stock options of Creso at a price of $0.50 per share for a period of 2 years with no more than 1/4 of the options vesting in any three month period.
Octobaan is an investor relations company owned by Mr. Matthew Harrington and Mr. Douglas Murray, both of Ottawa, Ontario, Canada. Octobaan is not related to Creso, does not have any direct or indirect material interest in Creso or its securities, other than the stock options as described above. All matters reported herein are subject to TSX Venture Exchange approval.
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 mining camps and additional interests are held in base metal properties in Guatemala.
This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Creso disclaims any intention or obligation to update or revise such information, except as required by applicable law.
SOURCE: Creso Exploration Inc.
Creso Exploration Inc. Pierre Gauthier Chairman 514-866-6001 # 239 514-866-6193 (FAX) scarrasco@creso.ca www.creso.ca Octobaan Capital Inc. Douglas Murray Partner 613-882-7295 613-882-7467 (FAX) douglas2418@gmail.com
Copyright (C) 2010 Marketwire. All rights reserved.
Defuser
14 years ago
News:
MONTREAL, QUEBEC, Jun 30, 2010 (Marketwire via COMTEX News Network) --
Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE:CXT) is pleased to announce the award of a 5000 meter drilling program on the Shining Tree properties that will start this week including deepening by a further 300 m the Minto Hole #2 (18.2 g/t Au over 65.7 meters from 49.3 m to 115 m and 4.61 g/t Au over 79.6 meters from 132.4 m to 212 m - Press Release June 9, 2010) in order to do more down-hole geophysics and better delineate the gold bearing zone. Concurrently, Creso will initiate a detailed helicopter survey at 30m line spacing that will focus primarily on the Minto, Matona, Tyranite and Duggan Zones to outline known gold mineralization areas.
Creso has signed two airborne geophysical contracts with Terraquest Ltd both of which will start in July. The helicopter survey which will include Single Sensor High Resolution Aero-magnetics, Radiometrics and XDS/VLF-EM systems is based on 1779 line kilometers to be flown at low altitude with a 30m line spacing. The fix-wing aircraft will survey the entire eastern half of the Shining Tree properties covering large areas of the Tyrrell, Knight and Milner Townships survey and will include High Resolution Aero-magnetics, Horizontal Gradiometer, Radiometrics and XDS/VLF-EM systems over 5853 line kilometers at a 100m line spacing.
The combination of these two surveys is particularly well adapted to the Shining Tree Area where contrasts in hydrothermal alteration, mineralized volcanic and intrusive rocks, and complex structural features are common. Radiometric surveys will aid in delineating potassium enriched alteration zones commonly associated with gold mineralization in the area.
For additional information on the Minto, Tyranite and Duggan properties, please refer to the press release June 2, 2010 and to the 43-101 technical report available on www.sedar.com. For additional information on the Matona property, please refer to the press release June 22, 2010.
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 mining camps and additional interests are held in base metal properties in Guatemala.
This press release was prepared by Dr. Marc Filion, Geol. Eng, President of Creso Exploration Inc., the Qualified Persons under National Instrument 43-101.
This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Creso disclaims any intention or obligation to update or revise such information, except as required by applicable law.
SOURCE: Creso Exploration Inc.
Creso Exploration Inc. Pierre Gauthier Chairman 514-866-6001 # 239 514-866-6193 (FAX) scarrasco@creso.ca www.creso.ca
Copyright (C) 2010 Marketwire. All rights reserved.
Defuser
14 years ago
MONTREAL, QUEBEC, Jun 22, 2010 (MARKETWIRE via COMTEX News Network) --
Creso Exploration Inc. ("Creso" or the "Corporation") (TSX VENTURE: CXT) is pleased to announce the conclusion of an option agreement with SAFE Resources Ltd. The new property is located 3.5 km west of the Minto (100% owned by the Corporation) where the 2009 campaign diamond drilling program gave the best following result from Hole #2: 18.2 g/t Au over 65.7 meters from 49.3m to 115m (see press release of June 9, 2010 for further details).
The Matona Project has two shafts and two mineralised zones trending in a north-west / south-east direction with the west zone being characterised by heavily brecciated host rocks with historical samples as high as 0.785 oz/tons (26.8 g/t) over 2.0 ft (0.65m)(ii). Two thousand feet to the northwest, similar geological setting to that of the Main Zone along with surface and diamond drilling work done in 1988, indicate potential for additional gold mineralisation. The second zone , the Hare Creek Zone located 450 ft east of the Main Zone was similarily explored and established the gold mineralised zone over 1400 ft with a value up to 0.634 oz/ton Au over 4.0 feet (21.7 g/t over 1.3m)(ii). Matona acquisition follows the 2009 acquisitions of the Porphyry Lake group of claims, of the Minto property, of the Tyranite Mine, of the Goldeye Athena and the Hare Lake group of claims, all located east of the Matona. These five groups of claims form a continuous 7 km (E-W) x 4 km (N-S) area where gold-bearing carbonate-sulphide breccias are commonly found and form a host that contains primary sulphide and graphite fragments and deformed lenses of same and secondary quartz veining with visible Au and sulphide.
The Porphyry Lake has reported a historical assay result from drill core of 36.1 g/t Au over 1.5m (ii); the Tyranite Mine is reported as a gold structure consisting of 3 northerly trending lenses extending over 1km and to a vertical depth of 350m with an historical estimated inferred resource of 428,000 tons grading 6.9 g/t Au(ii); a Hare Lake property historical report mentions "altered porphyries and volcanics, which contain up to 3.24 g/t Au...and quartz veining, which contains up to 9.693 g/t Au...(ii)".
The last available assessment report on the gold potential of Matona dates back to March 1989 and was written by K. Johnson, project geologist of J.L. Tindale & Ass for Asquith Resources Inc. The property contains a shaft going down to 75m, and two levels at depths of 40m (193.5m long) and 69m (105m long). Along the 40m level, the report "notes the presence of a continuous gold mineralization over a strike length of 90 ft (29m) and yields a weighted gold average of 0.146 oz/ton Au (5.0 g/t) over a width of 3.2 ft (1.0m). Superimposing the surface survey plan upon that of the 125 foot level (40m), indicates that at least 100 ft (32m) of mineralization has been outlined beyond that exposed on surface, which extends under heavy overburden cover to the northwest. The northwestern strike extension of the structure appears to lie some 2000 ft from the mine workings(ii)."
The report of historical value only concludes "Significant occurrences of gold have also been encountered within both crystalline quartz-carbonate veins and graphitic shales, along a trend known as the Hare Creek Zone. Values ranging to 0.634 oz/ton Au over 4.0 feet (21.7 g/t over 1.3m) have been derived from quartz-carbonate breccia zones. Such zones of gold mineralization have been encountered along the entire trend of the Hare Creek Zone and generally appear to be of narrow widths and discontinuous configurations. The presence of gold-bearing graphitic shales similar to that within the Main Zone has been encountered south of the North Hare Creek Zone. Although generally narrow in width, high-grade gold values have been indicated through drilling, where the last hole of Asquith's program yielded an assay value of 0.417 oz/ton Au over a width of 0.8 ft (14.3 g/t over 0.26m)" (ii)
The Matona property is comprised of 19 mining licences located in Tyrrell Township, Larder Lake, Mining Division, Shining Tree Area, Ontario and covers approximately 791 acres. Access to the site is provided by a bush road extending south from Highway 560. The option agreement calls for an earn-in of 100% in favour of Creso for an upfront cash payment of $70 000 and 100 000 common shares of the Corporation and the following conditions:
Share capital Exploration work
Cash payment equivalent (1) commitment
-------------------------------------------------------
$ $ $
In June 2011 100,000 100,000 100,000
In June 2012 100,000 150,000 100,000
In June 2013 100,000 200,000 100,000
(1) Equivalent number of share capital based on the Corporation's stock price on the issuance date as per TSX Venture Exchange policies.
The issuance of these common shares of the Corporation is subject to regulatory approval. Safe Resources will retain a 3% NSR and Creso will have the option to buy back a 2% for an amount of $2 million.
This acquisition consolidates Creso's already large position in the Shining Tree Area where exploration work is currently concentrated on the Duggan Zone, the Tyranite Mine and the Minto Zone. For additional information on the Minto, Tyranite and Duggan properties, please refer to the 43-101 technical report available on www.sedar.ca .
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 mining camps and additional interests are held in base metal properties in Guatemala. Creso has approximately $4 million in working capital with no debt.
(ii) Creso has not analyzed the assay results of the previous exploration results to verify the resource database and therefore, this historical estimate should not be relied upon. The previous estimate is not a current estimate made in compliance with National Instrument 43-101 and Creso is not treating this historical resource estimate as a resource or reserve within the meaning of National Instrument 43-101. Creso views this historical estimate as a conceptual indication of the potential size and grade of the resource.
This press release was prepared by Dr. Marc Filion, Geol. Eng, President of Creso Exploration Inc., the Qualified Persons under National Instrument 43-101.
This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Creso disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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.
Contacts: Creso Exploration Inc. Marc Filion President 514-866-6001 # 239 514-866-6193 (FAX) scarrasco@creso.ca www.creso.ca
SOURCE: Creso Exploration Inc.
mailto:scarrasco@creso.ca http://www.creso.ca
Copyright 2010 Marketwire, Inc., All rights reserved.
godsend74
14 years ago
Creso Current Projects in Canada and Guatamala
Creso Current Projects :
CANADA GUATEMALA
CANADA - Shining Tree
Shining Tree Project consist of two non-contiguous leased, patented and unpatented mineral claim groups including the Duggan, the Tyranite and Minto, and Burda claim groups. The three properties are located in northern Ontario near the village of Shining Tree, in the Larder Mining Division, District of Sudbury, Ontario. The properties lie within the south-west part of the Abitibi Greestone belt (Figure 1) bordering on Proterozoic sediments of the Cobalt Embayment. The Abitibi greenstone belt is prospective for a number of mineral deposit types including mesothermal lode gold deposits, volcanogenic massive base metal suphide deposits and layered magmatic sulphide (Ni) deposits. ( Read More )
Canada - Current Project List
Country Project Ore Overview
CANADA
Tyranite
Au The Tyranite zone extends along a northerly trending shear for 1km and consists of 3 lenses down to a depth of 350m. Between 1939 and 1942, 231,810 oz (7,210 kg) Au, and 4,860 oz Ag (151 kg ) were produced from 210,300 t grading 0.147 oz per ton (5.0 g/t) Au. An inferred resource of 472,000 tons (428,000 t) grading 6.9 g/t Au is estimated to exist in the underground workings (White 2007).
Duggan
Au Diamond drilling by Creso in 2007 and 2009 has confirmed historic results on the properties and extended the Duggan zone north and south for 700 metres. The drilling has also indicated several new zones and the association of anomalous gold and potash (K2O) enrichment. Further, the association of anomalous Ni with values up to 2700 ppm has been recognized within ultramafic rock units. Of particular interest, historical drill hole # 97-225 indicated a gold zone with sporadic high gold sections over 76 metres and averaging 1.5 g/t. Hole D3-07 showed a quartz/syenite breccia zone with abundant disseminated sulphide and an intersection of 2.9 g/t over 30m, and Hole D9-07 intersected the same zone over 93m with an average of 0.87 g/t, 220 meteres north of hole D3-07.
Minto
Au The Minto showing consists of a pod of carbonate sulphide breccias containing an estimated tonnage of 225,000 tons (204,000 t) grading 0.2 oz per t (6.8 g/t) Au to a vertical depth of 225m as determined and reported in 1984 by Duncan Gold Resources, (White 2007) **. Gold is related to pyrite and quartz veining trending north south and northeast southwest.
Guatemala - Current Project List
GUATEMALA
Chisay-Oxec
Cu The Chisay-Oxec licence (option to purchase) includes the old working of the Oxec copper mine, which was operated by Transmetales (Basic Resources Inc.), a subsidiary of Anglo-American, from 1974 to 1978, and produced about 600,000 tonnes of ore with an average grade close to 3% Cu from an underground mine and from an open pit. The ore is shaped as lenses that can measure up to 20 m thick and 100 meters long with grades greater than 5% Cu.
Padre Antonio
Cu The exploration license under application covers approximately 20km² and Guatemala Copper has applied for an additional 30k m² exploration license located in the Department of Huehuetenango, Guatemala.
Villa Linda
Crystalbell
Zn Creso, through its Guatemala Copper a wholly-owned subsidiary of the Corporation, acquired an exploration licence in January 2008 over a surface of 78 sq.km in the Department of Huehuetenango. The area contains three past producing lead, silver and lead mines with evidence of past workings dating back to 1912. Three selected grab samples taken during Creso initial field trip to the area gave results varying between 25.3% Zn and 32.9% Zn.
Hopes
U Guatemala Copper S.A., a wholly-owned Creso subsidiary has also applied for several exploration licenses in respect of mining properties located in Guatemala during 2007. On May 22, 2007 it filed an application for license numbers SEXR-032-07 (Hopes I) and SEXR-033-07 (Hopes II) covering an area of approximately 169.3k m² located in the municipalities of Jocotan, Olopa, and Esquipulas, department of Chiquimula for the purpose of exploring for uranium. Application has been made for a licence for both properties. On March 27, 2007, Creso Subsidiary applied for exploration license number SEXR-12-07 (Hopes III) , for the purpose of exploring uranium, gold and copper and covering an area of approximately 97km² located in the municipalities of Jocotan and Esquipulas, department of Chiquimula. The license has been granted and is valid until December 17, 2010. The properties are known as Hopes and are located a few kilometres from the locality of Chanmagua.
This is GREAT
http://www.creso.ca/index.php/project_list.html
godsend74
14 years ago
Board of Directors, Management and Resumes:
About Us
Board of Directors :
Pierre R. Gauthier - Director and Chairman of the Board.
André Thibault - Director.
Barry Coughlan - Director.
Richard Groome - Director.
Mark Raguz - Director
Management Team :
Marc Filion - President and Chief Executive Officer.
Vatché Tchakmakian - Chief Financial Officer.
Luce Saint Pierre - Corporate Secretary.
Board of Directors Resumes :
Pierre R. Gauthier - Director and Chairman of the Board.
Mr. Gauthier holds a Bachelor Degree in Economics (B.A.) obtained in 1967 from the Université de Montréal and a Bachelor Degree in Commerce (B.Com. obtained in 1969 from Ottawa University. He also holds a Master Degree in Business and Administration (M.B.A.) obtained in 1976 from Concordia University. Mr. Gauthier has over 35 years of experience in the financial field. From 1970 to 1986, he worked in the investment banking business where he was involved in corporate finance, institution sales (as manager) and research (as director). He has worked for several brokerage firms, namely Dominion Securities, Burns Fry and Geoffrion Leclerc. He was Vice-President and Director at A.E. Ames from 1976 to 1981 and Vice-President and Director at Bell Gouinlock from 1981 to 1986. From 1986 to the present, he has occupied various positions in numerous resource companies. Since March 2000, he is the President of Seed Capital Inc., a venture capital firm.
André Thibault - Director.
Mr. André Thibault obtained a Bachelor in Commerce in 1967 from the Hautes Études Commerciales of the University of Montreal and became a chartered accountant in 1968. In 1970, he founded the firm of chartered accountants, Thibault Marchand, that merged with Peat Marwick (now KPMG) in 1986. In 1991, he joined the firm Price Waterhouse that later became PricewaterhouseCoopers LLP, as a partner. Mr. Thibault was responsible for major clients, public and private companies, including in the mining industry. He is currently retired, having retired from PricewaterhouseCoopers LLP in 2004.
Barry Coughlan - Director.
Mr. Coughlan obtained a Bachelor of Arts from the University of British Columbia in 1975. Mr. Coughlan is a self-employed Vancouver based businessman and financier, who over the past 25 years has been involved in the financing of publicly-traded companies. His principal occupation since is President and Director of TBC Ventures Ltd., a private investment company, which provides management, technical and financial services to a number of publicly-trades companies. Mr. Coughlan's focus has been the identification, negotiation and securing of viable resource projects worldwide, while concurrently developing long-term relationships within domestic and international investment communities. Mr. Coughlan is an officer and or a director of the various listed companies in the mining sector.
Richard Groome - Director.
Mr. Groome has a Bachelor Degree in Economics (B.A.) obtained in 1981 from McGill University. He has been in the financial industry for more than 20 years. He is Managing Partner of Notre-Dame Capital Inc., a financial advisory firm based in Montréal, Québec. His expertise is in the financing of small and mid-size emerging growth companies. Prior to starting this business in September 2005, he was Senior Vice-President of Strategic Capital Inc. from January 2003 through September 2005 and Senior Vice-President of Institutional Equity Sales from August 2001 to January 2003 at Desjardins Securities, a Québec-based firm.
Mark Raguz - Director.
Mr. Raguz is currently a director and is the President and Chief Executive Officer of the Company. Mr. Raguz is the President of New Texmont Explorations Ltd., a private company involved in mineral exploration. Mr. Raguz is a graduate of the Lassonde Mineral Engineering Program at the University of Toronto and also serves as a director of Gowest Amalgamated Resources Ltd., a TSX Venture Exchange listed company.
Management Team Resumes:
Marc Filion - President and Chief Executive Officer.
Dr. Filion obtained his B.A. in 1966 and his B.Sc. in Development and Exploration Geology in 1970. In 1973, Dr. Filion obtained his Ph.D. in Economic Geology and Geostatics from the Royal School of Mines Imperial College in London, England. Dr. Filion also has a M.B.A. in International Management from the École des Hautes Études Commerciales. Dr. Filion has more than 30 years of experience in the development and management of industrial projects in joint venture with international business partners. He has also been involved in the negotiation, start-up and management of international projects as well in marketing of engineering and construction projects in the energy, light and heavy industrial and environmental sectors in Europe, Southeast Asia, the Middle East, Africa and South America. From 1998 to April 2006 Dr. Filion was Senior Vice-President - Mines and Metals Sector of Société Générale de Financement du Québec ("SGF"), responsible for the development of mineral resource investment projects at the SGF. From May 2006 until October 2007, Dr. Filion was President and controlling shareholder of CHIM International Inc., a consulting company in the field of development and financing of mining and metallurgical projects. Dr. Filion has been Executive Vice-President of Nichromet Extraction Inc. since November 2007
Vatché Tchakmakian - Chief Financial Officer.
Mr. Tchakmakian is a chartered accountant specialized in the field of public companies and securities regulations in Canada. He has served as Vice President Finance and Secretary for Beaufield Resources Inc., a TSXV listed mining exploration company, since January 2005. In addition, Mr. Tchakmakian was the Chief Financial Officer and Secretary of Dacha Capital Inc. a TSXV listed venture capital company, from August 2002 until August 2009 and Secretary, Treasurer of Gold Hawk Resources Inc., a TSXV listed mining company, from June 1997 until January 2007, at which time that company ceased to be a mining exploration company and became a producing company. He also served as Chief Financial Officer of Franc-Or Resources Corporation, a Toronto Stock Exchange listed mining exploration company, from December 1999 to October 2008. From 1988 to 1993, he managed audit assignments at one of the predecessors of PricewaterhouseCoopers LLP, a national accounting firm, for a number of large private and public companies. Mr. Tchakmakian received his B.S. in Public Accounting from École des Hautes Études Commerciales, Université de Montréal in 1988.
Luce Saint Pierre - Corporate Secretary.
Ms. Saint Pierre is a member of the Quebec Order of Chartered Accountants and of the Quebec Bar Association. Ms. Saint Pierre has worked for 15 years, from 1972 to 1987, for a national accounting firm where she served as partner for seven years and was responsible for the auditing of large companies in various sectors of the economy. She completed her law degree from 1989 to 1992 and was admitted to the bar in 1994. Ms. Saint Pierre is a self employed lawyer since June 2002.
godsend74
14 years ago
News Out Latest PR June 9 2010: Marketwire
Creso Exploration Intersects 65.7 Meters of 18.2 g/t g and 79.6 Meters of 4.61 g/t Gold in Hole #2 on the Minto Project
MONTREAL, QUEBEC, Jun. 9, 2010 (Marketwire) --
MONTREAL, QUEBEC -- (Marketwire) -- 06/09/10 -- Creso Exploration Inc. ("Creso" or the "Corporation")(formerly Willowstar Capital Inc.)(TSX VENTURE:WWM.H to become CXT) is pleased to announce that TSX Venture Exchange approved the listing of the common shares of the Corporation following the closing of the Qualifying Transaction (Press Release dated June 3, 2010). The trading of the Creso Exploration shares under the new symbol, "CXT" will commence on June 10, 2010.
Creso also announces drill results from the MINTO Project located half-way between Timmins and Sudbury in Ontario and approximately 30 kilometers South-West of NorthGate Minerals Corporation's Young-Davidson gold deposit. The 2009 NQ diamond drilling two-hole program best results are from Hole #2:
1. 18.2 g/t Au over 65.7 meters from 49.3m to 115m, (7.9 g/t Au if cut at
31.1 g/t) including:
33.2 g/t Au over 25.7 meters from 49.3m to 75m, (10.4 g/t Au if cut at
31.1 g/t) and
2. 4.61 g/t Au over 79.6 meters from 132.4m to 212m, (3.35 g/t Au if cut at
31.1 g/t); including:
20.7 g/t Au over 10.0 meters from 202m to 212m, (11.5 g/t Au if cut at
31.1 g/t).
In both zones, sampling is continuous with sample widths varying from 0.41m to 1.28m (averaging 1.0m) and grades varying from 487.9 g/t over 0.42m to 0.03 g/t over 0.73m. From surface geology the upper zone presents a true width of 30 meters. The bottom zone is new and no true width has been determined yet. According to JVX Ltd, the down-hole geophysical interpretation completed on the Minto property, indicates that the mineralized body extends in a north-west/south-east direction at a depth of 50 to 170 meters and is open at depth. The Corporation will drill a step-out hole for the purpose of further defining the location of the body using more down-hole geophysics. Hole #1, located 30m north of Hole #2 gave a value of 10.4 g/t over 0.5 meter from 31.6m to 32.1m, but failed to intersect the target zone.
According to Mr. Mike White, P. Geo., who supervises the project, gold is present in three different host rocks determined by visual and lithogeochemical analysis, namely: felsic rocks; mafic rocks and intermediate volcanic/breccias, within a potassium enriched northerly structural/quartz vein system, approximately 30m in width according to surface geology. The Minto Project is part of a substantial land package that has been consolidated by Creso over the last 12 months representing 280 square kilometers and which also includes the Tyranite Mine and the Duggan Zone.
The TYRANITE Mine is located 2 kilometers north of the Minto Project on a North-South structure and has been identified over a strike length of more than 1 kilometer. A shaft down to 1000 feet and more than 4500 feet of drifts on five levels explore the mine workings. The Tyranite Mine shows strong geological similarities and characteristics to the Duggan Zone such as a North-South trend located in proximity to a major intrusion. Between 1939 and 1942, 210,300 T grading 0.147 oz per tonne (5.0 g/t) Au were produced. An inferred historical resource of 472,000 T (428,000 mt) grading 6.9 g/t Au is estimated to exist in the underground workings (White 2007) (ii). A current 3D geological modeling of all Tyranite available data indicates that three out of five lenses plunge at depth and that the central and northern mineralized zones present a true width between 70 to 80 meters, the central one being still open at a depth of 350m.
The DUGGAN Zone located 1 kilometer to the west of the Tyranite Zone has the same characteristics: North-South trend located on the edge of a major intrusion. Creso, in its 2007 drilling campaign, has discovered a mineralized zone with sample grades in excess of 1 g/t Au over an average width of 80 meters and a strike length of 450 meters which appears to be open to the north at a depth of more than 200 meters.
For additional information on the Minto, Tyranite and Duggan properties, please refer to the 43-101 technical report available on www.sedar.ca
(ii) Creso has not analyzed the assay results of the previous exploration results to verify the resource database and therefore, this historical estimate should not be relied upon. The previous estimate is not a current estimate made in compliance with National Instrument 43-101 and the authors are not treating this historical resource estimate as a resource or reserve within the meaning of National Instrument 43-101. The authors view this historical estimate as a conceptual indication of the potential size and grade of the resource.
Exploration program
In May 2010, Borehole Induced Polarization (BHIP) surveys were done on the Tyranite and Minto properties. Results from the Tyranite hole are not yet available. 3D conductivity and chargeability models from boreholes gradient IP data have been calculated for holes M-0901 and M-0902 on the Minto property.
The Corporation has completed down-hole geophysical testing on the MacMurchy property and intersected 7.4% nickel and 2 g/t platinum and palladium over one meter in hole D6-07 confirming the nickel potential of the area. The MacMurchy property is located in the southwest corner of the MacMurchy Township some 10 km SSW of the Minto property.
The Corporation is currently evaluating bids for an agreement for a 200-kilometer low level airborne (Mag, VLFEM, and radiometric) geophysical survey to cover the Minto, Tyranite and Duggan zone on a 30-metre spacing in order to define geological structures and mineralized zones. Upon completion of the geophysical survey, the Corporation will undertake a 5000-meter drill program on the Minto, Tyranite and Duggan properties.
Samples were assayed at the facilities of Swastika Laboratories of Kirkland Lake (Swastika, Ontario) a certified and accredited laboratory by a standard fire assay method. All samples with greater than 1.0 g/t Au were re-assayed by a pulp and metallics method. Above interval values are weighted averages.
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 mining camps and additional interests are held in base metal properties in Guatemala. Creso has approximately $4 million in working capital with no debt.
This press release was prepared by Dr. Marc Filion, Geol. Eng, President of Creso Exploration Inc., the Qualified Persons under National Instrument 43-101.
This release contains forward-looking statements that are based on beliefs of its management as well as assumptions made by and information currently available to management of the Company. When used in this release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", and the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this release. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this press release is made as of the date of this press release, and Creso disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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.
Contacts:
Creso Exploration Inc.
Pierre Gauthier
Chairman
514-866-6001 # 239
514-866-6193 (FAX)
scarrasco@creso.ca
www.creso.ca
godsend74
14 years ago
YOUR Welcome Boston,
When the US ticker comes out, First thing going in
Kinda a thought we were doing when searching Handcamps VMS IP stuff couple nights ago.
Secret is how to read a geo report, and glad to have Bob on our side. With katx, I spent 24 hours 9 months straight studying DD with this guy and we happened across this.
Welcome, should be good. The DD has already started! Much more to come.
Top Ten......again
1. Just started trading on the TSX
2. NO Company debt
3. 4.6 million dollars in financing just in place
4. Committed 600 thousand dollars to this years projects
5. Best n1 came March 31 2010
6. CEO is a certified Geologist
7. The drill bit never lies look at the last PR yesterday
8. Outstanding shares are only 63 million
9. Market Cap is at 31 millions
10. -------
Company opened trading with their N1403 with drills like this. 18.2 g/t Au over 65.7 meters from 49.3m to 115m, (7.9 g/t Au if cut at31.1 g/t) including:33.2 g/t Au over 25.7 meters from 49.3m to 75m, (10.4 g/t Au if cut at31.1 g/t) and2. 4.61 g/t Au over 79.6 meters from 132.4m to 212m, (3.35 g/t Au if cut at31.1 g/t); including:20.7 g/t Au over 10.0 meters from 202m to 212m, (11.5 g/t Au if cut at31.1 g/t).
pj
pj
Defuser
14 years ago
You can buy it through Scottrade, but there is no 5 letter US symbol yet. Scottrade charges $27 for the trade, the exchange charges 1/2 of a %, and then there is the 1 cent fee for the currency conversion. Example on a $10,000.00 position: $27 + $50 + an extra penny per share. So $10,000.00/.46 = 21,739.13 shares. So at roughly a penny per share for the currency exchange fee, you would be looking at an additional $217.39...Now, total, you are looking at an additional 1.35 cents a share just to buy.
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JPGetty
13 years ago
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