Creso Begins Drilling on the Matona, Porphyry Lake, Hare Lake, and Tyrrell Zones at the Shining Tree Project, Ontario
MONTREAL, QUEBEC -- (Marketwire) -- 05/19/11 -- Creso Exploration Inc. ('Creso' or the 'Company') (TSX VENTURE: CXT)(OTCQX: CRXEF)(FRANKFURT: C3X) is pleased to announce the initiation of a drill program at its Shining Tree project in northeast Ontario that is planned to complete a combined 1,450 meters of diamond drilling on the Matona, Porphyry Lake, Hare Lake, and Tyrrell Zones.
The Matona Zone has two shallow shafts with no previous drilling having been done below 75 meters, but with historical samples reporting gold values up to 0.78 oz/t (26.8 g/t) over 0.65 meters. Gold has been reported to be present principally along a northwest-southeast trending shear zone, with northerly and east/west-trending cross-structures also controlling some gold mineralization. One such cross-structure, which trends N10W along a portion of Hare Creek, is located 450 meters to the east of the main Matona shaft and has reported historical values of up to 0.63 oz/t (21.7 g/t) Au over 1.3 meters. (For further information, see the Creso Press Release of June 22, 2010).
In each case, the gold mineralization at Matona is associated with silicified breccias and quartz carbonate veinlets containing pyrite, lesser arsenopyrite, and trace molybdenite. Graphitic and serpentinized lenses of sericite schist are present within the strongly brecciated northwest-trending shear zone. The Matona Zone is located 3.5 km west of the Company's Minto project. The Hare Lake property is contiguous with the Matona property, and the area planned for current drilling is located approximately 2 km east-southeast of the main Matona shaft. An historic report on the Hare Lake property mentions gold values in altered porphyries and volcanics of up to 3.24 g/t and up to 9.69 g/t in quartz-veined areas (see Creso Press Release of June 22, 2010).
An historic assay of 36.1 g/t Au over 1.5 meters has been reported from brecciated drill core at the Porphyry Lake Zone, located 3 km southeast of the main Matona shaft and 1.5 km west of the historic Minto Pit. The Tyrrell Zone is located some 0.75 km south of the Minto Pit along the N10W fracture zone that aligns the Minto and Tyranite Zones. It is also on the northwest edge of a magnetic anomaly identified on behalf of Creso by Diagnos Inc., using their proprietary analytical techniques.
This phase of drilling at the Shining Tree project is being done by Cobra Daimond Drilling Ltd., an associated company of Northstar Drilling Corp. from Thunder Bay, Ontario. Drill targets were selected by Creso geologists utilizing all available historic technical reports and various ground and airborne geophysical surveys recently completed by the Company and its contractors.
This Press Release has been reviewed and approved by Mr. Alex Kutah, M. Sc, P. Geo., the Qualified Person under National Instrument 43-101.
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.
Contacts:
Robert Casaceli
President and CEO
(514) 866-6001 # 239
(514) 866-6193 (FAX)
scarrasco@creso.ca
www.creso.ca
Douglas Murray
Investor Relations
(613) 220-0569
(613) 882-7295
dmurray@creso.ca
www.creso.ca