Creso Expands Exploration on the Downey-Gibson Property at the West Shining Tree Project, Ontario
MONTREAL, QUEBEC -- (Marketwire) -- 06/28/11 -- Creso Exploration Inc. ('Creso' or the 'Company') (TSX VENTURE: CXT)(OTCQX: CRXEF)(FRANKFURT: C3X) is pleased to announce that expanded reconnaissance exploration on the Downey-Gibson property at its West Shining Tree project in northeast Ontario has encountered a significant east-west trending shear zone across the entire 2-km extent of its Gibson Option claims in Asquith Township, with widths that vary from 30 meters to 1,500 meters in the north-south direction. The Gibson Option consists of 8 claims that immediately adjoin the Downey claims to the north. Grab samples reported from the Downey claims in a May 27, 2011 Press Release show up to 266.00 g/t Au (7.77 oz/t Au) in parallel quartz-carbonate veins that also trend east-west. In the area of the broad Gibson Shear Zone, over one hundred prospecting pits, from two meters to five meters in diameter, were observed and are thought to have been the result of gold exploration dating from the early 1900's. At least two shafts, one of which was timbered, are also present, but are filled with water and are of uncertain depth.
Creso is currently involved in a program of channel sampling and/or Winkie drilling at the Downey, Bennett, Moore-MacDonald, and Buckingham properties. The Company will be expanding the exploration program on the Gibson property by sampling the known pits and shafts in the next thirty days with the intention of developing drill targets.
The Gibson Shear Zone displays intense penetrative shearing of Archean volcanic sequences in a general east-west direction that in turn is cut by local younger N-S to N10W fractures. The shears control individual veins and veinlets of some centimeters to millimeters in width that consist of quartz, carbonate, chlorite, and pyrite (1-2% by volume).
The impressively large dimensions of the E-W shear zone and the abundant presence of the strong quartz-carbonate-chlorite-pyrite mineralization suggest that the Gibson Shear Zone could host significant volumes of disseminated and open-pit style gold mineralization.
The Gibson Shear Zone occurs within an area delineated by Diagnos Inc., a leader in the use of artificial intelligence and advanced knowledge-extraction techniques, as showing affinities to known areas of mineralization in this part of NE Ontario. The algorithm method of critical characteristic comparisons employed by Diagnos indicates one of the largest anomalies of this type within the Shining Tree district is roughly centered upon the claim area that Creso has gained control of within the Gibson Shear Zone. Diagnos provides its analytical services to Creso on a contract basis.
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 that address future events and conditions, and are subject to various risks and uncertainties. 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
Douglas Murray, Investor Relations
(613) 220-0569 / (613) 882-7295
dmurray@creso.ca
www.creso.ca