Creston Intersects 165 Metres Averaging 0.075% Molybdenum, 0.14% Copper and 1.79 gpt Silver
03 March 2011 - 11:00PM
Marketwired Canada
Creston Moly Corp. ("Creston" or the Company") (TSX VENTURE:CMS) announces assay
results from four exploration and four geotechnical holes recently completed at
its El Creston molybdenum property located in the state of Sonora, Mexico.
Drill Highlights include:
-- Hole GT 10-11 intersecting 155.55 metres averaging 0.063% molybdenum,
including sections of 42.70 and 54.90 metres respectively averaging
0.103% and 0.072% molybdenum;
-- Hole GT 10-12 intersecting 165 metres averaging 0.075% molybdenum,
0.142% copper and 1.79 gpt silver in which there is a 54.90 metre
section averaging 0.097% molybdenum, 0.175% copper and 1.59 gpt silver;
-- Hole GT 10-14 intersecting 155.55 metres averaging 0.053% molybdenum
including a 51.85 metre section averaging 0.087% molybdenum;
-- Hole EC10-117 intersecting 67.1 metres averaging 0.051% molybdenum
including a 13.70 metre section averaging 0.094% molybdenum.
The holes were part of an exploration and geotechnical drilling program
completed in the late fall of 2010. The Geotechnical holes were drilled to
provide structural data for the proposed open pit and for metallurgical studies.
The exploration holes were drilled to:
-- Expand the drill resource in selected areas;
-- Complete in-fill drilling in areas of limited drilling or where previous
holes could not be used in resource modeling due to poor recovery or
lack of records of quality controls;
-- Use in metallurgical studies.
"Drilling continues to expand the resource as the Company advances the El
Creston molybdenum deposit towards production," said Bruce McLeod, President &
CEO of Creston. "Results from the holes released today should positively impact
the revised resource estimate used in the Feasibility Study."
Drill Results
Maps showing the drill hole locations are available at www.crestonmoly.com or
click the link below to view the map showing the drill hole locations.
www.crestonmoly.com/i/maps/2011-03-02_News_Release.jpg
Drill Holes EC10-117 and 125 are in-fill holes completed in areas where previous
drill holes could not be used in resource modeling due to poor recovery or the
lack of quality controls. Holes EC10-123 and 124 were drilled in the western
portion of the proposed pit to test areas of limited information. Geotechnical
Holes GT10-10, 11 and 14 were drilled to provide structural data relevant to the
east central and northern portion of the proposed pit. Holes GT10-12 was drilled
to provide geotechnical data for the centre of the proposed pit. The results are
summarized below.
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Mo
Length From To Int Mo Oxide Cu Ag
Hole (metres) Az Dip (metres)(metres)(metres) (%) (%) (%) (gpt)
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EC10-117 120.50 0 -70 48.80 115.90 67.10 0.051
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Inc. 102.50 115.90 13.40 0.096
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39.65 67.10 27.45 0.079
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EC10-123 152.50 100 -70 21.35 33.55 12.20 0.037
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70.15 106.75 36.60 0.024 0.089
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137.25 152.50 15.25 0.040
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EC10-124 131.15 0 -70 51.85 79.30 27.45 0.036
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79.30 103.70 24.40 0.052
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or 51.85 103.70 51.85 0.044
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122.0 131.15 9.15 0.054
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EC10-125 152.50 0 -90 1.50 73.20 71.70 0.038 2.51
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73.20 152.50 79.30 0.042
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Inc 140.30 152.50 12.20 0.072
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73.20 95.50 22.30 0.132 2.022
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GT10-10 300.4 58 -70 0 50.30 50.30 0.063
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50.30 141.80 91.50 0.048
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Inc 105.20 141.80 36.60 0.065
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17.20 44.20 27.00 0.09
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62.50 83.85 21.35 11.81
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GT10-11 222 16 -82 6.10 34.80 28.70 0.033
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37.85 193.40 155.55 0.063
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Inc 40.90 83.60 42.70 0.103
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And 126.30 181.20 54.90 0.072
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GT10-12 323.3 229 -75 6.10 89.70 83.60 0.048 1.92
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89.70 254.70 165.00 0.075 0.142 1.79
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154.05 208.95 54.90 0.097 0.175 1.59
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224.20 254.70 30.50 0.087
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GT10-14 248.5 305 -82 59.40 214.95 155.55 0.053
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Inc 135.65 187.50 51.85 0.087
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2010 Drilling
In 2010, Creston completed four phases of drilling resulting in the completion
of 45 Exploration and 17 Geotechnical Holes respectively totaling 7,835 and
3,085 metres on its El Creston molybdenum deposit. The drilling intersected
significant above cut-off grade mineralization along the south, west and
northern boundaries of the Main Zone resource outline. In addition, drilling on
the Red Hill Zone has encountered significant near surface molybdenum and/or
copper mineralization that could potentially be mined as part of a larger open
pit that would include both the El Creston Main and Red Hill Zones. The results
being released are the last from the 2010 drill program and will be incorporated
in an updated resource estimation to be completed for the final feasibility
study.
Sampling and QA/QC
All of the samples collected were delivered by Company personnel to ALS-Chemex's
preparation lab in Hermosillo, Mexico where they were logged into the computer
tracking system, crushed, split and a pulp sample prepared. The pulp sample was
sent to ALS Chemex's laboratory in Vancouver, B.C for analysis by Inductively
Coupled Plasma. ALS-Chemex is an ISO/17025 accredited laboratory. ALS-Chemex
monitors quality control through the introduction of blanks, standards and
duplicate sampling. In addition, Creston personnel routinely insert blanks and
standards into the sample stream. Dave Visagie, P. Geo., a Qualified Person as
defined by NI 43-101 is responsible for the technical information contained in
this release.
Mineral Resource Estimates
In October 2010, an updated resource estimate was completed by SRK with Gilles
Arseneau, P. Geo. acting as the Independent Qualified Person under NI 43-101.
Subsequently, JDS Energy and Mining Inc. undertook a conceptual optimized pit
Resource calculation as detailed below. Mike Makarenko, P. Eng., of JDS is the
Independent Qualified Person responsible for the calculations.
2010 Conceptual Pit Resources (JDS)
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0.036% Mo eq Mo Cu Mo-Eq Mo Lbs Cu Lbs
cut-off Tonnes (%) (%) (%) Millions Millions
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Measured 56,325,346 0.074 0.058 0.082 91.3 71.6
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Indicated 159,101,604 0.07 0.06 0.078 244.2 208.9
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Mea + Ind 215,426,950 0.071 0.059 0.079 335.5 280.5
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The stripping ratio in this conceptual pit is estimated to be 0.96:1. This
includes an allowance for an additional 5% waste in lieu of design ramps,
plus approximately 4.4% inferred material also considered waste for this
exercise.
The resource estimate does not include the results for Holes EC10-104, 107-125
and GT10-10 to 17.
2011 Drill Program
The Company is currently completing a 15 hole drill program totaling 2,100
metres in length that will test the Main Zone along the west, north and east
boundaries with the purpose of re-classifying those inferred resources to a
measured or indicated status so that they may be included in the feasibility
study scheduled to be released mid year.
On Behalf of the Board of Directors
CRESTON MOLY CORP.
D. Bruce McLeod, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of
Canadian securities legislation and the United States Private Securities
Litigation Reform Act of 1995. These forward-looking statements are made as of
the date of this document and Creston does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and
reflect Creston management's expectations or beliefs regarding future events and
include, but are not limited to, statements with respect to the estimation of
mineral reserves and resources, the realization of mineral reserve estimates,
the timing and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and limitations on
insurance coverage. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved" or the
negative of these terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Creston to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of current
exploration activities; changes in project parameters as plans continue to be
refined; future prices of resources; possible variations in ore reserves, grade
or recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of development or construction activities; as well as those factors
detailed from time to time in Creston's interim and annual financial statements
and management's discussion and analysis of those statements, all of which are
filed and available for review on SEDAR at www.sedar.com. Although Creston has
attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not
to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.
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