Creston Moly Corp. (TSX VENTURE: CMS) ("Creston" or the Company")
announces assay results from fifteen exploration diamond drill
holes recently completed at its El Creston molybdenum deposit
located in the state of Sonora, Mexico.
Drill highlights include:
-- Hole EC11-126 intersecting 76.25 metres averaging 0.067% molybdenum;
-- Hole EC11-131 intersecting 34.10 metres averaging 0.021% molybdenum,
0.685% copper and 2.84 gpt silver;
-- Hole EC11-135 intersecting 125.05 metres averaging 0.072% molybdenum
including a 57.95 metre section averaging 0.092% molybdenum;
-- Hole EC11-139 intersecting 131.7 metres averaging 0.068% molybdenum
including an 82.35 metre section averaging 0.082% molybdenum.
The holes are part of a drill program designed to:
-- Test areas peripheral to the Main Deposit;
-- Complete in-fill drilling in areas of limited drilling;
-- Test areas where previous holes were not included in resource modeling
due to poor recovery or lack of quality control records; and
-- Determine ground conditions to the south of the proposed pit (hole EC10-
140).
"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 soon to be
released 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.
http://www.crestonmoly.com/i/pdf/2011-05-03_News_Release.pdf
Drill Holes EC11-126, 135 to 139 were drilled to the northeast
of Hole EC10-70 (222.65 metres averaging 0.074% molybdenum). All of
the holes, with the exception of EC11-136 and 137 intersected
significant widths of near surface, above cut-off grade molybdenum.
Holes 136 and 137 delineated the zone to the north. Hole EC11-135,
located in the extreme northeast intersected a near surface 125.05
metre section averaging 0.072% molybdenum including sections of
57.95 and 18.30 metres, averaging 0.092 and 0.083% molybdenum
respectively. (There are no holes to the east of EC11-135).
Hole EC10-127 is located 160 metres to the southeast of Hole 135
and 80 metres east of Hole GT10-001 (33.55 metres averaging 0.045%
molybdenum). This hole, located immediately adjacent to the eastern
margin of the proposed open pit, intersected a near surface 63.70
metre section averaging 0.046% molybdenum which includes a 42.35
metre section averaging 0.054% molybdenum.
Holes EC11-128 and 129 tested the southeast corner of the
proposed open pit for its potential to host additional resources.
Both holes returned no significant zones of mineralization.
Holes EC11-130 and 131 were drilled to test the copper
mineralization within the southern portion of the Main Zone. Hole
EC 11-130, located 80 metres southwest of Hole EC07-13 (98.88
metres averaging 0.032% molybdenum, 0.20% copper and 2.98 gpt
silver), intersected a 42.15 metre section averaging 0.017%
molybdenum, 0.222% copper with 1.53gpt Ag. Hole EC11-131, located
in the south west portion of the main deposit, approximately 55
metres northeast of Hole EC10-115 (18.3 metres averaging 0.412% Cu
with 4.85gpt silver), intersected a 67.1 metre section averaging
0.019% molybdenum, 0.394% copper and 1.67 gpt silver. Within the
intercept there is a 34.10 metre section averaging 0.021%
molybdenum, 0.685% copper and 2.84 gpt silver.
Holes EC11-132 to 134 tested the western limits of the Main Zone
Deposit. Hole EC11-132 intersected at depth immediately below the
oxidized zone a 15.25 metre section averaging 0.120% copper with
1.16 gpt silver. Hole EC11-133 was completely oxidized throughout
its length with only low molybdenum values being recorded. Hole
EC11-134 intersected a 30.50 metre section averaging 0.10% copper
with low molybdenum values.
Hole EC10-140 was drilled to test ground conditions at the
proposed crusher site. The hole, located 120 metres south of the
proposed open pit, intersected at depth a 61 metre section
averaging 0.031% molybdenum which includes a 18.3 metre section
averaging 0.036% molybdenum. A review of the data suggests that
this zone corresponds with the projection of the top of the Red
Hill Deep Zone as intersected in a series of holes located 580
metres to the west. Previous results from the Red Hill Deep Zone
include a 207.75 metre section averaging 0.090% molybdenum
commencing at a depth of 253.15 metres. Additional drilling will be
required to evaluate the potential of the Red Hill Deep Zone to
host significant resources.
The drill results are summarized below.
---------------------------------------------------------------------------
Mo-
Length From To Int Mo Oxide Cu Ag
Hole (metres) Az Dip (metres) (metres) (metres) (%) (%) (%) (gpt)
---------------------------------------------------------------------------
EC11-126 244.00 180 -83 1.5 6.1 4.6 0.030
---------------------------------------------------------------------------
33.55 143.55 110 0.056
---------------------------------------------------------------------------
Inc. 33.55 109.80 76.25 0.067
---------------------------------------------------------------------------
or 73.20 109.80 36.60 0.087
---------------------------------------------------------------------------
201.30 225.70 24.40 0.042
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-127 109.80 0 -80 6.10 15.25 9.15 0.041
---------------------------------------------------------------------------
15.25 78.95 63.70 0.046
---------------------------------------------------------------------------
Inc. 36.60 78.95 42.35 0.054
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-128 97.60 0 -80 1.50 21.35 19.85 0.026
---------------------------------------------------------------------------
30.50 33.55 3.05 0.040
---------------------------------------------------------------------------
51.85 61.00 9.15 0.032
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-129 88.45 0 -85 NSR
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-130 174.35 0 -90 1.5 42.70 41.20 0.081 1.77
---------------------------------------------------------------------------
48.80 90.95 42.15 0.017 0.222 1.53
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-131 174.35 0 -90 0 73.20 73.20 0.029 3.19
---------------------------------------------------------------------------
73.20 140.30 67.1 0.019 0.394 1.67
---------------------------------------------------------------------------
Inc. 73.20 107.30 34.10 0.021 0.685 2.84
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-132 150.00 0 -90 109.80 131.15 21.35 0.097 1.23
---------------------------------------------------------------------------
Inc. 115.90 131.15 15.25 0.120 1.16
---------------------------------------------------------------------------
EC11-133 196.40 45 -76 ALL
OXIDE
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-134 150.00 0 -90 45.75 76.25 30.50 0.10
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-135 155.55 0 -90 24.40 149.45 125.05 0.072
---------------------------------------------------------------------------
24.40 82.35 57.95 0.092
---------------------------------------------------------------------------
109.80 128.10 18.30 0.083
---------------------------------------------------------------------------
140.30 149.45 9.15 0.120
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-136 109.50 0 -90 15.25 27.45 12.20 0.020
---------------------------------------------------------------------------
88.45 91.50 3.05 0.044
---------------------------------------------------------------------------
97.60 106.75 9.15 0.033
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-137 100.65 0 -90 NSR
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-138 204.35 0 -90 36.60 103.70 67.10 0.082
---------------------------------------------------------------------------
Inc. 36.60 61.00 24.40 0.135
---------------------------------------------------------------------------
and 85.40 103.70 18.30 0.100
---------------------------------------------------------------------------
167.75 179.95 12.20 0.028
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-139 150.00 0 -90 3.05 12.20 9.15 0.060
---------------------------------------------------------------------------
18.30 150.00 131.7 0.068
---------------------------------------------------------------------------
48.80 131.15 82.35 0.082
---------------------------------------------------------------------------
or 48.80 91.50 42.7 0.093
---------------------------------------------------------------------------
115.90 131.15 15.25 0.138
---------------------------------------------------------------------------
143.35 150.00 6.65 0.127
---------------------------------------------------------------------------
9.15 18.30 9.15 0.149
---------------------------------------------------------------------------
---------------------------------------------------------------------------
EC11-140 210.50 0 -90 140.30 201.30 61.00 0.031
---------------------------------------------------------------------------
183.00 201.30 18.30 0.036
---------------------------------------------------------------------------
Sampling and QA/QC
All of the samples collected were delivered by Company personnel
to ALS-Chemex's prep 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, BC 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)
---------------------------------------------------------------------------
0.036% Mo Mo Cu Mo-Eq Mo Lbs Cu Lbs
eq cut-off Tonnes (%) (%) (%) Millions Millions
---------------------------------------------------------------------------
Measured 56,325,346 0.074 0.058 0.082 91.3 71.6
---------------------------------------------------------------------------
Indicated 159,101,604 0.07 0.06 0.078 244.2 208.9
---------------------------------------------------------------------------
Mea + Ind 215,426,950 0.071 0.059 0.079 335.5 280.5
---------------------------------------------------------------------------
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 results of holes EC11-126 to 140 will be incorporated into
the data base along with those from previously released drill holes
EC10-104, EC10-107 to 125 and GT10-10 to 17 for an updated resource
estimate to be completed by SRK.
2011 Drill Program
Presently, the Company is conducting drilling at proposed sites
where future operations are planned. In addition, the Company is
planning to complete three drill holes totaling 750 metres in
length to test the continuity and grade of mineralization
intersected in drill hole A-37 (74 metres averaging 0.094%
molybdenum commencing at a depth of 44 metres).
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.
Neither the 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: Creston Moly Corp. Mr. Bruce McLeod President &
CEO 604-687-7545 or Toll Free: 1-888-338-2200 Creston Moly Corp.
Chris Curran Investor Relations 604-687-7545 or Toll Free:
1-888-338-2200 Creston Moly Corp. Ken MacDonald 604-694-0005
604-689-5041 (FAX) www.crestonmoly.com
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