Creston Intersects 64.85 Metres Averaging 0.080% Molybdenum, 0.17% Copper and 5.38 gpt Silver: Additional Drilling to Commence
February 02 2011 - 7:00AM
Marketwired Canada
Creston Moly Corp. ("Creston" or the Company") (TSX VENTURE:CMS) announces assay
results from six exploration and four geotechnical holes recently completed at
its El Creston molybdenum property located in the state of Sonora, Mexico. In
addition, the Company wishes to announce a nine hole drill program totaling
1,200 metres in length with the purpose of testing areas that can add resources
to the existing measured and indicated categories.
Drill Highlights Include:
-- Hole EC10-116 intersecting 64.85 metres averaging 0.080% molybdenum,
0.17% copper and 5.38 gpt silver;
-- Hole EC10-120 intersecting 89.65 metres averaging 0.063% molybdenum in
which there is a 12.30 metre section averaging 0.177% Mo, 0.19 % copper
and 3.19 gpt silver;
-- Hole EC10-121 intersecting 95.1 metres averaging 0.053% molybdenum,
0.23% copper and 1.78 gpt silver.
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. 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.
"Drill results from the El Creston molybdenum deposit continue to impress," said
Bruce McLeod, President & CEO of Creston. "These and additional upcoming drill
results will be incorporated into the Feasibility Study, scheduled to be
released by mid-2011, and will improve the confidence of the current Resource
Estimate contained in the Preliminary Economic Assessment, filed on SEDAR on
December 21, 2010."
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/2011-02-01_News_Release.pdf
Drill Holes EC10-116, 120 and 121 were in-fill holes drilled in areas where
previous drill holes could not be used in resource modeling due to poor recovery
or the lack of quality controls. Holes EC10-118, 119 and 122 were drilled to
expand the copper rich portion of the main zone. Geotechnical Hole GT10-13 was
drilled to provide structural data relevant to the southeast corner of the
proposed pit while Holes GT10-15 to 17 were drilled to provide geotechnical data
for the Red Hill Area. The results are summarized below.
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Mo
Length Azi- From To Int Mo Oxide Cu Ag
Hole (metres) muth Dip (metres) (metres) (metres) (%) (%) (%) (gpt)
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EC10-116 135.00 0 -90 3.05 70.15 67.10 0.030 1.91
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70.15 135.0 64.85 0.080 0.17 5.38
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Inc 115.90 128.10 12.20 0.045 0.23 23.18
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EC10-118 149.45 0 -90 54.20 63.00 8.80 0.28 3.05
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140.30 149.45 9.15 0.07 1.90
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EC10-119 131.15 0 -90 51.85 106.75 54.90 0.08 2.03
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106.75 131.15 24.40 0.16 3.49
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EC10-120 150.65 0 -90 3.05 61.00 57.95 0.036
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61.00 150.65 89.65 0.063 0.08 1.71
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Inc 85.40 97.70 12.30 0.177 0.19 3.19
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and 134.20 150.65 16.45 0.144 0.08 1.51
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EC10-121 150.00 0 -90 3.05 54.90 51.85 0.036
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54.90 150.00 95.10 0.053 0.23 1.78
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Inc 54.90 82.35 27.45 0.068 0.32 2.66
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EC10-122 122.00 0 -90 3.05 103.80 100.75 0.021 2.96
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103.80 118.95 15.15 0.029 0.28 15.15
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GT10-13 172.10 128 -83 65.35 86.70 21.35 0.047 0.14
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GT10-15 114.35 242 -83 0 16.75 16.75 0.044
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22.85 53.35 30.50 0.032
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16.75 50.30 33.55 0.06
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99.10 105.20 6.10 0.075
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GT10-16 135.00 88 -82 48.10 72.60 24.50 0.044 0.09
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Inc 48.10 56.35 8.25 0.086 0.15
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GT10-17 93.00 341 -87 13.70 90.35 76.65 0.044
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Inc 13.70 35.05 21.35 0.058
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And 65.55 90.35 24.80 0.064
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The results are consistent to those predicted in the block model for the Creston
Deposit.
2010 Drilling
In 2010, Creston completed four phases of drilling that resulted 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.
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, 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)
----------------------------------------------------------------------------
0.036% Mo
eq cut-
off Tonnes Mo(%) Cu(%) Mo-Eq(%) Mo Lbs Millions Cu Lbs 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 results of the above drill results will be incorporated into the data base
along with those from previously released drill holes EC10-104 and EC10-107 to
115 and an updated resource estimate completed at a later date. In addition the
results from holes GT10-10 to 12, 14 and EC10-117, 123 to 125 currently being
assayed will be incorporated.
Proposed 2011 Drill Program
An initial nine hole drill program totaling 1,200 metres in length has been
proposed 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. The drill program is expected to commence shortly.
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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