Creso Exploration explores Minto project

Creso Exploration (CXT-V), formerly Willowstar Capital, has intersected 65.7 metres of 18.2 grams gold per tonne at its Minto project in northern Ontario.

Minto, about halfway between Timmins and Sudbury, is 30 km southwest of Northgate Minerals‘ (NGX-T) Young-Davidson gold deposit, which is being developed into a mine.

Results from a two-hole diamond drill program conducted last year returned 18.2 grams gold over 65.7 metres from 49.3 metres to 115 metres in the second hole, including 33.2 grams gold over 25.7 metres from 49.3 metres to 75 metres; and 4.61 grams gold over 79.6 metres from 132.4 metres to 212 metres, including 20.7 grams gold over 10 metres from 202 metres to 212 metres.

Sample widths varied from 0.41 metres to 1.28 metres (averaging 1 metre) and grades varied from 487.9 grams gold over 0.42 metres to 0.03 gram gold over 0.73 metre.

From surface geology the upper zone presents a true width of 30 metres. The bottom zone is new and no true width has been determined yet.

Early results suggest the mineralization extends to the northwest and southeast at a depth of 50 to 170 metres and is open at depth.

The first hole, about 30 metres north of the second hole, returned 10.4 grams gold over 0.5 metres from 31.6 metres to 32.1 metres, but failed to intersect the target zone.

Mike White, the supervising geologist, believes gold exists in three different host rocks: felsic, mafic and intermediate volcanic/breccias, within a potassium enriched northerly structural/quartz vein system.

The Minto project is part of a land package Creso has consolidated over the last year consisting of 280 sq. km and includes the Tyranite mine and the Duggan zone.

The Tyranite mine is 2 km north of Minto on a north-south structure and has been identified over a strike length of more than 1 km. A shaft down to 1,000 feet and there are more than 4,500 feet of drifts on five levels.

The Tyranite mine produced 210,300 tonnes grading 5 grams gold per tonne between 1939 and 1942.

An inferred historical resource of 472,000 tonnes grading 6.9 grams gold is estimated to exist in the underground mine workings.

Based on a current 3D geological modeling of all available data from Tyranite, three out of five lenses plunge at depth and the central and northern mineralized zones present a true width of between 70 and 80 metres, with the central zone open at a depth of 350 metres.

One km to the west of the Tyranite zone is the Duggan zone, which shares some of the same characteristics (a north-south trend on the edge of a major intrusion).

In May, Borehole Induced Polarization surveys were done on the Tyranite and Minto properties.

Meanwhile, about 10 km southwest of Minto, drilling has intersected 7.4% nickel and 2 grams platinum and palladium per tonne over one metre in hole D6-07 on its MacMurchy property.

Creso has about $4 million in working capital and no debt.

At presstime in Toronto, Creso was trading up 3¢ or 6% at 53¢ per share. The company has 69 million shares outstanding.