MONTREAL, QUEBEC--(Marketwire - Oct. 17, 2012) - Creso Exploration Inc. ("Creso" or the "Company") (TSX VENTURE:CXT)(OTCQX:CRXEF)(FRANKFURT:C3X) is pleased to announce results of a sampling program on its Morel property. The claims are 100% owned by Creso with no underlying royalties.
Grab and chip samples from the Bloom Lake South area (11.3 kilometres NNW of the O'Brian Mine in the Shining Tree District) were taken from adits, shafts, trenches and dump materials located in proximity of six historical shafts. The following table is a summary of the sampling.
Sample No. 14 is a chip sample over 30 cm from an east-west oriented fracture zone filled with calcite-quartz veinlets mineralized with chalcopyrite and bornite. The vein is exposed in a trench a few meters for an old shaft. A large outcrop in the vicinity shows a stockwork pattern of the quartz calcite veins in the Nipissing Diabase.
Other samples taken 2.8 kilometers further north on the shore of Bloom Lake and located in proximity of three other historical shafts assayed up to 2.84% Cu. For more details consult www.creso.ca.
The detailed airborne geophysical survey completed by Terraquest on behalf of Creso on the Morel Claim block in 2010 shows a very good MAG correlation with the sample locations.
Current and historical works indicate that silver mineralization, with associated cobalt-nickel-iron arsenides, occuring in carbonate veins is related to Multiphase Nipissing intrusions with hydrothermal mineral enrichment and/or contamination by melting or partial melting of country rock (Huronian Sediments). Multiphase character of intrusions is clearly seen in geophysical variations in Magnetic and Potassium response on the Terraquest airborne work. Structural control is largely secondary.
New mineral targets are primarily geophysical within northerly trending Nipissing Intrusions and related veining. Mineralization occurs as native metals, arsenides, sulphides, and oxides. The bulk of the silver is in the native state with minor native bismuth and gold. The arsenides are mainly the cobalt-nickel-iron varieties and the silver is intimately associated with them. Some 60,197,000 oz Ag, 1,329,000 lbs Co, 32,000 lbs Ni, and 73,000 lbs of Cu were recovered within the Gowganda district between 1910 and 1969. Two thirds of the reported metal production came from the O'Brian Mine, 11.3 km south of the Morel property south boundary. (Reference Geology of Gowganda Lake-Miller Lake Silver Area: District of Timiskaming; W.H. McIlwaine; 1978. OGS report 175 and Open File Report 5701, Conrod, 1989).
The technical content of this press release has been reviewed and approved by Mr. Mike White, M.Sc., P.Geo., the Qualified Person under National Instrument 43-101.
The Company also informs that it has decided not to acquire an interest in the Zamora/Campanillas properties in Mexico announced in press release dated March 5, 2012.
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, which 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 Corporation'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 its work program.
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.