MOLYBDENUM DEPOSIT, SONORA, MEXICO
Vancouver, B.C. ? July 8, 2008 - Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) is pleased to announce the results of 12 holes from the recently completed infill drill program on the Main Molybdenum Zone of its 100% owned Creston Molybdenum deposit located in Sonora State, Mexico. The program consisted of 52 holes totaling 15,646 metres.
Analytical results are tabulated below. Drill hole locations are shown in the accompanying location map. The map is also available at http://www.crestonmoly.com/i/maps/DrillPlanMap-July.pdf.
|
Hole |
Northing |
Easting |
Inclination (o) |
Azimuth (o) |
From (m) |
To (m) |
Interval (m) |
Mo % |
Cu % |
|
EC08-030 |
306287 |
532922 |
-90 |
0 |
77.2 |
77.2 |
0.05 |
0.01* | |
|
80.08 |
203.6 |
123.52 |
0.04 |
0.41 | |||||
|
EC08-031 |
Assays pending | ||||||||
|
EC08-032 |
306616 |
533098 |
-60 |
360 |
2.0 |
43.45 |
41.45 |
0.09 |
0.01* |
|
43.45 |
295.35 |
251.90 |
0.12 |
0.04 | |||||
|
341.1 |
362.31 |
21.21 |
0.05 |
0.02 | |||||
|
EC08-033 |
306374 |
533067 |
-70 |
360 |
3.80 |
78.77 |
74.97 |
0.07 |
<0.01* |
|
78.77 |
375.95 |
297.18 |
0.11 |
0.07 | |||||
|
EC08-034 |
306553 |
533126 |
-90 |
41.0 |
290.85 |
249.85 |
0.08 |
0.05 | |
|
EC08-035 |
306545 |
533128 |
-60 |
180 |
101.85 |
178.65 |
76.80 |
0.08 |
0.04 |
|
EC08-036 |
306364 |
533061 |
-60 |
335 |
8.0 |
58.55 |
50.55 |
0.09 |
0.03* |
|
58.55 |
180.1 |
121.55 |
0.10 |
0.10 | |||||
|
232.15 |
301.4 |
69.25 |
0.10 |
0.05 | |||||
|
EC08-037 |
306708 |
533278 |
-90 |
70.77 |
246.46 |
175.69 |
0.08 |
0.04 | |
|
EC08-038 |
306241 |
533028 |
-90 |
122.55 |
215.75 |
93.2 |
0.03 |
0.30 | |
|
EC08-039 |
306460 |
533377 |
-60 |
180 |
3.8 |
40.85 |
37.05 |
0.06 |
0.03* |
|
40.85 |
332.42 |
291.57 |
0.09 |
0.05 | |||||
|
EC08-040 |
306294 |
533077 |
-90 |
66.15 |
276.60 |
210.45 |
0.07 |
0.11 | |
|
EC08-041 |
306512 |
533460 |
-60 |
180 |
97.6 |
307.12 |
209.52 |
0.16 |
0.02 |
|
EC08-042 |
306192 |
533077 |
-90 |
150.05 |
211.1 |
61.05 |
0.06 |
0.12 |
Significant copper intervals are reported in the following table:
|
Hole |
Northing |
Easting |
Inclination (o) |
Azimuth (o) |
From (m) |
To (m) |
Interval (m) |
Mo % |
Cu % |
|
EC08-030 |
306287 |
532922 |
-90 |
80.08 |
219.85 |
139.77 |
0.04 |
0.43 | |
|
EC08-033 |
306374 |
533067 |
-70 |
360 |
78.77 |
168.3 |
89.53 |
0.15 |
0.15 |
|
EC08-038 |
306241 |
533028 |
-90 |
90.8 |
209.7 |
118.9 |
0.03 |
0.31 | |
|
EC08-040 |
306294 |
533077 |
-90 |
97.5 |
201.6 |
104.1 |
0.07 |
0.15 | |
|
EC08-042 |
306192 |
533077 |
-90 |
107.2 |
164.3 |
57.1 |
0.04 |
0.33 |
As shown in the drill plan map, the holes reported in this news release were drilled in three sectors of the deposit:
1) Northern sector (Holes EC08-032 and 037);
2) Central sector (Holes EC08-033,034,035,036, 039 and 041); and
3) Southwestern sector (Holes EC08-030, 038, 040, 042).
In the northern sector, holes EC08-032 and EC08-037 encountered strong, continuous and high grade mineralization in areas previously interpreted as lying outside the northern boundary of the deposit. Hole EC08-037, drilled vertically, penetrated a 175.69 m interval averaging 0.08% Mo. Hole EC08-032, drilled at an angle of -60^0 on a northerly bearing, cut 251.9 m averaging 0.12% Mo. Based on the results from these two holes, the Main Zone deposit remains open to the north.
Results from holes drilled within the central sector of the deposit returned strong mineralization throughout, including intervals ranging from 0.08% Mo over 249.65 metres in hole EC08-034 to 297.18 m of 0.12% Mo in Hole EC08-033. The easternmost drill hole reported in this news release, (EC08-041), cut a continuous high grade interval averaging 0.16% Mo over a core length of 209.52 m. This intersection confirmed the presence of a well defined high grade zone, hosted by hydrothermal breccias, within the eastern half of the Main Zone.
Holes drilled in the southwestern sector encountered weak to moderate grade molybdenum mineralization (0.03% Mo over 93.2 m in hole EC08-038 to 0.07% Mo over 210.45 m in hole EC08-040) and significant intervals of predominantly chalcocite mineralization which include 139.77 m of 0.43% Cu in hole EC08-030 and 118.9 m of 0.31% Cu in hole EC08-038.
Mr. Jonathan George, President and CEO comments: ?We are very pleased to have defined a high grade zone in the eastern portion of the deposit as well as an unexpected expansion of the deposit to the north. With these results we look forward to the completion of a new independent resource estimate to be undertaken during the summer.?
Sampling and QA/QC
Drilling at El Creston is carried out by Layne Drilling employing two wireline rigs that recover HQ core. Where necessary the core is reduced to NQ size. The core is transported to a secure facility at the nearby Opodepe camp where it undergoes geotechnical and geological logging. Prior to delivering the core to ALS Chemex preparation lab in Hermosillo, the core is photographed and all mineralized zones are photographed in detail. Blanks, standards, field and coarse reject duplicates, and pulp duplicates are inserted in the stream of samples prior to delivery to the preparation lab.
Based on recommendations by Mine Development Associates ("MDA") of Reno Nevada, the entire core is sent to the preparation lab in Hermosillo. MDA is the independent consulting firm that has been retained to oversee QA/QC procedures and to carry out the updated resource estimate of the El Creston Main Zone following the completion of the ongoing drill program.
The rat ionale for not sawing the core and retaining half of the sample is based on two considerations: 1) portions of the molybdenite mineralization at El Creston occur as loosely bound coarse flakes and clusters and 2) there is evidence of a nugget effect in parts of the deposit. Thus, the sampling of the entire core prevents or minimizes the loss of molybdenite due to core handling, sawing, and washing. In addition, keeping the entire core maximizes the sample volume, which should minimize any nugget effect and more accurately represent the mean grade of the deposit.
Sample preparation in Hermosillo consists of crushing the whole interval to minimum of > 70% of the crushed sample passing a 2 mm screen and then splitting the -2mm crushed sample to produce a representative split of 1,000 grams. Each 1,000 gram sample is then pulverized to at least 85% passing -75 microns.
The pulps are then shipped to ALS-Chemex in North Vancouver to be analyzed for total Mo% and C u% using a four acid digestion and ICP-AES (Atomic Emission Spectroscopy) finish. Samples from the oxide zone are sent to Skyline Labs in Tucson to be analyzed for molybdenum oxide.
The drill program at El Creston is being supervised by Fabrizio Colombo, PhD, P. Geo.
About Creston Moly Corp.
Creston Moly Corp. is a Canadian mineral exploration company focused on the development of the El Creston Molybdenum deposit located 135 kilometres north-east of Hermosillo, Sonora State, Mexico, near the village of Opodepe. The El Creston Molybdenum Project contains the following mineral resources at a 0.035% Mo Cut-off grade:
|
Category |
Tonnes |
Mo% |
Cu% |
Mo lbs millions |
Cu lbs millions |
|
Indicated |
92,873,000 |
0.083 |
0.060 |
169.9 |
122.8 |
|
Inferred |
84,221,000 |
0.076 |
0.050 |
141.1 |
92.8 |
1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimates of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
2. The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
3. The mineral resources referred to herein have been estimated in an NI 43-101 technical report (the ?P & E Report?) prepared for the Company in January 2008 by independent qualified persons Eugene Puritch, P. Eng. and Dr. Wayne Ewert, P. Geo. of P&E Mining Consultants Inc. The P & E Report is available at www.sedar.com.
Luca Riccio, PhD, P. Geo, a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information contained in this News Release.
CRESTON MOLY CORP.
?Jonathan W. George"
President
For further information please contact
Mr. Jonathan George
604-694-0005
604-684-9365 (FAX)
Website: www.crestonmoly.com
Renmark Financial Communications Inc.
Christine Stewart : cstewart@renmarkfinancial.com
Eric St-Pierre : estpierre@renmarkfinancial.com
Media ? Adam Ross: aross@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government, and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues, and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance, or achievements.
