NEWS
RELEASE
INFILL
DRILLING CONTINUES TO ENCOUNTER SIGNIFICANT MOLYBDENUM MINERALIZATION AT
EL CRESTON
DEPOSIT,
MEXICO
April
4, 2008
News Release # 8-08
Creston Moly Corp. ("Creston" or the "Company") (TSX-V: CMS) is pleased to announce that 33 holes
totalling 10,500 metres have been completed at the El Creston Molybdenum Project, Sonora, Mexico. Analytical results for holes EC07-008 to EC08-023 have
been received from ALS-Chemex's North Vancouver Lab.
All drilling is taking place within and peripheral to the Main Molybdenum Zone
of the El Creston Deposit.
The objective of the ongoing
infill drill program is to upgrade the existing inferred resources to the
indicated category and to delineate the boundaries of the Main Molybdenum Zone
deposit.
The
locations of the 33 holes drilled to date are shown in the accompanying location
map, along with those of the historical holes. The map is also available at http://www.crestonmoly.com/i/misc/CrestonMapApril3-08.jpg
Molybdenum and
copper assays for vertical holes EC07-008 to EC08-023 are tabulated
below:
Hole |
Northing |
Easting
|
From
(m) |
To
(m) |
Interval
(m) |
Mo
% |
Cu
% |
Oxide
Zone
From
(m)
To
(m) |
EC07-008 |
3563 |
6396 |
0 |
172.95 |
172.95 |
0.15 |
0.01 |
0 -
24 |
|
includes |
102.6 |
166.85 |
64.25 |
0.21 |
<0.01 |
|
EC07-009 |
3399 |
6523 |
107.15 |
168.1 |
60.95 |
0.07 |
0.01 |
0 -
18 |
|
|
|
289.25 |
310.75 |
21.5 |
0.07 |
<0.01 |
|
EC07-010 |
3424 |
6466 |
0 |
115.6 |
115.6 |
0.06 |
0.05 |
0 -
23 |
|
148.8 |
220.04 |
71.24 |
0.06 |
0.01 |
|
EC07-011 |
3340 |
6576 |
16.9 |
60.9 |
44 |
0.05 |
0.04 |
0 -
31 |
|
|
|
106.25 |
282.44 |
176.19 |
0.05 |
0.02 |
|
Hole |
Northing |
Easting
|
From
(m) |
To
(m) |
Interval
(m) |
Mo
% |
Cu
% |
Oxide
Zone
From (m)
To
(m) |
EC07-012 |
3424 |
6239 |
96.6 |
121.85 |
25.25 |
0.08 |
0.04 |
0 -
42 |
|
|
|
135.5 |
173.6 |
38.1 |
0.04 |
0.04 |
|
EC07-013 |
3370 |
6110 |
7.55 |
81.85 |
74.3 |
0.04 |
0.22 |
0 -
28 |
EC07-014 |
3222 |
6369 |
42.3 |
270.95 |
228.65 |
0.05 |
0.07 |
0 -
70 |
|
289.25 |
320.84 |
31.59 |
0.09 |
0.02 |
|
EC07-015 |
3258 |
6184 |
16.1 |
98.35 |
82.25 |
0.06 |
0.07 |
0 -
41 |
|
|
|
109.65 |
160.86 |
51.21 |
0.08 |
0.07 |
|
EC07-016 |
3236 |
6248 |
25.1 |
214.35 |
189.25 |
0.05 |
0.07 |
0 -
39 |
EC08-017 |
3306 |
6437 |
38.81 |
90.34 |
51.53 |
0.04 |
0.06 |
0 -
63 |
|
106.6 |
335.2 |
228.6 |
0.07 |
0.06 |
|
|
includes |
106.6 |
204.05 |
97.45 |
0.11 |
0.10 |
|
EC08-018 |
3138 |
6263 |
25.7 |
249.7 |
224 |
0.06 |
0.11 |
0 -
60 |
EC08-019 |
3162 |
6200 |
44.9 |
188.2
|
143.3 |
0.08 |
0.12
|
0 -
64 |
EC08-020 |
3236 |
6551 |
61.38 |
289.05 |
227.67 |
0.10 |
0.03 |
0 -
49 |
EC08-021 |
2932 |
6485 |
58.84 |
287.5 |
228.66 |
0.08 |
0.04 |
0 -
60 |
EC08-022 |
3173 |
6608 |
41.05 |
299 |
209.06 |
0.06 |
0.03 |
0 -
37 |
EC08-023 |
3030 |
6533 |
118.8 |
319.6 |
200.8 |
0.09 |
0.05
|
0 -
47 |
Most of the holes drilled in late 2007 and
early 2008
(holes 009,010,011,012,013,015,016,018,019) were collared
peripheral to the core of the Main Zone deposit. Drill results from these holes
show intercepts grading 0.05% to 0.08% Mo over intervals ranging from 25.25
metres grading 0.08% Mo in hole EC07-012 to 224 metres
grading 0.06% Mo in hole EC08-018 and 143.3 metres grading 0.08% Mo in hole 019.
The results from the two southernmost holes (015 and 019) are particularly
encouraging since they point to a widening of the Main Zone mineralization in
that sector of the deposit.
Hole
EC07-008, collared at the eastern end of the deposit, intersected 172.95 metres
grading 0.15% Mo starting from surface. This high-grade intercept occurs within
a hydrothermal breccia zone similar to that
intersected in previously reported holes EC07-003 (164.3 metres grading 0.12%
Mo) and EC07-007 (245.29 metres grading 0.14% Mo). These three holes have outlined a
coherent zone of high-grade mineralization that is still open in all directions.
It is noteworthy to point out that this high-grade zone not only starts at
surface, but also occurs within an area characterized by a thin oxide cap. Hence
any future development at El Creston will have access to high-grade
mineralization requiring minor stripping.
Holes EC07-017 and EC08-020,
021, 023 were drilled within the core of the Main Zone deposit. All four holes
encountered widespread mineralization grading 0.07% to 0.10% Mo over intervals
exceeding 200 metres in length.
Copper values associated
with the molybdenum mineralization generally average less than 0.1% Cu. However, a chalcocite-enriched zone occurs below the oxidation zone on
the south side of the Creston Main Zone. Best copper intercepts associated to
this style of mineralization include 20.8 metres grading 0.33% Cu in hole EC07-016, 51.85 metres grading 0.24% Cu in hole EC08-019
and 40.1 metres grading 0.35% Cu in hole EC07-013.
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 rationale 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 Cu% using a four acid digestion and ICP-AES (Atomic Emission
Spectroscopy) finish. Samples from the oxide zone will be sent to Skyline Labs
in Tucson to
be analyzed for MO3.
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 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.
On behalf of the Board
(Signed) "Jonathan W.
George"
President
For further information please
contact
Mr. Jonathan George
604-694-0005
604-684-9365
(FAX)
Website: www.crestonmoly.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.