Cream Minerals Drills 20 Metres of 75.5 G/T Silver and 0.317 G/T Gold Near Surface on New Zone at Nuevo Milenio Property, Mex...
17 Gennaio 2012 - 1:00PM
Marketwired Canada
Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or
the "Company") is pleased to provide results for the remaining two exploration
drill holes on Once Bocas South. The Once Bocas South zone is a new area of
silver and gold mineralization associated with quartz veins and quartz stock
work zones. Once Bocas South is thought to be a displaced segment of Once Bocas
North and it is not included in the current NI 43-101 Inferred Mineral Resource.
Results of the first four holes were released on November 10, 2011.
The portion of the 2011 drilling program devoted to Once Bocas South was
intended to test for and identify a quartz vein - quartz stock work zone as well
as confirm anticipated width and strike length based on surface mapping of
limited outcrops, float train and a geochemical survey. An anticipated width of
30 metres and strike length of 600 metres possibly containing three quartz veins
was expected. The drill program confirmed a width in excess of 100 metres, a
strike length of 230 metres (with a further 370 metres to be tested) and eight
quartz zones yielding gold and silver values.
HIGHLIGHTS OF THE DRILL RESULTS
Results for the two exploration drill holes are presented below.
Highlights include significant drill intersections, (intersections are not true
widths) true widths are expected to be 50% to 70% of drill intersections
dependent on the drill inclination.
-- 20 metres of 75.30 g/t Ag and 0.325 g/t Au - intercept of OBS 05 - 11;
including
-- 14.00 metres of 91.61 g/t Ag and 0.396 g/t Au; including
-- 10.00 metres of 97.48 g/t Ag and 0.422 g/t Au; including
-- 4.00 metres of 140 g/t Ag and 0.520 g/t Au;
and
-- 2.00 metres of 229.10 g/t Ag and 0.868 g/t Au
Drill Hole OBS 5 - 11 was located approximately 150 metres W of drill hole OBS
02 - 11. The objective was to determine the western extension of the high
grade-section intersected in drill hole OBS 01 - 11. Quartz veining and stock
work were cut from 1.50 metres to 23.50 metres. The zone lies 50 metres SW of
the trend of the high grade zone intercepted in drill hole OBS 01 - 11 and is
thought to be a parallel zone.
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Description Sample From To Width Ag Au
OBS 05-11 Number Metres Metres Metres g/t g/t
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Quartz stock work 6097 1.50 3.50 2.00 1.20 0.013
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Quartz stock work 6098 3.50 5.50 2.00 29.20 0.171
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Quartz vein 6099 5.50 7.50 2.00 127.20 0.450
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Quartz stock work 6100 7.50 9.50 2.00 70.10 0.330
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Quartz stock work 6101 9.50 11.50 2.00 7.50 0.047
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Quartz vein 6102 11.50 13.50 2.00 85.00 0.454
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Quartz vein 6103 13.50 15.50 2.00 83.20 0.437
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Quartz stock work 6104 15.50 17.50 2.00 39.20 0.189
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Quartz veins 6105 17.50 19.50 2.00 229.10 0.868
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Quartz stock work 6106 19.50 21.50 2.00 50.90 0.163
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Quartz stock work 6107 21.50 23.50 2.00 31.60 0.137
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Weighted average 6098 -107 3.50 23.50 20.00 75.30 0.325
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including 6098-6100 3.50 9.50 6.00 75.50 0.317
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including 6099 - 106 5.50 21.50 16.00 90.48 0.384
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including 6099-101 5.50 9.50 4.00 98.65 0.390
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including 6099-105 5.50 19.50 14.00 91.61 0.396
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including 6099 5.50 7.50 2.00 127.20 0.450
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Weighted average 6102-107 11.50 23.50 12.00 86.50 0.374
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including 6102-106 11.50 19.50 10.00 97.48 0.422
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including 6102-103 11.50 15.50 4.00 84.10 0.446
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including 6105-106 17.50 21.50 4.00 140.00 0.520
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including 6105 19.50 21.50 2.00 229.10 0.868
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Drill Hole OBS 6 - 11 is an in fill drill hole between drill hole OBS 1 - 11 and
drill hole OBS 05 - 11. It cuts a mineralized quartz stock work zone from 9.00
metres to 24.00 metres. Strong brecciation and surface leaching is apparent.
This zone lies 37 metres SW of the trend of the high grade zone cut by drill
hole OBS 01 - 11 and 16 metres NE of the trend of the zone cut by drill hole OB
05 - 011. Additional fill in drilling is required to facilitate interpretation.
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Description Sample From To Width Ag Au
OBS 06-11 Number Metres Metres Metres g/t g/t
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Fault 6114 17.50 19.50 2.00 5.40 0.051
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qtz stock work 6115 19.50 21.50 2.00 10.50 0.077
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qtz vein breccia 6116 21.50 23.50 2.00 31.80 0.124
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qtz stock work 6117 23.50 25.50 2.00 2.30 0.008
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qtz stock work 6118 61.50 63.50 2.00 1.20 less than
0.005
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SUMMARY OF THE DRILL RESULTS
The 6 drill holes completed on Once Bocas South are exploration drill holes
intended to confirm the presence of a quartz vein stock work zone investigated
by shallow shafts and trenches dating from colonial times. The exploration drill
program was successful in more than tripling the width of the zone to in excess
of 100 metres and defining 230 metres of the mapped 600 metres strike length.
370 metres of strike length will be drill tested in a follow-up exploration
drill program. In addition the exploration program identified eight distinct
quartz zones returning gold and silver values where three quartz zones were
anticipated. The drill program has highlighted Once Bocas South as an important
target for future exploration drill programs.
Revised NI 43 -- 101 Report, dated December 24, 2008 by F. Holcapek, P. Eng.
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Dos Hornos Width Ag Au Ag Au
(U/G) m Tonnes g/t g/t oz oz
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Dos Hornos
Segment 1 4.70 1,173,901.56 165.34 1.500 6,552,238.85 59,400.00
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Dos Hornos
Segment 2 4.06 746,528.32 201.95 1.770 4,847,215.70 42,390.25
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Veta Tomas 5.09 1,246,162.50 351.19 1.280 14,070,467.48 51,344.17
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Once Bocas 2.42 1,921,162.50 252.59 1.920 15,602,012.74 118,347.79
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Total 5,087,754.88 251.09 1.660 41,071,934.77 271,482.21
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Tonnes: 5,088,000 Ag: 251.09 g/t, Au: 1.660 g/t. Ag: 41,072,000 oz, Au: 271,500 oz.
Silver Equivalent (Gold -- Silver price Ratio = 50:1): 54,647,000 oz (in situ)
Metal prices were USD$10.28 per ounce Ag and USD$816.09 per ounce Au.
A cut-off grade of US$ 45.00 per tonne or 131g/t Ag equivalent was used.
Samples are prepared in the Preparatory Laboratory of Inspectorate in Durango,
Durango. In addition to the in-house check assaying, Cream Minerals De Mexico
instructed Inspectorate to take approximately 20% (1 sample out of 5) as marked
on the sample shipping paper and take a split from the prepared samples. All
samples are shipped to the Inspectorate Laboratory in Reno, Nevada. The check
samples are shipped to the Steward Group's Preparation Lab in Zacatecas for
shipping to their main Laboratory in Kamloops, B.C. for assaying. All samples
are assayed using Inspectorates Genx 30 31 Element Package Au&Ag/FA/AA plus 29
elements ICP-AES Scan by aqua regia digestion & Hg by CVAA. The Steward Group
uses their equivalent to the Genx 30 package of Inspectorate for assaying.
Mr. Ferdinand Holcapek, P. Eng., Director and Administrator General, Cream
Minerals De Mexico, SA de CV, supervises exploration programs on the Nuevo
Milenio Project. He is responsible for all technical reporting and is the
Company's "Qualified Person" for the purpose of National Instrument NI 43-101.
Cream Minerals is a silver-gold exploration company. The Company's flagship
project is the Nuevo Milenio silver-gold project in Nayarit State Mexico. To
learn more about Cream Minerals please click here www.creamminerals.com.
This news release contains "forward-looking information" within the meaning of
applicable Canadian securities regulations and including "forwarding-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. This forward-looking information is made as of
the date of this News Release and except as required under applicable securities
legislation, the Company does not intend and does not assume any obligation to
update this forward-looking information. Forward looking information is based on
management's current expectations and beliefs and is subject to a number of
risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Forward-looking
information in this News Release includes, but is not limited to the planned
drilling program on the Nuevo Milenio project and the Nuevo Milenio project's
estimated mineral resource. Forward-looking information is based on a number of
assumptions which management believes are reasonable including that equipment,
personnel and approvals will be available when required to complete the planned
drilling program, that no disruption to the program will occur as a result of
breakdown, labour disputes, or natural hazards, that the assumptions underlying
the inferred resources estimate are valid, including but not limited to the
projected future prices of silver and gold, continuity of mineralization and
grades, and expected recovery methods and rates. Factors which could cause
actual results to differ materially from current expectations include, but are
not limited to: the risk that actual results of exploration activities will be
different than anticipated, that cost of labour, equipment or materials are more
than expected, that the future price of silver and/ or gold will differ
materially from those implied or estimated, that Canadian / US dollar exchange
rates vary in a manner that has a negative effect on the resource estimate,
unanticipated delays in obtaining governmental approvals or required financing;
that changes in project parameters result in increased costs, of unexpected
variations in mineralization, grade or recovery rate and other factors on which
the mineral resource estimate is based, of failure of equipment or processes to
operate as anticipated, of accidents, labour disputes and other risks generally
associated with mineral exploration and development; a deterioration in general
economic conditions; and changes in laws, rules and regulations applicable to
Cream and the Nuevo Milenio project.
CAUTIONARY NOTE TO U.S. READERS REGARDING MINERAL RESOURCES
The United States Securities and Exchange Commission ("SEC") allows mining
companies, in their filings with the SEC, to disclose only those mineral
deposits they can economically and legally extract or produce. The Company uses
certain terms in this document, such as "mineral resources", and "inferred
resources" that are recognized and mandated by Canadian securities regulators
but are not recognized by the SEC. U.S readers are cautioned that while the term
'inferred resource' is recognized and required by Canadian regulations, the SEC
does not recognize it. "Inferred resources" have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. U.S. readers are cautioned not to
assume that part or all of an inferred resource exists, or is economically or
legally mineable.
U.S. 20-F Registration: 000-29870
To view the Figure associated with this release, visit the following link:
http://media3.marketwire.com/docs/cma117_F1.pdf.
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