Cream Minerals Announces New Discovery at Nuevo Milenio Silver-Gold Property, Mexico
09 Febbraio 2012 - 3:28PM
Marketwired Canada
Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or
the "Company") is pleased to announce a new discovery at Nuevo Milenio. Drill
hole VT 07-11, an exploration drill hole, oriented NE from the higher grade Veta
Tomas vein, intercepted three previously unknown quartz zones with the widest
being 4.46 metres. These quartz veins are within a broader intercept of
approximately 72 metres.
HIGHLIGHTS OF THE DRILL RESULTS
Results for the exploration drill hole VT 07-11 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.
-- 1.74 metres of 126.90 g/t Ag and 0.030 g/t Au - intercept of VT 07-11;
and
2.00 metres of 58.30 g/t Ag and 0.476 g/t Au.
Drill Hole VT 07-11 drilled at an azimuth of 65 degrees, at -45 was a blue sky
hole located in section 16 employing the same setup as drill hole VT 06-11 but
drilled at 180 degrees to the trend of Veta Tomas. Quartz veining, fault breccia
and quartz stock work were cut from 277.50 metres to 349.46 metres. The
objective was to test a section unconformable overlain by rhyolite flows.
Geological data suggests that a fault block of Dos Hornos 2 (thought to be Dos
Hornos 3) may have been moved to the SE in the approximate area of the rhyolite
flows. Hole VT 07-11 did intercept a structure in the area where it is thought
Dos Hornos 3 could be located.
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Description Sample From To Width Ag Au
--------------------------------------------------------------------------
VT 07-11 Number Metres Metres Metres g/t g/t
--------------------------------------------------------------------------
51587 277.50 280.31 2.81 3.10 less
than
0.005
--------------------------------------------------------------------------
Fault breccia quartz
vein, pyritic 51588 280.31 282.05 1.74 126.90 0.030
--------------------------------------------------------------------------
51589 282.05 284.05 2.00 1.20 less
than
0.005
--------------------------------------------------------------------------
51590 295.43 297.43 2.00 1.10 less
than
0.005
--------------------------------------------------------------------------
51591 300.70 301.70 1.00 0.30 less
than
0.005
--------------------------------------------------------------------------
Brecia pyrite, quartz 51592 307.90 309.90 2.00 25.10 0.035
--------------------------------------------------------------------------
51593 309.90 311.90 2.00 1.00 less
than
0.005
--------------------------------------------------------------------------
51594 311.90 313.50 1.15 0.50 less
than
0.005
--------------------------------------------------------------------------
51595 326.90 328.50 1.60 2.30 less
than
0.005
--------------------------------------------------------------------------
Fault breccia quartz
chalcedonic 51596 345.00 346.50 1.50 2.30 0.049
--------------------------------------------------------------------------
Fault breccia quartz
chalcedonic 51597 346.50 347.46 0.96 9.00 0.068
--------------------------------------------------------------------------
Fault breccia quartz
veins 51598 347.46 349.46 2.00 58.30 0.476
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SUMMARY OF THE DRILL RESULTS
The zone intercepted by VT 07-11 is a blind zone of silver and gold
mineralization associated with quartz veins and quartz stock work overlain by
rhyolite flows. Structural considerations suggests this could possibly the Dos
Hornos 3 displaced fault block. Inspection of the drill core implies the
presence of sub parallel faults similar to the Dos Hornos 2 zone, however
additional drilling is required to confirm that the structure is in fact Dos
Hornos 3. Located in the caldera within the vicinity of the higher grade Dos
Hornos 1, Dos Hornos 2 and Veta Tomas veins the presence of a new structure that
may be a fault segment of Dos Hornos 2 is an important development and
represents a new target for future drilling.
Revised NI 43-101 101 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
--------------------------------------------------------------------------
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 flag ship
project is the Nuevo Milenio silver-gold project in Nayarit State Mexico. To
learn more about Cream Minerals please click here www.creamminerals.com.
To view the map accompanying this press release please click on the following
link: http://media3.marketwire.com/docs/CMA0209.jpg
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
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