Cream Minerals Drills 22 Metres of 63.69 g/t Silver and 0.299 g/t Gold at Once Bocas North, Nuevo Milenio Silver-Gold Project
27 Febbraio 2012 - 1:00PM
Marketwired Canada
Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or
the "Company") is pleased to announce in-fill drill results for four holes
testing the Once Bocas North Zone at Nuevo Milenio. Drill holes OBN 09-11 to OBN
12-11 tested the central section of Once Bocas North returning good values over
widths ranging from four metres to 22 metres.
Once Bocas North
Once Bocas North is a broad moderate to intense hydrothermal alteration zone
which hosts numerous well developed quartz veins and associated quartz stock
work. The zone has an indicated width of 100 metres and an indicated strike
length of 1,000 metres (mapped on surface) of which 450 metres were drill tested
during the 2011 drill program. Employing a cut-off grade of 131 g/t silver
equivalent and metal prices at the time of USD$10.28 silver and USD$816.09 gold
the contained silver at Once Bocas North is 15.6 million ounces as reported in
the Revised NI 43-101 Report, dated December 24, 2008 by F. Holcapek, P. Eng.
HIGHLIGHTS OF THE DRILL RESULTS
Highlights include significant drill intersections (intersections are drill
widths, true widths are 50% to 70% of drill intersected width depending on drill
inclination).
OBN 11-11
-- 63.69 g/t Ag and 0.299 g/t Au over 22 metres including, 114.40 g/t Ag
and 0.547 g/t Au over 8 metres, and 259.40 g/t Ag and 1.277 g/t Au over
2 metres.
OBN 10-11
-- 53.38 g/t Ag and 0.373 Au over 8 metres including 185.40 g/t Ag and
1.045 g/t Au over 2 metres
OBN 12-11
-- 70.90 g/t Ag and 0.510 g/t Au over 4 metres including 109.50 g/t Ag and
0.530 g/t Au over 2 metres
ASSAY RESULTS
OBN 09-11 was located in front of Colonial workings comprised of a shaft and
sublevels. Wide spread quartz veining is evident on surface. To the north of
this section an easterly trending fault that dips at 65 degrees was mapped. It
appears the drill hole intersected the FW of the fault however the quartz
veining and the Colonial workings are located in the HW of the fault. No
mineralized zones were intersected.
OBN 10-11 and OBN 11-11 intersected the mineralized quartz vein quartz stock
work zones observed in front of drill hole OBN 09-11. Core recovery from the
mineralized portion of the zone was below average.
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Description Sample From To Width Ag Au
OBN 10-11 Number Metres Metres Metres g/t g/t
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Zone 1 Recovery 62% E688327 16.00 18.00 2.00 24.70 0.203
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Zone 2 Recovery 77% E688338 38.00 40.00 2.00 5.20 0.114
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E688339 40.00 42.00 2.00 30.10 0.358
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Zone 3 Recovery 40% E688348 58.00 60.00 2.00 185.40 1.045
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E688349 60.00 62.00 2.00 6.70 0.051
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E688350 62.00 64.00 2.00 6.90 0.277
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E688351 64.00 66.00 2.00 14.50 0.119
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Weighted average 688348 - 51 58.00 66.00 8.00 53.38 0.373
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including E688348 58.00 60.00 2.00 185.40 1.045
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E688358 78.00 80.00 2.00 52.60 1.505
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Description Sample From To Width Ag Au
OBN 11-11 Number Metres Metres Metres g/t g/t
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Quartz stock work E688377 26.00 28.00 2.00 13.60 0.123
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Quartz stock work E688380 32.00 34.00 2.00 19.60 0.111
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Quartz stock work E688384 40.00 42.00 2.00 78.70 0.313
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Quartz stock work E688388 48.00 50.00 2.00 16.70 0.067
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Quartz stock work E688389 50.00 52.00 2.00 14.90 0.085
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Quartz stock work E688390 52.00 54.00 2.00 10.00 0.073
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Quartz stock work E688391 54.00 56.00 2.00 5.70 0.06
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Quartz stock work E688392 56.00 58.00 2.00 13.80 0.150
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Quartz stock work E688393 58.00 60.00 2.00 6.30 0.07
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Quartz stock work E688394 60.00 62.00 2.00 6.30 0.036
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Quartz vein E688395 62.00 64.00 2.00 259.4 1.277
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Quartz stock work E688396 64.00 66.00 2.00 39.30 0.141
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Quartz stock work E688397 66.00 68.00 2.00 39.40 0.162
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Quartz vein E688398 68.00 70.00 2.00 119.5 0.608
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Quartz stock work E688399 70.00 72.00 2.00 9.60 0.063
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Quartz stock work E688400 72.00 74.00 2.00 24.10 0.071
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Quartz stock work E688401 74.00 76.00 2.00 59.70 0.27
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Quartz stock work E688402 76.00 78.00 2.00 44.70 0.115
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Quartz stock work E688403 78.00 80.00 2.00 55.70 0.137
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Quartz stock work E688404 80.00 82.00 2.00 30.30 0.33
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Quartz stock work E688405 82.00 84.00 2.00 18.90 0.111
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Weighted average 688388-405 48.00 84.00 36.00 43.02 0.110
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including 688395-405 62.00 84.00 22.00 63.69 0.299
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Including 688395-98 62.00 70.00 8.00 114.40 0.547
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Description Sample From To Width Ag Au
OBN 12-11 Number Metres Metres Metres g/t g/t
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Stock work E688427 46.50 48.50 2.00 109.50 0.530
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Fault E688428 48.50 50.50 2.00 32.30 0.496
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Weighted Average 688427 - 28 46.50 50.50 4.00 70.90 0.510
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E688427 46.50 48.50 2.00 109.50 0.530
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Discussion
In-fill and exploration drill results combined with geological mapping on the
Once Bocas North zone have confirmed the known quartz zones over a strike length
of 320 metres. Outcropping quartz veins to the south of the N40E fault zone
suggest continuation for a total strike length of 450 metres tested. The zone
continues to trend NW beyond the area drill tested. Faulting, including multiple
fault structures observed during drilling conducted in 2002 and 2003 remains a
challenge to drill testing Once Bocas North. Drill holes that intersected faults
showed low to nominal assay values as can be seen in OBN 09-12. However, holes
OBN 10-11, OBN 11-11 and OBN 12-11 intersected good grades over wider intervals.
Once Bocas North remains open on strike and at depth. Cream expects to release
an updated NI 43-101 Resource Estimate prepared by ACA Howe in calendar Q1 2012
based on the 2011 Drill Program.
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 employed 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.
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.
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.
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.
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.
To view the Map associated with this release, visit:
http://media3.marketwire.com/docs/cma227_Map.pdf.
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