Creso Exploration Inc TSXV:CXT announced results from the Tyranite Zone of its Shining Tree Project in northeastern Ontario. Assays include 5.83 g/t gold over 3.7 metres, 5.02 g/t over 3.5 metres, 6.31 g/t over 2 metres, 5.22 g/t over 11.8 metres (including 10.61 g/t over 4 metres), 4.3 g/t over 2.2 metres, 3.68 g/t over 30 metres (including 6.5 g/t over 4.5 metres).
President/CEO Robert Casaceli tells ResourceClips.com, “Shining Tree is an area that is located within 100 kilometres of two very large and other smaller gold deposits. Kirkland Lake is to the northeast and has produced 42 million ounces gold, and Timmins is to the north, and it has produced 56 million ounces. These types of systems are called alkalic gold systems. They’re some of the largest and richest gold deposits in the world. Shining Tree, in my opinion, is another one of these types of alkalic gold deposits. I think that it’s developed at depth, beneath the old Shining Tree district, which had very little production, mostly coming from the Tyranite mine—which we just announced the drilling of—deeper beneath the old workings. It produced between 31,000 and 32,000 ounces in three years of production between 1939 and 1942. I think the district is misunderstood, and it was closed for 24 years because of a conflict over native rights issues, which have been resolved.
“What we’ve been doing is drilling in areas where there is expression of gold at the surface. There are 37 known occurrences on the 284 square kilometres that we control of the district. And now we have drilled on three of them, two of them deeply—the Minto and the Tyranite. Both have indicated very strong mineralization.
“The assay results were good, even very good, but not great. They definitely are ore grade, and we have extended ore-grade mineralization from the known occurrences at the surface through the old workings—which we had recently acquired some underground chip sampling, channel sampling and bulk sampling from—now to a total vertical depth of 470 metres. Which is considerable. We’ve found ore grade all the way down, and we believe that there’s a significant amount of gold to be found and delineated at depth. And laterally it’s open on strike and at depth at Tyranite.
“The significance of these results is that Tyranite is located 2.5 kilometres to the north-northwest of Minto, on the same structure that is controlling mineralization in both places. This demonstrates that we’re looking at a district-wide play at Shining Tree—that it is not a single property play. There is structural continuity between Tyranite and Minto, and this then opens up the entire 2.5 kilometres for further exploration at depth.”
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by Ted Niles