Celeste Mining Corp. Announces Strong Drill Results at South Crofty: 3 Metres at 2.5% Tin Equivalent
31.01.2013 | FSCwire
Including One Metre at 6.83% Tin EquivalentCalgary, January 31, 2013 - Celeste Mining Corp. (C - TSX Venture), ("Celeste" or the "Company") reports further drill results from its continuing underground drill program being carried out by Cornish Minerals in the Dolcoath section of the South Crofty project. Celeste has an earn-in agreement to acquire 100 per cent of Cornish Minerals (see press release of May 25th, 2011)
Highlights of the recent drill results include 3m @ 2.5% tin equivalent (including 1 m of 6.83% tin equivalent) and 4m @ 1.1% tin equivalent in the South Entral Lode, 6m @ 0.53% tin equivalent in the Dolcoath Main Lode and 6m @ 0.63% tin equivalent in an interstitial lode.
Celeste CEO Alan Shoesmith said: "These excellent results confirm high grades at significant widths in the South Entral lode and indicate that this will become a significant target for detailed delineation by mining into and exposing the lode for detailed sampling"
During 2012, Cornish Minerals has drilled 28 holes for a total of 5,926 metres as part of a drill program ongoing since 2008 and now comprising 150 holes and a total of 29,500 metres drilled. Results of three new holes completed in 2012 are presented here together with the results of the extension of two holes originally drilled in 2009 that were stopped due to then unmanageable quantities of water.
Holes 1215, 1216, and 1217, 0908 and 0909 were drilled to the south of a decline driven to the west of the South Crofty mine, situated between the upper levels of mineralized structures that originally formed part of the Dolcoath mine that was closed in 1922 and separated from the South Crofty mine (closed in 1998) by a major fault known as the Great Crosscourse (Figures 1 and 2).
Results from the latest five drill holes confirm continuation of mineralization between wider spaced drilling. The high grade intercepts in the narrower South Entral Zone and the Main Lode will allow for greater confidence to be given in estimates here, while showing potential for an increase in thickness and strike length of some individual lodes, particularly where the 3m @ 2.5% tin equivalent intercept confirms continuity of the lode. The wide intercept in an interstitial lode confirms the extension of mineralization in an area which has previously been untested (Figures 1 and 2).
The significant intercepts from the recently received results reported by drill hole and mineralized zone are tabulated below.
Hole DD0908 Azimuth:
174 degrees, Dip: -14 degrees
South Entral
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD0908 96.93 97.15 0.22 Core loss
DD0908 97.15 97.87 0.72 20800 1680 670 0.83
Dolcoath South South Branch
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD0908 158.04 160.32 2.28 2225 15115 643 0.28
DD0908 160.32 160.50 0.18 Core Loss
Dolcoath Main
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD0908 165.30 166.35 1.05 10547 1227 1047 0.50
Hole DD0909 Azimuth
174 degrees, Dip: -26 degrees
South Entral
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD0909 97.84 98.85 1.01 4266 178 3751 0.53
DD0909 105.56 108.56 3.00 10203 187 21303 2.50
Inc. 107.56 108.56 1.00 17500 220 62000 6.83
Hole DD1215 Azimuth:
171 degrees, Dip: -44 degrees
Flat Lode
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1215 36.25 36.32 0.07 Core loss
DD1215 36.32 39.32 3 1717 2253 3340 0.42
DD1215 39.89 40.06 0.17 Core loss
South Entral
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1215 107.00 110.00 3 5227 133 320 0.22
DD1215 116.23 118.23 2 5895 1010 7055 0.93
Dolcoath South South Branch
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1215 214.00 217.00 3 3927 127 2817 0.42
DD1215 232.00 235.00 3 10027 343 847 0.45
DD1215 246.00 247.00 1 26400 800 2190 1.18
DD1215 252.08 256.08 4 3415 123 3567 0.48
Main Lode
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1215 278.63 282.63 4 5033 135 2893 0.47
DD1215 298.63 304.63 6 1127 160 4913 0.53
DD1215 305.93 306.58 0.65 4780 380 2440 0.42
DD1215 306.58 306.64 0.06 Core loss
DD1215 306.64 307.43 0.79 4380 260 15200 1.68
DD1215 307.43 307.57 0.14 Core loss
DD1215 307.57 307.73 0.16 490 290 34800 3.50
DD1215 307.73 310.54 2.81 Old workings
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Hole DD1216 Azimuth:
191 degrees, Dip: 0 degrees
Interstitial Lode
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1216 144.09 150.00 5.91 1057 2240 5701 0.63
Dolcoath South South Branch
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1216 181.51 182.37 0.86 Core loss/
Old Workings
DD1216 182.37 184.12 1.75 1083 30028 4462 0.76
DD1216 184.12 184.18 0.06 Core loss
DD1216 185.00 185.79 0.79 640 8740 11400 1.24
DD1216 185.79 186.06 0.27 Core loss
Main Lode
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1216 210.00 211.59 1.59 2461 5424 2000 0.34
DD1216 211.59 212.87 1.28 Core loss/
Old Workings
Hole DD1217 Azimuth:
190 degrees, Dip: -14 degrees
South Entral
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1217 71.44 73.40 1.96 Old workings
DD1217 73.40 73.90 0.5 3400 8540 3970 0.60
DD1217 73.90 74.33 0.43 Core loss
DD1217 89.24 90.08 0.84 2490 19400 2870 0.56
DD1217 90.08 90.22 0.14 Core loss
DD1217 90.22 93.92 3.70 11246 53039 1082 1.09
Inc. 90.22 91.22 1.00 29800 136000 1260 2.46
Hole DD1217 Azimuth:
190 degrees, Dip: -14 degrees
Main Lode
Hole ID From To Width Cu Zn Sn SN_EQ
m m m ppm ppm ppm % Comments
DD1217 205.99 212.94 6.95 6620 2451 1349 0.40
DD1217 212.94 212.98 0.04 Core loss
DD1217 212.98 213.98 1 6970 200 520 0.30
Additional areas of mineralization between known lodes were also noted but considered insignificant
Weighted-average-grade composites were calculated using a 0.2 per cent Sn equivalent trigger value, 0.2 percent Sn equivalent minimum overall grade, one metre minimum width and maximum one metre consecutive waste. Compositing applied minimum grade x width criteria of 0.2% Sn equivalent to accommodate short, high grade intervals. Tin equivalent was calculated using inputs from Sn, Cu and Zn metal values from the London Metal Exchange's three-year trailing average settlement price of $22,479 (U.S.) per metric tonne, $8,086 (U.S.) per tonne and $2,084 (U.S.) per tonne, respectively. The tin equivalent calculation equals Sn grade plus (Cu grade times 0.359) plus (Zn grade times 0.0927). Intercepts reported are from average one metre length, half NGM, NQ and BQ drill core sample intervals, collected using best-practice methodologies.
Samples are analyzed for Cu, Zn, Sn, and W by sodium peroxide fusion/ICP-AES, indium by ICP-MS and silver by 3 acid digestion (AAS21E) at SGS Laboratories, Lakefield, Canada after sample preparation at SGS Laboratories in Cornwall.
The core drilled is brought up daily to the company's secure core logging facility at South Crofty where it is logged by company geologists. The core selected for assaying by the company geologists is marked in intervals up to 1m in length and cut in half by diamond saw on site. SGS inserts its own blanks, standards and repeats in to the sample stream for quality checks. The company also inserts its own blanks, standards and duplicates in to the batches as an external check on the preparation and assay results.
Mr. J.N. Hogg, MSc., MAIG, Senior Geologist and Qualified Person with Micromine Consulting Services (MCS), has reviewed and approved the technical information contained in this news release.
ABOUT CELESTE
Celeste is a Canadian corporation currently focused on the acquisition of an interest in Cornish Minerals Limited (a UK registered company) which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine as announced in a news release dated May 25, 2011. In addition, Celeste continues to assess other tin, copper and copper-gold properties for exploration and development opportunities.
Celeste shares trade on the TSX Venture Exchange under the symbol C. Celeste's website can be accessed at www.celestemining.com
For further information, please contact:
David B. McQuaig, Chief Financial Officer
403-265-1109
davidmcquaig@shaw.ca
Investor Cubed Inc.
Neil Simon
647-258-3311
nsimon@investor3.ca
Caution Concerning Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, there is no certainty that the additional assays from the 2011 and 2012 drilling program or future drill programs or the formalizing next steps will identify additional resources and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, identifying additional resources, availability of capital to fund exploration projects; political, social and other risks inherent in carrying on business in a foreign jurisdiction and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
