Copper Mineralization Extended on Cresval's Bridge River Project
Maps, technical reports and photos from the project are available on the company's website at www.cresval.com. The latest Assessment Report (including results from the 2009 work program) will be posted on the website once completed.
Previous Results from Three Copper Showings
The Bridge River project contains at least three copper porphyry showings: Nichol, Russnor and BR. All are hosted by the 12 x 5 kilometre (km) granitic Bridge River Pluton.
The Nichol showing, which covers a 600 by 400m zone, returned values of:
• 4.73% Cu, 32.8 g/t Ag, 0.16 g/t Au and 0.015% Mo over 1m, and 2.08% Cu over 4.5m from trenching
• 3.50% Cu, 34.3 g/t Ag, 0.079% Mo over 8.5m from drilling in 1961.
The Russnor showing, covering an intrusive breccia, returned values of:
• 1.38% Cu over 30.5m sampled from an old adit
• 0.57% Cu over 60m and 1.00% Cu over 16.2m and 0.30% Cu over 36.6m from drilling in 1961.
On the BR showing, previous trenching results include:
• 1.08% Cu, 0.05% Mo across 1m from quartz-sulphide veins;
• 0.14% Cu over 17m from 1960's trenching and 0.134% Cu over 9m from the bottom of DDH 71-1. Re-sampling of this trench in 2009 returned 0.25% Cu over 10m.
Mineralization Extended in 2009
The 2009 program extended the known mineralization at the BR showing into the plateau area to the north (Copper Plateau), which is an area more amenable to open pit mining. Results for the soil survey delineated a 450 by 300-750m copper-in-soil anomaly and returned a maximum value of 4120 ppm Cu. The anomaly remains open to the south and east. An isolated soil sample north of the grid returned 1260 ppm Cu, 35 ppb Au and 5.4 ppm Ag. The Trench results are available on the company's website
Significant trench results, limited by the length of the trench, are tabulated below.
Trench Width Cu
No. (m) %
TR09-1 1.35 0.69*
TR09-3 7.3 0.13*
TR09-4 1.8 0.45*
TR09-6 5.5 0.10*
TR09-7 1.0 0.36
TR09-9 2.8 0.84*
TR09-11 4.9 0.49*
TR09-13 1.0 0.19
TR09-14 3.0 0.49*
* denotes weighted average
Additional sampling from DDH71-1 on the BR showing returned 0.077% Cu over 31.5m (as a weighted average) from 121.0m to the bottom of the hole at 152.5m and included 0.115% Cu over 9.75m and 0.107% Cu over 12.3m.
Very Favorable Environment for Porphyry Deposits
The Bridge River project lies within a very favorable environment for discovery of a porphyry deposit due to:
1) widespread copper mineralization within the Bridge River Pluton
2) occurrence of mineralized and hydrothermally altered intrusive breccia bodies
3) presence of potassic and phyllic alteration
4) presence of silica-sulphide alteration and stockwork mineralization
5) the property's location within a known porphyry belt.
Regional Porphyry Occurrences
The property's potential is also supported by 13 copper gold, molybdenum porphyry occurrences documented within a belt 10-15 km north. In addition, the Poison Mountain developed prospect is located 60 km to the northeast and contains 280 million tonnes grading 0.261 % Cu, 0.142 g/t Au, 0.007% Mo and 0.514 g/t Ag delineated in one zone. This deposit is associated with an intrusion similar in age to the Bridge River Pluton.
Work Planned for 2010
An exploration program consisting of excavator trenching and diamond drilling on the Copper Plateau zone at the BR showing is planned during 2010. An airborne geophysical survey, to include magnetic, electromagnetic and radiometrics, is recommended over the entire Bridge River Pluton as is the completion of 1.6 km of trail access into the Russnor showing. This work will facilitate soil geochemical and geophysical surveys and drilling.
The Bridge River Project is the subject of a technical report dated March 22, 2006 by Jean Pautler, P. Geo., the Company's qualified person under NI 43-101 with respect to the technical disclosure concerning the property. The report is available on the company's website at www.cresval.com.
For further information please contact:
Jim Baylis or Charles Daley
Tel: 604-682-3701
On Behalf of the Board of Directors
Lee Ann Wolfin
President
This release has been prepared by management. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the corporations control which may cause actual results, performance or achievements of the corporation's to be materially different from the results, performance or expectation implied by these forward looking statements.
Corporate Update
provide the following corporate update:
Chief Financial Officer and Corporate Secretary
The Company has appointed Pamela Lynch, CMA, as the Company's Chief Financial Officer and Corporate Secretary. Ms. Lynch is a member of the Certified Management Accountant's Association. She has more than 10 years of management and accounting experience with both public and private entities. Most recently, Ms. Lynch has been the Chief Financial Officer and Corporate Secretary of a junior mining exploration company listed on the TSX Venture Exchange.
Stock Options Granted
The Board of Directors of the Company has granted an aggregate 388,000 incentive stock options exercisable at a price of $0.16 per common share for a period of five years to a director, an officer and a consultant. The
options were granted in accordance with a stock option plan adopted and approved by the shareholders of the Company at the Annual General Meeting held on July 3, 2008.
The option grant will be filed with the TSX Venture Exchange. Any securities issued pursuant to the exercise of stock options will be subject to a four-month hold period from the date of grant in accordance with securities
regulation.
For further information please contact Pamela Lynch, Tel: (778) 231-0996.
ON BEHALF OF THE BOARD
"Lee Ann Wolfin"
Lee Ann Wolfin, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
This press release contains "forward-looking statements. Forward-looking statements express, as at the time of this press release, the Company's plans, forecasts, projections, expectations or beliefs as to future events and results. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will
prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements.
Cresval Capital buys New Raven gold property in B.C.
The property comprises of an approximate area of 1,887 hectares. The area was not extensively prospected historically and prior to 1990 there was no record of showings in government files. The showings were founded in 1990 by Gary Polischuk by tracing the source of pyrite-bearing float which assayed at 12.21 grams per tonne (0.356 ounce per ton) gold and was found on the logging road which runs along the southern boundary of the claim group.
In a report by Chris J. Sampson, PEng, dated March 31, 2008, Mr. Sampson reported he first examined the property in August, 1990, and collected grab samples from mineralization in the quartz veins in place in various outcrop locations. Trenching programs in September, 1990, and November, 1990, subsequently identified three gold showings designated zones A, B and C.
In 1991, a further trenching program explored this area of geochemical anomalies and discovered a new gold-bearing structure designated zone D. The 1992 trenching program extended mineralization in zone D and discovered the zone E (located between zones A and B). The 1993 soil sampling extended the original grid to the east and indicated a north-south gold anomaly associated with altered greenstones, approximately parallel with the anomalies explored by the 1990 to 1992 trenching and drilling programs.
In his report dated March 31, 2008, Mr. Sampson recommends a diamond drill program using NQ-diameter core and a larger machine, using longer (100 metres, 330 feet), steeper (60 to 70 degrees) dipping holes in each zone B and C locality as they were not adequately explored by the drilling done in 1991. The zone D showing should also be explored at greater depth by a program of 100-metre HQ holes. A trenching program to further explore the geochemical soil anomalies located by the 1993 soil sampling programs is also recommended.
The company has commissioned Eagle Mapping Ltd. to prepare a 1:5000 scale orthophoto base map of the New Raven property in order to plan a diamond drilling program for the 2008 exploration field season.
The vendors of the property are Gary Polischuk and Frobisher Securities Inc., a private company owned and controlled by Louis Wolfin, chief executive officer and director of the company. Under the terms of the agreement, the company can acquire a 100-per-cent undivided interest in the property for $50,000 payable in equal parts to the vendors and 200,000 common shares at a deemed value of 16 cents per share payable to Mr. Polischuk, subject to TSX Venture Exchange acceptance.
The company intends to finance the acquisition and preliminary exploration work with cash on hand. For further information please contact Jim Baylis at 604-682-3701.
We seek Safe Harbor.
Cresval Capital grants options at 12 cents
Cresval Capital Corp. has granted 131,500 stock options at a price of 12 cents to directors and employees of the company exercisable until Nov. 22, 2012.
We seek Safe Harbor.
Shareholders Proxy
The Company has also engaged Leede Financial Markets Inc. (the "Agent") to complete on a commercially reasonable efforts basis, a public equity financing by way of Short Form Offering Document. The short form offering will consist of 3.0 million units (the "Units") at a price of $0.15 per Unit to raise gross proceeds of $450,000 to finance the first three phases of the recommended exploration work on the Bridge River Project. Each Unit will consist of one common share and one-half of a non-transferable share purchase warrant, each whole warrant will be exercisable to purchase an additional common share at $0.25 for one year. The Agent will receive a sales commission of 10% on the gross proceeds of the offering and an Agent's Option to purchase Units equal in number to 10% of the Units sold, exercisable at $0.15 per share for one year.
Completion of the transaction is subject to a number of conditions, including but not limited to, the Exchange's acceptance and the majority of the minority shareholders' approval. The transaction cannot close until the required shareholder approval is obtained.
ON BEHALF OF THE BOARD OF DIRECTORS
s/"Louis Wolfin"
Louis Wolfin, President
THE TSX VENTURE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE.