Feb 25 2011
Cresval Capital Corp. (TSX VENTURE:CRV) reports that the 2011 exploration program, consisting of an airborne geophysical survey over the entire Bridge River claim block followed by a 2500 metre drill program in 9 holes, with a minimum $500,000 budget has been approved and preparations are underway to start exploration immediately after spring break-up.
The 10,270 hectare Bridge River Project is situated in the Lillooet Mining Division, 40 km northwest of Goldbridge, British Columbia.
The Bridge River Project has the potential for the discovery of a bulk minable plutonic hosted porphyry copper-molybdenum-gold deposit. The project area encompasses three copper porphyry Minfile showings (Russnor, BR and Nichol), plus numerous other copper occurrences including Windy Copper, all hosted by the 14 by 5 km Bridge River Pluton. Windy Copper covers a plateau area with copper (Cu) mineralization exposed over a 1 km by 400 metre area, including maximum values of 5.31% Cu and 9.2 g/t Au, and a 1931 trench reported to contain 3.26% Cu over 9.1 meters and 0.44% Cu across 24.5 metres. The widespread copper mineralization, the occurrence of mineralized and hydrothermally altered intrusive breccia bodies and the indication of a pyritic halo in the Canyon area, all within the location of a known porphyry belt, are favorable for a discovery of this type of deposit.
The Company has been in negotiations with various service providers to complete a 1080 line kilometre airborne magnetic, electromagnetic and radiometric survey over the project area to commence as soon as weather and ground conditions permit. Interpretation of the survey will assist the Company in evaluating the entire copper rich Bridge River pluton, which is 30% covered by a thin veneer of younger basalts, and aid in prioritizing targets. A 9 hole, 2500 metre drill program has been proposed to test the mineralized Russnor Breccia along strike and at depth and to properly test the tenor of mineralization exposed at the Copper Plateau and the BR showings. Trail access and drill pads have been constructed on the Russnor and proposed drill pads have been located on the BR and Copper Plateau showings.
Two previous drill programs totaling 664 metres were completed in 1961 (Phelps Dodge) and 1969 targeting the Russnor showing area, which covers an intrusive breccia with values of 1.38% Cu over 30.5 metres from an old adit, and 0.57% Cu over 60 metres and 1.00% Cu over 16.2 metres from surface chip sampling. Hole 61-5 returned 0.30% Cu over 36.6 metres, including 0.51% Cu over 15.2 metres. Despite recovery problems significant copper values were obtained in hole 69-1, including 0.30% Cu over the entire 26.5 metre hole. In 2010 the Russnor showing was found to occur along the eastern edge of an open ended 1 km long by up to 600 metre wide copper-silver-gold±molybdenum soil anomaly, with maximum values of 985 ppm Cu, 81 ppb gold and 71.1 ppm molybdenum.
A total of 810 metres in four vertical holes were previously drilled on the BR portion of the Bridge River Project by Canex Placer in 1971, with 0.14% Cu over 17 metres reported from 1960's trenching. The drill results were not published but sampling of the split core from the bottom of DDH 71-1, stored on site, returned 0.13% Cu and 0.05% molybdenum over 9 metres. In 2009 a 450 by 550m copper soil anomaly was delineated on Copper Plateau (a plateau above the BR showing more amenable to open pit mining), with maximum values of 4120 ppm Cu and 75 ppb Au. Limited hand trenching yielded 0.49% Cu over 4.5 metres and 0.84% Cu over 2.8 metres, limited by the length of the trenches, and westerly to northwesterly trending, -50° dipping drill holes were found to be the optimal orientation to intersect mineralized fractures.
Two drill programs totaling 411.5 metres were completed in 1979 and 1981 at the Nichol showing, which covers an open ended 600 by 400 metre zone of copper mineralization. Historic intercepts include 6.1 metres of 2.56% Cu in hole 79-S1 and 8.5 metres of 3.5% Cu, 34.3 g/t silver, 0.079% molybdenum in hole 79-S2. The drilling was directed to intersect the higher grade "veins" and did not test the porphyry potential due to incomplete sampling. Sampling of 1930's trenches has returned significant results from the exposed wallrock of the veins, including 2.08% Cu over 4.5 metres in Trench 1. Discontinuity of the veins and disseminations of copper in the wallrock suggest that they may in fact represent silica-sulphide alteration that can occur in the core of a porphyry system.
"I am optimistic about the potential for discovery of a significant copper-gold-molybdenum deposit within this highly prospective pluton," states Lee Ann Wolfin, president and CEO of Cresval Capital Corp. "Prospecting continues to uncover new mineralization and the soil surveys suggest size potential".
Jean Pautler, P. Geo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this press release.