Cream Minerals hit good intercepts at Nuevo Milenio

Assay results from two additional drill holes of a five-hole program at Cream Minerals’ (CMA-V, CRMXF-O) Nuevo Milenio epithermal silver-gold project in Mexico returned 1,886 grams silver per tonne and 6.18 grams gold per tonne over 3.1 metres, the company says.

Drill hole 10-04 intersected 4 metres (2.92 metres estimated true width) averaging 1,299 grams silver and 4.27 grams gold.

Drill hole 10-03 cut 9.8 metres (7.0 metres estimated true width) averaging 31.6 grams silver and 0.94 gram gold.

Earlier this month Cream Minerals released assay results for drill holes 10-01 and 10-02. All four of the holes tested the Dos Hornos-Veta Tomas vein system over a strike length of about 850 metres, with drill-hole spacing from 225 metres to 380 metres.

On March 2, assay results from drill hole 10-01 revealed 12.0 metres (8.6 metres estimated true width) averaging 239.5 grams silver and 0.94 gram gold.

Drill hole 10-02 cut 11.0 metres (7.8 metres estimated true width) averaging 103 grams silver and 0.45 gram gold, including 2.8 metres (2 metres estimated true width) grading 262.9 grams silver and 1.50 grams gold.

Cream Minerals’ 100%-owned Nuevo Milenio silver-gold project is 27 km from Tepic, the capital of Nayarit state. Tepic is a commercial centre about 150 km northeast of the coastal resort town of Puerto Vallarta.

In July 2009, Cream Minerals signed a binding letter of intent with Roca Mines (ROK-V) to option Nuevo Milenio. Under the terms of the agreement, Roca has committed to exploration expenditures of US$12 million over a four-year term ending in July 2013. If Roca completes the US$12 million in exploration expenditures it can earn a 50% interest in the project. Roca then has the option to earn a further 20% for a total 70% stake if it completes a positive feasibility study before the end of November 2016.

Nuevo Milenio is a low-sulphidation, epithermal precious metal prospect containing gold-silver mineralization in quartz veins and in quartz stockwork zones within an area of Miocene volcanics in a collapsed caldera structure.

Cream Minerals started exploring Nuevo Milenio in 2000 and has identified four areas of mineralization: Veta Tomas, Dos Hornos, Once Bocas and Chacuaco-Cafetal.

In June 2009, Cream Minerals made a new discovery about 500 metres southeast of the high-grade silver-gold Veta Tomas vein. A channel sample yielded assays of 0.95 gram gold and 452 grams silver.

The company believes the new discovery may be a fault segment of the high-grade silver-gold Veta Tomas structure and if this assumption is correct, it would extend the known strike length of the Veta Tomas-Dos Hornos zones from 1,300 metres to 1,800 metres.

At presstime, Cream Minerals’ shares were 10.5¢, trading in a 52- week band of 5.5¢-13.5¢. It has 64.65 million shares outstanding.