Thursday, 5 July 2012

Celeste Copper hits 0.51% tin over 14.86 metres at South Crofty

Celeste Copper Corp. (CVE:C) Thursday announced "very encouraging" drill results from its ongoing program at the South Crofty project in England, including five metres of 0.89% tin equivalent (Sn Eq) in hole DD1132.

The Canada-based tin and copper mining explorer reported that the latest results of the drill program, being carried out by Cornish Minerals Ltd. in the Dolcoath section of the South Crofty project include six drill holes completed in the latter part of 2011 and the first three drill holes of the 2012 program.

The holes are drilled from a decline and associated development 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 and separated from South Crofty by a major fault.

Highlights include significant results from holes DD1127 to DD129, holes DD132, 135 and 140 to 144, and holes DD1201, 02 and 04, which include results of eight metres at 0.51 per cent Sn Eq, 14.86 metres at 0.51 per cent Sn Eq and 5.78 metres at 0.61 per cent Sn Eq.

"Drill results in this area continue to be very encouraging, and show a continuity of mineralization in clearly defined structures, said Celeste Copper president and CEO Alan Shoesmith.

"Of great interest is the intercept of five metres of 0.89 per cent tin equivalent in hole DD1132. This intercept is within the zone of Dolcoath south lode which was worked previously at depth by the South Crofty Mine."

The notable intercept consists of several mineralized quartz veins with disseminated mineralisation in the chlorite and tourmaline altered wall rock. The company said that drilling has shown the granite hosted lode appears to continue up dip from the original workings and contains both tin and copper mineralisation.

Shoesmith added that the intercept in hole DD1202 is also "significant in showing continuity in the wide footwall mineralization associated with the previously mined Dolcoath main lode."

Celeste said that significant intercepts returned from holes DD1140 to DD1144; and DD1201, DD1202 and DD1204 drilled towards the south east to test the strike extensions of the Dolcoath South Branch lodes, indicate the continuation of this mineralized zone to the south west. 

In 2011, 44 diamond drill holes were completed by Cornish Minerals Ltd. and in July 2011 Celeste filed an NI 43-101 compliant technical report that defined a maiden inferred resource for the upper Dolcoath area of approximately 1.3 million tonnes at 0.44 per cent Sn, 1.08 per cent copper (Cu) and 0.66 per cent zinc (Zn), using a 0.3 per cent Sn Eq economic cutoff.

The company said that drilling has continued since, testing both to the north and to the south of the development and these results constitute infill and extensional drilling that will be used in an update of that resource due for release in mid-2012. 

Highlights from the previously-reported intervals include six metres at 1.65 per cent Sn Eq, 11.58 metres at 0.68 per cent Sn Eq and 12 metres at 0.75 per cent Sn Eq.

To date, Celeste reported that drilling has identified eight discrete main structures within the upper Dolcoath deposit area, along with a number of subordinate mineralized intercepts in between.

Celeste is a Canadian corporation currently focused on the acquisition of an interest in Cornish Minerals Limited 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.

Last month, the company announced the close of its $2.1 million private placement financing with Liberty Metals and Mining.

Liberty Metals & Mining Holdings, a wholly-owned subsidiary of the Boston-based Liberty Mutual Insurance, acquired ownership of over 23.3 million units at a price of nine cents each.

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