Maudore Reports an Exceptional Intercept of 673.0 g/t Gold (greater than 19 oz/t) over 0.5m from the Potential Eastern Extension of the Company's Resource
MONTREAL, QUEBEC -- (Marketwire) -- 11/01/11 -- Maudore Minerals Ltd. (TSX VENTURE: MAO)(OTCBB: MAOMF)(FRANKFURT: M6L) is very pleased to report an exceptional intercept of 673.0 g/t gold (greater than 19 oz/ton) over 0.5m obtained outside the Osbell Resource area. Maudore is also pleased to report several other new significant results from ongoing exploration and drilling on the Comtois property located in Lebel-sur-Quevillon, north of Val-d'Or, Quebec, Canada. CEO Ron Shorr said, 'These positive drilling results follow Maudore's Oct 26 press release which discussed numerous strategies to enhance shareholder value; one drilling strategy was to extend the known 1.8km Osbell strike length. These results go a long way toward fulfilling that goal. The 673 g/t intercept is our second best ever, and is not even within our resource area.'
COMTOIS EXPLORATION - OUTSIDE RESOURCE AREA
Eastern Extension
Exploration drilling has led to an exceptional drill intercept of:
-- 673.0 g/t gold (over 19 oz/t) over 0.5m (COM-11-795), from 271.5 to
272.0m depth, included within 153.2 g/t gold over 2.2m (core length, but
with an estimated true width of about 1.75m)
In drill hole COM-11-795, mineralization (disseminated sulphides and visible gold) is hosted within altered mafic volcanic rock with similar characteristics to known mineralized mafic rocks in the Osbell Resource area. Ron Shorr, Maudore's CEO noted that, 'This is a phenomenal start to our efforts to expand the resource laterally; we anxiously await confirmation from other drill holes in this area.'
This new high-grade intercept is located on the Potential Eastern Extension Trend of the Osbell Resource, approximately 285m south of Camten (refer to Figure 1). Drill hole COM-11-795 was following up results of anomalous gold values obtained in the same sequence of altered and mineralized volcanic rocks located 100m apart (3.7 g/t gold over 0.5m included within a broader zone of 0.7 g/t gold over 5.5m; COM-11-716). Many assays are still pending from this area.
The Potential Eastern Extension Trend goes from the current eastern end of the Osbell Resource area and reaches the Greer Showing (refer to Figure 1 - 3.9 g/t gold over 2.0m: COM-97-26), located 2km SSW from Osbell.
Western Extension
While it is too early to report on holes in progress in the Potential Western Extension, this trend was already known for its Volcanogenic Massive Sulphides (VMS) occurrences such as: prior VMS intercepts of 6.1m (COM-10-554) and 16.1m (COM-10-415) and anomalous base metals values of 5.7% zinc and 1.4% lead (COM-09-262). This area, adjacent to the resource was previously identified as a prime target area for potential gold-bearing VMS (refer to N.I. 43-101 Technical Report filed on SEDAR).
Results from drilling on the Potential Western Extension indicate the possible gold potential of the Western Extension trend as far as 2.1km north of the Osbell Resource area, where 1.6 g/t gold over 0.5m (COM-11-730) was just recently obtained within a broader sequence of altered and mineralized felsic volcanic rock.
Also, sphalerite veining intercepts 500m further north in another recent drill hole COM-11-751 (14.2% zinc over 0.5m included within 6.8% zinc over 2.0m) which is similar to mineralization at the eastern end of the Osbell Resource area (i.e. Camten area). In the Camten area, zinc values have reached 12.5% zinc over 1.5m (as in last year's hole COM-10-558).
While zinc, in itself, is of little interest to Maudore, its appearance as an element in these drill holes reinforce potential for gold-bearing VMS mineralization, a similar geological setting to the Doyon-Bousquet-LaRonde area.
COMTOIS - OSBELL RESOURCE AREA
The Osbell Resource area continues to provide high grade intercepts and broad mineralized intervals over the entire Osbell trend (refer to Table 1 and Figure 1 for detailed results).
Drill Results greater than 15 g/t gold
-- 59.7 g/t gold over 1.0m and 85.1 g/t gold over 0.8m, from 137.7 to
139.5m (near surface), included within 7.8 g/t gold over 20.9m (Midway
area, section 1975 E).
-- 38.8 g/t gold over 0.8m, 57.9 g/t gold over 0.6m, 15.7 g/t gold over
0.9m and 40.4 g/t gold over 1.0m (COM-11-679), from 200.1 to 203.4m,
included within 16.2 g/t gold over 7.9m (Osborne area, section 2175 E).
-- 34.0 g/t gold over 0.7m (COM-11-688), from 44.3 to 45.0m (at surface),
included within 11.0 g/t gold over 2.2m (Osborne area, section 2225 E).
-- 18.4 g/t gold over 1.5m (COM-11-652), from 24.0 to 25.5m (at surface),
included within 7.1 g/t gold over 4.5m (Midway area, section 1900 E).
-- 17.7 g/t gold over 0.5m (COM-11-662), from 93.8 to 95.2m (near surface),
included within 6.4 g/t gold over 1.4m (Midway area, section 1950 E).
New Broad Mineralized Intervals (greater than 5m)
Broad mineralized intervals (greater than 5m) were also obtained; with some including the new high grade drilling results as well as lower grade intercepts making broader zones close to the surface in the Bell area:
-- 7.8 g/t gold over 20.9m (COM-11-653), from 122.8 to 143.7m (near
surface), West of Osborne, section 1975 E.
-- 3.2 g/t gold over 12.0m (COM-11-652), from 16.5 to 28.5m (at surface),
Midway area, section 1900 E.
-- 2.0 g/t gold over 12.0m (COM-11-652), from 135.0 to 147.0m (near
surface), Midway area, section 1900 E.
-- 1.7 g/t gold over 27.0m (COM-11-726), from 106.5 to 133.5m (near
surface), Bell area, section 1275 E.
NOTE: Gold grades (g/t Au) are expressed uncut and over core length. In most cases, core length and true width are close to being the same given the dip of the drill hole and the strike and dip of the mineralized zone. Estimated true widths are in the range of 80% of the core length. Values were rounded at 1 decimal point.
On-going Drilling Program
Four drill rigs have been active on Maudore's properties. One rig remains on the Osbell resource area developing potential new ounces at depth while others are currently drilling adjacent potential areas surrounding the Osbell resource area (i.e. Potential Eastern and Western Extensions), and at times will be working on the exploration properties far to the West of the resource.
Quality Assurance and Quality Control (QA/QC)
Maudore's exploration program is supervised by Alain Carrier, M.Sc., P.Geo., of InnovExplo Inc., a consulting firm based in Val-d'Or (Quebec). Alain Carrier is a Qualified and Independent Person as defined under Regulation 43-101 guidelines. Comtois exploration is conducted under strict QA/QC protocols including mineralized standards, blanks and field duplicates. Half of all sampled core is retained for future reference, and assaying is performed by ALS Chemex laboratories in Val-d'Or (Qc) and Timmins (ON) (fire assay with AA finish and gravimetric finish for results above 3 g/t Au).
The values for the 673.0 g/t gold sample and surrounding samples were obtained by Metallic Sieve assay protocol (total pulverization, screening, multiple assays and weighted average of the coarser and finer fractions).
About Maudore Minerals Ltd.
Maudore owns 100% of the Comtois Gold Project in Quebec. Infrastructure is excellent: a highway; accessibility to North America's lowest cost power (a few kilometers away); plenty of nearby water, and a mining oriented local workforce. Quebec is consistently ranked among the best locations worldwide for mineral exploration. Maudore also owns a large land area west of Comtois with volcanogenic gold/massive sulphide (VMS) potential. VMS gold deposits are more common in Quebec than anywhere else in the world. Maudore's total land package, now over 90,000 hectares (223,000 acres or 349 sq. mi), is larger than New York City.
The current Inferred Mineral Resource (August 15, 2010) at Comtois is 8,126,000 tons grading 4.6 g/t Au totalling 1,212,000 Oz Gold, divided into a resource grading 3.2 g/t Au to 150m depth with open pit potential, and an underground resource grading 6.8 g/t Au. The estimate used a capping value of 65 g/t Au. For comparative purposes, the uncut resource is 1,400,000 oz. gold. Maudore has reported numerous intercepts substantially above the 65 g/t cut off; examples include 1195 g/t Au over 0.5m within 393.8 g/t over 1.5m; the 673 g/t hole reported in this Release; 496 g/t Au over 0.5m within 141.5 g/t over 2.1m and 453.5 g/t Au over 0.5m within 153.8 g/t Au over 1.5m.
Maudore has one of the most aggressive drilling efforts of any mining exploration company, with over 80,000 meters, all diamond core, completed in 2010 and similar amounts expected in 2011 and 2012. As well as aggressive drilling, Maudore is very active on other fronts: updating the current 43-101 resource; metallurgical test work; environmental baseline studies and community relations.
The Company only has 25 million shares outstanding with 28.2 million shares fully diluted. Insiders and institutions hold about 75% of the shares. Cost effective financing in Quebec has allowed the company to raise all of 2010's financial requirements at 55% to 92% premiums to share price, thus minimizing dilution.
On behalf of the Board of Directors of Maudore Minerals Ltd.:
Ronald Shorr, Chief Executive Officer
Statements in this release that are not historical facts are 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian Securities laws. Forward-looking statements involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of the general economic conditions, industry conditions, dependence upon regulatory approvals and the availability of financing. Readers are cautioned that any such statements are not guarantees of future performance and that the actual developments or results may vary materially from those in these 'forward-looking statements'.
Table 1 - New significant drilling results, Comtois project
COMTOIS EXPLORATION - OUTSIDE RESOURCE AREA
----------------------------------------------------------------------------
From To Core Gold High grade Weighted
Drill Hole Section (m) (m) length (g/t) interval average
----------------------------------------------------------------------------
EASTERN EXTENSION - POTENTIAL TREND
----------------------------------------------------------------------------
COM-11-716 Explo 251.0 251.5 0.5 2.8 2.8 g/t Au 0.7 g/t Au
over 0.5m over 5.5m
-----------------------------------------
251.5 252.5 1.0 0.0
----------------------------
252.5 253.5 1.0 0.3
----------------------------
253.5 255.0 1.5 0.0
-----------------------------------------
256.0 256.5 0.5 3.7 3.7 g/t over
0.5m
----------------------------------------------------------------------------
COM-11-795 Explo 270.5 271.5 1.0 0.1 153.2 g/t Au
over 2.2m
-----------------------------------------
271.5 272.0 0.5 673.0 673.0 g/t Au
over 0.5m
-----------------------------------------
272.0 272.7 0.7 0.7
----------------------------------------------------------------------------
WESTERN EXTENSION - POTENTIAL TREND
----------------------------------------------------------------------------
COM-11-730 Explo 93.9 94.4 0.5 1.6 1.6 g/t Au
over 0.5m
----------------------------------------------------------------------------
Drill Hole Zinc
(%)
----------------------------------------------------------------------------
COM-11-751 Explo 244.7 245.3 0.6 1.6 6.8 % Zn
over 2.0m
-----------------------------------------
245.3 245.8 0.5 14.2 14.2 % Zn
over 0.5m
-----------------------------------------
245.8 246.3 0.5 3.9
----------------------------
246.3 246.8 0.5 8.8
----------------------------------------------------------------------------
COMTOIS - RESOURCE AREA
----------------------------------------------------------------------------
From To Core Gold High grade Weighted
Drill Hole Section (m) (m) length (g/t) interval average
----------------------------------------------------------------------------
BELL AREA
----------------------------------------------------------------------------
COM-11-706 1225 E 194.5 195.0 0.5 14.5 14.5 g/t Au 4.9 g/t Au
over 0.5m over 1.5m
-----------------------------------------
195.0 196.0 1.0 0.2
----------------------------------------------------------------------------
COM-11-714 1250 E 68.1 69.0 0.9 0.6 4.9 g/t Au
over 1.6m
-----------------------------------------
69.0 69.7 0.7 10.4 10.4 g/t Au
over 0.7m
------------------------------------------------------
155.2 155.7 0.5 2.8 3.1 g/t Au
over 2.8m
----------------------------
156.5 157.5 1.0 0.4
-----------------------------------------
157.5 158.0 0.5 13.5 13.5 g/t Au
over 0.5m
----------------------------------------------------------------------------
COM-11-726 1275 E 106.5 108.0 1.5 1.5 1.7 g/t Au
over 27.0m
----------------------------
108.0 108.6 0.6 1.1
----------------------------
108.6 109.1 0.5 2.6
----------------------------
109.1 109.6 0.5 1.8
----------------------------
109.6 111.0 1.4 2.5
----------------------------
111.0 112.5 1.5 1.8
----------------------------
112.5 114.0 1.5 1.4
----------------------------
114.0 115.5 1.5 1.4
----------------------------
115.5 117.0 1.5 1.6
----------------------------
117.0 117.9 0.9 1.3
----------------------------
117.9 118.8 0.9 1.6
----------------------------
121.9 123.0 1.1 1.0
----------------------------
123.0 124.5 1.5 2.4
----------------------------
124.5 125.8 1.3 2.8
----------------------------
125.8 126.9 1.1 0.8
----------------------------
126.9 128.3 1.4 1.1
-----------------------------------------
130.2 130.8 0.6 7.5 6.9 g/t Au
over 1.8m
----------------------------
130.8 132.0 1.2 6.5
-----------------------------------------
132.0 133.5 1.5 1.7
----------------------------------------------------------------------------
COM-11-728 1275 E 12.0 13.5 1.5 1.6 1.0 g/t Au
over 21.8m
----------------------------
13.5 15.0 1.5 1.3
----------------------------
15.0 16.2 1.2 1.3
----------------------------
16.2 17.5 1.3 0.7
----------------------------
20.0 20.8 0.8 1.7
----------------------------
20.8 21.7 0.9 2.7
----------------------------
21.7 22.3 0.6 0.9
----------------------------
22.3 22.8 0.5 1.3
----------------------------
22.8 24.0 1.2 0.9
----------------------------
24.0 25.5 1.5 1.4
----------------------------
25.5 27.0 1.5 0.8
----------------------------
27.0 27.7 0.7 0.4
----------------------------
30.6 31.4 0.8 1.4
----------------------------
31.4 32.3 0.9 3.0
----------------------------
32.3 33.8 1.5 1.1
----------------------------------------------------------------------------
MIDWAY AREA
----------------------------------------------------------------------------
COM-11-652 1900 E 16.5 17.0 0.5 2.3 3.2 g/t Au
over 12.0m
----------------------------
17.0 18.0 1.0 0.3
----------------------------
19.1 20.0 0.9 2.1
----------------------------
20.0 21.0 1.0 2.0
----------------------------
21.0 21.7 0.7 1.5
-----------------------------------------
24.0 25.5 1.5 18.4 7.1 g/t Au
over 4.5m
----------------------------
25.5 27.0 1.5 1.0
----------------------------
27.0 28.5 1.5 1.8
------------------------------------------------------
135.0 136.5 1.5 2.7 2.0 g/t Au
over 12.0m
----------------------------
136.5 137.3 0.8 2.4
----------------------------
137.3 138.0 0.7 2.0
----------------------------
138.0 139.5 1.5 1.5
----------------------------
139.5 141.0 1.5 0.7
----------------------------
141.0 142.5 1.5 1.5
----------------------------
142.5 144.0 1.5 2.8
----------------------------
144.0 145.5 1.5 1.6
----------------------------
145.5 147.0 1.5 2.7
----------------------------------------------------------------------------
COM-11-686 1900 E 251.3 252.1 0.8 12.3 12.3 g/t Au 7.5 g/t Au
over 0.8m over 1.6m
-----------------------------------------
252.1 252.9 0.8 2.6
------------------------------------------------------
261.1 261.8 0.7 2.2 8.0 g/t Au
over 1.5m
-----------------------------------------
261.8 262.6 0.8 13.0 13.0 g/t Au
over 0.8m
----------------------------------------------------------------------------
WEST OF OSBORNE AREA
----------------------------------------------------------------------------
COM-11-653 1975 E 122.8 124.0 1.2 4.9 7.8 g/t Au
over 20.9m
----------------------------
124.0 125.0 1.0 1.0
----------------------------
125.0 126.0 1.0 1.8
----------------------------
126.0 126.9 0.9 0.7
----------------------------
129.0 130.5 1.5 3.0
----------------------------
130.5 131.8 1.3 2.9
----------------------------
132.3 133.2 0.9 2.3
----------------------------
133.7 134.2 0.5 2.9
-----------------------------------------
137.7 138.7 1.0 59.7 31.7 g/t Au
over 4.3m
----------------------------
138.7 139.5 0.8 85.1
----------------------------
141.1 142.0 0.9 9.7
-----------------------------------------
142.0 142.7 0.7 3.1
----------------------------
142.7 143.2 0.5 3.7
----------------------------
143.2 143.7 0.5 1.5
----------------------------------------------------------------------------
COM-11-662 1950 E 93.8 94.3 0.5 17.7 17.7 g/t Au 6.4 g/t Au
over 0.5m over 1.4m
-----------------------------------------
94.3 95.2 0.9 0.1
----------------------------------------------------------------------------
OSBORNE AREA
----------------------------------------------------------------------------
COM-11-679 2175 E 196.0 196.5 0.5 1.7 16.2 g/t Au
over 7.9m
----------------------------
196.5 197.1 0.6 1.4
----------------------------
199.2 200.1 0.9 2.6
-----------------------------------------
200.1 200.9 0.8 38.8 32.5 g/t Au
over 3.8m
----------------------------
200.9 201.5 0.6 57.9
----------------------------
201.5 202.4 0.9 15.7
----------------------------
202.4 203.4 1.0 40.4
----------------------------
203.4 203.9 0.5 6.8
----------------------------------------------------------------------------
COM-11-688 2225 E 44.3 45.0 0.7 34.0 34.0 g/t Au 11.0 gt Au
over 0.7m over 2.2m
-----------------------------------------
45.0 46.5 1.5 0.3
----------------------------------------------------------------------------
COM-11-712 2400 E 143.0 144.0 1.0 1.5 3.2 g/t Au
over 6.6m
----------------------------
144.0 145.5 1.5 0.0
-----------------------------------------
145.5 146.6 1.1 11.2 11.2 g/t Au
over 1.1m
-----------------------------------------
146.6 148.0 1.4 0.1
----------------------------
148.0 149.0 1.0 6.5
----------------------------
149.0 149.6 0.6 1.7
----------------------------------------------------------------------------
EAST OF OSBORNE AREA
----------------------------------------------------------------------------
COM-11-707 2800 E 19.5 21.0 1.5 1.8 4.6 g/t Au
over 4.5m
-----------------------------------------
21.0 22.5 1.5 10.2 10.2 g/t Au
over 1.5m
-----------------------------------------
22.5 24.0 1.5 1.9
----------------------------------------------------------------------------
Gold grades (g/t Au) are expressed uncut and over core length.
In most cases, core length and true width are close to being the same given
the dip of the drill hole and the strike and dip of the mineralized zone.
Identification of the mineralized zone is based on a preliminary
interpretation using plan and cross-sectional representations.
Values were rounded at 1 decimal point.
----------------------------------------------------------------------------
To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/1101mao1.jpg
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Neither the 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 news release.
Contacts:
Maudore Minerals Ltd.
Ronald Shorr
Chief Executive Officer
514-761-1415
208-474-1560 (FAX)
info@maudore.com
www.maudore.com
