Maudore Minerals Ltd.: Drilling in Greer Gold Occurrence Yields 40.7 g/t Gold Over 0.7m (estimated true width 0.2m)
MONTREAL, QUEBEC -- (Marketwire) -- 06/25/12 -- Maudore Minerals Ltd. (TSX VENTURE: MAO)(OTCBB: MAOMF)(FRANKFURT: M6L) is pleased to report the highest gold values ever obtained on the Greer Gold Occurrence: 40.7 g/t gold over 0.7m (included within 14.5 g/t gold over 2.0m) and 19.0 g/t gold over 0.5m (included within 8.4 g/t gold over 1.4m), on the Comtois property located near Lebel-sur-Quevillon, north of Val-d'Or, Quebec, Canada.
"These results indicate that we are on the right track in our effort to determine the extent of gold deposits beyond our Osbell resource area. The Greer area may become an additional promising resource for Maudore," noted Ronald Shorr, CEO of Maudore. "We remain confident in our theory and hope that our large land holdings could become a district of gold deposits."
The twelve mineralized holes reported from the Greer Gold Occurrence presently cover a distance of 500m. Drill holes (COM-12-849, COM-12-853, COM-12-854 and COM-23-855) are located on the west side with (COM-11-823 and COM-11-828) on the east side of the occurrence. Additional assays are still pending from along the trend.
Greer Gold Occurrence - COM-12-886
Three significant intercepts from drill hole COM-12-886 were obtained at various depths:
-- 40.7 g/t Au (gold) over 0.7m (estimated true width of 0.2m) (included
within 14.5 g/t gold over 2.0m, (estimated true width of 0.7m)) at an
estimated depth from surface of only about 145m
-- 19.0 g/t gold over 0.5m (included within 8.4 g/t gold over 1.4m) at any
estimated depth from surface of only about 140m
-- 5.2 g/t gold over 0.6m (for more details refer to Table and Figures).
Drill hole COM-12-886 was purposely oriented in the opposite direction of previous holes on the Greer Gold Occurrence in order to confirm the dip of the mineralized zone. Based on the results of this hole and adjacent ones, hole COM-12-886 cuts the mineralized zone at a low angle and in this case core length is not representative of the true width. An intercept from 170.1m to 182.4m returning 3.5 g/t gold over 12.3m represents a zone with an estimated true width of 4 to 5m. The same interval can also be extended to 1.0 g/t gold over 44.8m representing a broader zone with an estimated true width of 16.4m. By drilling this hole in the opposite direction to prior holes, we can now confirm that in previous drill holes in the Greer area, the drill widths that were reported are reasonably close to true width.
Greer Gold Occurrence - Background
The Greer Gold Occurrence is located 1.9 km Southwest of the Osbell resource area (Figure 1) and is part of the current drilling program being conducted along the Potential Eastern Extension.
The Greer Gold Occurrence which has also been reported as the "Osborne Eastern Extension" in previous press releases, yielded 3.9 g/t gold over 2.0m in historical drill hole COM-97-26 and 1.2 g/t Au over 0.6m in hole COM-97-25. The style of mineralization (disseminated sulphides) is very similar to the type observed in the nearby Osbell gold deposit. (It is characterized by a felsic to intermediate volcaniclastic sequence that hosts the mineralization, which is present as trace to 5% disseminated pyrite with minor pyrrhotite and chalcopyrite. Volcanic units are altered to biotite and chlorite.)
Maudore's work in 2008 also identified several mineralized intervals including 3.2 g/t Au over 0.5m and 2.3 g/t Au over 1.0m in drill hole COM-08-188).
More recently (refer to press release of April 10, 2012), Maudore continued to obtain significant results from this area; gold results over 10.0 g/t gold were added in the Eastern Extension:
-- 12.9 g/t gold over 0.5 (COM-12-854) from 174.2 to 174.7m, included
within 1.2 g/t gold over 7.5m.
-- 12.0 g/t gold over 0.5m (COM-12-855) from 30.8 to 31.3m (near surface),
included within 1.8 g/t gold over 3.7m.
Also from the same area, two significant other gold results, greater than 5.0 g/t gold, were obtained:
-- 7.6 g/t gold over 0.5m from 186.5 to 187.0 (COM-12-853), included within
3.9 g/t gold over 1.0m.
-- 7.5 g/t gold over 0.5m from 89.8 to 90.3 (COM-12-849), included within
1.0 g/t gold over 4.8m (near surface).
Other significant exploration drill results greater were obtained East of the Greer Gold Occurrence:
-- 3.0 g/t gold over 1.5m from 187.5 to 189.0m, included within 1.6 g/t
gold over 3.0m (COM- 11-823);
-- 2.2 g/t gold over 1.0m (COM-11-828), from 53.0 to 54.0m (near surface);
-- 1.9 g/t gold over 0.5m from 135.5 to 136.0m, included within 1.3 g/t
gold over 1.5m (COM- 12-854);
-- 1.3 g/t gold over 0.5m (COM-12-853), from 140.8 to 141.3m;
-- 1.0 g/t gold over 0.5m from 102.5 to 103.0m (near surface) and 1.1 g/t
gold over 1.5m from 123.0 to 124.5m (COM-12-849);
On-going Drilling Program
Four drill rigs are currently active for Maudore - all on the Comtois Property. Two drills are currently drilling targets on and adjacent to the Osbell resource area on the Eastern and Western Extensions. The remaining two drills are drilling deep targets below the Osbell resource area.
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). Mr. Carrier has approved the technical information in this press release.
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; 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 is now 94,000 hectares (235,000 acres or 367 sq. mi).
Maudore drilled roughly 80,000 meters, all diamond core, in 2010 and 2011, with a similar amount planned for 2012. As well as this aggressive drilling program, Maudore is active on development fronts - mineral resource estimation, metallurgical test work, environmental baseline studies and community relations.
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 only 26.7 million shares outstanding with 30.3 million shares fully diluted. Insiders and institutions hold about 75% of the shares. Cost-effective financings in Quebec over the past year have allowed the Company to raise all of 2011's and 2012's financial requirements at 55% to 92% premiums to share price, thus minimizing dilution. Maudore has about $13 million cash on hand.
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 include, but are not limited to, statements with respect to Maudore's strategy, plans or future financial or operating performance or the possibility of defining future mineral deposits. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are characterized by words such as "plan," "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "could", "may" or "will" occur. 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 Maudore, including, but not limited to, the impact of the general economic conditions, inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with Maudore's expectations, accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, dependence upon regulatory approvals and the availability of financing and other related risks and uncertainties. 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".
Maudore undertakes no obligation to update forward-looking information except as required by applicable law. Such forward- looking information represents management's best judgment based on information currently available. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Table 1 - Drilling results - Greer Gold Occurrence, Eastern Potential
Extension (Comtois property)
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COMTOIS EXPLORATION - GREER GOLD OCCURRENCE
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Gold
From To Core (g/t High grade Weighted
Drill Hole Section (m) (m) length Au) interval average
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POTENTIAL EASTERN EXTENSION
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COM-12-886 G1500E 170.1 170.7 0.6 0.2
------------------------------
170.7 171.5 0.8 0.9
--------------------------------------------
171.5 172.4 0.9 2.6 8.4 g/t Au
over 1.4m
------------------------------
172.4 172.9 0.5 19.0
--------------------------------------------
172.9 174.4 1.5 0.5
------------------------------
174.4 175.9 1.5 0.1 3.5 g/t Au
over
------------------------------
175.9 177.4 1.5 0.1 12.3m
------------------------------
177.4 178.8 1.4 0.3
--------------------------------------------
178.8 180.1 1.3 0.4 14.5 g/t Au
over 2.0m
------------------------------
180.1 180.8 0.7 40.7
--------------------------------------------
180.8 181.6 0.8 0.1
------------------------------
181.6 182.4 0.8 0.5
----------------------------------------------------------
266.6 268.0 1.4 0.2
--------------------------------------------
268.0 268.6 0.6 5.2 5.2 g/t Au 1.2 g/t Au
over 0.6m over 3.3m
--------------------------------------------
268.6 269.9 1.3 0.4
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Gold grades (g/t Au) are expressed uncut and over core length. Estimated
true widths are approximately 1/3 as wide as the drill core length. Values
were rounded at 1 decimal point.
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To view Figure 1. - Comtois Property and Greer Gold Occurrence - Location Map, please visit the following link: http://media3.marketwire.com/docs/Figure_1Comtois_Property.pdf.
To view Figure 2. - Greer Gold Occurrence Drilling Results - Plan view and composite longitudinal view Map, please visit the following link: http://media3.marketwire.com/docs/Figure_2Greer_Gold_Occurrence.pdf.
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
info@maudore.com
www.maudore.com
