Medoro Intersects 180.0 Metres of 1.041 g/t Au and 201.63 Metres of 0.818 g/t Au at Its Marmato Project in Colombia Further Good Gold Grades Over Significant Widths Continue to Confirm the Resource Potential at Marmato
Further Good Gold Grades Over Significant Widths Continue to Confirm the Resource Potential at Marmato
TORONTO, ONTARIO -- (Marketwire) -- 07/27/10 -- Medoro Resources Ltd. (TSX VENTURE: MRS) is pleased to announce drill results from a further 30 drill holes at its exploration and in-fill drilling program at the Marmato Project in Colombia. These results include the longest intersection widths reported to date and continue to provide further confidence in Medoro's geological resource model. These drill holes are part of the ongoing 90,000 metre drilling program, which is aimed at expanding and upgrading the current measured and indicated gold resource estimate of 7.5 million ounces, and the additional 2.2 million ounce inferred resource estimate.(1)
Highlighted intersections include the following holes:
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From Intersection
Drill Hole (metres) To (metres) (metres) Grade g/t Au Grade g/t Ag
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MT-1214-A 163.00 343.00 180.0 1.041 4.0
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MT-1239-A 451.50 549.95 98.45 1.215 5.3
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MT-1247 130.55 244.00 113.45 0.788 3.6
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MT-1248 21.00 117.08 96.08 1.306 8.6
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MT-1249 126.95 328.58 201.63 0.818 8.7
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All of the above holes were planned as either in-fill holes or step-out holes and were drilled from surface in the Zona Alta and Echandia areas of the Marmato Project.
John Hick, President and CEO of Medoro, commented: 'We are experiencing consistently good results from this drilling program, which continue to confirm our geological model. The gold zone is open to the southeast and the northwest and to depth, and we look forward to further expanding the resources in these areas as the drilling program progresses. The underground part of the program has now started with one rig, and another three rigs will be added in August. This will enable us to start drilling previously inaccessible areas and to more efficiently drill deeper areas of the deposit which is open to depth.'
This drilling program commenced in January 2010 and is scheduled to finish in mid-2011. The drilling program will include both surface and underground drilling. There are now 10 drill rigs in operation at surface, plus one more underground. Another three underground drill rigs are scheduled to arrive at site in August, which will bring the total number of rigs to 14.
The Marmato Project is one gold deposit comprised of the three contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover 1,198 hectares in Caldas, Colombia. The Marmato Project currently has a measured and indicated mineral resource of approximately 7.5 million ounces of gold in a total of approximately 245 million tonnes of material with an average grade of 0.95 g/t Au, and an additional inferred resource of approximately 2.2 million ounces of gold in a total of approximately 76 million tonnes of material with an average grade of 0.92 g/t Au, plus additional silver resources, all as set out in the NI 43-101 technical report(1) in respect of the Marmato Project resource estimate, which was filed on SEDAR on April 22, 2010 (the 'Technical Report'; see the Company's press release dated April 22, 2010).
The table below sets out the full drilling results for the 30 drill holes referred to in this press release representing a total of 12,158 m of drilling. A total of 62 drill holes have been completed and reported on to date for a total of 20,866 m of drilling. All of the results to date, together with a map showing the locations of the drill holes, are available on the Company's website at www.medororesources.com.
The total number of metres drilled to date is 30,037.93 m in 80 holes, including twin holes, 8 holes for which the Company is awaiting assay results and the 10 drill holes which are currently in progress.
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Inclination Total depth
Drill Hole Azimuth (degrees) (degrees) (metres)
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MT-1214-A 215 -50 450.18
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and
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and
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and
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MT-1231 215 -60 692.00
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and
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and
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and
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and
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and
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MT-1234 215 -60 586.74
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and
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and
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MT-1235 215 -50 48.04
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MT-1235-A 215 -50 500.52
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and
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and
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and
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MT-1236 215 -75 353.72
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and
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MT-1237 215 -55 420.00
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MT-1238 215 -45 457.48
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and
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MT-1239 215 -60 153.31
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and
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and
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MT-1239-A 215 -60 551.73
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and
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and
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MT-1240 215 -45 425.50
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and
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and
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MT-1241 215 -75 303.27
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and
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MT-1242 35 -45 416.05
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MT-1243 215 -55 542.50
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and
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and
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and
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MT-1244 215 -50 418.49
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and
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MT-1245 215 -70 423.50
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MT-1246 35 -60 450.04
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and
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MT-1247 35 -45 400.81
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and
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MT-1248 215 -70 451.10
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MT-1249 215 -60 561.16
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and
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MT-1250 215 -60 272.30
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MT-1251 215 -45 250.00
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MT-1252 215 -45 400.20
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MT-1253 215 -55 455.67
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MT-1254 215 -50 304.14
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and
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and
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MT-1255 215 -45 400.81
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MT-1256 215 -60 410.30
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and
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and
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and
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MT-1257 215 -60 439.52
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and
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MT-1258 215 -75 251.46
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MT-1259 215 -60 367.89
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From Length Gold grade Silver grade
Drill Hole (metres) To (metres) (metres) (g/t) (g/t)
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MT-1214-A 92.00 136.00 44.00 0.928 7.3
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and 163.00 343.00 180.00 1.041 4.0
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and 350.61 402.45 51.84 3.705 6.5
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and 423.00 450.18 27.18 0.334 1.7
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MT-1231 224.20 255.88 31.68 1.544 4.0
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and 301.60 316.35 14.75 0.702 3.4
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and 373.26 422.55 49.29 0.553 3.5
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and 462.34 548.21 85.87 0.504 1.9
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and 579.62 587.35 7.73 0.311 2.8
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and 602.25 630.00 27.75 0.406 0.9
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MT-1234 150.50 162.28 11.78 0.448 4.8
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and 294.00 345.00 51.00 0.365 2.8
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and 490.42 502.00 11.58 1.277 4.5
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MT-1235 No significant intervals
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MT-1235-A 189.20 196.74 7.54 0.537 5.5
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and 331.95 371.00 39.05 0.932 3.3
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and 418.65 469.35 50.70 0.780 5.7
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and 493.00 500.00 7.00 0.483 2.4
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MT-1236 33.52 51.23 17.71 0.647 7.4
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and 313.00 324.30 11.30 0.487 1.0
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MT-1237 285.00 306.00 21.00 1.004 4.6
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MT-1238 0.00 66.00 66.00 1.009 10.5
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and 389.00 399.00 10.00 0.835 1.0
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MT-1239 26.30 37.90 11.60 0.812 12.2
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and 85.00 96.00 11.00 0.479 22.2
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and 137.55 143.70 6.15 0.619 8.5
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MT-1239-A 30.20 40.06 9.86 0.794 7.0
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and 416.65 438.00 21.35 0.818 3.5
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and 451.50 549.95 98.45 1.215 5.3
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MT-1240 259.90 280.63 20.73 0.906 4.5
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and 292.00 355.00 63.00 0.990 5.8
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and 371.50 410.00 38.50 0.388 1.1
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MT-1241 69.61 89.66 20.05 0.508 8.7
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and 268.00 282.00 14.00 0.303 1.0
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MT-1242 323.38 370.90 47.52 0.520 4.1
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MT-1243 127.72 144.00 16.28 0.898 4.5
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and 215.00 221.00 6.00 0.349 3.3
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and 229.00 235.00 6.00 0.684 2.0
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and 345.25 418.10 72.85 0.353 2.1
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and 444.50 501.00 56.50 0.463 5.3
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and 509.00 532.07 23.07 0.346 3.6
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MT-1244 115.00 124.00 9.00 0.929 40.1
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and 322.94 337.00 14.06 0.303 3.2
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and 346.50 354.00 7.50 1.021 5.5
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and 411.00 418.49 7.49 0.538 4.2
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MT-1245 No significant intervals
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MT-1246 94.83 107.00 12.17 0.688 7.1
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and 124.12 150.00 25.88 0.473 3.3
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and 286.51 335.00 48.49 0.541 3.1
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and 343.00 384.00 41.00 1.374 3.9
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and 406.80 445.00 38.20 0.873 3.3
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MT-1247 97.80 121.25 23.45 0.617 3.6
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and 130.55 244.00 113.45 0.788 3.6
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MT-1248 0.00 7.62 7.62 2.775 6.8
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and 21.00 117.08 96.08 1.306 8.6
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MT-1249 1.52 14.80 13.28 0.507 7.2
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and 108.00 117.10 9.10 0.898 3.0
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and 126.95 328.58 201.63 0.818 8.7
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and 418.00 429.00 11.00 0.408 2.5
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MT-1250 No significant intervals
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MT-1251 210.90 227.60 16.70 0.306 3.4
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MT-1252 235.50 241.80 6.30 1.112 146.4
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MT-1253 16.76 31.45 14.69 0.486 6.1
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MT-1254 0.00 10.66 10.66 0.915 13.6
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and 126.00 138.00 12.00 0.630 9.3
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and 186.00 277.00 91.00 0.805 5.6
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and 284.00 295.50 11.50 1.322 4.8
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MT-1255 No significant intervals
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MT-1256 157.00 164.38 7.38 1.123 6.7
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and 170.40 176.50 6.10 0.584 7.8
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and 199.60 210.00 9.40 0.329 3.0
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and 222.80 228.87 6.07 0.506 4.9
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and 287.70 305.45 17.75 0.589 2.3
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MT-1257 21.70 47.24 25.54 0.440 10.1
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and 107.65 124.00 16.35 0.348 6.6
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and 166.10 190.50 24.40 2.000 3.2
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and 196.80 216.90 20.10 0.529 2.1
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and 318.30 338.90 20.60 1.093 5.0
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MT-1258 0.00 15.24 15.24 1.936 39.3
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and 188.00 210.02 22.02 1.604 10.1
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and 220.00 240.00 20.00 0.498 3.1
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MT-1259 85.00 99.00 14.00 0.306 6.0
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and 125.00 153.00 28.00 0.463 3.9
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and 171.00 187.00 16.00 0.680 2.5
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and 256.00 287.00 31.00 2.025 9.2
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and 311.60 333.25 21.65 0.338 2.3
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and 343.60 352.12 8.52 0.752 7.1
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The drill holes were inclined at 45 to 70 degrees from horizontal and the intersection lengths do not represent the true widths. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.10 g/t gold and no more than 6.0 metres of internal dilution, with no top cutting of grades applied. Assay results are reported in the table above a minimum average grade of 0.3 g/t gold. Voids from old mine workings were identified and assigned a zero grade.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and in-fill drilling program at its Marmato Project to upgrade and expand its gold resources there.
Medoro has signed an agreement with Gran Colombia Gold S.A. giving it a 5% carried interest in Frontino Gold Mines Limited (when acquired by Gran Colombia) and a right for one year from the closing of the acquisition to increase its interest in Frontino to 50%.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.
(1)Qualified Persons/Quality Assurance/Quality Control
Stewart D. Redwood, Senior Consulting Geologist to Medoro, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release in respect of the drilling results from the Marmato Project. Dr. Redwood is a Fellow of the Institute of Materials, Minerals and Mining (Number 47017), a professional association and designation recognised by the Canadian regulatory authorities. Dr. Redwood verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Marmato Project resource estimates and also prepared the Technical Report, entitled 'Technical Report Medoro Resources Ltd. Marmato Project, Department of Caldas, Republic of Colombia' dated March 5, 2010. Mr. Wilson is an independent qualified person as defined by NI 43-101. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the Marmato Project, please refer to the Technical Report.
Mr. Wilson verified the data disclosed in the Technical Report, including the sampling, analytical and test data underlying the information contained therein. Verification included a review and validation of the applicable assay databases, reviews of assay certificates and a review of check and replicate assays.
Sample Preparation, Assays, QA/QC
In the case of the drilling results referred to herein, the samples were prepared by Acme Analytical Laboratories Ltd (ISO 9001:2008) at their sample preparation facility in Medellin, Colombia, and were assayed at their laboratory in Santiago, Chile. Gold was assayed by fire assay with atomic absorption spectrophotometer ('AAS') finish. Samples over 10 g/t were assayed by fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 100 g/t were assayed by fire assay with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
In the case of the resource estimate and Technical Report by Scott E. Wilson Consulting Inc., the samples were prepared by Inspectorate America Corporation (ISO 9001:2000 and 9002:2004 certified) at sample preparation facilities in Medellin, Colombia, and Reno, Nevada, and were assayed at their laboratories in Reno and Lima, Peru. Gold was assayed by fire assay with gravimetric or atomic absorption spectrophotometer ('AAS') finish. Silver was assayed by AAS finish or analyzed by ICP with a suite of multi-elements. Additional laboratories used were SGS Lakefield Research Ltd. in Medellin, Colombia (preparation) and Lima, Peru (analysis), and ALS Chemex in Reno, Nevada (analysis) using the same analytical methods. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
This news release contains 'forward-looking information', which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither 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 release.
Contacts:
Medoro Resources Ltd.
John Hick
President & CEO
(416) 603-4653
Medoro Resources Ltd.
Linda Dorrington
Director, Investor Relations
(416) 603-4653