Maudore Minerals Ltd.: 354 g/t Gold Over 1.0m From Osbell Resource Area Plus Cluster of Encouraging Intercepts From Eastern Extension
MONTREAL, QUEBEC -- (Marketwire) -- 04/10/12 -- Maudore Minerals Ltd. (TSX VENTURE: MAO)(OTCBB: MAOMF)(FRANKFURT: M6L) is very pleased to report more excellent results from its Comtois property, located in Quebec. An intercept of 354.5 g/t gold over 1m was returned within the Osbell Resource Area. Drilling in the Potential Eastern Extension (The Greer, on the East side and south of the Osbell Resource Area) returned numerous intercepts clustered near the far end of the Extension.
"As our drilling efforts continue to turn up high grade holes," said Ron Shorr, Maudore's CEO. "The most exciting news is initial results from our Greer exploration (below). We now have sixteen intercepts in Greer on the Eastern Extension, -- including two new ones over twelve grams and two more over seven grams. All of the new intercepts are at less than 200m depth; thus there is near surface gold potential."
COMTOIS DRILLING - OUTSIDE RESOURCE AREA
Potential Eastern Extension (Greer Area)
This potential trend spreads along a 2.5km strike length, from the current eastern end of the Osbell Resource area past the original Greer Showing, (3.9 g/t gold over 2.0m: COM-97-26), located near the southwestern end of the potential extension. (Refer to Table 1 and Figure 1 for detailed results)
Results obtained proximate to the Greer Showing included two holes reporting over 12.0 g/t gold:
-- 12.9 g/t gold over 0.5m (COM-12-854) from 174.2 to 174.7m.
-- 12.0 g/t gold over 0.5m (COM-12-855) from 30.8 to 31.3m (near surface).
Also from the same area, two other gold results greater than 7.0 g/t gold were obtained:
-- 7.6 g/t gold over 0.5m from 186.5 to 187.0m (COM-12-853).
-- 7.5 g/t gold over 0.5m from 89.8 to 90.3m (COM-12-849) (near surface).
Other encouraging exploration drill results greater were obtained east of the Greer Showing:
-- 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);
All of these results are located within 500m of the Greer showing, both to the east and the west. Further assays are still pending along the trend.
COMTOIS DRILLING - RESOURCE AREA
The Osbell Resource area continues to yield high grade intercepts and broad mineralized intervals over the entire trend (refer to Table 1 and Figure 1 for detailed results).
Drill Result greater than 10 g/t gold
-- 354.5 g/t gold over 1.0m (COM-11-826), from 426.0 to 427.0m, Camten
Area, section 2775 E; (true width is estimated to be 0.8 m)
-- 29.8 g/t gold over 1.5m from 59.0 to 60.5m (near surface), included
within 15.1 g/t gold over 3.0m (COM-12-850, Bell Area, section 1225 E);
-- 27.8 g/t gold over 0.5m from 455.9 to 456.4m, included within 6.2 g/t
gold over 3.1m (COM-11-800, West of Osborne Area, section 1975 E);
-- 15.8 g/t gold over 0.6m from 162.1 to 162.7m, included within 1.4 g/t
gold over 16.8m (COM-11-824, Osborne Area, section 2250E);
-- 11.2 g/t gold over 0.5m from 127.0 to 127.5m, included within 3.0 g/t
gold over 2.0m (COM-11-842, East of Bell Area, section 1400 E);
New Broad Mineralized Intervals (greater than 5m)
Broad mineralized intervals (greater than 5m) were also obtained; with some including the newly announced high grade shallow drilling results, in the Osborne Area:
-- 1.5 g/t gold over 19.1m (COM-11-827A), from 162.7 to 181.8m, Osborne
Area, section 2250 E;
-- 1.4 g/t gold over 16.8m (COM-11-824), from 145.9 to 162.7m, Osborne
Area, section 2250 E;
-- 2.0 g/t gold over 5.3m (COM-11-811), from 143.4 to 148.7m, East of Bell
Area, section 1512.5 E;
Potential Western Extension
On the Potential Western Extension, Drill hole COM-12-860 has cut 1.2 g/t gold over 1.0m (from 337.5 to 338.5) in mineralized felsic volcanic rocks. This new significant gold result was obtained 800m south of the first gold intercept find in this area (1.6 g/t gold over 0.5m in drill hole COM-11-730) and indicating gold potential of the Potential Western Extension.
This area was already known for its Volcanogenic Massive Sulphides (VMS) occurrences such as for examples: VMS intercepts of 6.1m (COM-10-554) to 16.1m (COM-10-415) and anomalous base metals values of 5.7% zinc and 1.4% lead (COM-09-262). This area was previously identified as a prime target area for potential gold-bearing VMS (refer to N.I. 43-101 Technical Report).
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
Maudore currently has four drill rigs active 24/7 with near-term drilling focused on resource expansion at depth and exploration of the Potential Eastern and Western Extensions.
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).
First Nations
The Counsel of the First Nation of Abitibiwinni and the Counsel of the Nation of Anishnabe of Lac Simon have signed an Agreement in Principal with the Government of the Quebec. This agreement is a significant step in establishing a final agreement for a process on Consultation and Accommodation of both First Nations communities for mining projects on their traditional lands. As the Osbell resource is located on Algonquin traditional territory, Maudore sees this as a positive step for the future development of the project.
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, now 95,000 hectares (235,000 acres or 367 sq. mi), is larger than New York City.
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, the Company 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.
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".
To view the tables and map accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/MAOTabFig.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
208-474-1560 (FAX)
info@maudore.com
www.maudore.com