Maudore Minerals Ltd.-Gold Discovery Made 12km NW of the Osbell Resource Area: Comtois NW Gold Occurrence Yields 71.7 g/t Gold Over 1.2m (with Annual Meeting Update)
MONTREAL, QUEBEC -- (Marketwire) -- 06/06/12 -- Maudore Minerals Ltd. (TSX VENTURE: MAO)(OTCBB: MAOMF)(FRANKFURT: M6L) is pleased to report a new gold discovery, now named the Comtois NW Gold Occurrence, on its property located near Lebel-sur-Quevillon, north of Val-d'Or, Quebec, Canada.
Ron Shorr, the CEO of Maudore, said "I've always considered it a strong possibility that our property could host multiple gold deposits, as mining districts are common, particularly in the Abitibi Greenstone belt. Our new discovery goes a step towards validating this theory. We will continue to develop this new area and to seek others. This is the reason why we acquired a large highly prospective land package in the area."
Comtois NW - Drilling Results greater than 3 g/t gold
Nine (9) drilling results over 3.0 g/t gold were obtained from the Comtois NW Gold Occurrence; four (4) from the North Trend and five (5) from the South Trend:
-- 71.7 g/t gold over 1.2m (COM-12-872), from 159.0 to 160.2m, included
within 26.3 g/t gold over 3.3m, South Trend, section 1850 E;
-- 10.1 g/t gold over 0.5m (COM-12-874), from 75.0 to 75.5m, South Trend,
section 1925 E.
-- 7.2 g/t gold over 0.7m (COM-11-699), from 199.8 to 200.5m, North Trend,
section 2425 E;
-- 5.7 g/t gold over 1.0m (COM-12-872), from 205.3 to 206.3m, South Trend,
section 1825 E;
-- 4.8 g/t gold over 1.4m (COM-12-865), from 70.7 to 72.1m, North Trend,
section 2450 E;
-- 4.3 g/t gold over 1.5m (COM-12-874), from 70.6 to 72.1m, South Trend,
section 1925 E;
-- 3.8 g/t gold over 0.7m (COM-12-872), from 233.4 to 234.1m, South Trend,
section 1800 E;
-- 3.7 g/t gold over 1.0m (COM-12-864), from 82.0 to 83.0m, North Trend,
section 2525 E;
-- 3.7 g/t gold over 0.5m (COM-10-373), from 52.6 to 53.1m, North Trend,
section 2450 E;
Comtois NW - Broad Mineralized Volcanics Intervals (10m to 40m)
The Comtois NW Gold Occurrence is characterized by broad mineralized intervals (greater than 10m) of gold bearing altered felsic and mafic volcanic rocks; on four (4) intervals, two (2) are from the North Trend and two (2) are from the South Trend:
-- 0.8 g/t gold over 40.8m (COM-12-874), from 37.2 to 78.0m, South Trend,
section 1925 E.
-- 0.8 g/t gold over 11.0m (COM-11-699), from 191.0 to 202.0m, North Trend,
section 2425 E;
-- 0.6 g/t gold over 12.4m (COM-12-872), from 232.3 to 244.7m, South Trend,
section 1800 E;
-- 0.3 g/t gold over 33.9m (COM-10-373), from 52.1 to 86.0m, North Trend,
section 2450 E;
NOTE: Cross-section coordinates are from a local grid (refer to plan view on Figure 2). Gold grades (g/t Au) are expressed uncut and over core length. True width cannot be estimated at this stage because of uncertainties on strike and dip of the different mineralized zones. Values were rounded at 1 decimal point.
Comtois NW - Future Drilling
The Comtois NW Gold occurrence is currently under interpretation for additional drilling. Once the interpretation is complete, Maudore plans to return to the Comtois NW Gold occurrence as soon as access is available.
Comtois NW Gold Occurrence - Background
The Comtois NW Gold occurrence is located 12km NW of the Osbell Resource area (refer to Figure 1). This area is part of the new claims added to the Comtois property in November 2007. These claims were initially staked because of the potential for Volcanogenic Massive Sulphide (VMS) mineralization and for Osbell-type gold mineralization (i.e. synvolcanic disseminated deposits). At a more local scale, the area was characterized by some isolated conductors (Input anomalies) and the presence of a NW-SE-oriented regional lineament.
In 2009, Maudore conducted field surveys using Beep Mat and VLF geophysical prospection over known airborne geophysical anomalies (mostly Input and some MegaTEM). Field follow-up led to the first drill hole ever made in that area. This drill hole gave anomalous gold values from altered and mineralized felsic volcanic rocks (in the ranges of 0.1 g/t to 0.4 g/t gold over a core length of 2.0m). In 2010, one drill hole was planned as a follow-up to the 2009 results. The best result from 2010 was 3.7 g/t gold over 0.5m. In 2011, three (3) additional drill holes were completed in the same area with two (2) drill holes having significant results of 2.6 g/t gold over 0.5m and 7.2 g/t gold over 0.7m. These encouraging results led Maudore to complete an Induced Polarization (IP) geophysical survey over the potential area in 2011. Also in 2011, whole-rock geochemistry analysis led to the identification of an Osbell felsic geochemical signature and strong alteration index (IALT; Normat software) from Comtois NW felsic volcanic rocks.
Litho-geochemical results, geophysical anomalies and anomalous gold values from previous drill holes led Maudore to return during winter 2012 drilling with ten (10) drill holes. This year's drilling led to seven (7) intervals over 3 g/t gold and to an exceptional value of 71.7 g/t gold over 1.2m included within 26.3 g/t gold over 3.3m (COM-12-872).
Gold results from the Comtois NW Gold Occurrence are along two (2) trends, marked by two strong to moderate linear IP anomalies, located 300m apart, currently named: the North Trend and the South Trend. Each of these trends can be followed over a strike length of about 1km. All results from 2009, 2010 and 2011 exploration were exclusively from the North Trend, the South Trend was discovered in 2012. For detailed results, please refer to the Table 1 (attached).
Fresh Technologies Applied
Litho-geochemical applications to both the Comtois resource area and now to the Comtois NW Gold Occurrence have enabled a much more accurate interpretation of both the Osbell resource and the new Comtois NW Gold Occurrence.
Maudore completed a High Resolution Magnetic Survey over the entire Comtois claim block. The results of the survey are currently being interpreted by a qualified Geophysicist. The initial raw data shows the presence of both the North and South Trends in the Comtois NW (see figure 2).
With these technologies now brought to bear, Maudore has more cogent and detailed methodologies to use in an in-progress revised 43-101 (National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report), creating a more robust data set and therefore a more comprehensive report.
On-going Drilling Program
Four drill rigs are currently active for Maudore - all on the Comtois Property. Some are currently drilling adjacent to the Osbell resource area on the Eastern and Western Extensions. Others are completing drilling on deep targets below the Osbell Resources 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 Person," and is independent of Maudore, as defined under N.I. 43-101. 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 reviewed and approved the contents of this news release.
Annual Meeting Update
The Company has now scheduled its annual and special meeting of shareholders for July 19, 2012 (the "Meeting"). Consequently, a revised record date for notice of and voting at the Meeting has been fixed by the Company's board of directors at June 8, 2012.
The Company also announces the resignation from the board of directors of Yale Simpson and Anne Slivitzky. The board of directors wishes to thank Mr. Simpson and Ms. Slivitzky for their many years of service to the Company.
Further details on the Meeting, including nominees to be proposed by management for election to the board of directors of the Company, will be contained in a Management Information Circular that will be mailed to shareholders of the Company in due course.
Pursuant to the advance notice provisions of the Company's by-laws, the Company has received notice of an alternative slate of nominees that may be proposed for election at the Meeting.
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 94,000 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. Maudore has about $13.5 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 involve substantial known and unknown risks, uncertainties and other factors, certain of which are beyond the control of the Company, that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements contained (or referred to) in this news release includes, but may not be limited to, the future plans and objectives of the Company, mineral resource estimates and the anticipated exploration and development activities of the Company. The foregoing and any other forward-looking information contained in this news release reflects the current expectations, assumptions or beliefs of the Company based on information currently available to the Company. With respect to the forward-looking statements contained in this news release, the Company has made assumptions regarding, among other things, the impact of the general business and economic conditions, industry conditions, and the availability of the Company to raise any additional required 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". Any forward-looking statements speak only as of the date on which they are made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise
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Contacts:
Maudore Minerals Ltd.
Ronald Shorr
Chief Executive Officer
514-761-1415
info@maudore.com
www.maudore.com