Golden Dory Receives Final Assays from the Iron Horse Project, Labrador Trough: Extends Intersection in Glaa12-02 to 354.18 Metres Grading 27.75% Fe
(via Thenewswire.ca)
GANDER, NEWFOUNDLAND - November 15, 2012 - Golden Dory Resources Corp., TSX.V: GDR ("Golden Dory") and Metals Creek Resources Corp., TSX.V: MEK, are pleased to report the remaining assays from the recently completed Phase 2 diamond drill program at the Iron Horse Project (formerly the Gabbro Lake Project) in the eastern portion of the prolific Labrador Trough. The program consisted of two components: (i) to test Anomaly A; and (ii) to deepen drill hole GL12-05 (from the Phase 1 program) that ended in mineralization.
Highlights from the Phase 2 program include:
-Increasing intersection in GLAA12-02 to 354.18 metres at 27.75% Fe;
-Extending mineralization at Anomaly A by 200 metres (east);
-Lower intersection in GL12-05* doubled in thickness with a 25% increase in grade.
The final results are summarized in the following table (new and revised results in bold):*GL12-05 was originally drilled to a depth of 314.15 metres where it ended in mineralization. The hole was deepened as part of Phase 2 program. All lengths are core lengths, true thickness in most holes not yet known.
The primary focus of the program was to test Anomaly A, the strongest magnetic target on the property. A total of three holes were drilled and all holes intersected significant thicknesses of iron formation highlighted by GLAA12-02 which cut 354.18 metres of mineralization. GLAA12-02 is a 200 metre undercut of GLAA12-01 and both holes were drilled at a 45 degree angle northwards near the center of Anomaly A. The third hole, (GLAA12-03), was collared 200 m east of the section of holes 1 and 2 and successfully extended iron ore mineralization in that direction by cutting two zones of iron formation up to 100 metres in thickness. In addition to the work at Anomaly A, the deepening of previously drilled hole GL12-05 at Anomaly D was also a success as the lower intersection of iron formation increased in thickness and grade from 55.35 metres grading 24.83% Fe to 104.59 metres grading 30.64% Fe. (see drill plan at www.goldendoryresources.com homepage).
The mineralization intersected to date at Anomaly A resembles a meta-taconite dominated by magnetite with lesser specular hematite. Based on core angles and bedding relationships in holes GLAA12-01 and 02, the mineralization appears to be vertical to steeply north dipping and approximately 250 metres in thickness. A change in dip from vertical to a steep northerly dip is suggested by the somewhat thinner and multiple intersections in GLAA12-03 drilled 200 metres east of the section hosting GLAA12-01 and 02.
Kevin Keats, President and CEO of Golden Dory, commented; "The results from Anomaly A continue to confirm and highlight the potential of the Iron Horse project. With at least two discoveries in hand, and other significant targets untested, including the 3.8 km long Anomaly B, we see plenty of upside moving forward. There are geological and structural complexities that we need to better understand before moving forward with additional drilling. We will incorporate what we have learned from the drilling with the magnetic data we have and piece together a model for Iron Horse. In all likelihood, additional geophysical surveying, specifically gravity will be required to fully understand all four of the main targets at Iron Horse."
Golden Dory, the project operator, can earn a 70% interest in the project, as announced on May 16, 2012, from Metals Creek Resources Corp. The two companies will form an operating JV once Golden Dory has earned its 70% interest whereby Metals Creek will hold the remaining 30%.
All samples submitted for assay were delivered by Golden Dory personnel to Activation Laboratory's prep lab in Goose Bay, Labrador. Pulps were then forwarded to Activation Laboratory's facility in Ancaster, Ontario, for analysis by XRF.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) has several mineral projects in its portfolio. In 2012, the Company took over as operator of the Iron Horse Project (previously known as the Gabbro Lake Project) for which Golden Dory can earn up to a 70% interest in the joint venture. Strategically located in the eastern portion of the Labrador Trough, the Iron Horse Project is 50 km from the rail line servicing the Schefferville mining camp and 8 km from an all-weather access road. The Company's portfolio of assets includes the Long Canyon (Pequop South) and Reef gold properties in Nevada, USA. The Company is also seeking partners on its earlier stage gold, uranium and high grade base metal properties in Newfoundland, and its lithium/rare metals projects in Ontario.
For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, or Jeremy Hill at CHF Investor Relations at (416) 868 1079 x 238, jeremy@chfir.com.
About Metals Creek
Metals Creek Resources Corp. is a well-funded junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek have recently formed a 50/50 joint venture with Goldcorp, to continue exploring the Ogden Gold property, including the former Naybob Gold mine located 6 km south of Timmins, Ontario. MEK will be the operator and subsequent programs will be funded on a 50/50 basis while both companies contribute its share of required funding in the Ogden Gold Property. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario, Yukon, and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
For further information, please contact Alexander (Sandy) Stares, President and CEO of Metals Creek at (709) 256-6060 or email: astares@metalscreek.com.
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 release.
Investors are cautioned that trading in the securities of these Issuers should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. The Issuers will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory and/or Metals Creek.
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