VAL-D'OR, QC, Jan. 18 /CNW Telbec/ - X-Ore Resources (TSXV - XOR)
("X-Ore") is pleased to provide an update on its exploration activities in
Mexico and Canada. In the Sierra Madre Gold Belt, the Company holds 100%
interest in the 48,000 hectare Natora Au-Ag property located 15 km west of
Minefinder's Dolores property and 850 hectares in the Au-Ag-Zn Nueva Escondida
property to the west in central Sonora State. In Canada, in addition to a
joint venture over the Croinor gold project with First Gold Exploration, the
Company has interests in several properties in the Val-d'Or region of Quebec
including the Chimo property, as well as the newly acquired Greenwater Lake
property in Thunder Bay, Ontario.
Mexico - Natora
Preliminary interpretation of 2007 drill data at the Natora property
announced on January 8, 2008 suggests that the Piedra Rodante zone is located
within a widespread epithermal system hosting two major zones 500 meters
apart. Structural similarities to the Mulatos deposit were observed. Detailed
interpretation of the total 3,428 metre, 26 hole drilling data, of which 24
holes focused on Piedra Rodante, will be followed by surface investigation to
outline further targets. Within the next two months, X-Ore also plans an
extensive detailed stream sediment sampling program on the vast alteration
zones in the northern part of the property. At one of the zones, the Paramo
zone (25 km W-NW of Piedra Rodante), a grab sample taken in 2005 returned
6.1 g/t Au and 57 g/t Ag and suggests that Au-Ag enriched zones may exist
within this alteration area. This will be followed by geochemical soil
sampling to define further targets, all towards the objective of a
comprehensive drill campaign over the entire property.
Mexico - Nueva Escondida
Exploration activities at the Nueva Escondida property will begin towards
the end of the first quarter. A gold-silver anomalous area measuring
1,000 x 500 meters was outlined by a detailed geochemical survey along the
western contact of a porphyritic intrusion. The eastern side presents a
similar alteration signature as the western side but has not been thoroughly
sampled. Another intrusion located in the northern part of the property and
presenting similar alteration as one observed around the southern intrusion
remains to be investigated.
Canada - Chimo, Quebec
Recent compilation of data on X-Ore's 100% owned Chimo Property located
50 km east of Val-d'Or has unveiled a series of highly prospective targets.
Based on previous data, a number of gold rich intervals were identified that
had never before been followed up. At least four zones have been readily
identified as drilling targets within an 800 metre radius from the old shaft.
Several other areas have been identified that are believed to host similar
untapped potential. X-Ore is currently planning its first phase of exploration
consisting of a 3,000 metre drill campaign aimed at following up on existing
drill intersections in areas that could prove to have significant potential.
The Chimo mine was first put into production in 1966 by Chimo Gold Mines
Inc. which extracted 140,000 tonnes at 14.8 g/t Au. Louvem Mines Inc.
exploited the Chimo mine between 1984 and 1988 extracting a total of 493,000
tonnes at 5.69 g/t Au. Following rehabilitation of the existing infrastructure
and shaft sinking to 930 m, the mine was operated by Cambior Inc. from 1989 to
1996 who extracted 1,692,000 tonnes at 3.83 g/t Au.
Canada - Greenwater Lake, Thunder Bay
In partnership with Mengold Resources (MNI) as part of a 50-50 joint
venture, X-Ore staked 28 claims (404 hectares) at Greenwater Lake, Thunder
Bay. This property was acquired based on a geochemical survey carried out by
the OGS which outlines Ni-Cu-PGE anomalous areas south of Inco's Shebandowan
Ni mine (9Mt @ 2.5% Ni, 1% Cu, 2.3 g/t PGE). A regional airborne survey
compiled by the Ministry of Northern Development and Mines of Ontario
identifies several electromagnetic (EM) anomalies associated with high
magnetic signatures within the property. Geological reconnaissance and
sampling will be carried out in early summer.
In view of the vast potential of these advanced projects, management is
currently considering a number of strategic measures to best advance its
exploration programs and unlock the inherent value of these projects located
in proven gold and silver camps.
In addition, the Company has granted its employees and directors a total
of 620 000 options to purchase common shares at an exercisable price of $0.08
pursuant to the Company's stock option plan.
Richard Dufresne, P.Geo., is the qualified person under Canadian standard
43-101 who supervised the exploration work as well as reviewed and approved
the content of this press release.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 18 properties
located in known gold regions of Mexico and Canada, including the prolific
Sierra Madre Gold Belt and the Val-d'Or region of Quebec.
The TSX Venture Exchange does not accept responsibility for the accuracy
of this press release. This press release contains "forward-looking
statements" not based on historical facts. Forward-looking statements express,
as of the date of this press release, our estimates, forecast, projections,
expectations and opinions as to future events or results. Forward-looking
statements herein expressed are reasonable, but involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove
to be accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Factors that could cause
results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include, but are not limited to,
fluctuations in the market price of precious metals, mining industry risks,
uncertainty as to calculation of mineral resources and requirements of
additional financing and the capacity of the Company to obtain financing.
For further information:
For further information: please visit X-Ore's website at www.x-ore.com
or contact: Mr. Léon Méthot, President and CEO, (819) 824-5422; Mr. Paul
Goulet, Investor Relations, (514) 710-8290, firstname.lastname@example.org; Mr. Richard
Dufresne, Vice-president, (819) 824-5422