MONTREAL, Oct. 9, 2012 /CNW/ - Dr. Howard Carr, CEO of Maudore Minerals Ltd. ("Maudore" or, the "Company") (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange), today announced that solid progress has been made on a number of fronts since the election of the new Board and the appointment of new management.
Maudore currently has a team of geologists diligently working to update the Osbell gold resource. Maudore has completed 543 diamond drill holes (for 144,502.6 m) targeting the Osbell gold deposit since February 15, 2010, which was the cut-off date for the previous resource statement that was reported in the Company's 43-101 report on September 22, 2010. On completion of the updated resource, Maudore will prepare an updated National Instrument 43-101 report, expected to be released before year-end 2012.
Recent use of oriented core to map the 3D orientation of high grade gold bearing micro-and meso-scaled sulphide veins and enhanced modeling software has greatly enhanced Maudore's understanding of controls on mineralization. This increased understanding allows for the optimization of the orientation of search ellipsoids used in the interpolation of drill data to that of actual mineralization, the tangible benefit of which should be less variability in the assay database per ore zone and greater degree of certainty for ore classification.
Importantly, previous delineation of open pit to underground resources at 150m below surface will be upgraded with a Whittle open pit mine optimization study. For the first time, an open pit shell will be presented allowing for estimations of operating expenditures.
Three drill rigs are currently active for Maudore on the Comtois Property and two exploration drills have paused in consideration of the local moose hunt, which ends in mid-October. One drill is targeting gold in Magnetic Gabbro and the other is targeting a volcanogenic massive sulphide-style lead-zinc anomaly immediately west of the Osbell deposit.
In 2013, Maudore plans to add to and further refine this study to complete a Pre-Feasibility Study ("PFS") of the deposit. "From the information at hand I believe a future PFS will demonstrate Comtois' high margin production potential," Dr. Carr said.
100-day Action Plan
The internal review of operations has been completed and as a result, the Maudore management and Board agreed to expedite the preparation and announcement of a resource upgrade for the Comtois deposit, and to develop projects that will explore satellite prospects with a view to advancing the progression of new regional targets.
At the Company's annual general meeting in late July 2012, Mr. Kevin Tomlinson was appointed Chairman and Dr. Carr was appointed CEO. Both have extensive global mining sector experience.
In addition, important operational and strategic improvements have been implemented, including the appointment of Kevin Kivi, P.Geo. as Chief Geologist, and Deborah Thompson as Manager, Investor and Media Relations. Mr. Kivi holds a BSc. in Geology and has explored for diamonds, base metals, and precious metals in many parts of the world with good success for 29 years. Mr. Kivi has recently been consulting for a TSX-listed junior gold company in Brazil, helping to upgrade their gold resource and complete a Pre-Feasibility Study. Ms. Thompson is a consultant with more than 20 years' securities industry and media experience. She was previously Vice President, Institutional and International Marketing, at the investment management arm of the Royal Bank of Canada, and was Chief Canadian Correspondent at Knight Ridder Financial News, now Dow Jones.
Mr. Kevin Weston has resigned as COO, but will stay on until the end of October 2012. Ms. Anne Slivitzky, who was previously President of Maude Lake Exploration, a predecessor firm of Maudore, and a Director of Maudore up until June of this year, has agreed to be interim COO until a suitable permanent candidate is found.
Comtois Property Exploration
The Company has a healthy balance of 2012 flow-through funding for continued drilling of Comtois and its satellite prospects: Hudson, Greer, Comtois Northwest and Magnetic Gabbro, all of which are within trucking distance of a potential Comtois processing facility.
"Our technical focus and commitment to understand the controls on mineralization at Comtois and satellite prospects has already started to deliver benefits. Drill holes have been relocated and reoriented, resulting in the strong results we report today," Dr. Carr said.
A recently completed high resolution aeromagnetic and topographic lineament analysis of the Comtois property (Figure 1) has identified multiple northwest trending deformation zones bisecting the Comtois deposit and all of the satellite prospects, providing a new structural interpretation that helps to explain the deposition of the Company's gold deposit and other prospective targets. Structures amenable to gold mineralization in this orientation are predicted from the stresses induced during the dextral deformation event intimately related to gold mineralization across the Abitibi. These northwest trending deformation corridors will be the focus of a more intensive exploration effort going forward.
Figure 1: New structural interpretation of high resolution magnetics on Comtois Property with Osbell Deposit, and Comtois NorthWest, Hudson and Greer prospects noted.
Hudson is located around 6km north of Comtois within the same felsic to mafic volcanic package as Comtois and adjacent to a prominent magnetic marker horizon on the northern margin of Comtois. Best previous drill results include historical results from Noranda in 1985 (TN-85-002: 10.42 g/t Au over 2.6 m) and 1986 (TN-86-003: 3.53 g/t Au over 2.1 m including 9.77 g/t Au over 0.6 m). Work conducted by Maudore also identified significant intervals (e.g., 18.40 g/t Au over 1.5 m in COM-08-222; 3.86g/t Au over 1.6m at the end of hole in COM-08-222 and 4.80g/t Au over 5.70 m in COM-09-303) as well as several wide mineralized envelopes. Current drilling along Hudson's 450m strike has intersected broad zones of massive, semi-massive, disseminated and vein sulfides parallel to regional foliation and enveloped by an intense silicate, sericite alteration halo which are hosted by sheared and folded felsic flows and rhyolite domes. Rush assays from diamond drill hole COM-12-916 returned 6.12 g/t Au over 4.4 meters. Maudore completed 13 other diamond drill holes and awaits more assay results.
Hudson mineralization confirms that structurally-modified gold-volcanogenic massive sulphide mineralization occurs outside the immediate Osbell deposit area.
Greer is located around 2.5 km south of Comtois also within the same felsic to mafic volcanic rock package as Comtois and adjacent to a prominent magnetic lineament. Best previous results include: 40.7 g/t gold over 0.7m (included within 14.5 g/t gold over 2.0m) and 19.0 g/t gold over 0.5m (included within 8.4 g/t gold over 1.4m) from diamond drill hole COM-12-886. (See June 25, 2012 news release www.maudore.com.)
Recent drilling has identified narrow, high grade mineralization associated with mesoscale sulfidic veinlets along a 500m strike. Drilling of this prospect to define the strike and depth extent of mineralization is complete. Maudore awaits assay results from Greer.
Magnetic Gabbro Prospect
The Magnetic Gabbro Prospect is around 250m north of the Comtois deposit. Strong and broad silica and sericite alteration envelope up to four zones of mineralization trending sub-parallel to the main Comtois orebody in gabbro and mafic volcanics. Results include 1.7 g/t Au over 0.8 m from 75.0-75.8 m depth in drill hole COM-12-892. Four drill holes have been completed for 2030m to date. Drilling is currently under way.
Comtois Northwest Prospect
The Comtois Northwest Prospect is located 12 km northwest of the Osbell Resource area. IP geophysical surveys completed over significant gold results identified two gold trends known as the North and South Trends. (See June 6, 2012 news release www.maudore.com.) Drilling in 2012 returned seven intervals greater than 3.0 g/t Au and an exceptional value of 71.7 g/t Au over 1.2m included within 26.3 g/t Au over 3.3m (COM-12-872). Diamond drilling will resume in this area once access roads are upgraded and drill permits are obtained.
Studies of Archaean greenstone belts elsewhere in the world show that structurally hosted ("mesothermal", "lode", "shear zone-hosted") gold is at least as economically important as gold-volcanogenic massive sulphide mineralization. Maudore recognizes excellent potential for both gold-volcanogenic massive sulphide and structural gold mineralization in the belt and therefore will explore the belt by targeting a wider range of anomalies than simply drilling volcanogenic massive sulphide-style electromagnetic conductors.
"Maudore recently put a hi-resolution (100m line-space and low terrain clearance) aeromagnetic survey of the entire 96,000 ha property out for tender. This survey will complement the 50m and 100m line spaced surveys recently completed over the Comtois property and allows us to enhance the detail of our structural and geological interpretation of the Comtois Greenstone Belt, which is a critical foundation for the generation and exploration of new exploration targets," Dr. Carr noted. "We are focused on developing a pyramid of projects, spanning the spectrum from grassroots to development status. Systematic exploration of our highly prospective Comtois Greenstone Belt claim package is central to achieving this objective," he added.
Historically, exploration beneath cover in the Comtois Belt has been limited due to the generally poor results from surface sampling of cover more than a few meters thick, and the logistics and associated high cost of drilling for bedrock samples. Elsewhere, under-cover greenstones have been successfully explored via structural/geological interpretation of high-resolution aeromagnetic data to define structurally favorable targets with a relatively small surface area. Small area targets can be economically pattern-drilled through cover to generate prospect-wide bedrock geochemical anomaly maps, which generate follow-up deeper mineralization drill targets. Focused pattern bedrock drilling of structural targets will be tested at Comtois via minimum ground disturbance access and track-mounted mobile drill rigs.
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 and Timmins, Ontario (fire assay with AA finish and gravimetric finish for results above 3 g/t Au).
Kevin Kivi, P.Geo. approves the technical content of this press release.
About Maudore Minerals Ltd.:
Maudore Minerals Ltd. ("Maudore") is a Canadian based gold exploration Company with an extensive land package in the Comtois district in northwestern Quebec and owns 100% of the Comtois Gold Project. 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 massive sulphide potential. Maudore's total land package is now 96,000 hectares (237,000 acres or 370 sq. mi). www.maudore.com
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are inherently uncertain and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, financial related risks, unstable gold and metal prices, operational risks including those related to title, operational hazards, unexpected geological situations, unfavorable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approval from government authorities, failure to obtain required financing, dependence on key personnel and environmental risks. It is recommended not to place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. The Company does not assume any obligation to update any forward-looking statements contained in this release, except as required by applicable law.
The TSX Venture Exchange has not reviewed this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Maudore Minerals Ltd.
For further information:
Ms. Deborah Thompson
Manager, Investor & Media Relations
Email: [email protected]
(416) 918-9551 (Mobile); 514-439-0990 (Office)
Dr. Howard Carr, CEO
Email: [email protected]
(438) 838-4040 (Mobile); 514-439-0990 (Office)