- 306,000 tonnes @ 12.3 g/t Au for 121,250 ounces gold Indicated and Measured
- 41,700 tonnes @ 12.4 g/t Au for 16,700 ounces gold Inferred
MONTREAL, Oct. 29, 2013 /CNW Telbec/ - Greg Struble, President and CEO of Maudore Minerals Ltd. (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) today announced completion of an updated Resources Estimate for the Sleeping Giant Gold Deposit. The Sleeping Giant Mine and Mill complex is owned by Aurbec Mines Inc, a wholly-owned subsidiary of Maudore that is located some 80 km north of Amos, Quebec in the Northern Volcanic Zone of the Abitibi Greenstone Belt.
This press release quotes ("italics") and summarizes the findings of InnovExplo Inc., of Val-d'Or, Quebec, who is an independent consulting firm that specializes in mining and geology. The complete technical report has been filed with SEDAR and the report will soon be available for download from the Company's website at www.maudore.com
"The objective of InnovExplo's assignment was to 1) review and validate the drilling data used for the present estimate; and 2) review a Mineral Resource Estimate for the Sleeping Giant deposit. The drilling data was successfully validated to fulfill the first objective. The Mineral Resource Estimate presented herein meets the second objective. In addition, observations made during the completion of this assignment have led InnovExplo to believe that the mineral potential of the Sleeping Giant deposit could be improved by additional diamond drilling programs."
"InnovExplo used longitudinal section and 3D visualization for its validation of interpretation of the Sleeping Giant deposit. Fifteen (15) mineralized zones consisting of narrow high-grade gold veins characterize the Sleeping Giant deposit. Based on the density of the drill holes on each longitudinal section of each mineralized zone, the authors are of the opinion that the current Mineral Resource Estimate can be classified as Measured, Indicated and Inferred resources. The estimate follows CIM standards and guidelines for reporting mineral resources and reserves."
"Minimum mining width of 1.6 metre or 1.8 metre (true width, depending on mineralized zone dip) and a cut-off grade of 6.5 g/t Au were used for the Mineral Resource Estimate. InnovExplo estimates that the Sleeping Giant deposit has Measured Resources of 2,000 tonnes grading 6.9 g/t Au (450 oz of gold), Indicated Resources of 304,100 tonnes grading 12.4 g/t Au (120,800 oz of gold) and Inferred Resources of 41,700 tonnes grading 12.4 g/t Au (16,700 oz of gold)."
Mineral Resource Estimate Results for the Sleeping Giant Property
|Sleeping Giant Mine Resources August 1st 2013|
|Zone||Measured||Indicated||Measured and Indicated||Inferred Resources|
- The Independent and Qualified Persons for the 2013 Mineral Resource Estimate, as defined by Regulation 43-101, are Vincent Jourdain, Eng., PhD. (InnovExplo Inc), and Rémi Verschelden, Geo, B.Sc., (InnovExplo Inc), and the effective date of the estimate is August 1, 2013.
- These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
- These underground resources are presented undiluted and in situ. The estimate includes seventy-four (74) mineralized sites from fifteen (15) mineralized zones (2, 3, 6, 8, 9, 15, 16, 18, 20, 30, 50, 30W, 8N, 785N and 78H).
- These resources were compiled at a cut-off grade of 6.5 g/t Au. Some polygons below cut-off grade were included to assure continuity of the mineralized zones.
- Cut-off grade must be re-evaluated in light of prevailing market conditions (gold price, exchange rate and mining cost).
- The estimate is based on 274 diamond drill holes drilled before April 2012 and from 5 samples from underground openings.
- A fixed density of 2.85 g/cm3 was used according to historical data.
- The minimum true thickness in resource estimations is related to the dip of the lens in the estimated area. The minimum mining width varies according to the presumed dip, between 1.6 meter (dip over 50o) and 1.8 meter (dip less than 50o), using the grade of the adjacent material when assayed or a value of zero when not assayed.
- Capping is established at 60 g/t for core samples and 55 g/t for face samples used to define the opening (drift, raise or stope) grade. The grades are capped prior to any calculation being conducted on the data. These capping numbers consist of the lower parameters used historically at the Sleeping Giant mine.
- Resources were evaluated from drill hole samples and face samples using the polygon method on inclined longitudinal sections.
- The Measured Resources are defined as those where an underground opening in the mine provides access and sampling to the estimated volume, in addition to drill information. Indicated Resources are those defined by drilling where continuous polygons (radius maximum 25m) are present. Inferred resources are those defined by drilling where isolated polygons (radius maximum 25m) are present.
- While the results are presented undiluted and in situ, the reported mineral resources are considered to have reasonable prospects for economic extraction.
- CIM definitions and guidelines were followed for Mineral Resources.
- A gold price of US$1, 400/oz and an exchange rate of US$1.00=C$1.00 was used in the gold cut-off grade calculations of 6.50 g/t for potential underground mine.
- Ounce (troy) = 31.10348 g. Calculations used metric units (metres, tonnes and g/t).
- The number of metric tons was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in Regulation 43-101.
- InnovExplo is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue that could materially affect the Mineral Resource Estimate.
"After conducting a detailed review of all pertinent information and completing the 2013 Mineral Resource Estimate, InnovExplo concluded the following:
- The geological and grade continuities of the gold mineralized zones of the Sleeping Giant Property were demonstrated;
- The Sleeping Giant Property contains at least 74 mineralized sites;
- The studied ore shoots have strike lengths ranging up to 90 metres;
- In spite of the current drill spacing in some of the mineralized zones, geological continuity seems steady throughout most of the mineralized zones;
- Several zones encountered at the Sleeping Giant deposit have significant possibility to expand as some of the extensions are open;
- The potential is high for upgrading Inferred Resources to Indicated Resources with more diamond drilling in all of the zones;
- The potential is high for adding new resources in the extensions of known zones with additional diamond drilling; and
- The potential is high for identifying new ore shoots in the extensions of known zones with additional diamond drilling.
The Sleeping Giant deposit has produced over one million ounces of gold between 1988 and 2012. The Sleeping Giant Project is at an advanced stage of exploration and has potential for significant un-mined in situ gold mineralization. InnovExplo considers the present Mineral Resource Estimate to be reliable and thorough, and based on quality data, reasonable hypotheses and parameters compliant with Regulation 43-101 and with CIM standards regarding mineral resource estimations. InnovExplo believes that the mineral resource for the Sleeping Giant Project sufficiently advanced for a pre-feasibility study."
The updated Mineral Resource Estimate was prepared by InnovExplo Inc. from Val-d'Or, Quebec. The authors, Vincent Jourdain, Eng., PhD. and Rémi Verschelden, Geo., B.Sc. are both Qualified and Independent Persons as defined by Regulation 43-101 and wrote the report after reviewing data from previous surveys and all other information judged relevant, suitable and reliable.
Kevin R. Kivi, P.Geo., of KIVI Geoscience Inc., who is Maudore's Chief Consulting Geologist, approves the technical content of this press release. Materials copied from the technical report to the body of this press release are denoted by "quotation marks" in italics. The mineral resources table and parameters itemized below it are also copied directly from the technical report.
Quality Assurance and Quality Control (QA/QC)
InnovExplo re-sampled a number of drill holes to verify gold assay results obtained by previous owners in holes used in this resource estimate, and submitted the samples to ALS Global for fire assay (ALS Global Code Au-AA23) using a 30 gram sample weight. These field duplicate samples were compared to results in the drill hole database that were analysed by the Sleeping Giant Laboratory, and then the field duplicate pulps were re-analysed by the Sleeping Giant Laboratory. Comparison of various datasets using statistics and various QA/QC graphs produced results adequate for InnovExplo to accept that the final assay database used for the 2013 Resource Estimate is adequate and reliable for the purpose of the report.
"The final drill hole database provided by Aurbec for the 2013 Resource Estimate contains a total of 8,085 diamond drill holes, 280,459 samples, 5,499 QA/QC samples (1,782 certified reference material standards, 1868 blanks and 1849 field duplicates), and no whole-rock geochemistry sample. InnovExplo is of the opinion that the final drill hole database used for the 2013 Resource Estimate is adequate and reliable for the purpose of this Report."
The Sleeping Giant Laboratory is owned by Aurbec Mines Inc, and is neither independent nor accredited.
ALS Global Geochemistry laboratories are registered with ISO 9001:2008 and accredited with ISO/IEC 17025 for specific laboratory procedures.
About Maudore Minerals Ltd.
Maudore is a Quebec-based junior gold company in production, with mining and milling operations as well as more than 22 exploration projects. Five of these projects are at an advanced stage of development with reported current and historical resources and mining. Currently, gold production is ramping up at the Sleeping Giant mine. The Company's projects span some 120 km, east-west, of the underexplored Northern Volcanic Zone of the Abitibi Greenstone Belt and cover a total area of 1,570 km² with the Sleeping Giant Processing Facility within trucking distance of key development projects.
Cautionary Statement Regarding Forward-Looking Statements
This release and other documents filed by the Company contain 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 "intend", "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements include, without limitation, performance and achievements of the Company, business and financing plans, business trends and future operating revenues. 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, significant uncertainty related to inferred mineral resources, operational hazards, unexpected geological situations, unfavourable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approvals from government authorities, failure to obtain any required approvals of the TSXV or from shareholders, failure to obtain any required financing, failure to complete any of the transactions described herein, increased competition from other companies many of which have greater financial resources, dependence on key personnel and environmental risks and the other risks described in the Company's continuous disclosure documents.
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.
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