MONTREAL, June 27 /CNW/ - Murgor Resources Inc. (TSX.V: MGR) - This
release summarises the tremendous amount of activity that Murgor has
undertaken since January 2008. Management is pleased to confirm that the
company continues to make excellent progress towards becoming a polymetallic
producer. In February 2008, Murgor announced that it had completed enough
exploration work to earn a 100% interest in two key deposits in Manitoba:
Hudvam and Wim. As a result of an aggressive infill and definition drilling
program, Murgor is now ready to revise the inferred resource calculation of
its deposits at Hudvam and Wim. Discoveries of high-grade gold found recently
at Hudvam and those of new extensions of the ore body at Wim increases the
economic and investment value of Murgor. The company will be publishing
revised NI 43 101 resource estimates for the Hudvam and Wim deposits later
this summer, as part of the pre-feasibility study and economic evaluation of
the projects. The second half of the year promises to be as eventful as the
first. Murgor is poised to become a producer in time to take advantage of the
anticipated base-metal price resurgence projected in late 2009.
Meanwhile, underground exploration work continues to advance at Murgor's
Windfall property in northern Quebec where Noront Resources just announced
that it had reached Gold Zones F-17 where it reported significant amounts of
The following is a review and summary of recent activities and results at
the following key properties:
The Hudvam Deposit (Manitoba, Canada)
Since January 2008, Murgor has completed 30 drill holes for a total of
9,345 metres at the Hudvam deposit. So far, Murgor has drilled a total of
13,556 metres in 51 dril holes on the Hudvam project, since optioning the
property from Hudbay in late 2006. Early in March of 2008, results from the
infill and definition drilling program aimed at upgrading the current mineral
resource and extending the limits of the known mineralization returned
exceptional gold and copper values. Three additional holes drilled in the
periphery of the lens also intersected ore-grade (copper, zinc and silver)
material that will lead to a revision of the inferred resource calculation.
Also, further studies using data compilation and 3D-modelling has led to the
identification of several new high-priority exploration targets that are in
close proximity to currently defined copper-gold-zinc mineral resources. One
of those targets was drill tested in 2008 with drill hole HVS08-044 and
resulted in the discovery of two new zones of massive copper-gold-zinc
sulphide mineralization. The new discovery is located between Zones 1 and 3,
some 275 metres away from any known mineralization, at a vertical depth of
300 metres. The new discovery remains open in all directions and points to a
large area with a high potential for exploration between lenses 1 and 3 at
depth. In late April, more assay results yielded high grade gold along with
significant copper. Murgor is preparing a new NI 43-101 compliant resource
calculation at Hudvam, slated for completion later this summer, and a
metallurgical study is currently underway. (For more details, see February 26,
March 11, March 20, April 1, April 22, May 8 and May 15, 2008 press releases).
The Wim Deposit (Manitoba, Canada)
Murgor has completed 61 drill holes at the Wim deposit for a total of
18,271 metres since September 2007. Exploration, aimed at determining the size
of the upper portion of the deposit, has resulted in the massive sulphide lens
being extended by at least 300 metres up-dip. The mineralized zone now extends
from surface to a depth of 720 metres, over a strike length of nearly 725
metres, with an average width of 5.0 metres. A longitudinal section showing
the new outline of mineralization is available at www.murgor.com; please refer
to the press release dated June 18th, 2008. New extensions of the mineralized
lens at Wim have significantly increased the prospective size of the deposit.
On June 18th, 2008, analysis of the drilling results raised the potential
resource from a 43-101 compliant 2.06 million metric tons to a potential
resource of 3.06 - 4.5 million metric tons; or a 50% - 100% increase. A new
43-101 compliant resource calculation and metallurgical study are slated at
Wim for this summer. (For more details, see February 26, March 13, April 1 and
June 18th, 2008 press releases).
The Fon Deposit (Saskatchewan, Canada)
On February 28th, 2008 Murgor announced, after a detailed analysis and a
new structural interpretation of the Fon zinc deposit, that it had outlined a
new, thick, mineralized zone sitting at surface. The zone, lies between
surface and 150 metres depth, with a grade ranging from 1.4% Zn to 3.6% Zn,
and could add a potential 51.3M to 162.2M pounds of zinc to the inferred
resource at Fon. The newly defined target consists of a small part of the
overall deposit at Fon which has a strike length of 1.3 kilometres and a depth
extent of at least 760 metres. The 43-101 inferred resource estimate at Fon
already stands at 373.6M pounds of zinc. André C. Tessier, President and CEO,
of Murgor said, "This is an exciting new interpretation of the Fon deposit.
The new zone, as interpreted, would significantly increase the zinc resource
at Fon by allowing Murgor to consider up to 4.5 million tonnes of near-surface
material, that would be amenable to low cost open-pit mining." (For more
details, see February 28, 2008 press release.)
The Windfall Gold Property (Quebec, Canada)
At Murgor's Windfall Property in northern Quebec, Noront (NOT: TSX-V)
announced yesterday that the exploration ramp had crossed Gold Zone F-17 where
significant occurrences of visible gold is reported. Noront's press release
dated June 26 stated: "gold was found to form a film or mesh, permeating the
host rock and exposed on broken surfaces for areas up to 8 x 10 cm".
Furthermore, it is expected that Gold Zone F-11 wil be reached very shortly.
Both Zones F-11 and F-17 are located entirely on the Windfall Murgor option
(owned 50% by Murgor and 50% by Freewest Resources Canada Inc) (FWR: TSX-V).
Noront is presently earning a 50% interest by incurring exploration
expenditures of $4.0 million dollars. Noront is carrying all exploration and
development expenditures at Windfall.
Past results from Zone F-17 include:
DDH BEST RESULT
98-04 15.10 g/t Au over 1.20 m.
05-19 59.07 g/t Au over 1.00 m.
05-20 10.46 g/t Au over 11.00 m.
05-21 9.32 g/t Au over 11.00 m.
05-22 16.56 g/t Au over 3.00 m.
05-28 21.65 g/t Au over 2.00 m.
05-48 8.89 g/t Au over 11.00 m.
05-52 7.24 g/t Au over 9.00 m.
05-53 5.78 g/t Au over 4.50 m.
05-79 15.97 g/t Au over 7.60 m.
Past results from Zone F-11 include:
DDH or Channel BEST RESULT
Channel 40.82 g/t Au over 5.90 m.
Channel 85.80 g/t Au over 4.00 m.
04-02 8.34 g/t Au over 3.50 m.
05-30 11.91 g/t Au over 17.00 m.
05-34 8.18 g/t Au over 3.00 m.
05-72 8.22 g/t Au over 2.00 m.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company
focused on copper, zinc and gold deposits. Late in 2006, the company signed
agreements with HudBay Minerals (TSX:HBM), acquiring the right to earn a 100%
interest in three deposits. Presently, NI 43-101 compliant resource estimates
for these properties has an Inferred resource in the aggregate of 8.7 million
tons of mineralization. The breakdown contains: 143.1 million pounds of
copper, 430.2 million pounds of zinc, 221,000 ounces of gold and 2.5 million
ounces of silver (not including the new potential resource outlined in
2007-2008 and presented above). Murgor also acquired from HudBay a 50%
interest in two highly prospective grassroots properties, covering more than
1,850 square kilometres adjacent tothe Snow Lake and Flin Flon, Manitoba
mining districts. The exploration targets for Murgor consist of deposits in
one of the most prolific greenstone belts in Canada and the world.
This news release includes certain "forward-looking statements". All
statements other than statements of historical fact, included in this release,
including, without limitation, statements regarding potential mineralization,
resources and reserves, exploration results, and future plans and objectives
of Murgor, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from Murgor's expectations are exploration
risks detailed herein and, from time to time, in the fillings made by Murgor
with securities regulators.
For further information:
For further information: please visit Murgor's website at www.murgor.com
or contact André C. Tessier, President and CEO, MURGOR RESOURCES INC., Tel:
(613) 546-7503 or 1-888-891-3330, Fax: (613) 546-7318, E-mail:
email@example.com; Michael Joyner, Investor Relations - The Equicom Group, Tel:
(416) 815-0700 ext. 275 or 1-800-385-5451, Fax: (416) 815-0080, E-mail: