KINGSTON, ON, Feb. 28, 2012 /CNW/ - Murgor Resources Inc. (TSXV: MGR) today announced new drill results from its first property-scale exploration drill hole at the Golden Arrow property, located 65 km east of Timmins, Ontario. This new drill hole marks a new gold discovery located 600 metres south west of the current Golden Arrow open pit.
The current exploration drilling program is designed to test the Golden Arrow Fault and a number of parallel structures on the Golden Arrow Property. The targets were interpreted from a high resolution magnetic survey carried out by Murgor during the summer of 2011. This property-scale exploration drilling program is still underway and is being carried out concurrently with the resource expansion drilling at the Golden Arrow gold deposit.
Drill hole AE12-01 was drilled to intersect what is believed to be the south west extension of the Golden Arrow fault some 600 metres to the south-west of the open pit, at the south contact of the host syenite intrusion. The drill hole intersected two gold mineralized zones:
- The first mineralized zone was intersected near surface at a vertical depth 14 metres and straddles the altered and faulted contact between volcanic rocks and syenite. The zone intersected 34.0 metres of 1.14 g/t gold, including a section of 6.14 g/t gold over 4.0 metres and a second section of 1.37 g/t gold over 9.0 metres.
- The second mineralized zone was intersected at a vertical depth of 122 metres and intersected highly anomalous gold values averaging 0.86 g/t gold over a 9.0 metre interval within altered and deformed syenite.
"Hitting gold mineralization in our first exploration drill hole outside the known zone shows how promising and under-explored the Golden Arrow property truly is," said André Tessier, President and CEO of Murgor Resources. "Murgor has many more targets to test at the property and our exploration drilling will carry on while our resource definition drilling will continue to expand the Golden Arrow Gold Resource."
The syenite-hosted gold mineralization in drill hole AE12-01 is identical to the gold mineralization at the Golden Arrow deposit and consists of a stockwork of quartz veins and veinlets enclosed in a halo of pink to brick-red potassic alteration with 2-3% disseminated pyrite, associated with the NE-trending Golden Arrow fault. An increase in the pyrite content is noted when the structure is hosted by mafic volcanic rocks.
Please visit Murgor's website at www.murgor.com for a magnetic map of the Golden Arrow Gold property showing the location of this new gold discovery. The map will be attached to this press release.
Gold analyses reported in this release were performed by standard fire assay using a one assay ton aliquot with a gravimetric finish. All assays were performed by Activation Laboratories Ltd. in Timmins, Ontario. Sampling and analytical procedures are subject to Murgor's comprehensive Quality Assurance and Quality Control program. The QA-QC program includes duplicate samples, blanks and analytical standards.
The Company's Qualified Person supervising the drilling at Golden Arrow is Mr. Randall Salo, P.Geo, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information in this news release has been reviewed and approved by Mr. Salo.
About the Golden Arrow Gold Mine
The Golden Arrow property consists of 18 mining patents and leases, and four mining claims covering 787 hectares in Hislop and Playfair Townships and located 65 kilometres east of the City of Timmins in Ontario. In 1981 and 1982, a total of 303,449 tons of ore was mined at a grade of 0.066 oz/t (2.15 g/t) from the Arrow open pit. Mining ceased due to low gold prices.
The property was originally explored underground in the 1940's by the Golden Arrow Mining Company Ltd. who sank a shaft to a depth of 435 ft (130 m) below surface and undertook about 700 m of horizontal development on the 250 ft (76 m) and 400 ft (122 m) levels.
The Golden Arrow property is underlain by mafic flows and syenite intrusions with younger post mineral diabase dikes. Gold mineralization is generally hosted within a syenite intrusion and consists of a stockwork of quartz veinlets situated within a broader halo of pink to brick-red potassic alteration. Mineralized zones are related to a NE-SW structure associated with the Porcupine-Destor Fault Zone. The property covers a 2 km strike extent of this NE-SW structure. The Golden Arrow gold deposit is located 9 km SW of the past-producing Ross Gold Mine which produced nearly one million ounces of gold between 1936 and 1989. Also located in Hislop Township are the presently producing Hislop Mine of St Andrew Goldfields Ltd. and the Black Fox Mine of Brigus Gold Corp. Please visit www.murgor.com for additional information about the Golden Arrow Gold Mine.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development Company focused on near-term production at the Golden Arrow Gold Mine in Ontario. Murgor also owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba. The company further owns an exceptional portfolio of gold properties in proven mining districts of Canada, as well as a 1% NSR royalty in the Barry Gold Mine and the Windfall Gold Project in Québec.
|The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.|
|INDICATED||Metric Tonnes||Cu %||Zn%||Au g/t||Ag g/t||Cu (lb)||Zn (lb)||Au (oz)||Ag (oz)|
|INFERRED||Metric Tonnes||Cu %||Zn%||Au g/t||Ag g/t||Cu (lb)||Zn (lb)||Au (oz)||Ag (oz)|
|* Based on a 2.0% copper equivalent cut-off grade.|
|For statement of resources, see Murgor News Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.|
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 filings made by Murgor with securities regulators.
Neither 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.
Image with caption: "Golden Arrow property - Magnetic map and geological interpretation (CNW Group/Murgor Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20120228_C7871_PHOTO_EN_10486.jpg
For further information:
FOR FURTHER INFORMATION PLEASE VISIT MURGOR'S WEBSITE AT WWW.MURGOR.COM OR CONTACT:
André C. Tessier, President & CEO
MURGOR RESOURCES INC.
Tel: (613) 546-7503 or 1-888-891-3330
E-mail: [email protected]
Cathy Hume, CEO
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 231
Email: [email protected]
Jeremy Hill, Associate Account Manager
CHF INVESTOR RELATIONS
Tel: (416) 868-1079 ext 238
Email: [email protected]