KINGSTON, ON, Jan. 14 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) announces the start of its exploration program on the Gullrock and Premiere gold properties near Red Lake, Ontario.
Murgor is starting a high resolution helicopter borne magnetic and EM survey of the properties this week, in an effort to outline the extensions of know gold-bearing structures on the properties. At the Gullrock Gold property, the survey is meant to pinpoint the location of the "Mine Trend"; a NW-SE trending structure which hosts the the Campbell-Red Lake, Cochenour-Willans and the MacKenzie Gold Mines where more than 20 million ounces of gold have been mined to date. The Campbell-Red Lake Mine is located 12 kilometers on strike of the property. At the Premiere Gold property, the survey is carried-out in an effort to identify southern extensions and potential intersection of the structures which hosts the past producing Hudson-Patricia gold mine and the Patricia-Dent gold occurrences.
Follow-up work in 2010 will include, line-cutting and surface Induced Polarization geophysical surveys to identified mineralized sectors within these prospective structures.
Murgor will provide updates of the exploration results as they become available.
In other news: The company also wishes to announce that Mr. Mark Eaton has resigned from Murgor's Board of Directors to pursue other opportunities in the financial sector that may lead to future conflicts with his mandate as a Director of Murgor.
On behalf of the Board of Directors, I wish to extend my sincere thanks to Mr. Eaton for his services to Murgor since 2008, said Tessier, we wish Mr. Eaton all the best in his future endeavours and will always consider him a supporter of the Company.
About the Gullrock and Premiere properties:
The Gullrock Property consists of eight claims located one kilometer east of Goldcorp's Red Lake property and on strike with the Campbell-Red Lake Gold Mine. The property covers 1,409 hectares of what is known as "the Mine Trend" south-east of Red Lake. The "Mine Trend" hosts the Campbell-Red Lake, Cochenour-Willans and the MacKenzie Gold Mines where more than 20 million ounces of gold have been mined to date. Reserves stand at 3.6 million gold ounces at the Campbell-Red Lake Mine (Goldcorp's annual report 2008). Despite the fact that the Gullrock property geology bears similar geology as the Campbell-Red Lake Mine setting, the property has seen very limited exploration work and its exploration potential is deemed excellent. Murgor has already identified untested coincident geophysical and gold in soil geochemical anomalies at the property.
The Premiere Property is located in the Uchi Belt and consists of three mining claims covering 524 hectares. The property is located immediately south of the Hudson-Patricia mine which produced 1900 ounces of gold with an average grade of 0.165 oz/ton. The property covers the Rouillard and the Particia-Dent exploration shafts. At both localities, gold is hosted by quartz veins ranging in width from 40 cm to 1.0 meter wide grades of up to 0.64 ounces per ton. During due diligence work, Murgor geologists collected three grab samples that returned assays of 128.5 g/t, 116.2 g/t and 9.0 g/t gold. The Premiere Property has seen very limited exploration work and is deemed as having great exploration potential.
A location map of the Gullrock property is attached to this press release on Murgor's website and can be viewed at www.murgor.com.
André C. Tessier, P.Eng (Qc), P.Geo and President of Murgor Resources, is a Qualified Persons, as defined by NI-43-101 and is responsible for this news release and the technical information it contains.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. The company is earning a 100% interest in three deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba, from HudBay Minerals Inc. (TSX:HBM). Murgor is also exploring an exceptional portfolio of gold properties in proven mining districts of Canada, owns a 1% NSR royalty in the Barry Gold Mine and an interest in the advanced Windfall Gold Project in Quebec.
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 the proposed financing, payments to HudBay, 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.
SOURCE Murgor Resources Inc.
For further information: For further information: 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, Fax: (613) 546-7318, E-mail: email@example.com, Web site: www.murgor.com