MURGOR STARTS DRILLING AT THE GOLDEN ARROW GOLD MINE, TIMMINS, ONTARIO
KINGSTON, ON, Nov. 18 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) announced today that it has started a 1,200 meters drilling program at the Golden Arrow Gold Mine, 65 kilometres east of Timmins, Ontario. The drilling program is part of Murgor's due diligence work at Golden Arrow in the course of acquiring an interest of up to 70% in the former gold producer (as announced in a press release dated November 4th, 2010).
"Murgor is very quickly advancing its due diligence work at Golden Arrow. The dewatering of the open pit is nearly completed and most of this drilling phase will take place from the 90 foot pit bench. The objective is to prove the great potential for growth at the Golden Arrow property and the near-term potential to become a gold producer at the Golden Arrow Mine." said André Tessier, President and CEO of Murgor Resources.
The Letter of Intent signed by Murgor and Victoria Gold Mines East Timmins Limited, contemplates a due diligence period of 60 days ending January 01, 2011 during which Murgor will verify all historical data and permits relating to the property, and carry out the aforementioned diamond drilling program of up to 1,200 meters.
The terms of the Letter of Intent provide for the entering into a definitive agreement, subject to regulatory approval, by January 10, 2011.
The transactions contemplated in this news release are conditional upon the entering into of formal agreements with terms and conditions acceptable to both parties and conditional upon regulatory approval.
About the Golden Arrow Gold Mine:
The Golden Arrow property consists of 17 mining patents and leases, and two mining claims covering 524 hectares and located 65 kilometers east of the Town of Timmins in Ontario. From 1981 to early 1983, a total of 279,593 tons of ore was mined at a grade of 0.061 oz/t (2.09 g/t) from the Arrow open pit. Mining ceased due to low gold prices.
The Golden Arrow property is underlain by Mafic Flows and Syenite Intrusions with younger post mineral Diabase. Gold is associated with pyrite-quartz veining and hematitic/potassic alteration within the Syenite intrusions on a NE-SW structure associated with the Porcupine-Destor Fault Zone. The property covers a two kilometre strike extent of this NE-SW structure. The geological setting of the Golden Arrow gold deposit is very similar to that of the Ross Gold Mine located 5 km to the north-east, which produced nearly one million ounces of gold between 1936 and 1989. 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 gold, copper, and zinc deposits in Canada. The company owns a 100% interest in two 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. The proposed acquisition of the Golden Arrow Gold Mine in Ontario marks a shift of focus to gold for the Corporation
The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.
INDICATED RESOURCE | Project | Tonnage | Grade* | Metal Content | ||||||
Metric Tonnes | Cu % | Zn% | Au g/t | Ag g/t | Cu (lb) | Zn (lb) | Au (oz) | Ag (oz) | ||
Hudvam | 854,076 | 1.22 | 1.78 | 3.82 | 13.84 | 23,007,640 | 33,541,359 | 104,930 | 379,928 | |
Wim | 2,776,787 | 1.94 | 0.3 | 1.88 | 7.53 | 118,762,524 | 18,365,339 | 167,838 | 672,246 | |
TOTAL | 3,630,863 | 141,770,164 | 51,906,698 | 272,768 | 1,052,174 | |||||
INFERRED RESOURCE | Project | Tonnage | Grade* | Metal Content | ||||||
Metric Tonnes | Cu % | Zn% | Au g/t | Ag g/t | Cu (lb) | Zn (lb) | Au (oz) | Ag (oz) | ||
Hudvam | 502,901 | 0.79 | 1.33 | 3.25 | 6.96 | 8,758,802 | 14,745,831 | 52,548 | 112,534 | |
Wim | 445,999 | 1.12 | 0.43 | 2.11 | 5.06 | 11,012,528 | 4,228,024 | 30,256 | 72,556 | |
TOTAL | 948,900 | 19,771,330 | 18,973,856 | 82,804 | 185,090 |
*Based on a 2.0% copper equivalent cut-off grade.
For statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.
The technical information in this news release has been reviewed by Mr. Andre C. Tessier, P.Geo, P. Eng, President & CEO of Murgor Resources Inc. a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101.
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.
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
Fax: (613) 546-7318
E-mail: [email protected] Web site: www.murgor.com
Share this article