VAL-D'OR, QC, Aug. 29 /CNW Telbec/ - X-Ore Resources Inc. (TSXV - XOR)
("X-Ore") is pleased to announce the first results from First Gold Exploration
Inc. (TSXV - EFG) ("First Gold") drill program on the Croinor project in the
Abitibi region of Quebec.
As outlined in the press release dated May 1st, 2007, First Gold has
optioned the property under two separate joint-venture agreements with X-Ore
totalling $2.4 million work program and 5.45 million shares in order to earn a
50% interest in: i) the mining lease on which a 5,000 meter drill program
started in late June; and ii) the surrounding mining claims on which a 1,500
meter drill program will begin during September.
This first phase of diamond drilling on the mining lease consists of ten
500-meter holes with two holes drilled along each of five sections positioned
100 meters apart. Six of the 10 holes are now completed and assays have been
received on five of these holes.
The most westerly section (hole 334) has provided the best results to
date, yielding three significant gold mineralized intervals.
Hole number Interval Grade (g/t Au) / Length (m)
CR-07-331 No value over 1.0 g/t
CR-07-333 296.0 to 297.0 4.32 g/t over 1.0
CR-07-334 91.0 to 101.9 5.19 g/t over 10.9
118.15 to 118.65 1.47 g/t over 0.5
164.0 to 165.0 2.78 g/t over 1.0
246.6 to 247.6 1.30 g/t over 1.0
257.0 to 263.0 4.05 g/t over 6.0
incl. 5.93 g/t over 3.0
347.2 to 347.7 16.05 g/t over 0.5
354.5 to 367.5 4.71 g/t over 3.0
CR-07-335 No value over 1.0 g/t
CR-07-336 312.0 to 313.0 2.20 g/t over 1.0
Our interpretation of the results from hole CR-07-334 indicates that:
1) The 10,9 meter intercept is likely the extension of a known zone
called zone 4. This indicates that there is additional potential over
and above the resource estimate as outlined in the 43-101 Technical
Report filed on SEDAR on November 8, 2005.
ii) The deeper mineralized intervals indicate that there is also
potential below the 200 meter level. The presence of fuschite in some
of the holes is particularly encouraging since it is a mineral that
is typically found in deeply-seated mineral deposits.
Preliminary indications are that the true widths of the mineralized
intervals are roughly equivalent to 50% of core lengths.
Additional drill results should be available in the next few weeks. First
Gold also intends to add four additional holes to this 10-hole program once
all results have been compiled and interpreted. To this effect, First Gold
just completed a $250,000 financing.
All the samples were analyzed by Laboratoire Expert Inc. located in
Rouyn-Noranda, Quebec using fire assay of 30 grams pulp samples finalized with
atomic absorption. Mr. Pierre O'Dowd, a Qualified Person under NI 43-101 has
revised and approved the technical content regarding Croinor project.
Mr. O'Dowd will supervise the field work that will be executed on the project.
Natora Project, Mexico
Heavy rain and difficult ground conditions generated access problems and
delays with respect to the work schedule planned on the property.
To date, a total of 730 m has been drilled on the property in the current
drilling campaign. During the period preceding the rain season, two (2) holes
have been completed within the Cusalito zone for a total of 326 m representing
about 50% of the drilling planned for this zone. These two holes did not
return any significant results. The drilling will resume on this zone when the
access will be facilitated after the rain season and once the drilling on the
Piedra Rodante zone will be completed.
In the Piedra Rodante zone, three (3) holes were completed for a total of
404 meters in the most northerly part of the zone. Assays are pending for
these holes. Drilling is currently underway in the area located 1,200 m north
of holes PR-06-01 and 02 drilled in 2006. Richard Dufresne, P. Geo., is the
qualified person under Canadian standard 43-101 who supervised the exploration
work as well as reviewed and approved the content of this press release.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 17 properties
located in known gold regions of Mexico and Canada, including the prolific
Sierra Madre Gold Belt in proximity to Minefinder's Dolores (15 km east),
Alamos' Mulatos (40 km south) and Gammon Lake's Ocampo (80 km south) deposits,
as well as the Val-d'Or region of Quebec.
The TSX Venture Exchange does not accept responsibility for the accuracy
of this press release. This press release contains "forward-looking
statements" not based on historical facts. Forward-looking statements express,
as of the date of this press release, our estimates, forecast, projections,
expectations and opinions as to future events or results. Forward-looking
statements herein expressed are reasonable, but involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove
to be accurate. Therefore, actual results and future events could differ
materially from those anticipated in such statements. Factors that could cause
results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include, but are not limited to,
fluctuations in the market price of precious metals, mining industry risks,
uncertainty as to calculation of mineral resources and requirements of
additional financing and the capacity of the Company to obtain financing.
For further information:
For further information: Léon Méthot, President and CEO, (819) 824-5422;
Paul Goulet, Investor Relations, (514) 710-8290, email@example.com; Richard
Dufresne, Vice-president, (819) 824-5422; www.x-ore.com