MONTREAL,
Oct. 9, 2012 /CNW/ - Dr. Howard Carr, CEO of Maudore Minerals Ltd.
("Maudore" or, the "Company") (MAO: TSX-Venture;
MAOMF: US OTC; M6L: Frankfurt Exchange), today
announced that solid progress has been made on a number of fronts
since the election of the new Board and the appointment of new
management.
Resource Upgrade
Maudore currently has a team of geologists
diligently working to update the Osbell gold resource.
Maudore has completed 543 diamond drill holes (for 144,502.6 m)
targeting the Osbell gold deposit since February 15, 2010, which was the cut-off date for
the previous resource statement that was reported in the Company's
43-101 report on September 22, 2010.
On completion of the updated resource, Maudore will prepare an
updated National Instrument 43-101 report, expected to be released
before year-end 2012.
Recent use of oriented core to map the 3D
orientation of high grade gold bearing micro-and meso-scaled
sulphide veins and enhanced modeling software has greatly enhanced
Maudore's understanding of controls on mineralization. This
increased understanding allows for the optimization of the
orientation of search ellipsoids used in the interpolation of drill
data to that of actual mineralization, the tangible benefit of
which should be less variability in the assay database per ore zone
and greater degree of certainty for ore classification.
Importantly, previous delineation of open pit to
underground resources at 150m below surface will be upgraded with a
Whittle open pit mine optimization study. For the first time, an
open pit shell will be presented allowing for estimations of
operating expenditures.
Three drill rigs are currently active for
Maudore on the Comtois Property and two exploration drills have
paused in consideration of the local moose hunt, which ends in
mid-October. One drill is targeting gold in Magnetic Gabbro and the
other is targeting a volcanogenic massive sulphide-style lead-zinc
anomaly immediately west of the Osbell deposit.
In 2013, Maudore plans to add to and further
refine this study to complete a Pre-Feasibility Study ("PFS") of
the deposit. "From the information at hand I believe a future PFS
will demonstrate Comtois' high margin production potential," Dr.
Carr said.
100-day Action Plan
The internal review of operations has been
completed and as a result, the Maudore management and Board agreed
to expedite the preparation and announcement of a resource upgrade
for the Comtois deposit, and to develop projects that will explore
satellite prospects with a view to advancing the progression of new
regional targets.
At the Company's annual general meeting in late
July 2012, Mr. Kevin Tomlinson was appointed Chairman and Dr.
Carr was appointed CEO. Both have extensive global mining sector
experience.
In addition, important operational and strategic
improvements have been implemented, including the appointment of
Kevin Kivi, P.Geo. as Chief
Geologist, and Deborah Thompson as
Manager, Investor and Media Relations. Mr. Kivi holds a BSc. in
Geology and has explored for diamonds, base metals, and precious
metals in many parts of the world with good success for 29 years.
Mr. Kivi has recently been consulting for a TSX-listed junior gold
company in Brazil, helping to
upgrade their gold resource and complete a Pre-Feasibility Study.
Ms. Thompson is a consultant with more than 20 years' securities
industry and media experience. She was previously Vice President,
Institutional and International Marketing, at the investment
management arm of the Royal Bank of Canada, and was Chief Canadian Correspondent
at Knight Ridder Financial News, now Dow Jones.
Mr. Kevin Weston
has resigned as COO, but will stay on until the end of October 2012. Ms. Anne Slivitzky, who was previously President of
Maude Lake Exploration, a predecessor firm of Maudore, and a
Director of Maudore up until June of this year, has agreed to be
interim COO until a suitable permanent candidate is found.
Comtois Property Exploration
The Company has a healthy balance of 2012
flow-through funding for continued drilling of Comtois and its
satellite prospects: Hudson, Greer, Comtois Northwest and Magnetic
Gabbro, all of which are within trucking distance of a potential
Comtois processing facility.
"Our technical focus and commitment to
understand the controls on mineralization at Comtois and satellite
prospects has already started to deliver benefits. Drill holes have
been relocated and reoriented, resulting in the strong results we
report today," Dr. Carr said.
A recently completed high resolution
aeromagnetic and topographic lineament analysis of the Comtois
property (Figure 1) has identified multiple northwest trending
deformation zones bisecting the Comtois deposit and all of the
satellite prospects, providing a new structural interpretation that
helps to explain the deposition of the Company's gold deposit and
other prospective targets. Structures amenable to gold
mineralization in this orientation are predicted from the stresses
induced during the dextral deformation event intimately related to
gold mineralization across the Abitibi. These northwest trending
deformation corridors will be the focus of a more intensive
exploration effort going forward.
Figure 1: New structural interpretation of high
resolution magnetics on Comtois Property with Osbell Deposit, and
Comtois NorthWest, Hudson and Greer prospects noted.
Hudson Prospect
Hudson is located around 6km north of Comtois
within the same felsic to mafic volcanic package as Comtois and
adjacent to a prominent magnetic marker horizon on the northern
margin of Comtois. Best previous drill results include historical
results from Noranda in 1985 (TN-85-002: 10.42 g/t Au over 2.6 m)
and 1986 (TN-86-003: 3.53 g/t Au over 2.1 m including 9.77 g/t Au
over 0.6 m). Work conducted by Maudore also identified significant
intervals (e.g., 18.40 g/t Au over 1.5 m in COM-08-222; 3.86g/t Au
over 1.6m at the end of hole in COM-08-222 and 4.80g/t Au over 5.70
m in COM-09-303) as well as several wide mineralized envelopes.
Current drilling along Hudson's 450m strike has intersected broad
zones of massive, semi-massive, disseminated and vein sulfides
parallel to regional foliation and enveloped by an intense
silicate, sericite alteration halo which are hosted by sheared and
folded felsic flows and rhyolite domes. Rush assays from diamond
drill hole COM-12-916 returned 6.12 g/t Au over 4.4 meters.
Maudore completed 13 other diamond drill holes and awaits more
assay results.
Hudson mineralization confirms that
structurally-modified gold-volcanogenic massive sulphide
mineralization occurs outside the immediate Osbell deposit
area.
Greer Prospect
Greer is located around 2.5 km south of Comtois
also within the same felsic to mafic volcanic rock package as
Comtois and adjacent to a prominent magnetic lineament. Best
previous results include: 40.7 g/t gold over 0.7m (included within
14.5 g/t gold over 2.0m) and 19.0 g/t gold over 0.5m (included
within 8.4 g/t gold over 1.4m) from diamond drill hole COM-12-886.
(See June 25, 2012 news release
www.maudore.com.)
Recent drilling has identified narrow, high
grade mineralization associated with mesoscale sulfidic veinlets
along a 500m strike. Drilling of this prospect to define the strike
and depth extent of mineralization is complete. Maudore
awaits assay results from Greer.
Magnetic Gabbro Prospect
The Magnetic Gabbro Prospect is around 250m
north of the Comtois deposit. Strong and broad silica and
sericite alteration envelope up to four zones of mineralization
trending sub-parallel to the main Comtois orebody in gabbro and
mafic volcanics. Results include 1.7 g/t Au over 0.8 m from
75.0-75.8 m depth in drill hole COM-12-892. Four drill holes have
been completed for 2030m to date. Drilling is currently under
way.
Comtois Northwest Prospect
The Comtois Northwest Prospect is located 12 km
northwest of the Osbell Resource area. IP geophysical surveys
completed over significant gold results identified two gold trends
known as the North and South Trends. (See June 6, 2012 news release www.maudore.com.)
Drilling in 2012 returned seven intervals greater than 3.0
g/t Au and an exceptional value of 71.7 g/t Au over 1.2m included
within 26.3 g/t Au over 3.3m (COM-12-872). Diamond drilling will
resume in this area once access roads are upgraded and drill
permits are obtained.
Regional Exploration
Studies of Archaean greenstone belts elsewhere
in the world show that structurally hosted ("mesothermal", "lode",
"shear zone-hosted") gold is at least as economically important as
gold-volcanogenic massive sulphide mineralization. Maudore
recognizes excellent potential for both gold-volcanogenic massive
sulphide and structural gold mineralization in the belt and
therefore will explore the belt by targeting a wider range of
anomalies than simply drilling volcanogenic massive sulphide-style
electromagnetic conductors.
"Maudore recently put a hi-resolution (100m
line-space and low terrain clearance) aeromagnetic survey of the
entire 96,000 ha property out for tender. This survey will
complement the 50m and 100m line spaced surveys recently completed
over the Comtois property and allows us to enhance the detail of
our structural and geological interpretation of the Comtois
Greenstone Belt, which is a critical foundation for the generation
and exploration of new exploration targets," Dr. Carr noted. "We
are focused on developing a pyramid of projects, spanning the
spectrum from grassroots to development status. Systematic
exploration of our highly prospective Comtois Greenstone Belt claim
package is central to achieving this objective," he added.
Historically, exploration beneath cover in the
Comtois Belt has been limited due to the generally poor results
from surface sampling of cover more than a few meters thick, and
the logistics and associated high cost of drilling for bedrock
samples. Elsewhere, under-cover greenstones have been successfully
explored via structural/geological interpretation of
high-resolution aeromagnetic data to define structurally favorable
targets with a relatively small surface area. Small area targets
can be economically pattern-drilled through cover to generate
prospect-wide bedrock geochemical anomaly maps, which generate
follow-up deeper mineralization drill targets. Focused pattern
bedrock drilling of structural targets will be tested at Comtois
via minimum ground disturbance access and track-mounted mobile
drill rigs.
Quality Assurance and Quality Control
(QA/QC)
Maudore's exploration program is supervised by
Alain Carrier, M.Sc., P.Geo., of
InnovExplo Inc., a consulting firm based in Val-d'Or, Quebec. Alain Carrier is a Qualified and Independent
Person as defined under Regulation 43-101 guidelines. Comtois
exploration is conducted under strict QA/QC protocols, including
mineralized standards, blanks and field duplicates. Half of all
sampled core is retained for future reference and assaying is
performed by ALS Chemex laboratories in Val-d'Or and Timmins, Ontario (fire assay with AA finish
and gravimetric finish for results above 3 g/t Au).
Kevin Kivi,
P.Geo. approves the technical content of this press release.
About Maudore Minerals Ltd.:
Maudore Minerals Ltd. ("Maudore") is a Canadian
based gold exploration Company with an extensive land package in
the Comtois district in northwestern Quebec and owns 100% of the Comtois Gold
Project. Infrastructure is excellent: a highway; accessibility to
North America's lowest cost power;
plenty of nearby water and a mining-oriented local workforce.
Quebec is consistently ranked
among the best locations worldwide for mineral exploration. Maudore
also owns a large land area west of Comtois with volcanogenic
massive sulphide potential. Maudore's total land package is now
96,000 hectares (237,000 acres or 370 sq. mi). www.maudore.com
Cautionary Statement Regarding Forward-Looking
Statements
This release contains forward-looking
statements. All statements that are not clearly historical in
nature or that necessarily depend on future events are
forward-looking, and the words "anticipate," "believe," "expect,"
"estimate," "plan," and similar expressions are generally intended
to identify forward-looking statements. These statements are
inherently uncertain and actual achievements of the Company or
other future events or conditions may differ materially from those
reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors, including, without
limitation, financial related risks, unstable gold and metal
prices, operational risks including those related to title,
operational hazards, unexpected geological situations, unfavorable
mining conditions, changing regulations and governmental policies,
failure to obtain required permits and approval from government
authorities, failure to obtain required financing, dependence on
key personnel and environmental risks. It is recommended not to
place undue reliance on forward-looking statements as the plans,
intentions or expectations upon which they are based might not
occur. The Company does not assume any obligation to update any
forward-looking statements contained in this release, except as
required by applicable law.
The TSX Venture Exchange has not reviewed this release.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Maudore Minerals Ltd.