Comtois resource upgrade under way: Near-Comtois prospects produce solid results and enhanced regional exploration moves forward
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.
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
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
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
Figure 1: New structural interpretation of high resolution magnetics on
Comtois Property with Osbell Deposit, and Comtois NorthWest, Hudson and
Greer prospects noted.
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 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.
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.
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Venture Exchange nor its Regulation Services Provider (as that term is
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SOURCE Maudore Minerals Ltd.