Maudore updates Estimate of Mineral Resources at Vezza Gold Deposit, Matagami, Quebec
-- Indicated and Measured Resources estimated at 1,244,850 tonnes grading 6.5 g/t Au for a total of 261,110 ounces of gold at 4.2 g/t Au cut-off
MONTREAL, May 6, 2013 /CNW Telbec/ – Kevin Tomlinson, Chairman and CEO
of Maudore Minerals Ltd. (“Maudore” or the “Company”) (TSXV: MAO) (US OTC: MAOMF) (Frankfurt Exchange: M6L), today announced completion of an updated Mineral Resources Estimate
for the Vezza Project, located 25 km south of Matagami, Quebec.
The effective date of this latest estimate of Mineral Resources is
December 31, 2012.
______________________________________________ | Contact Zone at 4.2 g/t Au Cut-off | |______________________________________________| | | Tonnes|Au (g/t)|Au (oz)| |___________________|_________|________|_______| |Indicated Resources| 586,070| 6.3|119,120| |___________________|_________|________|_______| |Measured Resources | 658,780| 6.9|141,990| |___________________|_________|________|_______| |Total (M+I) |1,244,850| 6.5|261,110| |___________________|_________|________|_______| | Contact Zone at 3.0 g/t Au Cut-off | |______________________________________________| |Inferred Resources | 435,830| 4.9| 68,540| |___________________|_________|________|_______|
Total resources (Indicated and Measured) of the Contact Zone are now
estimated at 1,244,850 tonnes grading 6.5 g/t Au for a total of 261,110
ounces of gold.
This Mineral Resource estimate compared to an estimate prepared as of
December 31, 2011, using a 3 g/t Au Cut-off, shows an increased
proportion of Measured Resources relative to Indicated Resources.
___________________________________________________________________ | | Contact Zone at 3.0 g/t Au (current |Contact Zone at 3.0 g/t Au | | | estimate) | (historic estimate)| |_|_____________________________________|___________________________| | | Tonnes|Au (g/t)| Au (oz)| Tonnes|Au (g/t)| Au (oz)| |___________|_________|________|________|_________|________|________| |Indicated | 873,950| 5.4| 152,600|1,402,000| 5.7| 257,500| |Resources | | | | | | | |___________|_________|________|________|_________|________|________| |Measured | | | | | | | |Resources | 936,380| 5.8| 174,390| 310,000| 6.4| 63,300| |___________|_________|________|________|_________|________|________| |Total (M+I)|1,810,330| 5.6| 326,990|1,712,000| 5.8| 320,800| |___________|_________|________|________|_________|________|________| | | Contact Zone at 3.0 g/t Au (current |Contact Zone at 3.0 g/t Au | | | estimate) | (historic estimate)| |_|_____________________________________|___________________________| |Inferred | 435,830| 4.9| 68,540| 345,000| 4.9| 54,300| |Resources | | | | | | | |___________|_________|________|________|_________|________|________|
The December 31, 2011 mineral resource estimate was prepared by North
Maudore retained Christian D’Amours, B.Sc., P.Geo. of GÃ©oPointCom, to
update the Mineral Resources Estimate for the Vezza project following
Maudore’s acquisition of NAP Quebec Mines Ltd. (NAP Quebec) on March
22, 2013. This acquisition triggered a 45-Day Filing Requirement with
the TSX-V, which is addressed by completion of a technical report
entitled, “Updated Mineral Resources, Vezza Property, Matagami Area,
Quebec compliant with National Instrument 43-101 Standards for Mineral
Projects”. This report has now been filed with SEDAR and will soon be
available for download at www.maudore.com.
Increased infill drilling from the 550 level and changes to
interpretation of variography allowed the current author to upgrade the
category of many mineralized blocks from Indicated to Measured. More
realistic costs resulted in the author increasing the Cut-off from 3.0
to 4.2 g/t Au.
The current resource estimate does not consider external dilution during
mining. Internal dilution was added where true thickness was less than
two (2) metres. Indicated and Measured Resources were estimated using
a Cut-off of 4.2 g/t Au. Inferred Resources were estimated using a
Cut-off of 3 g/t Au.
Vezza trial mining and trucking rock to Processing Facility continues
Maudore is trial mining and trucking rock from Vezza to the company’s
Processing Facility, located 75 km south of Vezza on Highway 109 at the
former Sleeping Giant Mine. Maudore poured its first dorÃ© bar at the
mill within a week of acquiring NAP Quebec.
At Vezza Alimak longhole mining with horizontal drilling has been
replaced by sublevel narrow-vein longhole methods which have reduced
wallrock dilution. Mine staff are updating the mine plan with the
current resources estimate, to develop a realistic and efficient mining
plan leading toward commercial production. A longitudinal section of
the Vezza deposit is provided in this news release to illustrate the
distribution of current resources with depth.
Another step in the right direction
Vezza is one of many advanced gold exploration properties that Maudore
plans to move forward as the company advances to its the goal of
becoming a significant gold producer in the Northern Abitibi region of
Quebec. The company plans to update historical resource estimates of
the Discovery and Flordin projects, generate a new 3D interpretation of
geology and mineralization at Sleeping Giant, and to improve the
geologic model at Osbell. Maudore continues to evaluate consolidation
opportunities in the region.
Quality Assurance and Quality Control (QA/QC)
Sampling of exploration and definition drilling at Vezza meets Canadian
industry standards and is conducted under normal QA/QC protocols that
include mineralized standards, blanks and duplicates, supervised by
qualified persons. Half of all sampled core is retained for future
reference. Assaying is performed by ALS Chemex laboratories in
Val-d’Or, AGAT Laboratories in Sudbury, and the Sleeping Giant
Processing Facility laboratory. Inter-lab testing is in place to
ensure the company laboratory is providing gold assays of good
precision and accuracy.
The updated Mineral Resource Estimate was prepared by GÃ©oPointCom, of
Val-d’Or, Quebec. The Independent and Qualified Person for the updated
Mineral Resource Estimate, as defined by NI 43-101, is Christian
D’Amours, B.Sc., P.Geo. (GÃ©oPointCom), using Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources
and Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions and adopted by the CIM Council on 11
December 2005. The effective date of the current estimate for Vezza is
31 December 2012. Kevin R. Kivi, P.Geo. of KIVI Geoscience Inc., who
is Maudore’s Chief Consulting Geologist, approves the technical content
of this press release.
About Maudore Minerals Ltd.
Maudore is a Quebec junior gold company with more than 23 exploration
projects, of which five are at an advanced stage of exploration with
reported current and historical resources. The Company’s projects span
some 120 kilometers, east-west of the underexplored Northern Volcanic
Zone of the Abitibi Greenstone Belt and cover a total area of 144,000
hectares (1,440 km(2)). Sleeping Giant Processing Facility is within trucking distance of all
Quebec is consistently ranked amongst the best locations worldwide for
mineral exploration and development, with low cost power, proper
infrastructure, mining-oriented local communities and a skilled
Cautionary Statement Regarding Forward-Looking Statements and Third
This release and other documents filed by the Company contain
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 forward-looking statements
include, without limitation, statements regarding the integration of
the properties, assets and employees of NAP Quebec with those of the
Company, the closing of the Private Placement, future results of
operations, performance and achievements of the Company, including
potential property acquisitions, the timing, content, cost and results
of proposed work programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, potential
mineral recovery processes and rates, business and financing plans,
business trends and future operating revenues. 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, significant uncertainty related
to inferred mineral resources, operational hazards, unexpected
geological situations, unfavourable mining conditions, changing
regulations and governmental policies, failure to obtain required
permits and approvals from government authorities, failure to obtain
any required approvals of the TSXV, failure to obtain any required
shareholder approvals, failure to obtain any required financing,
failure to complete any of the transactions described herein, increased
competition from other companies many of which have greater financial
resources, dependence on key personnel and environmental risks and the
other risks described in the Company’s annual information forms and
other continuous disclosure filings with securities regulators
available under the Company’s profile at www.sedar.com. 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.
Certain information appearing in this press release pertaining to NAP,
NAP Quebec, and their respective assets and operations has been
obtained by the Company from information made publicly available by
North American Palladium and the Company assumes no responsibility for
the completeness or accuracy of such information.
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.