NR
posted on
Mar 12, 2008 06:30AM
Exploration & Development of zinc, copper & gold assets in Canada.
Press Release | Source: Murgor Resources Inc. |
Murgor's initial drilling results return golden surprise at the Hudvam copper-gold-zinc deposit, Manitoba.
Tuesday March 11, 10:05 am ET
The results from the first six drill holes are highlighted by unusually high gold values that supplement the copper, zinc and silver values. Best assay results are as follows (a complete list of results is shown at the end of this press release):
DDH HVS-08-22: 8.46 g/t Au, 0.50% Cu, 0.40% Zn, 4.84 g/t Ag over 2.84 metres. DDH HVS-08-23: 4.37 g/t Au, 4.66% Cu, 5.79% Zn, 41.23 g/t Ag over 5.00 metres. DDH HVS-08-24: 12.90 g/t Au, 6.20% Cu, 3.68% Zn, 46.36 g/t Ag over 1.14 metres. DDH HVS-08-26: 17.48 g/t Au, 0.34% Cu, 0.79% Zn, 23.66 g/t Ag over 3.15 metres. DDH HVS-08-28: 2.63 g/t Au, 1.76% Cu, 0.14% Zn, 11.13 g/t Ag over 1.43 metres.Andre C. Tessier, President & CEO of Murgor Resources reports: "These are exceptional gold values for any gold deposit, so to obtain these gold values in a polymetallic deposit is even more exciting. This winter's drilling program at Hudvam has been very encouraging and additional results are expected shortly. Metallurgical and geotechnical drill holes have been completed in preparation for the pre-feasibility study and, infill and definition drilling is nearly completed. We have now freed one helicopter supported rig for exploration drilling at Murgor's grassroots projects with another rig at Hudvam starting to drill exploration targets at the property scale. Management and exploration staff at Murgor are looking forward to the upcoming results."
Murgor would also like to report that a detailed compilation and 3D modelling of the Hudvam deposit has led to the definition of several high priority exploration targets in the immediate area of the currently defined copper-gold-zinc Mineral Resource at Hudvam.
In February of 2007, Murgor completed a NI 43-101 compliant resource estimate at Hudvam. The resource estimation doubled the historical resource for copper and zinc and increased the gold and silver resource by more than 145% relative to historical resources. A new NI 43-101 compliant resource estimate is planned for the summer of 2008. The current 43-101 Inferred resource at the Hudvam deposit stands at (please see SEDAR for the full report):
------------------------------------------------------------------------- CUT-OFF TONNAGE GRADE GRADE(x) (Tons) Cu Zn Au Ag ------------------------------------------------------------------------- 2% Cu Equiv(xx) 1,315,000 1.17% 1.71% 2.94 g/t 10.49 g/t ------------------------------------------------------------------------- ------------------------------------------------------------------------- CONTAINED METAL Cu (lbs) Zn (lbs) Au (oz) Ag (oz) ------------------------------------------------------------------------- 30,778,000 44,720,000 111,000 403,000 ------------------------------------------------------------------------- (x) Copper equivalent grade. (xx) Copper equivalencies based on the following price of metals: Copper (Cu) = USD$1.10 per pound, Zinc (Zn) = USD$0.60 per pound, Gold (Au) = USD$475.00 per troy ounce, and Silver (Ag) = USD $6.00 per troy ounce.The mineralization at Hudvam consists of solid sulphide to sulphide breccia with variable amounts of gold bearing pyrite, pyrrhotite, chalcopyrite and sphalerite. The ore lenses trend NNE and dip steeply at 75-80 degrees towards the SE and would be amenable to long-hole mining. There is a 312 meter long ramp at the deposit that could now be rehabilitated for quick development.
The Hudvam property consists of 18 claims covering 1,714 hectares, located approximately 47 kilometers northeast of the Town of Flin Flon in Manitoba. Murgor is earning a 100% interest in the property from HudBay Minerals Inc. (HBM: TSX). HudBay has the right to buyback of up to 65% of the property.
Chemical analyses reported in this press release were performed by TSL Laboratories in Saskatoon. Base metals were analyzed through atomic absorption spectrometry after a multi acid digestion whereas gold was analyzed by fire assay Atomic Absorption using a 30g charge, with gravimetric finish for assays greater than 3 g/t. Sampling and analytical procedures are subject to a comprehensive Quality Assurance and Quality Control program that includes duplicate samples, blanks and analytical standards.
The Qualified Person in the field, as defined by NI-43-101, was Neil W. Richardson P.Geo. and Manager of Central Canada Exploration for Murgor Resources Inc. Andre C. Tessier, P.Geo. (On), P.Eng. (Qc) and President CEO of Murgor Resources is the Qualified Person responsible for this news release.
TABLE OF 2008 RESULTS TO DATE AT HUDVAM ------------------------------------------------------------------------- HORI- HOLE-ID FROM TO LENGTH TRUE ZONTAL AU AG CU ZN Cu_eq ------------------------------------------------------------------------- (m) (m) (m) WIDTH WIDTH (g/t) (g/t) (%) (%) (%) ------------------------------------------------------------------------- HVS08-022 208.16 211.00 2.84 2.22 2.30 8.46 4.84 0.50 0.40 3.20 ------------------------------------------------------------------------- 214.87 218.35 3.48 2.73 2.83 1.11 3.82 0.45 0.38 0.93 ------------------------------------------------------------------------- 262.10 262.50 0.40 0.32 0.33 0.58 8.50 0.18 2.81 1.33 ------------------------------------------------------------------------- HVS08-023 301.12 306.12 5.00 3.39 3.51 4.37 41.23 4.66 5.79 8.13 ------------------------------------------------------------------------- 332.15 334.25 2.10 1.43 1.48 3.28 1.99 0.24 0.62 1.44 ------------------------------------------------------------------------- 367.00 368.80 1.80 1.23 1.28 1.33 12.23 1.50 0.59 2.17 ------------------------------------------------------------------------- 375.25 376.75 1.50 1.03 1.07 3.14 3.72 0.30 0.22 1.34 ------------------------------------------------------------------------- HVS08-024 252.15 253.29 1.14 0.74 0.77 12.90 46.36 6.20 3.68 11.56 ------------------------------------------------------------------------- 327.61 328.24 0.63 0.42 0.43 1.44 11.07 0.74 1.63 1.78 ------------------------------------------------------------------------- HVS08-025 Metallurgical Hole - Metallurgical assays pending ------------------------------------------------------------------------- HVS08-026 205.50 208.65 3.15 2.36 2.45 17.48 23.66 0.34 0.79 5.99 ------------------------------------------------------------------------- 235.45 235.79 0.34 0.26 0.27 109.90 6.70 0.12 0.76 33.38 ------------------------------------------------------------------------- HVS08-027 Assays Pending ------------------------------------------------------------------------- HVS08-028 285.21 286.65 1.43 0.94 0.98 2.63 11.13 1.76 0.14 2.66 ------------------------------------------------------------------------- HVS08-029 Assays Pending ------------------------------------------------------------------------- HVS08-030 Geotechnical Hole - No samples ------------------------------------------------------------------------- HVS08-031 Zone is dyked out ------------------------------------------------------------------------- Copper Equivalencies based on Gold (at) $600/oz, Silver (at) $12.00/oz, Copper (at) $1.50/lbs and Zinc (at) $0.80/lbs
A map of the Hudvam deposit is available at http://files.newswire.ca/476/Hudvam_Map.pdfThis 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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: info@murgor.com, Web site: www.murgor.com Or Michael Joyner, Investor Relations - The Equicom Group, Tel: (416) 815-0700 ext. 275, or 1-800-385-5451, E-mail: mjoyner@equicomgroup.com