MURGOR DRILLING EXTENDS THE NEW UPPER ZONE OF THE WIM
COPPER-GOLD DEPOSIT IN MANITOBA
NEW PORTION OF THE DEPOSIT IS 400 METRES BY 300 METRES AND EXTENDS TO SURFACE
Montreal, Quebec, April 01, 2008. Murgor Resources Inc. (
MGR: TSX-V) today announced that it has extended the Wim massive sulphide lens by more than 300 metres up dip and that the mineralization is now believed to extend to the surface. To date, Murgor intersected the up-dip extension of the deposit with twenty-two (22) drill holes. The new zone has a 400 metre strike length, a dip length of 300 metres and the average true thickness of the observed sulphide lens is 5.50 metres. The mineralization consists of massive to semi-massive pyrite and pyrrhotite with chalcopyrite and local sphalerite. Assays are pending for most of the drill holes but initial geochemical results are shown in table form, at the end of this press release. A longitudinal section is attached to this press release on the Murgor website at
www.murgor.com, to show the extent of the new upper zone and where the drill holes are located.
André C. Tessier, President & CEO of Murgor Resources reports: “
We are very pleased with these results since we had initially thought the greatest potential for expansion of the resource at Wim, was at depth. The deposit extending to surface adds a new dimension to the project as delineation of the deposit at depth is yet to begin. This will be the focus of our third phase of drilling at Wim. Right now, however, Murgor is focused on a calculating a new 43-101 compliant resource estimate that will include the new extensions of the deposit discovered in 2007 and 2008.”
Murgor has just completed Phase II of its drilling program at the Wim deposit. The 43 drill hole, 11,000 metre program that started in January of 2008, was initially designed to delineate the whole deposit with infill and definition holes. Since the deposit kept getting larger, however, Murgor could only delineate the upper portion of the deposit with the same amount of drilling. Another phase of drilling will be necessary to delineate the lower portion of the deposit and test exploration targets at depth.
About the Wim deposit:In March of 2007, Murgor completed a NI 43-101 compliant resource estimate at Wim. The estimation increased the resource by nearly 10% for copper and more than 40% for gold, relative to the historical resource. A new NI 43-101 resource estimate is planned for the summer of 2008. The current 43-101 Inferred resource at Wim, which doesn’t include the new zones defined by Murgor in 2007 and 2008, is as follows (please see SEDAR for the full report):
CUT-OFF TONNAGE GRADE CONTAINED METAL
GRADE* (Tonnes) Cu Zn Au Ag Cu (lbs) Zn (lbs) Au (oz) Ag (oz)
2% Cu Equiv** 2,273,000 1.92% 0.26% 1.65 g/t 5.58 g/t 87,333,000 11,943,000 110,000 370,000
*Copper equivalent grade. **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.Mineralization at the Wim deposit consists of coarse-grained, gold-bearing massive to semi-massive sulphide (pyrite, pyrrhotite, chalcopyrite and minor sphalerite). The mineralized zone now extends from surface to 720 metres below surface, over a strike length of nearly 725 metres. The lens remains largely open at depth, on strike and down plunge.
The Wim property covers approximately 28 square kilometres, located 16 kilometres north of the Town of Snow Lake where HudBay Minerals currently operates a mill for its Chisel North Mine. The part of the property optioned from HudBay, covers approximately 12 square kilometres but Murgor also holds a 100% interest in nine claims (not part of the HudBay option) covering the strike extensions of the Wim deposit with an additional area of 16 square kilometres.
Murgor is earning a 100% interest in the Wim property, optioned from HudBay Minerals Inc. (
HBM: TSX) in September of 2006, along with the Hudvam, Wim, Abbott Lake and Tyr deposits. HudBay has the right to buyback up to 65% of the Wim 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 Persons in the field, as defined by NI-43-101, were Neil W. Richardson P.Geo. and Dr. Jean-Philippe Desrochers, P.Geo. respectively Manager of Exploration, Central Canada and Vice-President of 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 WIM