HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Windfall - Murgor, Freewest and Noront
The section below is from Murgor's MD&A Sedar posted on Stockwatch March 31.
THE WINDFALL GOLD PROPERTY:
The Windfall property is located approximately 100 km east of the town of Lebel-Sur-Quevillon and 180 km southwest of the town of Chibougamau in the Province of Quebec. The property which consists of 213 claims and covers 8,995 ha, is held jointly by Murgor and Freewest Resources Canada Inc. On February 5
th
, 2007, Murgor and Freewest optioned 29 claims of the property to Noront Resources Inc. to explore
and develop the Windfall property. Murgor and Freewest retain a 100% interest in 184 claims of the Windfall property including the NE extension of the gold bearing structures. Under the terms of the agreement, Noront issued a total of 375,000 common shares of Noront to Murgor and will incur exploration expenditures estimated at $4 million, in order to earn a participating interest of 50% in the claims. Noront may earn an additional 10% participating interest by providing a positive feasibility study. If Noront fulfills its obligations, Murgor will retain a 20%-25% interest in the Windfall property.
Windfall Noront Option: The objective of Noront’s exploration work at the Windfall option is to test and sample gold zones F-11 and F-17, previously discovered by Murgor, with an underground exploration ramp that would start on the newly optioned ground. The ramp will also provide access to a number of deeper mineralized zones on the Noront property. On September 24, 2008, Noront advised Murgor that it had completed Phase 1 of its underground exploration program at Windfall and that it had earned its 50% interest in the 29 claim option. On October 21, 2008, Noront reported the following results: The underground program on the Murgor-Freewest option consisted of a ramp portal and 1,119 meters of the ramp, access and exploration drifts. The underground program at the Windfall Lake property to date has included 55 meters of exploration drifts in mineralization and waste on the F-11 zone, and 102 meters of exploration drifts in the F-17 zone. Sampling of the gold zones has consisted of muck, dump and chip sampling of each nominal 4.0m x 4.0m x 3.5m blasted round. Visible gold was observed in all 3 zones on joints and fractures running in many different directions. Considerable dilution in the muck sampling is experienced as the 4.0 meter-wide round exceeds likely minimum mining widths experienced during actual mining for production. Hence the average gold grades being stated below for the muck samples may well be lower than those possible in a mining environment employing strict grade controls. In the F-11 zone, at a vertical depth of 50 meters, the gold zone was exposed for a total horizontal length of 32.5 meters before it wandered into the drift walls. Average grades from the muck samples was 3.95 g/t gold over the exposed zone's length. The F-11 zone follows a lithologic contact zone causing a more consistent distribution of the gold values. In the F-17 zone, at a vertical depth of 55 meters, the zone was exposed along the total 102 meter length of the horizontal drift. A 20 meter length along this zone averaged 2.34 g/t from the muck sampling. At F-17 the zone is fault bounded resulting in a more erratic distribution of the gold values with significant waste inclusions in the zone. 11 FUTURE EXPLORATION WORK: In early 2009, Murgor carried out a review if its exploration data at the Windfall property in light of a new interpretation of the mineralization in the area. Murgor has identified several high priority exploration targets at Windfall, combining structural and geochemical traps for gold mineralization along the structure where a drill hole intersected 52.0 oz/ton gold over a 4.8 meter interval less than 200 meters south of Murgor’s property boundary. Murgor is planning an exploration program with its joint venture partners Freewest Resources Canada Inc. at the Windfall Gold Property during the summer of 2009. The Company also continues to monitor Noront Resources’ exploration work on the Windfall-Noront option.
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