MONTREAL, Jan. 27, 2014 /CNW Telbec/ - Greg Struble, President and Chief Executive Officer of Maudore Minerals Ltd. ("Maudore" or the "Company") (MAO: TSX Venture; MAOMF: US OTC; M6L: Frankfurt Exchange), announces that Maudore has conducted a detailed review of the historical geophysical datasets compiled by Aurbec Mines Inc. ("Aurbec") both prior to the acquisition of Aurbec by Maudore (when Aurbec was known as NAP Quebec Mines ("NAP Quebec")) and subsequent to such acquisition (when NAP Quebec was then renamed Aurbec Mines Inc.). The result of this review is that the Company has identified a new gold zone east of its Sleeping Giant mine.
Through stitching Maudore's detailed aeromagnetic data with NAP Quebec's historical detailed magnetic surveys, geologists continue to improve the ability to explore the Company's land holdings. Importantly, within a few kilometers of the Sleeping Giant headframe and mill, new mineralized exploration targets have been identified from this review of the combined magnetic dataset and historical drill data in the Northern Volcanic Zone of the Abitibi Greenstone Belt. These targets are significant as they may represent potential brownfield discoveries which are adjacent to an operating mill and therefore may provide the Company with future growth opportunities once markets rebound.
Combined aeromagnetic surveys
In 2012, Maudore completed detailed regional airborne magnetic surveys to cover all of the Company's land holdings in the Northern Volcanic Zone of the Abitibi Greenstone Belt. The Aurbec acquisition brought with it similar airborne magnetic surveys covering Aurbec's properties. Combining these two datasets has generated a new strategic asset that will be instrumental in Maudore's efforts to identify new discoveries.
The stitching together of high resolution airborne magnetic datasets has generated a new level of detail in regional magnetics which can be used to map property geology and identify gold-bearing structures (see Figure 1 below). The combined dataset consists of 13 low-level detailed aeromagnetic surveys totaling 14,667 line-kilometers flown by NOVATEM Inc for Maudore in the last quarter of 2012. Six other geophysical datasets previously flown by Aurbec are also integrated into the enhanced dataset. Maudore's consulting geophysicist has processed this data and provided an interpretation that has now been integrated into the Company's GIS database. The next steps would be to add airborne VTEM and MegaTEM electromagnetic anomalies and land-based induced polarization geophysical targets in order to further enhance the dataset.
Figure 1: Stitched High-Resolution Magnetics Overlain on the Background Regional Magnetics
As shown in Figure 1, the higher resolution and structural definition delivered from the current stitching project show up quite clearly against the existing regional background magnetics.
The Northern Volcanic Zone of the Abitibi Greenstone Belt is underexplored primarily because it is generally covered by thick overburden. New discoveries rely heavily on the Company's experienced geologists and geophysicist, who have a long history of discovery through efficient and effective use of advanced geophysical, GIS and 3D modeling software to identify areas with high potential for the discovery of anomalies associated with gold and other economic commodities. Maudore's combined properties have a high potential for lode gold, VMS gold, base metals and Cu-Ni-PGE discoveries; and the Company's geologic team has experience in exploration, discovery and development in respect of all of these deposit types.
Drilling review highlights gold discovery made in 2011
Between 2009 and 2011, NAP Quebec completed 44 diamond drill holes for 21,048 m on the Sleeping Giant and Dormex properties and discovered the 1200 East Zone, located a few hundred meters south of the previously mined J-D Zone. These positive drill results are only now being released to the public as their significance to Maudore becomes apparent from the interpretation of the combined aeromagnetic surveys.
The best intersections from the 1200 East Zone are 30.34 g/t Au over 2.0 m and 16.61 g/t Au over 1.0 m from diamond drill hole (DDH) GDS-235-11, and 12.30 g/t Au over 1.0 m and 11.70 g/t Au over 1.0 m from DDH GDS-227-10. Furthermore, DDH GDS-225-10 returned 26.40 g/t Au over 0.5 m in the J-D extension zone and DDH GDS-218-09 returned 21.2 g/t Au over 0.5 m in an area north of the Sleeping Giant mine. All diamond drill core intercepts are core measurements and do not represent the true width of the gold-bearing zones.
These positive historical drill results demonstrate excellent potential to discover more gold deposits adjacent to the Sleeping Giant mine and mill complex, and on the Company's other properties. Table 1 presents other significant results of the historical exploration program, and Table 2 presents the locations of these diamond drill holes. The Company's ability to explore for significant new deposits to add to its current pipeline of projects has improved with the addition of the updated geophysical data base for the regional properties.
Kevin R. Kivi, P.Geo., of KIVI Geoscience Inc. approves the technical content of this press release after review of historical drill data and a final report. The program was conducted under a quality assurance and quality control (QA/QC) protocol that included insertion of mineralized standards and blanks, and reanalysis of randomly chosen samples and samples with high gold concentration. Historical assaying was conducted by the Sleeping Giant Laboratory, which is owned by Aurbec and is neither independent nor accredited. The historical drill project was supervised by a qualified professional known to Mr. Kivi.
Maudore is a Quebec-based junior gold company in production, with mining and milling operations as well as more than 22 exploration projects. Five of these projects are at an advanced stage of development with reported current and historical resources and mining. Currently, gold production is ramping up at the Sleeping Giant mine. The Company's projects span some 120 km, east-west, of the underexplored Northern Volcanic Zone of the Abitibi Greenstone Belt and cover a total area of 1,570 km², with the Sleeping Giant Processing Facility within trucking distance of key development projects.
Cautionary Statement Regarding Forward-Looking Statements
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 "intend", "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements include, without limitation, performance and achievements of the Company, 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 regulatory authorities or from shareholders, failure to obtain any required financing, 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 continuous disclosure documents.
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.
Table 1: Aurbec Mines Inc. 2009-2011 significant drill intercepts.
|Drill Hole||From||To||Length (m)||Value (Au g/t)|
Table 2: Diamond drill hole locations.
|Drill hole||UTM NAD83 z18||Azimuth||Dip||Length|
SOURCE Maudore Minerals Ltd.