Maudore reports gold from Hudson Gold Prospect and reaches milestone in Newmont Option Agreement
Dr. Howard Carr resigns as CEO due to family health-related reasons; Chairman Kevin Tomlinson has taken over responsibilities as CEO; Mrs. Ingrid Martin appointed CFO
MONTREAL, Feb. 19, 2013 /CNW Telbec/ - Maudore Minerals Ltd. ("Maudore" or, the "Company") (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) today made a number of important announcements.
Significant new gold assays from Hudson
Maudore updates shareholders on diamond drilling at the Hudson Gold Prospect (Hudson). The Hudson Gold Prospect is 8 km north of Maudore's Osbell Gold Deposit, in the northern part of the Comtois Property.
Hudson Gold Prospect
Significant new gold assays from Hudson include: 3.9 g/t Au over 7.8m from 106.1m (COM-12-916) including 11.3 g/t Au over 1.0m, 4.3 g/t Au over 3.0m from 442.0m (COM-12-920) including 9.4 g/t Au over 0.5m, and 3.9 g/t Au over 3.4m from 76.6m (COM-12-927) including 4.9 g/t Au over 1.0m. Maudore completed 15 diamond drill holes for 5,610m in 2012. Please see Table 1 at the end of this news release for more detail and other significant assays.
Gold mineralization occurs in disseminated and veinlet sulphide zones that are hosted by altered felsic to intermediate metavolcanic rocks. The gold mineralization strikes SSW-NNE for 400m, is known to 250m depth and is open to the north and beneath current drilling.
Newmont Option Milestone
Maudore holds 95% interest in 15 claims located in Comtois Township (the "Newmont Claims") and Société de Développement de la Baie James holds a 5% non-contributive interest that will be converted into a 2% NSR royalty in the event of commercial production (of which 1% can be bought back for $250,000).
Maudore recently passed the milestone of $1 million in exploration expenditures on the Newmont Claims, a point where Newmont Mining Corporation of Canada Limited ("Newmont") can back-in to the deal. A geological report has been completed and submitted to Newmont with notification to trigger a 120-day review period where Newmont can elect to back-in to a 51% interest in the Newmont Claims by spending $750,000 in exploration expenditures within one year or remain with its 1.45% NSR royalty.
Dr. Howard Carr resigned as CEO effective February 15th for family health-related reasons. Dr. Carr will remain as a Non-Executive Director of the Company.
Maudore's Chairman and CEO, Mr. Kevin Tomlinson, who has taken over Dr. Carr's responsibilities as CEO, said: "We thank Howard for his contribution to Maudore and extend our best wishes to him and his family during this challenging time. His continuing involvement on our Board allows us access to his extensive geological knowledge and experience and preserves that value for Maudore."
Mrs. Ingrid Martin, CPA, CA, has been appointed Maudore's Chief Financial Officer. Mrs. Martin holds a Bachelor in Business Management from the École des hautes études commerciales (HEC), in Montréal, Québec.
"Ingrid has an impressive finance background and brings extensive experience from the mining exploration sector in Quebec. We are very pleased she has joined Maudore's team," Mr. Tomlinson said.
Quality Assurance and Quality Control (QA/QC)
Maudore's exploration programme is supervised by Alain Carrier, M.Sc., P.Geo., of InnovExplo Inc., a consulting firm based in Val-d'Or, Quebec. Alain Carrier is a Qualified and Independent Person as defined under Regulation 43-101 guidelines. Drilling is conducted under strict QA/QC protocols, including mineralized standards, blanks and field duplicates. Half of all sampled core is retained for future reference and assaying is performed by ALS Chemex laboratories in Val-d'Or and Timmins, Ontario (fire assay with AA finish and gravimetric finish for results above 3 g/t Au).
Kevin Kivi, P.Geo., Maudore's Chief Consulting Geologist, approves the technical content of this press release.
About Maudore Minerals Ltd.:
Maudore Minerals Ltd. ("Maudore") is a Canadian-based gold exploration Company controlling around 96,000ha (960km2 or 370 sq. miles) of claims dominated by gold-prospective Abitibi Greenstone belt lithologies in northwestern Quebec. Maudore owns 100% of the Comtois gold Project defined by a continually expanding resource, solid grades and excellent metallurgical attributes. Infrastructure is excellent:
- North America's lowest cost power
- Abundant water
- Mining-oriented local community and workforce.
Quebec is consistently ranked among the best locations worldwide for mineral exploration and development.
Cautionary Statement Regarding Forward-Looking Statements
This release contains 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 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, operational hazards, unexpected geological situations, unfavorable mining conditions, changing regulations and governmental policies, failure to obtain required permits and approval from government authorities, failure to obtain required financing, dependence on key personnel and environmental risks. 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.
The TSX Venture Exchange has not reviewed this release. 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: Diamond Drill results from Hudson Gold Prospect (Newmont Option), Comtois Property.
|High grade interval||Weighted average|
|COM-12-915||8150N||27.0||28.5||1.5||0.7||2.9 g/t Au over 3.0m|
|28.5||30.0||1.5||5.1||5.1 g/t Au over 1.5m|
|COM-12-916||8250N||18.3||19.6||1.3||1.9||4.5 g/t Au over 3.7m|
|19.6||20.5||0.9||10.2||10.2 g/t Au over 0.9m|
|106.1||106.6||0.5||1.6||3.9 g/t Au over 7.8m|
|108.7||109.7||1.0||11.3||11.3 g/t Au over 1.0m|
|COM-12-918||8350N||143.8||144.3||0.5||8.1||8.1 g/t Au over 0.5m||5.6 g/t Au over 1.4m|
|215.2||216.2||1.0||8.7||8.7 g/t Au over 1.0m|
|COM-12-919||8400N||58.0||59.0||1.0||7.6||7.6 g/t Au over 1.0m||4.4 g/t Au over 1.8m|
|169.0||169.6||0.6||4.2||4.2 g/t Au over 0.6m||2.6 g/t Au over 1.5m|
|211.9||212.4||0.5||4.8||4.8 g/t Au over 0.5m||2.1 g/t Au over 1.3m|
|COM-12-920||8300N||197.2||197.9||0.7||1.3||1.3 g/t Au over 5.3m|
|202.0||202.5||0.5||5.3||5.3 g/t Au over 0.5m|
|442.0||443.5||1.5||0.5||4.3 g/t Au over 3.0m|
|443.5||444.0||0.5||9.4||9.4 g/t Au over 0.5m|
|460.2||461.5||1.3||13.5||13.5 g/t Au over 1.3m|
|467.2||468.6||1.4||0.6||2.2 g/t Au over 2.6m|
|468.6||469.8||1.2||4.0||4.0 g/t Au over 1.2m|
|COM-12-923||8150N||287.4||288.5||1.1||1.7||2.9 g/t Au over 4.6m|
|289.5||290.5||1.0||4.3||4.3 g/t Au over 1.0m|
|COM-12-927||8350N||76.6||78.0||1.4||4.7||3.9 g/t Au over 3.4m|
|78.0||79.0||1.0||4.9||4.9 g/t Au over 1.0m|
|232.3||233.1||0.8||3.3||3.3 g/t Au over 0.8m|
|284.1||285.0||0.9||0.8||2.7 g/t Au over 1.9m|
|285.0||286.0||1.0||4.5||4.5 g/t Au over 1.0m|
|341.5||343.0||1.5||1.5||4.1 g/t Au over 3.0m|
|343.0||344.5||1.5||6.7||6.7 g/t Au over 1.5m|
|365.0||365.7||0.7||4.7||4.7 g/t Au over 0.7m|
|COM-12-930||8250N||77.4||78.8||1.4||6.4||6.4 g/t Au over 1.4m||4.5 g/t Au over 4.1m|
|365.0||365.5||0.5||3.5||3.5 g/t Au over 0.5m||2.2 g/t Au over 2.0m|
|COM-12-934||8050N||94.0||95.5||1.5||0.6||2.3 g/t Au over 5.0m|
|97.0||97.5||0.5||5.8||5.8 g/t Au over 0.5m|
|106.0||106.5||0.5||0.7||2.7 g/t Au over 3.5m|
|106.5||108.0||1.5||3.7||3.7 g/t Au over 0.5m|
|Copper (% Cu)||
|COM-12-921||8250N||226.0||227.5||1.5||1.3||1.3 % Cu over 1.5m|
|Zinc (% Zn)||
|COM-12-920||8300N||367.4||367.9||0.5||1.0||1.0 % Zn over 0.5m|
SOURCE Maudore Minerals Ltd.