Maudore updates Estimate of Mineral Resources at Vezza Gold Deposit, Matagami, Quebec

  • Indicated and Measured Resources estimated at 1,244,850 tonnes grading 6.5 g/t Au for a total of 261,110 ounces of gold at 4.2 g/t Au cut-off

MONTREAL, May 6, 2013 /CNW Telbec/ - Kevin Tomlinson, Chairman and CEO of Maudore Minerals Ltd. ("Maudore" or the "Company") (TSXV: MAO) (US OTC: MAOMF) (Frankfurt Exchange: M6L), today announced completion of an updated Mineral Resources Estimate for the Vezza Project, located 25 km south of Matagami, Quebec.

The effective date of this latest estimate of Mineral Resources is December 31, 2012.

Contact Zone at 4.2 g/t Au Cut-off
  Tonnes Au (g/t) Au (oz)
Indicated Resources 586,070 6.3 119,120
Measured Resources 658,780 6.9 141,990
Total (M+I) 1,244,850 6.5 261,110
Contact Zone at 3.0 g/t Au Cut-off
Inferred Resources 435,830 4.9 68,540

Total resources (Indicated and Measured) of the Contact Zone are now estimated at 1,244,850 tonnes grading 6.5 g/t Au for a total of 261,110 ounces of gold.

This Mineral Resource estimate compared to an estimate prepared as of December 31, 2011, using a 3 g/t Au Cut-off, shows an increased proportion of Measured Resources relative to Indicated Resources.

  Contact Zone at 3.0 g/t Au (current estimate) Contact Zone at 3.0 g/t Au (historic estimate)
  Tonnes Au (g/t) Au (oz) Tonnes Au (g/t) Au (oz)
Indicated Resources 873,950 5.4 152,600 1,402,000 5.7 257,500
Measured Resources 936,380 5.8 174,390 310,000 6.4 63,300
Total (M+I) 1,810,330 5.6 326,990 1,712,000 5.8 320,800
  Contact Zone at 3.0 g/t Au (current estimate) Contact Zone at 3.0 g/t Au (historic estimate)
Inferred Resources 435,830 4.9 68,540 345,000 4.9 54,300

The December 31, 2011 mineral resource estimate was prepared by North American Palladium.

Maudore retained Christian D'Amours, B.Sc., P.Geo. of GéoPointCom, to update the Mineral Resources Estimate for the Vezza project following Maudore's acquisition of NAP Quebec Mines Ltd. (NAP Quebec) on March 22, 2013.  This acquisition triggered a 45-Day Filing Requirement with the TSX-V,  which is addressed by completion of a technical report entitled, "Updated Mineral Resources, Vezza Property, Matagami Area, Quebec compliant with National Instrument 43-101 Standards for Mineral Projects". This report has now been filed with SEDAR and will soon be available for download at www.maudore.com.

Increased infill drilling from the 550 level and changes to interpretation of variography allowed the current author to upgrade the category of many mineralized blocks from Indicated to Measured.  More realistic costs resulted in the author increasing the Cut-off from 3.0 to 4.2 g/t Au.

The current resource estimate does not consider external dilution during mining. Internal dilution was added where true thickness was less than two (2) metres.  Indicated and Measured Resources were estimated using a Cut-off of 4.2 g/t Au.  Inferred Resources were estimated using a Cut-off of 3 g/t Au.

Vezza trial mining and trucking rock to Processing Facility continues

Maudore is trial mining and trucking rock from Vezza to the company's Processing Facility, located 75 km south of Vezza on Highway 109 at the former Sleeping Giant Mine. Maudore poured its first doré bar at the mill within a week of acquiring NAP Quebec.

At Vezza Alimak longhole mining with horizontal drilling has been replaced by sublevel narrow-vein longhole methods which have reduced wallrock dilution.  Mine staff are updating the mine plan with the current resources estimate, to develop a realistic and efficient mining plan leading toward commercial production.  A longitudinal section of the Vezza deposit is provided in this news release to illustrate the distribution of current resources with depth.

Another step in the right direction

Vezza is one of many advanced gold exploration properties that Maudore plans to move forward as the company advances to its the goal of becoming a significant gold producer in the Northern Abitibi region of Quebec.  The company plans to update historical resource estimates of the Discovery and Flordin projects, generate a new 3D interpretation of geology and mineralization at Sleeping Giant, and to improve the geologic model at Osbell.  Maudore continues to evaluate consolidation opportunities in the region.

Quality Assurance and Quality Control (QA/QC)

Sampling of exploration and definition drilling at Vezza meets Canadian industry standards and is conducted under normal QA/QC protocols that include mineralized standards, blanks and duplicates, supervised by qualified persons. Half of all sampled core is retained for future reference. Assaying is performed by ALS Chemex laboratories in Val-d'Or, AGAT Laboratories in Sudbury, and the Sleeping Giant Processing Facility laboratory.  Inter-lab testing is in place to ensure the company laboratory is providing gold assays of good precision and accuracy.

Qualified Persons

The updated Mineral Resource Estimate was prepared by GéoPointCom, of Val-d'Or, Quebec.  The Independent and Qualified Person for the updated Mineral Resource Estimate, as defined by NI 43-101, is Christian D'Amours, B.Sc., P.Geo. (GéoPointCom), using Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on 11 December 2005.  The effective date of the current estimate for Vezza is 31 December 2012.  Kevin R. Kivi, P.Geo. of KIVI Geoscience Inc., who is Maudore's Chief Consulting Geologist, approves the technical content of this press release.

About Maudore Minerals Ltd.

Maudore is a Quebec junior gold company with more than 23 exploration projects, of which five are at an advanced stage of exploration with reported current and historical resources.  The Company's projects span some 120 kilometers, east-west of the underexplored Northern Volcanic Zone of the Abitibi Greenstone Belt and cover a total area of 144,000 hectares (1,440 km2). Sleeping Giant Processing Facility is within trucking distance of all projects.

Quebec is consistently ranked amongst the best locations worldwide for mineral exploration and development, with low cost power, proper infrastructure, mining-oriented local communities and a skilled workforce.

Cautionary Statement Regarding Forward-Looking Statements and Third Party Information

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 "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding the integration of the properties, assets and employees of NAP Quebec with those of the Company, the closing of the Private Placement, future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, potential mineral recovery processes and rates, 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 TSXV, failure to obtain any required shareholder approvals, failure to obtain any required financing, failure to complete any of the transactions described herein, 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 annual information forms and other continuous disclosure filings with securities regulators available under the Company's profile at www.sedar.com. 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.

Certain information appearing in this press release pertaining to NAP, NAP Quebec, and their respective assets and operations has been obtained by the Company from information made publicly available by North American Palladium and the Company assumes no responsibility for the completeness or accuracy of such information.

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.

 

 

SOURCE Maudore Minerals Ltd.

PDF available at: http://stream1.newswire.ca/media/2013/05/06/20130506_C3866_DOC_EN_26387.pdf




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