Maudore Minerals Ltd.: 354 g/t Gold Over 1.0m From Osbell ResourceArea Plus Cluster of Encouraging Intercepts From Eastern Extension
MONTREAL, QUEBEC, Apr 10, 2012 (Menafn - MARKETWIRE via COMTEX) --Maudore Minerals Ltd. MAOMF(frankfurt:M6L) is very pleased to report more excellent results from itsComtois property, located in Quebec. An intercept of 354.5 g/t goldover 1m was returned within the Osbell Resource Area. Drilling in thePotential Eastern Extension (The Greer, on the East side and south ofthe Osbell Resource Area) returned numerous intercepts clustered nearthe far end of the Extension.
"As our drilling efforts continue to turn up high grade holes," saidRon Shorr, Maudore's CEO. "The most exciting news is initial resultsfrom our Greer exploration (below). We now have sixteen intercepts inGreer on the Eastern Extension, -- including two new ones over twelvegrams and two more over seven grams. All of the new intercepts are atless than 200m depth; thus there is near surface gold potential."
COMTOIS DRILLING - OUTSIDE RESOURCE AREA
Potential Eastern Extension (Greer Area)
This potential trend spreads along a 2.5km strike length, from thecurrent eastern end of the Osbell Resource area past the originalGreer Showing, (3.9 g/t gold over 2.0m:COM-97-26), located near thesouthwestern end of the potential extension. (Refer to Table 1 andFigure 1 for detailed results)
Results obtained proximate to the Greer Showing included two holesreporting over 12.0 g/t gold:
--12.9 g/t gold over 0.5m (COM-12-854) from 174.2 to 174.7m.
--12.0 g/t gold over 0.5m (COM-12-855) from 30.8 to 31.3m (near surface).
Also from the same area, two other gold results greater than 7.0 g/tgold were obtained:
--7.6 g/t gold over 0.5m from 186.5 to 187.0m (COM-12-853).
--7.5 g/t gold over 0.5m from 89.8 to 90.3m (COM-12-849) (near surface).
Other encouraging exploration drill results greater were obtained eastof the Greer Showing:
--3.0 g/t gold over 1.5m from 187.5 to 189.0m, included within 1.6 g/t
gold over 3.0m (COM-11-823);
--2.2 g/t gold over 1.0m (COM-11-828), from 53.0 to 54.0m (near surface);
--1.9 g/t gold over 0.5m from 135.5 to 136.0m, included within 1.3 g/t
gold over 1.5m (COM-12-854);
--1.3 g/t gold over 0.5m (COM-12-853), from 140.8 to 141.3m;
--1.0 g/t gold over 0.5m from 102.5 to 103.0m (near surface) and 1.1 g/t
gold over 1.5m from 123.0 to 124.5m (COM-12-849);
All of these results are located within 500m of the Greer showing, bothto the east and the west. Further assays are still pending along thetrend.
COMTOIS DRILLING - RESOURCE AREA
The Osbell Resource area continues to yield high grade intercepts andbroad mineralized intervals over the entire trend (refer to Table 1and Figure 1 for detailed results).
Drill Result greater than 10 g/t gold
--354.5 g/t gold over 1.0m (COM-11-826), from 426.0 to 427.0m, Camten
Area, section 2775 E; (true width is estimated to be 0.8 m)
--29.8 g/t gold over 1.5m from 59.0 to 60.5m (near surface), included
within 15.1 g/t gold over 3.0m (COM-12-850, Bell Area, section 1225 E);
--27.8 g/t gold over 0.5m from 455.9 to 456.4m, included within 6.2 g/t
gold over 3.1m (COM-11-800, West of Osborne Area, section 1975 E);
--15.8 g/t gold over 0.6m from 162.1 to 162.7m, included within 1.4 g/t
gold over 16.8m (COM-11-824, Osborne Area, section 2250E);
--11.2 g/t gold over 0.5m from 127.0 to 127.5m, included within 3.0 g/t
gold over 2.0m (COM-11-842, East of Bell Area, section 1400 E);
New Broad Mineralized Intervals (greater than 5m)
Broad mineralized intervals (greater than 5m) were also obtained;with some including the newly announced high grade shallow drillingresults, in the Osborne Area:
--1.5 g/t gold over 19.1m (COM-11-827A), from 162.7 to 181.8m, Osborne
Area, section 2250 E;
--1.4 g/t gold over 16.8m (COM-11-824), from 145.9 to 162.7m, Osborne
Area, section 2250 E;
--2.0 g/t gold over 5.3m (COM-11-811), from 143.4 to 148.7m, East of Bell
Area, section 1512.5 E;
Potential Western Extension
On the Potential Western Extension, Drill hole COM-12-860 has cut 1.2g/t gold over 1.0m (from 337.5 to 338.5) in mineralized felsicvolcanic rocks. This new significant gold result was obtained 800msouth of the first gold intercept find in this area (1.6 g/t goldover 0.5m in drill hole COM-11-730) and indicating gold potential ofthe Potential Western Extension.
This area was already known for its Volcanogenic Massive Sulphides(VMS) occurrences such as for examples: VMS intercepts of 6.1m(COM-10-554) to 16.1m (COM-10-415) and anomalous base metals valuesof 5.7% zinc and 1.4% lead (COM-09-262). This area was previouslyidentified as a prime target area for potential gold-bearing VMS(refer to N.I. 43-101 Technical Report).
NOTE: Gold grades (g/t Au) are expressed uncut and over core length.In most cases, core length and true width are close to being the samegiven the dip of the drill hole and the strike and dip of themineralized zone. Estimated true widths are in the range of 80% ofthe core length. Values were rounded at 1 decimal point.
On-going Drilling Program
Maudore currently has four drill rigs active 24/7 with near-termdrilling focused on resource expansion at depth and exploration ofthe Potential Eastern and Western Extensions.
Quality Assurance and Quality Control (QA/QC)
Maudore's exploration program 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 asdefined under Regulation 43-101 guidelines. Comtois exploration isconducted under strict QA/QC protocols including mineralizedstandards, blanks and field duplicates. Half of all sampled core isretained for future reference, and assaying is performed by ALSChemex laboratories in Val-d'Or (Qc) and Timmins (ON) (fire assaywith AA finish and gravimetric finish for results above 3 g/t Au).
The Counsel of the First Nation of Abitibiwinni and the Counsel ofthe Nation of Anishnabe of Lac Simon have signed an Agreement inPrincipal with the Government of the Quebec. This agreement is asignificant step in establishing a final agreement for a process onConsultation and Accommodation of both First Nations communities formining projects on their traditional lands. As the Osbell resource islocated on Algonquin traditional territory, Maudore sees this as apositive step for the future development of the project.
About Maudore Minerals Ltd.
Maudore owns 100% of the Comtois Gold Project in Quebec.Infrastructure is excellent: a highway; accessibility to NorthAmerica's lowest cost power; plenty of nearby water and a miningoriented local workforce. Quebec is consistently ranked among thebest locations worldwide for mineral exploration. Maudore also owns alarge land area west of Comtois with volcanogenic gold/massivesulphide (VMS) potential. VMS gold deposits are more common in Quebecthan anywhere else in the world. Maudore's total land package, now95,000 hectares (235,000 acres or 367 sq. mi), is larger than NewYork City.
Maudore drilled roughly 80,000 meters, all diamond core, in 2010 and2011, with a similar amount planned for 2012. As well as thisaggressive drilling program, the Company is active on developmentfronts - mineral resource estimation, metallurgical test work,environmental baseline studies, and community relations.
The current Inferred Mineral Resource (August 15, 2010) at Comtois is8,126,000 tons grading 4.6 g/t Au totalling 1,212,000 Oz Gold,divided into a resource grading 3.2 g/t Au to 150m depth with openpit potential, and an underground resource grading 6.8 g/t Au. Theestimate used a capping value of 65 g/t Au. For comparative purposes,the uncut resource is 1,400,000 oz. gold.
Maudore has only 26.7 million shares outstanding with 30.3 millionshares fully diluted. Insiders and institutions hold about 75% of theshares. Cost-effective financings in Quebec over the past year, haveallowed the Company to raise all of 2011's and 2012's financialrequirements at 55% to 92% premiums to share price, thus minimizingdilution.
On behalf of the Board of Directors of Maudore Minerals Ltd.
Ronald Shorr, Chief Executive Officer
Statements in this release that are not historical facts are"forward-looking statements" within the meaning of the U.S. PrivateSecurities Litigation Reform Act of 1995 and Canadian Securitieslaws. Forward-looking statements involve substantial known andunknown risks and uncertainties. These forward-looking statements aresubject to numerous risks and uncertainties, certain of which arebeyond the control of the Company, including, but not limited to, theimpact of the general economic conditions, industry conditions,dependence upon regulatory approvals and the availability offinancing. Readers are cautioned that any such statements are notguarantees of future performance and that the actual developments orresults may vary materially from those in these "forward-lookingstatements".
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Maudore Minerals Ltd.
Chief Executive Officer
SOURCE: Maudore Minerals Ltd.
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