|By PR Newswire||
|March 3, 2014 09:10 AM EST|
MONTREAL, March 3, 2014 /CNW Telbec/ - Greg Struble, President and CEO of Maudore Minerals Ltd. (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange) reports that Maudore's subsidiary, Aurbec Mines Inc. (Aurbec) has extended the 785N Zone over 330 meters vertically and 470 meters along the dip of the ore from the 785 level to 1115 level of the Sleeping Giant Mine. This zone is approximately 500 meters east of the 1060 level shaft station.
The company is pleased with the ongoing drill program designed to intersect primary and secondary gold-bearing zones with good grades in both the extensions to the historic high grade producing veins as well as newly discovered zones at depth. Highlights from select diamond drill holes (DDH) targeting Zone 785N, 16 Vein and the newly discovered 785FW4-5 Zone in the deeper mine include:
Drilling from 975m level targeting the 785N Zone:
157.90 g/t Au over 1.2 m in DDH 97-454-13 from 168.6m with
3.31 g/t Au over 3.3 m from 153.7m and
3.80 g/t Au over 2.6 m from 157.3m
13.13 g/t Au over 3.7 m in DDH 97-447-13 from 146.8m
- 6.53 g/t Au over 3.8 m from DDH 97-457-13 from 208.0m
Drilling from 975m level targeting the 16 Vein:
- 44.15 g/t Au over 2.1 m in DDH 97-451-13 from 104.95m
Drilling a new discovery called 785FW4-5 Zone:
- 26.30 g/t Au over 1.35 m from DDH 78-879-14 from 25.3m
- 18.69 g/t Au over 1.1 m from DDH 78-877-14 from 13.3m
Figure 1: Side view cross section of the Sleeping Giant Underground Mine showing the general position of the 785N Zone & 16 Zone (gold) relative to mine workings, stopes (grey) and resources (red).
The 785N Zone, located in the bottom right of Figure 1, is a plunging trough-shaped zone that dips gently at about 35° between the 785 and 1115 levels of the mine. Room and pillar mining methods will be considered where the 785N zone has a shallow dip. Midway along its 575m dip length, between the 855 and 975 levels the 785N zone steepens on the north side which would allow the use of shrink-stope mining methods. The 785N zone occurs at the footwall of dacite intrusive, with gold mineralization occurring in a laminated zone that is located at or near an andesite-dacite contact. This style of gold mineralization is common in the mine.
Diamond drilling has progressed 30% faster than expected with Aurbec completing 99 underground diamond drill holes for 14,796m since August 7, 2013. The objective of this drill program is to target high-grade mineable ounces that can be added to the mine plan. The campaign will continue with two underground drill rigs delineating the 785N zone, and a third underground drill rig testing the 30 vein in the "shaft shadow area" from the 725 level before testing other potential targets throughout the underground mine as the year progresses.
Figure 2: 3D Close-up view that shows diamond drill hole traces and intercepts (gold) in lower levels of the mine.
Miners continue to mine remnant stopes where practical and prepare development according to the revised mine plan that incorporates the new drilling success at depth as well as the start of stope preparation in the extension to the historic high grade 30 zone. Mining crews are being kept to a minimum until sufficient new resources can be identified and a structured ramp up to higher production can be sequentially planned.
These interim mining efforts continue to partially offset underground support costs required for underground diamond drilling. Maudore (Aurbec) has not based its decision to conduct selective mining at Sleeping Giant on a feasibility study or mineral reserves that demonstrate economic or technical viability. Mining without feasibility studies or mineral reserves increases the uncertainty of success and the risk of failure if mining costs exceed revenue.
Qualified Persons and Quality Control and Quality Assurance Protocols
Kevin R. Kivi, P.Geo. of KIVI Geoscience Inc., who is Maudore's Chief Consulting Geologist, approves the technical content of this press release.
Valère Larouche, Ing., is on-site manager, and Denis Desjardins, P.Geo., is responsible for design and conduct of the exploration program. Both geologists are employees of Aurbec and are not independent of Maudore. Forages M. Rouillier Inc. is the diamond drill contractor.
This press release reports un-cut core length assays, not true width which can be calculated only once the angle between the diamond drill hole and vein structure is established. Appendix 1 tabulates significant assays (> 1.0 g/t Au) for unreleased diamond drill holes in the 785N and 16-vein area, located in the lower part of the mine.
Diamond drill core samples are split, with half returned to the core box and the other half bagged, tagged and submitted to Aurbec's on-site assay laboratory at the Sleeping Giant Mine. Aurbec's laboratory is neither independent nor accredited. Quality control and quality assurance protocols include insertion of blanks, duplicates and standards to monitor laboratory accuracy and precision. Aurbec also submits pulps to AGAT Laboratories or ALS Global Geochemistry Laboratories for independent and ISO accredited duplicate assays. Batches that fail QA/QC protocol are rerun. Unaccredited assays are used in weighted average calculations when an independent check assay is not available.
AGAT Laboratories Ltd is certified to the ISO 9001 standard, and accredited with ISO/IEC 17025:2005, for specific tests that conform to CAN-P-1579.
ALS Global Geochemistry laboratories are registered with ISO 9001:2008 and accredited with ISO/IEC 17025 for specific laboratory procedures.
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.
Appendix 1: Diamond drill table of significant assays > 1.0 g/t Au from Sleeping Giant underground drilling.
SOURCE Maudore Minerals Ltd.
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