Excellent drill results over significant widths at the Marmato Project
exploration and infill drilling program
Highlights include: 179.9 metres of 0.925 g/t Au; 80.0 metres of 1.096 g/t Au and 14.53 metres of 3.001 g/t Au
TORONTO, April 26 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce an initial update on its exploration and infill drilling program at the Marmato Project in Colombia, with excellent drill results which provide further confirmation of its geological resource model. This program, which currently contemplates approximately 72,000 metres of drilling over the twelve month period from the commencement of drilling in late January, 2010 is designed to both expand and increase the quality of the current resource. The results discussed herein comprise the first 16 drill holes of the current exploration program.
Highlight intersections include the following holes:
-------------------------------------------------------------------------
Drillhole From To (metres) Intersection Grade g/t Au Grade g/t Ag
(metres) (metres)
-------------------------------------------------------------------------
MT-1206 150.86 200.00 49.14 1.364 12.0
-------------------------------------------------------------------------
MT-1210 193.44 205.74 12.30 2.972 9.6
-------------------------------------------------------------------------
MT-1212 90.15 170.45 80.30 1.096 14.5
-------------------------------------------------------------------------
MT-1213 17.20 27.48 10.28 4.345 25.5
-------------------------------------------------------------------------
MT-1215 173.45 187.45 14.00 1.990 3.8
-------------------------------------------------------------------------
MT-1216 64.07 78.60 14.53 3.001 10.3
-------------------------------------------------------------------------
MT-1218 187.30 367.00 179.90 0.925 4.4
-------------------------------------------------------------------------
including 187.30 293.57 106.27 1.109 4.8
-------------------------------------------------------------------------
All of the above holes were planned as infill holes and were drilled from surface in the Zona Alta of the Marmato Project.
John Hick, President and CEO of Medoro commented: "We are pleased that these initial results have returned gold intercepts over substantial widths consistent with our geological model as expressed in our technical report for the Marmato Project. These results demonstrate the opportunity to add to the initial measured and indicated resource estimate."
The Marmato Project is one gold deposit comprised of the three contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover 1,198 hectares in Caldas, Colombia, and currently has a measured and indicated resource of approximately 7.5 million ounces of gold in a total of approximately 245 million tonnes of material with an average grade of 0.95 g/t Au, and an additional inferred resource of approximately 2.2 million ounces of gold in a total of approximately 76 million tonnes of material with an average grade of 0.92 g/t Au, plus additional silver resources, all as set out in the NI 43-101 technical report in respect of the Marmato Project resource estimate, which was filed on SEDAR on April 22, 2010 (the "Technical Report"; see the Company's press release dated April 22, 2010).
Drill hole intersection results for the 16 holes mentioned in this press release are summarized in the table below. A complete listing of the 16 drill holes completed and assayed to date as well as drill hole locations can be found on the Company's website at www.medororesources.com.
The current drilling program includes approximately 72,000 metres of exploration and infill drilling from surface and underground at the Marmato Project. The underground portion of the program is scheduled to commence in July of this year. There are currently 8 rigs operating with this number expected to increase to 10 by the end of April and 12 by the end of July. Further results will be reported as drilling progresses and assay results are received.
For a full set of drilling results for the 16 holes completed to date, please see the table below:
-------------------------------------------------------------------------
Inclina- Total Gold Silver
Drill Azimuth tion depth From To Length grade grade
Hole (degrees) (degrees) (metres) (metres) (metres) (metres) (g/t) (g/t)
-------------------------------------------------------------------------
MT-1204 215 -65 137.16 20.72 30.55 9.83 0.386 6.2
-------------------------------------------------------------------------
and 53.60 66.63 13.03 0.587 6.5
-------------------------------------------------------------------------
and 76.90 82.44 5.54 0.327 6.0
-------------------------------------------------------------------------
and 113.62 130.50 16.88 0.414 5.9
-------------------------------------------------------------------------
MT-1204-A 215 -65 249.80 23.02 32.82 9.80 0.515 4.8
-------------------------------------------------------------------------
and 53.60 65.19 11.59 0.549 11.5
-------------------------------------------------------------------------
and 116.11 134.10 17.99 0.455 6.7
-------------------------------------------------------------------------
and 145.57 156.45 10.88 0.685 5.1
-------------------------------------------------------------------------
and 163.35 168.30 4.95 0.564 4.0
-------------------------------------------------------------------------
and 200.00 207.00 7.00 0.536 3.5
-------------------------------------------------------------------------
MT-1205 215 -60 251.46 59.52 65.40 5.88 0.826 17.3
-------------------------------------------------------------------------
and 72.24 83.35 11.11 0.435 2.2
-------------------------------------------------------------------------
and 98.00 130.96 32.96 0.597 6.8
-------------------------------------------------------------------------
and 146.96 164 17.04 0.321 2.3
-------------------------------------------------------------------------
and 173.15 185 11.85 0.772 2.0
-------------------------------------------------------------------------
and 202.55 235.03 32.48 0.709 1.7
-------------------------------------------------------------------------
MT-1206 215 -45 301.70 101.05 111.14 10.09 0.747 8.9
-------------------------------------------------------------------------
and 150.86 200.00 49.14 1.364 12.0
-------------------------------------------------------------------------
MT-1207 035 -45 181.36 88.37 96.00 7.63 0.717 4.3
-------------------------------------------------------------------------
and 102.45 120.90 18.45 0.954 7.4
-------------------------------------------------------------------------
MT-1208 Results pending
-------------------------------------------------------------------------
MT-1209 Results pending
-------------------------------------------------------------------------
MT-1209A 215 -60 140.00 10.70 60.27 49.57 0.707 6.5
-------------------------------------------------------------------------
and 67.06 114.00 46.94 1.684 12.9
-------------------------------------------------------------------------
and 128.00 138.90 10.90 0.545 4.0
-------------------------------------------------------------------------
MT-1210 215 -45 208.79 109.80 117.95 8.15 0.671 8.9
-------------------------------------------------------------------------
and 193.44 205.74 12.30 2.972 9.6
-------------------------------------------------------------------------
MT-1211 215 -50 301.75 57.20 73.00 15.80 1.426 12.4
-------------------------------------------------------------------------
and 188.00 207.26 19.26 1.706 6.6
-------------------------------------------------------------------------
and 225.00 233.17 8.17 1.472 10.3
-------------------------------------------------------------------------
and 260.40 270.00 9.60 1.790 14.5
-------------------------------------------------------------------------
MT-1212 035 -60 301.15 54.00 66.30 12.30 0.317 6.2
-------------------------------------------------------------------------
and 90.15 170.45 80.30 1.096 5.4
-------------------------------------------------------------------------
MT-1213 035 -60 150.50 17.20 27.48 10.28 4.345 25.5
-------------------------------------------------------------------------
and 38.72 57.00 18.28 0.475 3.7
-------------------------------------------------------------------------
and 73.00 79.00 6.00 0.345 2.8
-------------------------------------------------------------------------
MT-1214 Results pending
-------------------------------------------------------------------------
MT-1214A Results pending
-------------------------------------------------------------------------
MT-1215 215 -70 300.22 48.96 55.34 6.38 0.327 3.7
-------------------------------------------------------------------------
and 105.00 117.34 12.34 0.341 5.8
-------------------------------------------------------------------------
and 173.45 187.45 14.00 1.990 3.8
-------------------------------------------------------------------------
and 234.69 257.76 23.07 0.621 1.7
-------------------------------------------------------------------------
MT-1216 Results pending
-------------------------------------------------------------------------
MT-1216A Results pending
-------------------------------------------------------------------------
MT-1217 Results pending
-------------------------------------------------------------------------
MT-1218 215 -60 580.64 161.00 172.81 11.81 0.916 3.0
-------------------------------------------------------------------------
and 187.30 367.00 179.90 0.925 4.4
-------------------------------------------------------------------------
inc 187.30 293.57 106.27 1.109 4.8
-------------------------------------------------------------------------
and 425.00 450.80 25.80 0.559 2.1
-------------------------------------------------------------------------
and 467.00 494.89 27.89 0.412 2.9
-------------------------------------------------------------------------
MT-1219 035 -60 210.00 0.00 27.14 27.14 0.555 4.2
-------------------------------------------------------------------------
and 86.40 103.00 16.60 0.666 4.9
-------------------------------------------------------------------------
and 126.70 173.30 46.60 0.606 3.3
-------------------------------------------------------------------------
MT-1220 Results pending
-------------------------------------------------------------------------
MT-1221 215 -45 210.00 132.00 172.00 40.00 0.811 5.6
-------------------------------------------------------------------------
MT-1222 215 -45 252.94 88.39 103.63 15.24 0.451 5.8
-------------------------------------------------------------------------
and 194.00 201.16 7.16 0.305 2.8
-------------------------------------------------------------------------
and 211.83 220.00 8.17 0.313 2.2
-------------------------------------------------------------------------
and 233.00 239.26 6.26 0.318 1.9
-------------------------------------------------------------------------
MT-1223 215 -70 250.10 98.00 108.00 10.00 0.802 2.3
-------------------------------------------------------------------------
and 148.00 154.83 6.83 0.630 2.1
-------------------------------------------------------------------------
and 181.22 188.00 6.78 0.415 2.0
-------------------------------------------------------------------------
and 233.00 240.00 7.00 0.465 2.2
-------------------------------------------------------------------------
The drill holes were inclined at 45 to 70 degrees from horizontal and the intersection lengths do not represent the true widths. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut off grade of 0.10 g/t gold and no more than 6.0 metres of internal dilution, with no top cutting of grades applied. Assay results are reported in the table above a minimum average grade of 0.3 g/t gold. Voids from old mine workings were identified and assigned a zero grade.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato and is conducting an exploration and infill drilling program at its Marmato Project to upgrade and expand its gold resources there.
On March 31, 2010, Medoro signed an asset purchase agreement to acquire all the assets of Frontino Gold Mines Limited. This acquisition is scheduled to close by July 31, 2010, subject to certain conditions including legal and technical due diligence and requisite regulatory approvals (see the Company's press release dated March 31, 2010).
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela where it is continuing its efforts to obtain an exploitation permit to allow development of these gold properties when circumstances in Venezuela allow. Medoro owns interests in gold exploration properties in Mali in respect of which it is seeking possible joint venture partners to further explore these properties.
Additional information on Medoro Resources Ltd. can be found on the Company's website at www.medororesources.com and by reviewing the Company's profile on SEDAR at www.sedar.com.
Qualified Persons/Quality Assurance/Quality Control
Stewart D. Redwood, Senior Consulting Geologist to Medoro, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release in respect of the drilling results from the Marmato Project. Dr. Redwood is a Fellow of the Institute of Materials, Minerals and Mining (Number 47017), a professional association and designation recognised by the Canadian regulatory authorities. Verification included a review and validation of the applicable assay databases, reviews of assay certificates and a review of check and replicate assays.
Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Marmato Project resource estimates and also prepared the Technical Report, entitled "Technical Report Medoro Resources Ltd. Marmato Project, Department of Caldas, Republic of Colombia" dated March 5, 2010. Mr. Wilson is an independent qualified person as defined by NI 43-101 and has prepared or reviewed the preparation of the information which forms the basis of the scientific and technical disclosure in respect of the Marmato Project properties contained in this press release. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the Marmato Project, please refer to the Technical Report.
Mr. Wilson verified the data disclosed in this release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review and validation of the applicable assay databases, reviews of assay certificates and a review of check and replicate assays.
Sample Preparation, Assays, QA/QC
In the case of the drilling results referred to herein, the samples were prepared by Acme Analytical Laboratories Ltd (ISO 9001:2008) at their sample preparation facility in Medellin, Colombia, and were assayed at their laboratory in Santiago, Chile. Gold was assayed by fire assay with atomic absorption spectrophotometer ("AAS") finish. Samples over 10 g/t were assayed by fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 100 g/t were assayed by fire assay with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
In the case of the resource estimate and Technical Report by Scott E. Wilson Consulting Inc., the samples were prepared by Inspectorate America Corporation (ISO 9001:2000 and 9002:2004 certified) at sample preparation facilities in Medellin, Colombia, and Reno Nevada, and were assayed at their laboratories in Reno and Lima, Peru. Gold was assayed by fire assay with gravimetric or atomic absorption spectrophotometer ("AAS") finish. Silver was assayed by AAS finish or analyzed by ICP with a suite of multi-elements. Additional laboratories used were SGS Lakefield Research Ltd. in Medellin, Colombia (preparation) and Lima, Peru (analysis), and ALS Chemex in Reno, Nevada (analysis) using the same analytical methods. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Medoro disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
%SEDAR: 00020446E
For further information: John Hick, President & CEO, (416) 603-4653; Linda Dorrington, Director, Investor Relations, (416) 603-4653
Share this article