Medoro Announces Resource Estimate on Zona Baja Property
Zona Baja hosts an NI 43-101 measured and indicated resource estimate of 3.4 million ounces of gold
TORONTO, Feb. 22 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce that it has received a National Instrument 43-101 compliant technical report on its Zona Baja property (the "Zona Baja Report"), recently acquired through the acquisition of Mineros Nacionales S.A. The Zona Baja Report contains mineral resource estimates of 3.4 million ounces of gold in the measured and indicated categories with an additional 1.3 million ounces of gold in the inferred category. The estimates are based on 17,372 meters of diamond drilling in 78 holes and using a cutoff grade of 0.3 g/t Au.
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ZONA BAJA MEASURED AND INDICATED GOLD AND SILVER MINERAL RESOURCES
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MEASURED RESOURCES
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GOLD SILVER
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Cut off
grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 12,329 1.35 535 3.98 1,579
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INDICATED RESOURCES
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0.30 Gold 80,180 1.14 2,930 3.15 8,119
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TOTAL ZONA BAJA MEASURED AND INDICATED MINERAL RESOURCES
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0.30 Gold 92,509 1.17 3,466 3.26 9,698
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TOTAL ZONA BAJA INFERRED MINERAL RESOURCES
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GOLD SILVER
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grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 39,924 1.02 1,315 3.19 4,093
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Zona Baja is located at Marmato in Colombia, directly beneath and contiguous with the Company's Zona Alta property, and it adjoins Medoro's Echandia property. The Company has now received NI 43-101 technical resource estimate reports on all three of these properties and the measured and indicated resource estimates for the three properties total approximately 6.87 million ounces of gold. The inferred resource estimates for the three properties total approximately 2.66 million ounces of gold. (See tables below.)
"Medoro now has a very strong position at Marmato with M&I gold resources of over 6.8 million ounces and an operating underground gold mine. Our plans are to expand, upgrade and combine these mineral resources while seeking methods to improve efficiency and increase production at the mine," said John Hick, CEO of Medoro Resources Ltd.
The Zona Baja Report describing the resource estimate is filed on SEDAR and can be accessed at www.sedar.com and on the company's website at www.medororesources.com.
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ZONA ALTA MEASURED AND INDICATED GOLD AND SILVER MINERAL RESOURCES
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MEASURED RESOURCES
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GOLD SILVER
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grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 13,065 0.87 364 4.94 2,074
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INDICATED RESOURCES
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0.30 Gold 75,142 0.81 1,955 4.60 11,121
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TOTAL ZONA ALTA MEASURED AND INDICATED MINERAL RESOURCES
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0.30 Gold 88,207 0.82 2,319 4.65 13,195
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ZONA ALTA INFERRED MINERAL RESOURCES
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GOLD SILVER
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grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 27,609 1.21 1,075 6.74 5,981
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The Zona Alta resource estimate was based on 42,913 metres of diamond hole samples in 201 holes and using a cut off grade of 0.3 g/t Au.
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ECHANDIA MEASURED AND INDICATED GOLD AND SILVER MINERAL RESOURCES
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MEASURED RESOURCES
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GOLD SILVER
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grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 8,744 0.76 215 12.11 3,405
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INDICATED RESOURCES
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0.30 Gold 39,828 0.68 865 4.60 11,121
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TOTAL ECHANDIA MEASURED AND INDICATED MINERAL RESOURCES
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0.30 Gold 48,572 0.69 1,080 9.12 14,238
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ECHANDIA INFERRED MINERAL RESOURCES
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GOLD SILVER
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Cut off
grade Tonnes Grade Ounces Grade Ounces
g/t Au Type (000s) g/t Au (000s) g/t Ag (000s)
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0.30 Gold 10,637 0.80 274 9.04 3,092
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The Echandia resource estimate was based on 17,144 metres of diamond drilling in 96 holes and using a cut off grade of 0.3 g/t Au.
For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the properties, please refer to the NI 43-101 reports for the three properties, discussed below. These reports are filed on SEDAR and are available on the company's website.
Qualified Person:
Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Zona Baja Report entitled, "Technical Report, Medoro Resources Ltd., Marmato Project, Mineros Nacionales, Zona Baja Property, Department of Caldas, Republic of Colombia" dated as of January 20, 2010, as well as the report entitled "Technical Report, Colombia Goldfields Ltd., Marmato Project, Mineros Nacionales, Zona Alta Property, Department of Caldas, Republic of Colombia, dated October 14, 2009 (the "Zona Alta Report") and the report entitled "Technical Report, Medoro Resources Ltd., Marmato Project, Mineros Nacionales, Echandia Property, Department of Caldas, Republic of Colombia" dated November 9, 2009 (the "Echandia Report").
Mr. Wilson is an independent qualified person as defined by National Instrument 43-101 and has prepared or reviewed the preparation of the information which forms the basis of 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 authorizes. 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
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.
About Medoro Resources Ltd.
Medoro Resources Ltd. is a gold exploration, development and mining company focused on acquiring gold properties of merit to bring to production, with a primary emphasis on Colombia. The Company operates the producing Mineros Nacionales gold mine located in Zona Baja at Marmato. The Company owns the rights to interests in the adjoining Zona Alta, Zona Baja and Echandia properties in the Marmato region of the Department of Caldas, located in Colombia. Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela and interests in other gold exploration areas outside of South America. Additional information on Medoro Resources Ltd. can be found by reviewing the Company's profile on SEDAR at www.sedar.com.
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
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