Medoro intersects 168.43 metres of 1.413 g/t Au and 27.00 metres of 3.648 g/t
Au at its Marmato Project in Colombia
Further good gold grades over significant widths continue to confirm excellent potential at Marmato
TORONTO, June 9 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce drill results from a further 18 drill holes at its exploration and in-fill drilling program at the Marmato Project in Colombia. These results continue to provide further confidence in Medoro's geological resource model. These drill holes are part of the ongoing 90,000 metre drilling program, which is aimed at expanding and upgrading the current measured and indicated gold resource estimate of 7.5 million ounces, and the additional 2.2 million ounce inferred resource estimate.
Highlight intersections include the following holes:
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From Intersection
Drill Hole (metres) To (metres) (metres) Grade g/t Au Grade g/t Ag
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MT-1208 54.54 71.00 16.46 1.498 14.9
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MT-1209 10.44 84.10 73.66 1.146 5.4
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MT-1214 146.00 314.34 168.34 1.413 4.6
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MT-1216* 64.07 78.60 14.53 3.001 10.3
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And 136.20 141.42 5.22 3.406 8.5
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MT-1216 A 99.84 140.19 40.35 2.988 3.7
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MT-1217 257.22 282.90 25.68 1.858 6.9
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MT-1226 132.00 156.00 24.00 2.464 15.2
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MT-1227 50.00 77.00 27.00 3.648 9.4
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MT-1228 109.04 138.68 29.64 1.036 6.1
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* Partial results for drill hole MT-1216 were reported in the press
release dated April 26, 2010.
All of the above holes were planned as in-fill holes and were drilled from surface in the Zona Alta of the Marmato Project.
John Hick, President and CEO of Medoro, commented: "We are experiencing consistently good results from this drilling program, including a number of holes with grades well above the average grade of the previously reported mineral resources over significant widths, and which continue to confirm our geological model. While our program started slowly due to a drought in the first quarter, water supply is no longer an issue and the pace of drilling is picking up. Once we commence the underground part of the program in July, we will be able to drill previously inaccessible areas and more efficiently drill deeper areas of the deposit, which is open to depth."
This drilling program commenced in January 2010 and is scheduled to finish in mid-2011 and will include both surface and underground drilling. There are currently nine drill rigs in operation with one more expected by the end of this month. This number will increase to fourteen by the end of July when the underground portion of the drilling program is scheduled to begin, using four drill rigs.
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. The project currently has a measured and indicated mineral 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 dated March 5, 2010, 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).
The table below shows full drilling results for the 18 drill holes referred to in this press release. Results for a total of 34 drill holes totalling 9,361 metres, have been received and reported on to date. A total of 20,711 metres have been drilled to date. (See the press release dated April 26, 2010 for results from the first 16 drill holes at the Marmato Project, including partial results of one hole which is reported in full in the present press release.) All of the results are also available on the Company's website at www.medororesources.com, together with a map showing the locations of the drill holes. Further results will be reported as drilling progresses and assay results are received.
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Inclina- Total Gold Silver
Drill Azimuth tion Depth From To Length Grade Grade
Hole (degrees) (degrees) (metres) (metres) (metres) (metres) (g/t) (g/t)
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MT-1208 35 -50 202.35 54.54 71.00 16.46 1.498 14.9
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and 99.25 123.00 23.75 0.849 5.5
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and 170.20 192.32 22.12 0.568 3.6
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MT-1209 215 -60 84.1 10.44 84.10 73.66 1.146 5.4
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MT-1214 215 -50 314.43 102.00 126.17 24.17 0.890 5.3
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and 146.00 314.34 168.34 1.413 4.6
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MT-1216* 215 -70 244.93 64.07 78.60 14.53 3.001 10.3
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and 136.20 141.42 5.22 3.406 8.5
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and 190.15 210.26 20.11 0.334 2.5
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MT-1216 A 215 -70 253.59 64.70 79.65 14.95 0.679 4.1
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and 99.84 140.19 40.35 2.988 3.7
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and 200.75 222.70 21.95 0.515 1.5
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MT-1217 215 -60 370.1 4.90 19.40 14.50 1.801 7.4
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and 31.65 42.30 10.65 0.376 6.6
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and 55.00 65.91 10.91 2.369 4.2
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and 148.90 156.00 7.10 0.979 4.5
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and 164.10 225.70 61.60 0.417 2.3
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and 257.22 282.90 25.68 1.858 6.9
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and 306.40 341.40 35.00 0.931 2.1
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and 353.40 365.40 12.00 0.378 1.6
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MT-1220 215 -65 450.33 89.05 99.00 9.95 0.729 4.1
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and 107.11 121.27 14.16 0.454 2.8
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and 408.00 419.50 11.50 0.734 2.0
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MT-1224 215 -50 164.6 67.50 107.00 39.50 0.370 4.5
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and 120.20 128.60 8.40 1.078 3.5
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and 141.00 153.80 12.80 0.446 3.7
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MT-1225 215 -60 361.69 312.20 319.00 6.80 0.321 6.3
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MT-1226 215 -65 300.22 132.00 156.00 24.00 2.464 15.2
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and 164.00 182.00 18.00 0.561 2.8
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and 194.00 228.00 34.00 0.772 4.3
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and 256.00 270.00 14.00 0.325 103
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MT-1227 32 -70 170.00 50.00 77.00 27.00 3.648 9.4
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and 89.00 102.00 13.00 1.010 6.9
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MT-1228 215 -65 360.57 46.30 52.30 6.00 1.001 8.9
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and 109.04 138.68 29.64 1.036 6.1
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and 157.58 163.85 6.27 0.333 4.4
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and 271.00 296.00 25.00 0.866 3.5
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and 349.00 360.57 11.57 0.502 3.2
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MT-1229 215 -50 451.1 85.54 120.90 35.56 0.615 2.8
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MT-1230 215 -60 407.82 50.83 125.20 74.37 0.427 14.4
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and 255.63 261.63 6.00 0.483 1.7
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and 276.00 330.84 54.84 0.761 7.5
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and 348.56 355.10 6.54 0.534 10.1
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MT-1232 35 -70 243.77 0.00 9.14 9.14 0.408 7.1
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and 147.00 185.30 38.30 0.904 8.8
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MT-1233 215 -60 300.5 27.84 39.85 12.01 0.874 13.8
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and 69.00 95.00 26.00 0.625 4.2
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* Partial results for drill hole MT-1216 were reported in the press
release dated April 26, 2010.
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 within 15 days after the expiration of the 4 months after the date of the signing of the acquisition agreement, subject to certain conditions including legal and technical due diligence and requisite regulatory approvals (see the Company's press releases dated March 31, 2010 and June 8, 2010). If acquired, Medoro will have a 5% carried interest in Frontino and a right for one year from the Closing of the acquisition to increase its interest to 50%.
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
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