Perhaps a run like we saw with KAM. Nice grades.
Company News Alert
MURGOR INTERSECTS 59 METERS AT 2.64 G/T GOLD AT THE GOLDEN ARROW GOLD MINE, TIMMINS, ONTARIO. (cnw)
KINGSTON, ON, Dec. 17 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) announced today that it has received the results from its first four drill holes at the Golden Arrow Gold project, located 65 kilometres east of Timmins, Ontario. The first four holes were drilled from the 90 foot bench of the Golden Arrow open pit and were designed to test the gold mineralization below the open pit floor.
Results are as follows:
| |
| HOLE-ID | FROM (m) | TO (m) | LENGTH (m)* | AU (g/t) |
| A10-01 | 33.00 | 64.00 | 31.00 | 1.71 |
| incl. | 42.00 | 54.00 | 12.00 | 2.52 |
| A10-02 | 31.00 | 62.00 | 31.00 | 1.63 |
| incl. | 50.00 | 61.00 | 11.00 | 2.12 |
| A10-03 | 41.00 | 84.00 | 43.00 | 2.27 |
| incl. | 59.00 | 78.00 | 19.00 | 3.43 |
| A10-04 | 34.00 | 96.00 | 59.00** | 2.64 |
| Incl. | 35.00 | 66.20 | 31.20 | 3.21 |
| and | 85.00 | 96.00 | 11.00 | 2.94 |
* True widths = 75% of reported core lengths.
** Missing core between 66.2 and 69.2 meters due to old mine workings.
"Murgor's due diligence work is advancing very well and the company doesn't foresee any obstacles to the deal moving forward with Victoria Gold Mines. The drilling results are very encouraging so far and attest to the potential for the Golden Arrow Mine to become a near-term gold producer once again." said André Tessier, President and CEO of Murgor Resources. "Meanwhile, drilling continues at the property and additional results are expected early in the new year."
The intervals reported below are located from 5 to 40 m below the floor of the lowest bench of the open pit, approximately 65m below the original topographic surface. The holes were drilled in sequence from north to south and confirm the gold mineralization below the open pit.
The four drill holes are part of Murgor's due diligence drilling program at the Golden Arrow Gold Mine where Murgor intends to acquire an interest of up to 70% upon satisfactory completion of its due diligence work (see Murgor press release dated November 4th, 2010). Four additional drill holes remain to complete the 1,200 meter program.
The terms of the Letter of Intent dated November 2nd, 2010, provide for the entering into a definitive agreement, subject to regulatory approval, by January 10, 2011.
About the Golden Arrow Gold Mine:
The Golden Arrow property consists of 17 mining patents and leases, and two mining claims covering 524 hectares in Hislop Township and located 65 kilometers east of the Town of Timmins in Ontario. In 1981 and 1982, a total of 279,593 tons of ore was mined at a grade of 0.061 oz/t (2.09 g/t) from the Arrow open pit. Mining ceased due to low gold prices.
The property was originally explored underground in the 1940s to by the Golden Arrow Mining Company Ltd. who sank a shaft to a depth of 435ft (130m) below surface and undertook about 700m of horizontal development on the 250ft (76m) and 400ft (122m) levels.
The Golden Arrow property is underlain by Mafic Flows and Syenite Intrusions with younger post mineral Diabase. Gold is associated with pyrite-quartz veining and hematitic/potassic alteration associated with a quartz vein stockwork within a syenite intrusion and related to a NE-SW structure associated with the Porcupine-Destor Fault Zone. The property covers a two kilometre strike extent of this NE-SW structure. The Golden Arrow gold deposit is located 5 km SW of the past-producing Ross Gold Mine which produced nearly one million ounces of gold between 1936 and 1989. Also located in Hislop Twp are the presently producing Hislop Mine of St. Andrew Goldfields Ltd. and the Black Fox Mine of Brigus Gold Corp. Please visit www.murgor.com for additional information about the Golden Arrow Gold Mine.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on gold, copper, and zinc deposits in Canada. The company owns a 100% interest in two deposits, adjacent to the Snow Lake and Flin Flon mining districts of Manitoba, from HudBay Minerals Inc. (TSX:HBM). Murgor is also exploring an exceptional portfolio of gold properties in proven mining districts of Canada, owns a 1% NSR royalty in the Barry Gold Mine and an interest in the advanced Windfall Gold Project in Quebec. The proposed acquisition of the Golden Arrow Gold Mine in Ontario marks a shift of focus to gold for the Corporation
The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.
| INDICATED RESOURCE | Project | Tonnage | Grade* | Metal Content |
| Metric Tonnes | Cu % | Zn% | Au g/t | Ag g/t | Cu (lb) | Zn (lb) | Au (oz) | Ag (oz) |
| Hudvam | 854,076 | 1.22 | 1.78 | 3.82 | 13.84 | 23,007,640 | 33,541,359 | 104,930 | 379,928 |
| Wim | 2,776,787 | 1.94 | 0.3 | 1.88 | 7.53 | 118,762,524 | 18,365,339 | 167,838 | 672,246 |
| TOTAL | 3,630,863 | | | | | 141,770,164 | 51,906,698 | 272,768 | 1,052,174 |
| | | | | | | | | | | |
| INFERRED RESOURCE | Project | Tonnage | Grade* | Metal Content |
| Metric Tonnes | Cu % | Zn% | Au g/t | Ag g/t | Cu (lb) | Zn (lb) | Au (oz) | Ag (oz) |
| Hudvam | 502,901 | 0.79 | 1.33 | 3.25 | 6.96 | 8,758,802 | 14,745,831 | 52,548 | 112,534 |
| Wim | 445,999 | 1.12 | 0.43 | 2.11 | 5.06 | 11,012,528 | 4,228,024 | 30,256 | 72,556 |
| TOTAL | 948,900 | | | | | 19,771,330 | 18,973,856 | 82,804 | 185,090 |
*Based on a 2.0% copper equivalent cut-off grade.
For statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.
The technical information in this news release has been reviewed by Mr. John Reddick, P.Geo, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, responsible for the supervision of the project.
This news release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Murgor, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Murgor's expectations are exploration risks detailed herein and from time to time in the filings made by Murgor with securities regulators.
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.
For further information:
PLEASE VISIT MURGOR'S WEBSITE AT WWW.MURGOR.COM OR CONTACT:
André C. Tessier, President & CEO
MURGOR RESOURCES INC.
Tel: (613) 546-7503 or 1-888-891-3330
Fax: (613) 546-7318
E-mail: info@murgor.com Web site: www.murgor.com