Press release: Summary of Recent Exploration Devel
Murgor Resources Inc.
Summary of Recent Exploration Developments in Manitoba, Saskatchewan and Quebec
Montreal, Quebec. June 27, 2008. Murgor Resources Inc. (TSX.V: MGR) – This release summarises the tremendous amount of activity that Murgor has undertaken since January 2008. Management is pleased to confirm that the company continues to make excellent progress towards becoming a polymetallic producer. In February 2008, Murgor announced that it had completed enough exploration work to earn a 100% interest in two key deposits in Manitoba: Hudvam and Wim. As a result of an aggressive infill and definition drilling program, Murgor is now ready to revise the inferred resource calculation of its deposits at Hudvam and Wim. Discoveries of high-grade gold found recently at Hudvam and those of new extensions of the ore body at Wim increases the economic and investment value of Murgor. The company will be publishing revised NI 43 101 resource estimates for the Hudvam and Wim deposits later this summer, as part of the pre-feasibility study and economic evaluation of the projects. The second half of the year promises to be as eventful as the first. Murgor is poised to become a producer in time to take advantage of the anticipated base-metal price resurgence projected in late 2009.
Meanwhile, underground exploration work continues to advance at Murgor’s Windfall property in northern Quebec where Noront Resources just announced that it had reached Gold Zones F-17 where it reported significant amounts of visible gold.
The following is a review and summary of recent activities and results at the following key properties:
The Hudvam Deposit (Manitoba, Canada)
Since January 2008, Murgor has completed 30 drill holes for a total of 9,345 metres at the Hudvam deposit. So far, Murgor has drilled a total of 13,556 metres in 51 drill holes on the Hudvam project, since optioning the property from Hudbay in late 2006. Early in March of 2008, results from the infill and definition drilling program aimed at upgrading the current mineral resource and extending the limits of the known mineralization returned exceptional gold and copper values. Three additional holes drilled in the periphery of the lens also intersected ore-grade (copper, zinc and silver) material that will lead to a revision of the inferred resource calculation. Also, further studies using data compilation and 3D-modelling has led to the identification of several new high-priority exploration targets that are in close proximity to currently defined copper-gold-zinc mineral resources. One of those targets was drill tested in 2008 with drill hole HVS08-044 and resulted in the discovery of two new zones of massive copper-gold-zinc sulphide mineralization. The new discovery is located between Zones 1 and 3, some 275 metres away from any known mineralization, at a vertical depth of 300 metres. The new discovery remains open in all directions and points to a large area with a high potential for exploration between lenses 1 and 3 at depth. In late April, more assay results yielded high grade gold along with significant copper. Murgor is preparing a new NI 43-101 compliant resource calculation at Hudvam, slated for completion later this summer, and a metallurgical study is currently underway. (For more details, see February 26, March 11, March 20, April 1 April 22, May 8 and May 15, 2008 press releases).
The Wim Deposit (Manitoba, Canada)
Murgor has completed 61 drill holes at the Wim deposit for a total of 18,271 metres since September 2007. Exploration, aimed at determining the size of the upper portion of the deposit, has resulted in the massive sulphide lens being extended by at least 300 metres up-dip. The mineralized zone now extends from surface to a depth of 720 metres, over a strike length of nearly 725 metres, with an average width of 5.0 metres. A longitudinal section showing the new outline of mineralization is available at www.murgor.com; please refer to the press release dated June 18th, 2008. New extensions of the mineralized lens at Wim have significantly increased the prospective size of the deposit. On June 18th, 2008, analysis of the drilling results raised the potential resource from a 43-101 compliant 2.06 million metric tons to a potential resource of 3.06 - 4.5 million metric tons; or a 50% - 100% increase. A new 43-101 compliant resource calculation and metallurgical study are slated at Wim for this summer. (For more details, see February 26, March 13, April 1 and June 18, 2008 press releases).
The Fon Deposit (Saskatchewan, Canada)
On February 28th, 2008 Murgor announced, after a detailed analysis and a new structural interpretation of the Fon zinc deposit, that it had outlined a new, thick, mineralized zone sitting at surface. The zone, lies between surface and 150 metres depth, with a grade ranging from 1.4% Zn to 3.6% Zn, and could add a potential 51.3M to 162.2M pounds of zinc to the inferred resource at Fon. The newly defined target consists of a small part of the overall deposit at Fon which has a strike length of 1.3 kilometres and a depth extent of at least 760 metres. The 43-101 inferred resource estimate at Fon already stands at 373.6M pounds of zinc. André C. Tessier, President and CEO, of Murgor said, “This is an exciting new interpretation of the Fon deposit. The new zone, as interpreted, would significantly increase the zinc resource at Fon by allowing Murgor to consider up to 4.5 million tonnes of near-surface material, that would be amenable to low cost open-pit mining.” (For more details, see February 28, 2008 press release.)
The Windfall Gold Property (Quebec, Canada)
At Murgor’s Windfall Property in northern Quebec, Noront (NOT: TSX-V) announced yesterday that the exploration ramp had crossed Gold Zone F-17 where significant occurrences of visible gold is reported. Noront’s press release dated June 26 stated: “gold was found to form a film or mesh, permeating the host rock and exposed on broken surfaces for areas up to 8 x 10 cm”. Furthermore, it is expected that Gold Zone F-11 will be reached very shortly. Both Zones F-11 and F-17 are located entirely on the Windfall Murgor option (owned 50% by Murgor and 50% by Freewest Resources Canada Inc) (FWR: TSX-V). Noront is presently earning a 50% interest by incurring exploration expenditures of $4.0 million dollars. Noront is carrying all exploration and development expenditures at Windfall.
Past results from Zone F-17 include:
DDHBEST RESULT
98-04 15.10 g/t Au over 1.20 m.
05-19 59.07 g/t Au over 1.00 m.
05-20 10.46 g/t Au over 11.00 m.
05-21 9.32 g/t Au over 11.00 m.
05-22 16.56 g/t Au over 3.00 m.
05-28 21.65 g/t Au over 2.00 m.
05-48 8.89 g/t Au over 11.00 m.
05-52 7.24 g/t Au over 9.00 m.
05-53 5.78 g/t Au over 4.50 m.
05-79 15.97 g/t Au over 7.60 m.
Past results from Zone F-11 include:
DDH or Channel BEST RESULT
Channel 40.82 g/t Au over 5.90 m.
Channel 85.80 g/t Au over 4.00 m.
04-02 8.34 g/t Au over 3.50 m.
05-30 11.91 g/t Au over 17.00 m.
05-34 8.18 g/t Au over 3.00 m.
05-72 8.22 g/t Au over 2.00 m.
About Murgor Resources Inc.
Murgor Resources Inc. is a mineral exploration and development company focused on copper, zinc and gold deposits. Late In 2006, the company signed agreements with HudBay Minerals (TSX:HBM), acquiring the right to earn a 100% interest in three deposits. Presently, NI 43-101 compliant resource estimates for these properties has an Inferred resource in the aggregate of 8.7 million tons of mineralization. The breakdown contains: 143.1 million pounds of copper, 430.2 million pounds of zinc, 221,000 ounces of gold and 2.5 million ounces of silver (not including the new potential resource outlined in 2007-2008 and presented above). Murgor also acquired from HudBay a 50% interest in two highly prospective grassroots properties, covering more than 1,850 square kilometres adjacent to the Snow Lake and Flin Flon, Manitoba mining districts. The exploration targets for Murgor consist of deposits in one of the most prolific greenstone belts in Canada and the world.