Field work to start June 8th, 2014
KINGSTON, ON, June 3, 2014 /CNW/ - Murgor Resources Inc. (TSXV: MGR) ("Murgor") is pleased to announced today that it has acquired a 100% interest in 44 contiguous claims (293 Units), covering 4,693 hectares located 6 kilometres west-northwest of the Town of Matachewan, Ontario, where Aurico Gold operates the Young Davidson Gold mine. Reserves and resources at the Young Davidson Mine are currently reported at 5.5 million ounces of gold at an average grade of 2.66 g/t gold. The Young Davidson Mine complex also includes a fully operational 10,000 tonne per day mill.
"We're very pleased to add this new acquisition in Murgor's portfolio of properties," said Andre Tessier, President and CEO of Murgor Resources. "We believe the Wydee property holds great potential for the discovery of a another Young Davidson-Type deposit. Our conceptual geological model is substantiated by a number historical gold occurrences already and we can't wait to start field work next week."
Murgor's Wydee Property covers two types of exploration targets:
- Syenite-hosted disseminated gold deposits such as the neighboring Young Davidson Deposit, and
- Shear Zone Hosted disseminated-type and quartz vein-type lode gold deposits common in the Abitibi Belt of Ontario and Quebec.
The Wydee property is largely unexplored, with only 43 historical drill holes testing to an average depth of only 95 meters. The property covers an 8 kilometer strike extent of the Galer Branch Fault, a splay off the Larder Lake-Cadillac deformation zone to the east. The western part of the property also covers a 10 kilometer strike extent of a NW-trending fault that is also believed to be a splay off the Larder Lake-Cadillac deformation zone. The presence of Temiskaming-Type sediments along these faults confirm the deep seated nature of the structures, an indicator of the high potential for gold mineralization. A number of poorly defined syenitic intrusions of various sizes have been documented throughout the property and a number of similar felsic intrusions are postulated through geophysical interpretation. Where these intrusions reach the surface, they typically display a magnetic low signature that is discordant to the magnetic trend of the volcanic rocks. It should be noted that alteration that is associated with gold mineralization at the Young Davidson deposit is documented as magnetite-destructive.
The property hosts numerous gold occurrences that have yielded potentially economic grades of gold mineralization, yet the property remains largely under-explored. At least 14 gold showings, assaying in excess of 1.0 g/t Au, have been located on the property by previous workers.
The majority of mineralized occurrences in the area consist of visible gold in narrow quartz veins ranging from 2 cm to 70 cm in width, but a number of gold occurrences also consist of disseminated pyrite-gold mineralization within or at the contacts of syenitic rocks. The syenitic rocks commonly show hematization, silicification and potassic alteration similar to the syenitic rocks hosting the Young Davidson gold mineralization.
The best reported historical assays include.
- Grab samples assaying 3.29 g/t, 3.41 g/t, 10.46 g/t, 12.0 g/t, 12.1 g/t and 26.3 g/t gold taken from quartz vein-type occurrences,
- Channel samples of 4.6 g/t Au over 8.0m, 6.2 g/t Au over 6.0m and 22.6 g/t Au over 3m taken from the Galer Fault Zone, and
- Drill intercepts of 67.6 g/t Au over 70 cm, within a mineralized section assaying on average 1.49 g/t Au over 34.75m (there is insufficient historical information to determine the true widths of the drill intercepts).
Transaction Details:
Murgor acquired 27 of the Wydee claims through staking and 17 claims through cash agreements with previous claim holders. Only 15 claims (944 Ha) of the property are subject to a 1% Net Smelter Return (NSR) royalty of which Murgor can buy back 0.5% NSR at anytime for $500,000. Murgor also has a right of first refusal on the remaining 0.5% NSR.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development Company focused on gold and copper exploration in Canada. The company owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba and a 40% interest in the Golden Arrow Gold Mine in Ontario. The Company further owns an exceptional portfolio of high potential gold properties in proven mining districts of Canada, such as its newly acquired Wydee Property.
The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.
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INDICATED
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Project |
Tonnage |
Grade* |
Metal Content |
| RESOURCE |
|
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 |
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Wim |
2,776,787 |
1.94 |
0.3 |
1.88 |
7.53 |
118,762,524 |
18,365,339 |
167,838 |
672,246 |
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TOTAL |
3,630,863 |
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141,770,164 |
51,906,698 |
272,768 |
1,052,174 |
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INFERRED
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Project |
Tonnage |
Grade* |
Metal Content |
| RESOURCE |
|
Metric Tonnes |
Cu % |
Zn% |
Au g/t |
Ag g/t |
Cu (lb) |
Zn (lb) |
Au (oz) |
Ag (oz) |
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Hudvam |
502,901 |
0.79 |
1.33 |
3.25 |
6.96 |
8,758,802 |
14,745,831 |
52,548 |
112,534 |
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Wim |
445,999 |
1.12 |
0.43 |
2.11 |
5.06 |
11,012,528 |
4,228,024 |
30,256 |
72,556 |
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TOTAL |
948,900 |
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19,771,330 |
18,973,856 |
82,804 |
185,090 |
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* Based on a 2.0% copper equivalent cut-off grade. |
| Using US$1.75 per lb Copper, US$0.80 per lb Zinc, US$700 per oz Gold and US$10 per oz Silver. |
For statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.
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The technical information in this news release has been reviewed by Mr. Andre C. Tessier, P.Geo, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101.
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.
SOURCE Murgor Resources Inc.
For further information:
FOR FURTHER INFORMATION ON MURGOR AND THE WYDEE PROPERTY, 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
E-mail: info@murgor.com
