�������������������������������
FOR IMMEDIATE RELEASE
RESOURCE
ESTIMATE COMPLETED FOR EMPRESS MOLYBDENUM PROPERTY
January 28, 2009 - Vancouver,
British Columbia
Goldrea Resources Corp. (GOR-TSX.V; Frankfurt-GOJ;
Pinks-GORAF) and Molycor Gold Corp.
(MOR-TSX.V; Frankfurt-M1V; Pink
Sheets-MLYFF) are pleased to announce the completion of a Resource estimate
for its Empress deposits near Summerland B.C.�
A drilling program consisting of 19 BQTW drill holes totaling
3,493 meters (11,429 feet) was drilled in the central portion of a 730 X 360
meter area of mineralization (molybdenum, copper and gold).� This program was completed during the summer
work season and the resource calculation was completed based on these results.
The Empress Molybdenum property is approximately 26 km
west and 14 km south of Summerland, B.C.�
It is located in the Okanagan Range
of the Cascade Mountains.� Intrusive rocks of the Okanagan Batholith underlie the entire claim group.� The property consists of 18 Mineral Claims.
The Empress deposit consists of widespread, molybdenum
bearing sulphide mineralization hosted in Middle Jurassic quartz monzonite porphyry associated with the Osprey Lake Batholith.� The molybdenite and pyrite occur as disseminations and veinlets.� Recent
work involving the generation of cross sections of the Empress drilling has
revealed a relatively shallow dip to the northeast (-51o) and a
strike of N45oW.� The recent
drilling was done with a fan configuration which has allowed a reinterpretation
of the structure and has revealed that most of the early drilling by Anaconda
was poorly oriented running within 5o of the structure at S45oE
and -46o.� Future drilling
will be oriented at S45oW at -60o providing a near 90o
intercept and an approximate true width.�
The deposit is open to the northeast, southeast and at depth.
Two resource estimates were calculated:
�
Core was logged, photographed, split and one half was
bagged for assay and shipped to Pioneer Labs in Richmond
B.C., usually in 3 ft. (�1.00m) lengths.� Assay method used was multi element ICP with
aqua-regia digestion.�
All core that contained visible mineralization, either pyrite or molybdenite was split and sampled.
�
A total of 895 assays were run at the Pioneer Lab in Richmond
using their ICP method and 108 check assay pulp samples were sent to ALS Chemex in North
Vancouver as check assays.�
ALS Chemex used their ME-ICP41 method backed
up by their Mo-OG46, ICP method for the higher grade samples > 10,000 ppm.
�
Pioneer ICP analyses averaged 1.6% higher than the ALS
Chemex Mo-OG46 analyses of the higher grade samples.
�
Section spacing used was 20 meters.
�
Projection of each block was 20 meters from the drill
hole or half way to the next drill hole whichever was less.
�
The Specific Gravity used was 2.80 or 2.80 tonnes per
cubic meter as measured. �
�
An 85% recovery factor was applied to the cutoff grade.
�
A cut off grade of 0.02 % Mo.
was used.
A dilution grade was calculated at 94 ppm Mo.
and a component of 10% dilution was applied to the final tonnage.
The first estimate was based on a metal price of $22
per pound for molybdenum, a 0.02% Mo.
per tonne cut-off and an 85% recovery.
�
No value was assigned to the copper or the gold.
�
No values were cut.
�
The Indicated
Resource is calculated to be 3,996,155 tonnes at a grade of 0.0605% Mo (0.0605%Mo =
0.1001% MoS2).
An Inferred Resource estimate was made using the
following parameters:
�
The inferred blocks were projected 20 meters beyond
the indicated resource
�
A10% dilution
component was added to the tonnage at 94 ppm Mo.� The tonnage with dilution is 4,395,771 at a grade of 0.0558% Mo.
�
Inferred Resource is
3,498,000
tonnes at a grade of 0.0619% Mo (0.0619% Mo = 0.103% MoS2).� With 10% dilution at 94 ppm
the tonnage with dilution is 3,847,550
at a grade of 0.0572%Mo.
The second Indicated Resource calculation was made
using the following parameters:
�
Section spacing � 20 meters.
�
Projection � 20 meters from the drill hole or half way
to the next drill hole which ever was less.
�
The Specific Gravity used was 2.80 or 2.80 tonnes per
cubic meter.
�
An 85% recovery factor was applied to the cutoff grade. �
�
A metal value of US$10 per pound for the contained Mo
was used.
�
A cut off grade of 0.05% Mo per tonne was used.
�
No value was assigned to the copper or the gold.
�
No values were cut.
�
A dilution grade was calculated at 94 ppm Mo.
and a factor of 10% was applied to the final tonnage.
�
The Indicated
Resource thus calculated is 1,703,000 tonnes at a grade of 0.0948% Mo. (0.0948% Mo =
0.157% MoS2). With 10% dilution at 94 ppm
the tonnage with dilution is 1,873,232
at a grade of 0.087 Mo.
An Inferred Resource estimate was made using the
following parameters:
�
The inferred blocks were projected 20 meters beyond
the indicated resource blocks along known geologic structure or strike and all
the previously cited conditions were applied. �
�
Inferred Resource is 1,657,498 tonnes
at a grade of 0.0947% Mo (0.0947% Mo = 0.157% MoS2). With 10% dilution at 94 ppm the tonnage with dilution is 1,823,248 at a grade of 0.087% Mo.
A drilling program is
recommended to delineate the deposit.� This
will require drill holes to expand the limits of the known mineralization and
to increase the density of the drill pattern within the deposit.
This news release was reviewed by Norm Tribe P.Eng., a qualified person recognized under NI 43-101.
On Behalf of Management
Larry
W. Reaugh
President and Chief Executive Officer
Information Contact
Larry W. Reaugh
President and Chief Executive Officer
2A 15782 Marine Drive,
White Rock, B.C.� V4B
1E6
Telephone: 604-531-9639��� Facsimile: 604-531-9634
Email: info@goldrea.com or info@molycor.com
www.goldrea.com���������������������������������� www.molycor.com
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