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FOR
IMMEDIATE RELEASE
DIAMOND DRILLING UPDATE - CROW-REA WEST EMPRESS MOLYBDENUM PROJECT
January 3, 2008 - 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 that diamond
drilling in November, 2007 consisted of 9 drill holes ranging from 514-855 feet (156.7-260.6 meters) in depth
which have been completed on the Empress porphyry Mo project. The objective of
these drill holes are to test a 250 X 250 meter area for molybdenum (and copper-gold)
bearing mineralization. Geochemical analysis results from the first 3 drill
holes are listed as follows:
DDH 07-EMP-1:��� interval 3-21 m depth 18 m @ 0.077% Mo
������������������������� interval 33-54
m depth 21 m @ 0.075% Mo
������������������������� interval 147-153 m depth 6 m @ 0.077% Mo
DDH 07-EMP-2:��� interval 3-27 m depth 24 m @ 0.080%
Mo
DDH 07-EMP-3:��� interval 3-24 m depth 21 m @ 0.064%
Mo
The Empress molybdenum prospect outcrops on the crest of a broad
west-trending ridge separating the headwaters of Empress Creek to the northwest
from Shinnish Creek to the south. The Empress prospect covers a 730 X 360 meter area (elongated
north-south) and consists of widespread, low-grade molybdenum (and copper-gold)
bearing sulphide mineralization hosted in Middle
Jurassic age, porphyritic biotite-hornblende
quartz monzonite of the Osprey Lake Batholith. The Empress occurrence is classified as a Mo (Cu-Au) porphyry characterized by disseminated,
fracture filling and quartz vein sulphide
mineralization. Significant minerals include molybdenite,
pyrite and chalcopyrite with accessory and minor quartz, K-feldspar, sericite, chlorite, kaolinite,
and magnetite. Pyrite and molybdenite occur as
disseminations and veinlets, and in quartz stringers
in a north trending zone. Magnetite and increased K-feldspar is associated with
fracture filling mineralization.
In 1968, Anaconda Canada Ltd outlined anomalous stream sediment from the
upper Empress Creek area. Follow-up work included soil samples, trenches,
seismic geophysics, and 1,122
meters (3,681 feet) of percussion drilling. A summary
of significant intercepts from the 15 percussion drill holes Anaconda drilled
in 1981 are listed below:
Percussion
drill hole number
|
From
|
To
|
Width
|
% Mo
|
|
81-2
|
36.65 m
|
45.75 m
|
6.1 m
|
0.037
|
|
81-4
|
21.35 m
|
24.4 m
|
3.05 m
|
0.070
|
|
81-7
|
24.4 m
|
27.45 m
|
3.05 m
|
0.038
|
|
81-9
|
9.15 m
|
57.95
|
48.8 m
|
0.050
|
|
81-11
|
36.6 m
|
39.65 m
|
3.05 m
|
0.038
|
|
81-13
|
30.5 m
|
33.55 m
|
3.05 m
|
0.056
|
|
81-14
|
33.55 m
|
36.6 m
|
3.05 m
|
0.030
|
Geochemical results
reference: EMPR Assessment Report 10,434, Appendix 2
A comparison of % Mo
geochemical results from 2007 diamond drill holes (07-EMP-1 to 3), and
highlights from 1981 percussion drill holes suggest that recovery of molybdenite mineralization significantly increases with
core drilling (diamond drilling) as opposed to percussion drilling (where water
has a tendency to rinse away molybdenite). Management
plans to collar a diamond drill at the location of percussion drill hole 81-9 in
Spring, 2008. Results from diamond drill holes 07-EMP-4 to 9 have not been
reported yet. When geochemical analysis is complete, drill holes 07-EMP-4 to 9
will be reported. Andris Kikauka,
P.Geo.,
is the qualified person responsible for reporting Empress project geochemical
analysis of drill hole samples.
This news release was
reviewed by Andris Kikauka,
P. Eng., a qualified person recognized under NI 43-101.
On Behalf of Management
Larry W. Reaugh
President, Chief Executive Officer and Director
View SmartStox Interviews
with Larry W. Reaugh on Goldrea
& Molycor�s websites.
For all Molycor Gold Corp. investor relations
needs, investors are asked to visit the Molycor Gold
Corp. IR Hub at http://www.agoracom.com/ir/molycor
where they can post questions and receive answers within the same day, or
simply review questions and answers posted by other investors. Alternatively,
investors are able to e-mail all questions and correspondence to mor@agoracom.com where they can also
request addition to the investor e-mail list to receive all future press
releases and updates in real time.
Information Contact
Larry W. Reaugh
President, CEO & Director
Head Office: 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
The
TSX-Venture Exchange has not reviewed and does not accept responsibility for
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This message was sent from Hope Parrish.
It was sent from: Adanac Moly,
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BC V4B 1E6,
Canada.
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