FOR
IMMEDIATE RELEASE
ASSAY RESULTS AND NEW CLAIMS ADDED TO THE DAVIS GOLD PROPERTY, NEVADA
January
29, 2008 - Vancouver, British Columbia
Molycor
Gold Corp. (the �Company�) (MOR-TSX.V; Frankfurt-M1V; Pink Sheets-MLYFF) is pleased to announce
results from rock samples collected during field examination in late 2007 and
the addition of 123 new unpatented mining claims on the Davis Gold property
located on Nevada�s Walker Lane, approximately 8 kms
(5 miles)
east of the past producing Paradise Peak Gold Mine, Nye County, Nevada.
Samples were collected from
outcrop and old workings within several areas throughout the claim block,
including a pervasive silicified zone (Davis vein) that crops out along a 400 meter (1300 feet) trending northeast-southwest
trend at the Davis
vein.
Significant assay values
are as follows:
SAMPLE #
|
Au grams
|
Ag grams
|
Area
|
PM
329
|
������� 0.75
|
������� 25.7
|
Nugget fault
|
|
|
|
|
PM 334
|
������ 1.07
|
������ 33.6
|
Butler mine area
|
PM
335
|
������� 0.30
|
������� 45.4
|
Butler mine area
|
PM
336
|
������� 0.16
|
������� 18.7
|
Butler mine area
|
PM 340
|
������ 6.36
|
������ 43.4
|
Butler mine area
|
PM
341
|
������� 0.58
|
������� 77.5
|
Butler mine area
|
PM 342
|
������ 0.23
|
���� 147.0
|
Butler mine area
|
|
|
|
|
PM
343
|
������� 0.72
|
��������� 1.6
|
Davis mine area
|
PM
349
|
������� 0.49
|
��������� 3.1
|
Davis mine area
|
PM 355
|
������ 1.54
|
�������� 9.8
|
Davis mine area
|
PM
357
|
������� 0.77
|
��������� 3.1
|
Davis mine area
|
Assays were performed by
ALS Chemex Inc., located in Vancouver, British Columbia.
The Davis property was owned by US Mining and
Smelting Co. (USSRAM) from the 1970�s to 2004. In the early 1980�s,
USSRAM carried out a diamond drill program at the Davis mine. Based on results from drilling in
a report dated 2000, William T. Worthington, a consulting geologist for USSRAM,
describes the Davis
vein in a report as having a strike length of 300 to 400 feet extending to a
depth of at least 500 feet
and 20 to 30 feet
in width. (See News Release Dated September 13, 2007)
The Company is currently
evaluating property data to design a drill program to potentially expand the
vein along surface and to depth.
The Company also added 123
unpatented claims to the Davis
property, bringing the total to 148 claims and covering 1,200 hectares (2,960 acres). These new
claims contain several under explored areas, including the Butler mine, Cricket and Nugget faults, where
results from rock samples returned high-grade gold and silver values.
At the Butler mine, 1 km south of the Davis vein,
old workings explore quartz veins in the hanging wall and foot wall of a rhyolite dyke; a geologic setting similar to the Davis
vein. The dyke and associated veins are said to be traceable over a strike
length of more than 1 km
(USSRAM Exploration Company Report).
The Company is planning a
program of detailed geological mapping and rock sampling at the Davis and Butler
mines, as well as the rest of the claim block to identify new drill targets.
The 123 new unpatented
claims were acquired through staking by the Company�s American Subsidiary.
These claims are subject to a 2% NSR in favor of the original property vendors.
This news release was
reviewed by Dick Addison, P. Eng., a
qualified person recognized under NI 43-101.
About Molycor Gold Corp.
Molycor is a
diversified precious and base metal exploration and development company
focusing on molybdenum exploration in British Columbia
and gold exploration in Nevada.
On Behalf of
Management
Edward Lee
President and Director
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
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Visit our
website to watch Larry Reaugh, CEO of Molycor Gold
Corp. interview with Stanley
Hunt of SmartStox Talk Show.
Information
Contact
Edward Lee
President & Director
Head
Office: 2A 15782 Marine Drive,
White Rock, B.C. V4B 1E6
Telephone:
604-531-9639 Facsimile: 604-531-9634
Email: info@molycor.com
www.molycor.com
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