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FOR IMMEDIATE RELEASE
DRILLING STARTS ON CROWREA�S
EMPRESS
MOLYBDENUM PROPERTY
October 30, 2007 - Vancouver, British Columbia
Molycor Gold Corp. (MOR-TSX.V;
Frankfurt-M1V; Pink Sheets-MLYFF) and Goldrea Resources Corp. (GOR-TSX.V; Frankfurt-GOJ; Pinks-GORAF) are
pleased to announce an 1800
meter (6000
feet) diamond drilling program has commenced on the
Empress Molybdenum Property, situated within the Crowrea
claim group located 15
kilometers south of the past producing copper/moly Brenda mines near Summerland, B.C. The Empress
prospect covers a 730 X 360
meter area (elongated north-south) hosted in Middle
Jurassic age, medium grained biotite hornblende granodiorite and porphyritic
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.
The following table is a summary of significant molybdenite geochemical analysis from the cuttings from 15
percussion drill holes by Anaconda Canada Exploration Ltd (1981):
EMPRESS Mo PROJECT
|
Percussion
drill hole number
|
From
(meters)
|
To
(meters)
|
Width
(meters)
|
% MoS2
|
|
81-2
|
36.65
|
45.75
|
6.1
|
0.060
|
|
81-4
|
21.35
|
24.4
|
3.05
|
0.117
|
|
81-7
|
24.4
|
27.45
|
3.05
|
0.063
|
|
81-9
|
9.15
|
57.95
|
48.8
|
0.083
|
|
81-11
|
36.6
|
39.65
|
3.05
|
0.063
|
|
81-13
|
30.5
|
33.55
|
3.05
|
0.093
|
|
81-14
|
33.55
|
36.6
|
3.05
|
0.050
|
In June, 2006 a program of soil
sampling covering a 0.5 X 0.5
km area and rock chip samples of exposed mineralized
outcrop was carried out by Goldrea/Molycor in order
to follow-up on molybdenite bearing zones outlined in
the 1981 drilling. A total of 80 soil samples were taken from the �B� horizon
of the soil profile returned an average of >50 ppm
Mo, of which 16 samples returned >100 ppm Mo, of
which 6 samples were >300 ppm Mo and 1 sample was
>2,000 ppm Mo.
The above average Mo values in soil are located in a cluster near the center of
the grid area close to percussion drill hole 81-9.
Three rock chip samples consisting of pink porphyritic
quartz monzonite with minor aplite,
quartz veinlets, sparse pyrite and trace chalcopyrite
were taken from bedrock located 70 meters NNW of PDH 81-9 (5100 N, 4950 E) and
geochemical analysis of rock samples (ref.-Pioneer Labs, Richmond BC report No.
2068765) are listed as follows:
|
Rock
Chip Sample No.
|
Width
(meters)
|
Grid Northing
(meters)
|
Grid Easting
(meters)
|
Elevation
(meters)
|
% Mo (%MoS2)
|
|
4872
|
0.8
|
5175
|
4928
|
1,533
|
0.12 (0.20)
|
|
4873
|
0.5
|
5180
|
4931
|
1,534
|
0.13 (0.22)
|
|
4874
|
0.7
|
5183
|
4935
|
1,535
|
0.17 (0.28)
|
Molybdenite mineralization at Empress Creek generally occurs
at or near aplite/pink porphyritic
quartz monzonite dyke/sill margins. Core drilling to
a depth of 200-350 m
will be located near PDH 81-9 (1981 percussion drill hole) and about 50-100 m north of PDH 81-9, near
sample 4872-4874 (2006 rock chip samples) where extensive aplite/pink
porphyritic quartz monzonite
dykes/sills, quartz veining and coincident Mo in soil geochemical anomalies
occur.
Further to this, the Company is pleased to announce
a geochemical survey has started on the three large magnetic lows on the Crowrea Molybdenum property, as identified on B.C.�s
Regional Magnetic Survey map. The geochemical survey consists of 400 meter line spacings with sample stations at 40 meters. These magnetic
lows are indicative signatures tools for identifying molybdenum deposits which
are similar to those such as Endako and Brenda. Rich
River Exploration Services located in Grinrod, British Columbia,
has been contracted to carry out the survey.
Also the Company is currently awaiting drilling
permits for the Phase II program on the Crowrea Moly Property. A total of 55 holes have been applied for.
This news release was reviewed by Dick Addison, P.
Eng., a qualified person recognized under NI 43-101.
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 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.
View SmartStox Interviews with Larry W. Reaugh on Molycor & Goldrea�s websites.
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 or info@goldrea.com
www.molycor.com���������������������������������� www.goldrea.com
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