FOR IMMEDIATE RELEASE
MOLYCOR PLANS 2009 DRILLING ON GOLD PROJECTS/
2008 COMPANY REVIEW
March 3, 2009 - Vancouver,
British Columbia
Larry
W. Reaugh, Chairman and Chief Executive Officer of Molycor Gold Corp. (TSX.V-MOR; Frankfurt-M1V; Pink Sheets-MLYFF) (the
�Company�) is pleased to announce the Company plans several drill programs on
its British Columbia and Nevada gold properties in 2009.
The
Company is currently financed to conduct drilling on its 100% owned Windpass
property located 8km east of Little Fort, British Columbia and its 50% owned
(Goldrea Resources Corp. (�Goldrea�) 50%) Flap gold property located 25 km west
of Kelowna, British
Columbia as follows:
Windpass Gold Property:� Currently the Company is formulating a
diamond drill program entailing approximately six holes.� The property has eighteen gold zones (two of
which produced, 34,456 ounces of gold from 102,946 tonnes from 1933 �
1939).� Prior trench sampling on three of
the gold zones returned 36.94 grams Au/t
(1.08 opt Au) over 4 meters (13.1 ft), 11.33 grams Au/t over 0.59 meters (1.9
ft) and 44.97 grams Au/t (1.32 opt Au) over 0.10 meters (0.32 ft) on the North,
Sleet and Weather Station Zones.
Flap Gold Property (50% Molycor / 50%
Goldrea):� The Company plans approximately 6 � 10
reverse circulation drill holes on the Flap stockwork gold zone measuring 300 x
200 meters (885 ft x 666 ft).� Earlier
drilling and trenching by Rea Gold Corp. returned up to 76.73 grams Au/t (2.25
opt Au) over 1 meter (3.3 ft) in diamond drilling and 17.8 � 25.6 grams Au/t
(0.5 - 0.75 opt Au) in chip samples from the surface (reported by Gary Medford
PhD/Rea Gold Corp. (�Rea�) Feb 18, 1989).�
The diamond drill program by Rea was biased negatively due to the nugget
effect in the mineralization.� Subsequent
surface trenching by the Molycor/Goldrea Joint Venture returned up to 3.10 g/t
(0.091 opt Au) over 6 meters (19.7 ft).�
The Company expects larger diameter reverse circulation drill holes will
better define the distribution of gold in the system and may partially reduce
the nugget effect allowing the companies to better evaluate the gold bearing
stockwork.
Davis Gold Project, Nevada:� Subsequent to financing, the Company plans to
drill their 100% owned Davis Gold Property located 13 km south east of Gabbs,
Nevada.� Drilling of 7 holes (898 meters)
(2,945 ft) in 2008 returned grades of up to 3.53 grams (0.102 opt Au) over 4.24
meters (13.91 ft) (see press release dated November 24, 2008) along a 200 meter
strike length.� The mineralization is
open to the north, to the south and depth.�
The Davis property contains a historical resource of 33,000 ounces gold
and 270,000 ounces of silver (USS Ram Report) (Where historical estimates are referred
to, the Company has no classification of the resource or reserve, and the
Company has not obtained enough of the original data and has not done the work
necessary to verify the classification of a resource or reserve. The Company
is not treating the estimates as a NI 43-101 defined resource or reserve
verified by a Qualified Person, and the historical estimate should not be
relied upon). �Drilling will
also be initiated on the Butler Zone 1,000 meters east of the Davis Zone.� The Butler Zone has an estimated strike
length of 2,200 meters with outcrop samples up to 3 grams Au/t and mine-dump
grab samples up to 12 grams Au/t.
REVIEW
Over
the past 18 months the Company has had two significant discoveries on specialty
metal exploration properties as follows:
Empress
Molybdenum Discovery (50/50 Joint
Venture with Goldrea Resources Corp.)� Drilling of 19 BQTW diamond drill holes
(3,493 meters) (11.470 ft) was completed on a high grade near surface
molybdenum discovery near Summerland,
British Columbia.� N. Tribe & Associates Ltd. completed
a NI 43-101 resource study in November, 2008.�
The results are as follows:
|
0.02% Mo cut-off
|
0.05% Mo Cut-off
|
Indicated
|
3,996,155 tonnes @ 0.0605% Mo
|
1,703,000
tonnes @ 0.094% Mo
|
Inferred
|
3,498,000 tonnes @ 0.0619% Mo
|
1,657,498
tonnes @ 0.094% Mo
|
The deposit is
open to the northeast, to the southwest and at depth.� Once molybdenum prices begin to rise the
companies will commence further exploration on the property.
Tami Mosi Magnesium Discovery:� A significant discovery of Magnesium was
found on the 100% owned Tami Mosi project located 6.5 miles south of Ely,
Nevada.� Nine diamond drill holes were
completed.� These ranged from 27.5 meters
(90 ft) grading 10.5% Mg (17.12% MgO), to 164.63 meters (540 ft) grading 11.4%
Mg (18.60% MgO), reporting Mg values over a 2,600 meter (8,500 ft) strike
length (see press releases dated March 14, 2008 and January 20, 2009).� Most of the drill holes ended in
mineralization.
The deposit
remains open to the north along strike and to depth.
The Company engaged Teck Cominco
Global Discovery Labs to analyze a 9.2 meter (30 ft) section of hole #TM-07-13,
from 270 � 300 feet (82.3 m � 91.5 m), for purity of the dolomite.� Hole #TM-07-13 averaged 11.4% Mg (18.6% MgO)
over 164.4 meters (540 ft).� Results
returned a high purity form of dolomite that is virtually identical with the
National Bureau of Standards (�NBS�), �Standard 88B�.
Sample
|
Si02
%
|
Ti02
%
|
Al203
%
|
Fe203
%
|
Mn0
%
|
Mg0
%
|
Ca0
%
|
Na20
%
|
K20
%
|
P205
%
|
Ba
%
|
L0I
%
|
Total
%
|
Hole
#TM-07-13
270ft
- 300ft
|
1.25
|
0.01
|
0.22
|
0.10
|
0.01
|
20.95
|
29.91
|
0.01
|
0.01
|
<0.01
|
<0.01
|
46.78
|
99.27
|
NBS
�Standard 88B�
|
1.15
|
0.02
|
0.35
|
0.30
|
0.07
|
21.14
|
29.79
|
0.01
|
0.03
|
0.01
|
<0.01
|
46.93
|
99.80
|
The following is an analysis of dolomites used for magnesium extraction
as reported by Magnesium.com (most of
these projects are no longer in production):
COMPOSITION OF DOLOMITES (wt %)
|
Deposit
|
MgO
|
CaO
|
FeO3 + A12O3
|
SiO2
|
Sorford, Norway
|
21.2
|
30.4
|
0.10
|
1.30
|
Tochigi, Japan
|
17.4
|
35.1
|
0.50
|
0.15
|
Addy, Washington
|
20.0 � 21.8
|
30.0 � 31.5
|
|
1.50
|
Marignal, France
|
19.0 � 20.0
|
32.0 � 34.0
|
0.30 � 0.50
|
0.20 � 0.40
|
Haley, Canada
|
21.3
|
30.7
|
0.10
|
0.15
|
*NBS
�Standard 88B�
|
21.14
|
29.79
|
0.65
|
1.15
|
*Tami
Mosi, Nevada
|
20.95
|
29.91
|
0.32
|
1.25
|
* Not included
in the Composition of Dolomite report by Magnesium.com
The Tami Mosi dolomite compares closely to dolomites
which were mined in several locations in North America, Europe and Japan
N. Tribe &
Associates Ltd. has been engaged to compile the NI 43-101 resource estimate for
the Tami Mosi Magnesium project.
About Magnesium
Magnesium is a widely used industrial metal
categorized by its light weight.� The
metal is produced in 2 ways: 1) electrolysing the brine in salt water; 2)
smelting high grade ore.� The supply of
magnesium has undergone dramatic change.�
The production of the metal from source has almost ceased in Canada
and the United States, only
one company in Utah
remains.� The Chinese now produce 7/8 of
the world�s primary supply.� The total
world production is estimated at approximately 800,000 metric tonnes (2008
USGS).� This distortion of the market has
lead to dumping charges and the incidence of an import duty in the United
States; this dependence on virtually only one
foreign source presents opportunity.� The
price of magnesium is currently about US$2,800 a metric tonne or US$1.27 lb
(minor metals).� The metal has enjoyed a
favourable price for decades and has reached $6,000/tonne in times of demand.
British
Columbia Exploration Properties
British
Columbia Beaverdell Claims / High Grade Silver:� Over the past year exploration
entailing trenching, geophysics and dump evaluations by Glen Eagle Resource
Inc. (�Glen Eagle�) which has the right to earn a 70% interest in the property,
has confirmed the presence of high grade silver in trench and dump
samples.� Glen Eagle has identified three
areas suitable for diamond drilling.�
Glen Eagle has not submitted a plan for exploration this season.� Past production as reported by the British
Columbia Minister of Mines was:
1,637,409
ounces of silver at 183 ozAg/t or 5,691.3 g Ag/t
1,084,435
pounds of lead at 6.06%
1,550,262
pounds of zinc at 8.67%
375 oz of gold
at 0.042 oz/t or 1.3g/t
Production was achieved by processing 8,942 tons from
1906 � 1961.� The Beaverdell property
remains a high priority for Molycor.
British Columbia
Dobbin I Platinum/Palladium/Copper Claims (50/50
Joint Venture with Goldrea Resources Corp.):� Significant Copper/platinum and
palladium mineralization has been encountered by the joint venture companies on
three separate drill programs beginning in 1997.� The programs entailing 28 drill holes
returned significant values of platinum (�Pt)/palladium (�Pd�)/copper (�Cu�)
with Hole # 97-21 having up to 2.265 g/Pt + Pd and 0.54% copper over 15 meters
(49.2 ft) and 0.841 grams Pt + Pd and 0.19% Cu over 105 meters (344.4 ft).� The drill program encompassed three zones,
the Central (22 holes), Kenny 2000 (2 holes) and North Zone (4 holes).� The best results were obtained in the Central
Zone as above.� The Dobbin II claims are
contiguous to the Flap claims on the north west and the Dobbin I claims on
their southern boundary.
British Columbia Dobbin
II/Tadpole Lake Molybdenum
Claims (50/50 Joint
Venture with Goldrea Resources Corp.):� The Tadpole Lake Molybdenum property
was held by Cominco from 1977 � 1997.�
Cominco carried out three separate drill programs completing 73
percussion drill holes totaling 3,800 meters (19,026 ft).� The property hosts a quartz stockwork zone
measuring 1,000 x 1,500 meters (3,300 x 4,900 ft).� The Cominco drilling returned up to 0.063% Mo
over 56 meters (184 ft).� Molycor and
Goldrea completed 1,146 meters (3,758 ft) in ten diamond drill holes returning
up to 0.408% Mo over 3.3 meters (10ft).�
The claims including, Dobbin I, II and Flap are in good standing until
December, 2016.
British Columbia
Crowrea Molybdenum Project (50/50 Joint
Venture with Goldrea Resources Corp.):� High Grade molybdenum was discovered
by the Joint Venture companies in 1995.�
Subsequent drilling in 1995, 1996 and 2005 returned 4.6 meters (15 ft)
grading 2.83% Mo in Hole #96-14-56, 39.02 meters (128 ft) grading 0.164% Mo in
Hole # 95-3-9 and 10.60 meters (35 ft) grading 0.282% Mo.� The Crowrea project is located 8,000 meters
(12,800 ft) east of the Empress Project within the same claim block.
Nevada
Gold Exploration Properties
1. Ridge Top
(1,160 acres):� The property is located 16 miles southeast of
Ely, Nevada.
�Exploration in 2006 identified three
separate gold anomalies over 500 and 1,100 meters.� The third zone measures 150 x 60 meters (490
x 200 ft) with assays in all three zones ranging from 0.67 to 1.03 g/t
gold.� Drill permits have been received
for 12 reverse circulation holes totalling 8,000 feet (3,439 m).
2. TKO Hot Dog
Ridge (680 acres):� The property is located 14 miles southeast of
Ely, Nevada.� Two zones have been identified with the TKO
North Zone measuring 1,500 meters and grading up to 2.67 g/t gold in outcrops
and the Jasper Crossing Zone measuring 500 meters with values up to 0.35 g/t
gold.� Drill permits have been received
for 9 reverse circulation holes totalling 6,000 feet 1,829 m).
3. Silverado
Property (2,600 acres):� The property is located on the south end of the Battle
Mountain � Eureka Gold Trend
12 miles southeast of Barrick�s 2 million ounce Archimedes gold deposit.� Three patents purchased by the Company
contain dumps which returned grab samples up to 128.7 oz/t Ag (4002.57 g/t
Ag).� Reconnaissance rock sampling by
Molycor returned up to 23 oz/t Ag (715.3 g/t Ag) and 30% combined lead/zinc.
4. Griffin
Gold Property (1,238 acres):� located 45 miles southeast of Eureka,
Nevada.� The property contains the past producing
Griffin Mines 90,000 oz gold produced from two open pits.� The Company believes the potential exists for
gold mineralization at depth.
The Company will be actively pursuing joint venture partners on its Nevada
gold properties.
This news release was reviewed by John W. Fisher,
P.Eng, a qualified person under NI 43-101.
On Behalf of Management
Larry W. Reaugh
Chief Executive Officer
For
all Molycor Gold Corp. investor relations needs, investors are asked to visit
the Molycor Gold Corp. website at www.molycor.com.
Information
Contact
Larry W. Reaugh
Chief Executive Officer
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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or at SEDAR at www.sedar.com
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