FOR IMMEDIATE RELEASE
DRILL RESULTS ON DAVIS GOLD PROPERTY, NEVADA
November 24, 2008 - Vancouver, British Columbia
Molycor Gold Corp. (TSX.V-MOR; Frankfurt-M1V;
Pink Sheets-MLYFF) (the �Company�) is pleased to announce the completion of a
drilling program consisting of seven diamond drill (HQ core) holes totaling 898
meters at the historic Davis gold mine located in Nye
County, Nevada, 13 kilometers southeast of Gabbs, Nevada.
Results
from this summer�s drilling confirms the presence of gold mineralization, as previously
reported by US Mining and Smelting Company (USSRAM), from drilling they did in
the 1980�s. The gold mineralization is associated with multi-stage silicification and quartz veining which occurs in a
silicified shear zone at the base of a prominent rhyolite
dike. Six of the seven holes drilled by Molycor this
year contain gold values up to 4.24 meters averaging 3.53 grams (0.102 oz) per ton
along a strike length of more than 200 meters. Mineralization is open to the north
and south and at depth. Drilling also confirms the presence of gold
mineralization up-dip of the zones drilled by USSRAM. See the chart below for a
complete list of significant drill hole gold intercepts from this year�s
drilling.
*Davis
Drill Results*
|
Hole #
|
Intercept (meters)
|
|
Grade
|
|
|
from
|
to
|
width (meters)
|
|
Au (grams/ton)
|
Au (oz/ton)
|
|
DM-08-001
|
74.16
|
74.58
|
0.43
|
@
|
1.74
|
0.050
|
|
|
78.12
|
80.10
|
1.98
|
@
|
1.64
|
0.047
|
|
|
87.42
|
91.65
|
4.24
|
@
|
3.53
|
0.102
|
|
|
94.98
|
100.98
|
6.00
|
@
|
1.35
|
0.039
|
|
|
|
|
|
|
|
|
|
DM-08-002
|
47.79
|
48.65
|
0.85
|
@
|
0.88
|
0.025
|
|
|
62.00
|
63.03
|
1.04
|
@
|
0.95
|
0.028
|
|
|
64.22
|
66.26
|
2.01
|
@
|
3.59
|
0.104
|
|
|
67.48
|
69.13
|
1.65
|
@
|
1.27
|
0.037
|
|
|
72.18
|
73.70
|
1.52
|
@
|
3.45
|
0.100
|
|
|
82.81
|
84.37
|
1.55
|
@
|
1.66
|
0.048
|
|
|
|
|
|
|
|
|
|
DM-08-003
|
11.80
|
13.50
|
1.71
|
@
|
1.12
|
0.032
|
|
|
26.00
|
29.96
|
3.96
|
@
|
3.63
|
0.105
|
|
|
57.70
|
59.13
|
1.43
|
@
|
1.24
|
0.036
|
|
|
|
|
|
|
|
|
|
DM-08-004
|
99.61
|
101.16
|
1.55
|
@
|
0.97
|
0.028
|
|
|
114.39
|
115.15
|
0.76
|
@
|
3.78
|
0.110
|
|
|
|
|
|
|
|
|
|
DM-08-005
|
No
significant results
|
|
|
|
|
|
|
|
|
|
|
|
|
DM-08-006
|
83.67
|
84.37
|
0.70
|
@
|
3.76
|
0.109
|
|
|
95.25
|
96.56
|
1.31
|
@
|
5.61
|
0.163
|
|
|
|
|
|
|
|
|
|
DM-08-007
|
14.20
|
14.54
|
0.34
|
@
|
1.44
|
0.042
|
|
|
24.93
|
28.56
|
3.63
|
@
|
2.59
|
0.075
|
|
|
50.02
|
54.32
|
1.30
|
@
|
1.02
|
0.029
|
|
|
|
|
|
|
|
|
Butler
Zone Rock Chip and Soil Sampling Program
Two new gold
anomalies have been discovered in the Butler
zone located approximately 1000
meters east of the Davis Mine. A systematic
soil-sampling program along the 2200 meter-long strike length of the
mineralized Butler zone was
completed in late June. Six hundred and thirty (630) soil samples were
collected on 30m x 50m centers along the NW-SE trend
of the zone. All soil samples were bracket-screened to eliminate contamination
and analyzed for low-detection gold (fire assay/AA finish) as well as a suite
of 36 elements, including silver, by ICP spectrometry. Results indicate two
strong gold-in-soil anomalies along the southwestern
and southern edges of the sampling grid with coincident anomalous silver. An
additional two hundred and fifty (250) soil samples, collected in mid-August to
determine the full extent of the anomalies, enhanced and enlarged on these two
mineralized zones. The Butler
zone is geologically similar to the Davis
mine but is much larger, over five times as large along strike, and contains
gold in outcrop samples up to 3 grams/ton. Gold up to 12 grams/ton has been
reported from mine-dump grab samples along the trend. See attached Butler Zone Geochemical Compilation Map.
An ongoing program
of detailed geological outcrop mapping and rock chip sampling continue to add
to the overall knowledge of the gold and silver distribution within the
property and to generate additional targets.
Molycor Gold Corp. controls 171 unpatented mining claims
(approximately 3400 acres)
at their Davis Project. Gold, silver and mercury with minor lead and copper
were produced within the claims intermittently until about 1943 from numerous
small prospects and mines, including the Davis
and Butler mines. Renewed
interest in the area began in the 1970�s leading to the discovery and
development of the Paradise
Peak
gold mine (1.46 M
oz Au and 38.9 M
oz Ag, 5 miles
west of the Davis mine) by FMC Gold
Company in 1983.
*Drill Assays were conducted by American Assay
Laboratories Ltd. located in Reno, Nevada*
*Soils assays were conducted by ALS Chemex
Ltd. located in Vancouver, British Columbia*
This release was
reviewed by Norm Tribe, P.Eng., a qualified person recognized under NI 43-101.
On Behalf of Management
Edward Lee
President
For all Molycor Gold Corp. investor relations needs, investors are
asked to visit the Molycor Gold Corp. website at www.molycor.com where investors can post questions and also request
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Information Contact
Edward Lee
President
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
The TSX-Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.
To view the map that is attached to this email, please
click on link to our website www.molycor.com.