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Murgor
Resources Inc. (MGR: TSX-V) announced today that it has received the results
from another four drill holes at the Golden
Arrow
Gold project, located 65 kilometres east of
Timmins, Ontario. Three of the four holes were drilled from the 90 foot
bench of the Golden Arrow open pit while drill hole #8 was drilled from the eastern edge of the open
pit. The holes were designed to test the gold mineralization below the
open pit floor.
Complete
results from Murgor's drilling are listed
below. Results from holes A10-01 to A10-04 were released previously in
a press release dated Dec. 10,
2010. Other results are new.
HOLE-ID
|
FROM (m)
|
TO (m)
|
LENGTH
(m)*
|
AU (g/t)
|
A10-01
|
33.00
|
64.00
|
31.00
|
1.71
|
incl.
|
42.00
|
54.00
|
12.00
|
2.52
|
A10-02
|
31.00
|
62.00
|
31.00
|
1.63
|
incl.
|
50.00
|
61.00
|
11.00
|
2.12
|
A10-03
|
41.00
|
84.00
|
43.00
|
2.41
|
incl.
|
59.00
|
78.00
|
19.00
|
3.43
|
A10-04
|
34.00
|
96.00
|
59.00**
|
2.64
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Incl.
|
35.00
|
66.20
|
31.20
|
3.21
|
and
|
85.00
|
96.00
|
11.00
|
2.94
|
A10-05
|
48.00
|
95.00
|
47.00
|
2.04
|
Incl.
|
73.00
|
88.00
|
15.00
|
3.05
|
A10-06
|
43.00
|
80.00
|
35.50***
|
1.70
|
Incl.
|
54.00
|
80.00
|
24.50***
|
2.04
|
A10-07
|
5.00
|
19.00
|
14.00
|
3.37
|
Incl.
|
6.00
|
16.00
|
10.00
|
4.09
|
A10-08
|
187.00
|
191.00
|
4.00
|
2.88
|
*
True widths = 75% of reported core lengths.
** Missing core between 66.2 and 69.2 meters
due to old mine workings not included in core length.
*** Missing core between 68.5 and 70.0 meters due to old mine workings
not included in core length.
"Murgor's due diligence work is now completed
and the initial drill results reinforce Murgor's
objective to become a near-term gold producer at Golden Arrow."
said André Tessier, President and CEO of Murgor Resources. "As announced, Murgor and Victoria have now signed the option agreement
for the Golden Arrow
Mine, and an initial 5,000 meter drill program is scheduled to start this
month."
The
drilling program was aimed at testing a 75 meter strike length of the
mineralized zone underneath the current floor of the open pit at the Golden Arrow Mine. Due to
the logistical limitations of drilling during the fall in a partially flooded
open pit, only three of the drill holes pierced portions of the
mineralization where historical reserves had been outlined by Pamour Mines at Golden Arrow
in 1982. All three drill holes show a great improvement in the width of
the mineralized zone, compared to the historical reserve figures, as shown in
the table below:
Pamour Mines Reserve (1982)
|
Murgor New Drill Result
|
3.53 g/t gold over 2.44 meters
|
2.27 g/t gold over 43.00 meters
|
3.60 g/t gold over 2.13 meters
|
2.04 g/t gold over 47.00 meters
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4.01 g/t gold over 6.40 meters
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2.64 g/t gold over 59.00 meters
|
The
remaining drill holes intersected what is believed to be a broad halo of
potentially economic gold mineralization, previously outlined by Victoria Gold Mines, extending the Pamour Mines gold zone to the north. The zone
remains untested to the south and at depth. Please see the longitudinal
section attached to this press release at www.murgor.com.
The
drill hole results are part of Murgor's
due diligence drilling program at the Golden
Arrow
Gold Mine. On February 7th, 2011,
Murgor signed a definitive agreement with Victoria Gold Mines (East Timmins)
Ltd to acquire an interest of up to 70% in the Golden
Arrow
Gold Mine property. Final approval of the transaction by the TSX
Venture Exchange is pending. In order to obtain final approval, Murgor must provide the TSX Venture Exchange with, among
other things, a technical report on the property comprising the Golden Arrow Gold Mine which is
compliant with National Instrument 43-101 Standards of Disclosure for
Mineral Projects.
Gold
analyses reported in this release were performed by standard fire assay using
a one assay ton aliquot with a gravimetric finish. All assays were
performed by Activation Laboratories Ltd, in Timmins, On. Sampling and
analytical procedures are subject to Murgor's
comprehensive Quality Assurance and Quality Control program. The QA-QC program, includes duplicate samples, blanks and analytical
standards.
About
the Golden Arrow
Gold Mine:
The
Golden Arrow property consists of
17 mining patents and leases, and two mining claims covering 524 hectares in Hislop Township and located 65 kilometers east of the
Town of Timmins in Ontario. In 1981 and 1982, a total of 279,593 tons
of ore was mined at a grade of 0.061 oz/t (2.09 g/t) from the Arrow open
pit. Mining ceased due to low gold prices.
The
property was originally explored underground in the 1940s to by the Golden Arrow Mining Company Ltd.
who sank a shaft to a depth of 435ft (130m) below surface and undertook about
700m of horizontal development on the 250ft (76m) and 400ft (122m) levels.
The
Golden Arrow property is underlain
by Mafic Flows and Syenite
Intrusions with younger post mineral Diabase. Gold
is associated with pyrite-quartz veining and hematitic/potassic alteration associated with a quartz vein stockwork within a syenite
intrusion and related to a NE-SW structure associated with the Porcupine-Destor Fault Zone. The property covers a two kilometre strike extent of this NE-SW structure.
The Golden Arrow gold deposit is
located 5 km SW of the past-producing Ross
Gold
Mine which produced nearly one million ounces of gold between 1936 and
1989. Also located in Hislop Twp are the
presently producing Hislop Mine of St. Andrew
Goldfields Ltd. and the Black Fox Mine of Brigus
Gold Corp. Please visit www.murgor.com for additional
information about the Golden Arrow
Gold Mine.
About
Murgor Resources
Murgor
Resources Inc. is a mineral exploration and development company focused on
near-term production at the Golden Arrow
Gold Mine in Ontario. Murgor also owns a 100%
interest in two gold-copper deposits in the Snow Lake and Flin
Flon mining districts of Manitoba. The
company further owns an exceptional portfolio of gold properties in proven
mining districts of Canada,
as well as a 1% NSR royalty in the Barry
Gold
Mine and the Windfall Gold Project in Québec.
The table below shows the total 43-101
compliant resource for Murgor's Hudvam
and Wim deposits.
INDICATED RESOURCE
|
Project
|
Tonnage
|
Grade*
|
Metal
Content
|
Metric Tonnes
|
Cu %
|
Zn%
|
Au g/t
|
Ag g/t
|
Cu (lb)
|
Zn (lb)
|
Au (oz)
|
Ag (oz)
|
Hudvam
|
854,076
|
1.22
|
1.78
|
3.82
|
13.84
|
23,007,640
|
33,541,359
|
104,930
|
379,928
|
Wim
|
2,776,787
|
1.94
|
0.3
|
1.88
|
7.53
|
118,762,524
|
18,365,339
|
167,838
|
672,246
|
TOTAL
|
3,630,863
|
|
|
|
|
141,770,164
|
51,906,698
|
272,768
|
1,052,174
|
|
|
|
|
|
|
|
|
|
|
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INFERRED RESOURCE
|
Project
|
Tonnage
|
Grade*
|
Metal
Content
|
Metric Tonnes
|
Cu %
|
Zn%
|
Au g/t
|
Ag g/t
|
Cu (lb)
|
Zn (lb)
|
Au (oz)
|
Ag (oz)
|
Hudvam
|
502,901
|
0.79
|
1.33
|
3.25
|
6.96
|
8,758,802
|
14,745,831
|
52,548
|
112,534
|
Wim
|
445,999
|
1.12
|
0.43
|
2.11
|
5.06
|
11,012,528
|
4,228,024
|
30,256
|
72,556
|
TOTAL
|
948,900
|
|
|
|
|
19,771,330
|
18,973,856
|
82,804
|
185,090
|
For
statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008
for Wim.
The
technical information in this news release has been reviewed by Mr. John Reddick,
P.Geo, a qualified person
in accordance with Canadian regulatory requirements as set out in National
Instrument 43-101, responsible for the supervision of the project.
This
news release includes certain "forward-looking statements". All
statements other than statements of historical fact, included in this
release, including, without limitation, statements regarding potential
mineralization, resources and reserves, exploration results, and future plans
and objectives of Murgor, are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from Murgor's expectations are
exploration risks detailed herein and from time to time in the filings made
by Murgor with securities regulators.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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