MURGOR ANNOUNCES A
SIGNIFICANT SIZE INCREASE OF THE WIM COPPER-GOLD DEPOSIT IN MANITOBA
. Current 43-101 compliant estimate: 2.06
million metric tons @ 1.92% Copper, 1.65 g/t Gold
. Additional new potential:
1.0 to 2.5 million metric tons(1) at 1.9 to 2.3% Copper & 1.7 to 2.1 g/t
Gold
. Deposit still open at
depth and to the west
. Deposit in close proximity
to infrastructure and HudBay concentrator
. New NI 43-101 compliant
resource estimate of the Wim deposit planned for later this summer
Montreal, Quebec, June 18, 2008. Murgor Resources Inc. (MGR:
TSX-V) today announced that new drill results have identified extensions to
the mineralized lens that significantly increase the size of the Wim copper-gold
deposit near Snow Lake, Manitoba.
On January 24th, 2008 and April 1st, 2008, Murgor revealed that its diamond
drilling program had extended the outline of the massive sulphide lens of the
Wim deposit by approximately 300 metres up-dip and more than 150 metres on
strike. The new assay results from 28 of the drill holes that define the
new extensions have substantially increased the potential copper-gold resource
at Wim.
The new extensions of the mineralized sulphide lens have increased the potential
of the Wim deposit by:
Million metric Tons
Copper Grade Zinc
Grade Gold Grade
Silver Grade
1.0 -
2.5
1.9 -
2.3% 0.3 - 0.4%
1.7 - 2.1 g/t
7 - 8 g/t
"This is great news for Murgor. Should these extensions be
substantiated by a new 43-101 compliant resource estimate, it would represent a
substantial increase from the initial 43-101 compliant inferred resource of
2.06 million metric tons at a grade of 1.92% copper and 1.65 g/t gold at Wim",
said Andr� C. Tessier, President and CEO of Murgor Resources "As
planned, Murgor has fast tracked this project and submitted the data to Golder
Associates, an arms-length consultant, for a new 43-101 compliant resource
estimate that will take into account this additional potential resource. The
deposit sits only 16 kilometres from HudBay's operating mill in Snow Lake, and
within five kilometres of a new Manitoba Hydro power line. The proximity of
this infrastructure has a very favourable impact on the potential economics of
the Wim project."
The mineralization at Wim consists of massive to semi-massive pyrite and
pyrrhotite with chalcopyrite and local sphalerite. The sulphide
mineralization is coarse grained and typical of the Snow Lake mining district
where mineralization has historically provided excellent concentrator
recoveries. Metallurgical work on the Wim mineralization is now underway
to confirm recovery rates.
The Wim deposit consists of a single sulphide lens with a strike length of 725
metres and extending from surface to a vertical depth of 720 metres. The
mineralized lens is very tabular, with an average true thickness of 5.0 metres,
and copper-gold grades that are quite consistent. The deposit is largely
open at depth and to the northwest (down-plunge). Additional drilling in these
areas may reveal new extensions to the known mineralization.
The potential of the new extensions of the lens is based on twenty-nine (29)
holes, drilled at approximately 60 metres spacing. The assays and
specific gravity measurements were composited across hangingwall to footwall
contacts and weighted composites were determined. Drill collars were
surveyed by an independent registered land surveyor and down the hole deviation
measurements were made during drilling to ensure proper location of the
boreholes.
Three dimensional wireframes were created, capturing the mineralized
composites, using Gemcom software. Considering the simple tabular
geometry of the sulphide lens and its consistent copper and gold grades, the
conceptual estimate was calculated by polygonal method, on a vertical
longitudinal section that was projected from the wireframe model, using true
horizontal widths of the mineralized intercept. The conceptual estimate
includes only horizontal widths greater than two (2) metres and excludes
copper, zinc, gold and silver values outside the interpreted sulphide
lens. The estimate also excludes dilution and recovery.
A longitudinal section of the Wim deposit and all assay results from 2007-2008,
will be attached to this press release on the Murgor website at www.murgor.com. The longitudinal section will also
show the portion of the deposit with NI 43-101 compliant inferred resource and
the portion which includes the currently described conceptual resource.
About the Wim deposit:
In March of 2007, Murgor completed a NI 43-101 compliant resource estimate
at Wim. The estimation increased the resource by nearly 10% for copper and more
than 40% for gold, relative to the historical resource.. A new NI 43-101
resource estimate is planned for the summer of 2008. The current 43-101
Inferred resource at Wim (shown below), does not include the new extensions
defined by Murgor in 2007-08 and described herein (please see SEDAR for the
full report of the existing 43-101 compliant estimate):
CUT-OFF
TONNAGE
GRADE
CONTAINED METAL
GRADE*
(Metric Tons)
Cu
Zn
Au
Ag
Cu (lbs) Zn
(lbs) Au (oz)
Ag (oz)
2% Cu Equiv**
2,062,000 1.92%
0.26% 1.65 g/t 5.58
g/t
87,333,000 11,943,000 110,000
370,000
*Copper
equivalent grade. **Copper equivalencies based on the following price of
metals: Copper (Cu) = USD$1.10 per pound, Zinc (Zn) = USD$0.60 per pound, Gold
(Au) = USD$475.00 per troy ounce, and Silver (Ag) = USD$6.00 per troy ounce.
In 2007 and 2008, Murgor completed over 61 drill holes totaling 18,271 metres
to better define the mineralized lens and to explore the Wim property.
The Wim property covers approximately 28 square kilometres, located 16
kilometres north of the Town of Snow Lake where HudBay Minerals currently
operates a mill for its Chisel North Mine. The part of the property
optioned from HudBay, covers approximately 12 square kilometres but Murgor also
holds a 100% interest in nine claims (not part of the HudBay option) covering
the strike extensions of the Wim deposit with an additional area of 16 square
kilometres.
Murgor is earning a 100% interest in the Wim property, optioned from HudBay
Minerals Inc. (HBM: TSX) in September of 2006, along with the Hudvam,
Wim, Abbott Lake and Tyr deposits. HudBay has the right to buyback up to 65% of
the Wim property.
About Murgor Resources Inc.:
Murgor Resources Inc. is a mineral exploration company with a focus on
copper, gold and zinc exploration in Canada. In late 2006, Murgor signed six
agreements with HudBay Minerals, acquiring the right to earn a 100% interest in
three deposits with a total NI 43-101 Inferred resource of: 8,666,000
tons of mineralization, containing 143,150,000 pounds of copper, 430,251,000
pounds of zinc, 221,000 ounces of gold and 2,526,000 ounces of silver.
Murgor has also acquired from HudBay Minerals, a 50% interest in two highly
prospective grassroots properties, covering more than 1,850 square kilometres
adjacent to the Snow Lake and Flin Flon mining districts. The exploration
target for Murgor consists of deposits in one of the most prolific greenstone
belts in Canada and the world. Murgor also benefits from its association
with HudBay Minerals, one of Canada's most successful mining companies.
Murgor's Exploration Procedures:
Exploration core drilled by Murgor is NQ sized whereas historical drill core
was a combination of AX, BQ and NQ size. Historical drill core was logged
and sampled by geologists employed by HudBay Minerals' subsidiary, Hudson Bay
Exploration and Development Company Limited (HBED). Murgor drill core was logged and sampled by its
own geologists with P.Geo qualifications or under the supervision of a P.Geo
qualified geologist. Mineralized sections of the core were marked for
sampling and assaying by qualified geologists. The marked core samples
and intervals were cut in half with a diamond saw and one half of the core was
placed in plastic sample bags and tagged with unique sample numbers. The
sample bags were then sent for assaying and specific gravity measurement
whereas the remaining half of the core was carefully replaced into the core box
and is kept in storage by Murgor.
Chemical analyses and specific gravity measurements were performed by TSL
Laboratories in Saskatoon using industry-recognized methodology. Base
metals were analyzed through atomic absorption spectrometry after a multi acid
digestion whereas gold was analyzed by fire assay Atomic Absorption using a 30g
charge, with gravimetric finish for assays greater than 3 g/t. Sampling
and analytical procedures are subject to a comprehensive Quality Assurance and
Quality Control program that includes the use of assay sample standards,
blanks, duplicate and repeat samples.
The data herein and the content of this press release have been verified by
Neil W. Richardson P.Geo. and Dr. Jean-Philippe Desrochers, P.Geo. respectively
Manager of Exploration and Vice-President of Exploration for Murgor Resources
Inc. both Qualified Persons, as defined by National Instrument 43-101.
Andre C. Tessier, P.Geo. (On), P.Eng. (Qc) and President CEO of Murgor
Resources is the Qualified Person responsible for this news release.
(1) The estimated
potential quantities and grades reported herein for the extensions of the Wim
deposit are conceptual in nature since they have been calculated internally and
are therefore not compliant to National Instrument 43-101. The basis upon
which the disclosed potential quantities and grades have been determined is
however, provided in this news release. There has been insufficient
exploration to define the full mineral resource of the Wim deposit so far and
it is uncertain if further exploration will result in additional resources
being delineated at the Wim deposit other than the existing 43-101 compliant
inferred resource on part of the deposit, as stated in this press release.
FOR MORE INFORMATION PLEASE VISIT MURGOR'S WEBSITE AT
WWW.MURGOR.COM OR CONTACT:
Andr� C. Tessier, President & CEO
Michael Joyner,
Investor Relations
MURGOR RESOURCES INC.
THE
EQUICOM GROUP
Tel: (613) 546-7503 or 1-888-891-3330
Tel: (416) 815-1700 or 1-800-385-5451 ext 275
Fax: (613) 546-7318
Fax: (416) 815-0080
E-mail: info@murgor.com
E-mail: mjoyner@equicomgroup.com
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.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this press
release.
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