🕐19.10.10 - 10:27 Uhr
Medoro Announces Additional Drilling Results
Marketwire
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Medoro Resources Ltd.
TSX VENTURE:
MRS
Other
Recent News
October 18, 2010
Medoro Announces Additional Drilling Results
TORONTO, ONTARIO--(Marketwire - Oct.
18, 2010) - Medoro Resources Ltd.
(TSX
VENTURE:MRS) announced today diamond drilling results from a further 19
drill holes from its exploration and in-fill drilling program at the Marmato
gold project in Colombia.
Highlights included Hole MT-1282 which intersected
215.5 metres (m) at an average gold grade of 1.0 grams per tonne (g/t), and
Hole MT-1283A which reported a 37.2 metre interval grading 3.9 g/t gold.
Serafino Iacono, Interim President and CEO of Medoro, commented, "We are
very pleased with the consistently good results we are generating from this
drill program, which demonstrate economic gold grades over significant
widths.
Marmato is a significant bulk tonnage gold project which is
distinguished by its access to excellent infrastructure, an existing
operational mine and mill, and topography which will facilitate the
construction of a large tonnage, open pit mining operation."
Other significant results (greater than 10 gram-metres) are summarized
below.
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Hole From To Length Au Ag
MT- (m) (m) (m) (g/t) (g/t)
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1269A 125.8 147.2 21.4 1.1 17.6
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and 156.0 184.0 28.0 1.1 15.3
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and 206.0 257.0 51.0 0.6 2.9
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and 300.5 345.0 44.5 1.1 5.5
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and 351.7 411.0 59.3 1.0 5.9
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and 418.0 478.0 60.0 0.8 6.0
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including 426.0 436.0 10.0 2.6 10.4
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1276 284.0 296.0 12.0 1.0 8.9
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1277 326.0 343.0 17.0 0.7 3.3
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1278 48.8 78.0 29.2 0.9 11.2
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and 126.3 143.3 17.0 2.8 13.9
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1282 71.0 159.0 88.0 0.4 5.6
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and 180.4 395.9 215.5 1.0 4.9
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1283 104.0 134.0 30.0 0.4 3.6
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and 166.0 231.6 65.6 0.8 5.2
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1283A 178.0 246.0 68.0 1.0 5.7
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and 259.0 296.2 37.2 3.9 8.2
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including 267.8 282.2 14.4 4.5 17.6
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and 315.5 421.5 106.0 0.5 3.4
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including 321.0 334.0 13.0 1.5 17.0
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and 365.0 388.8 25.8 0.8 2.7
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1285 137.2 159.0 21.8 1.6 5.8
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and 226.0 267.5 41.5 2.2 12.5
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1287 283.6 313.0 29.4 0.5 1.7
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and 365.3 390.5 25.2 0.7 4.3
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1289 210.2 228.1 17.9 0.7 4.7
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and 235.9 254.5 18.6 2.1 2.3
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1290 283.0 299.1 16.1 2.0 3.6
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including 283.0 287.8 4.8 6.3 7.7
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and 305.8 354.7 48.9 0.6 5.0
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including 321.9 335.7 13.8 1.4 11.7
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and 363.0 401.0 38.0 0.7 2.9
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1292 194.0 292.0 98.0 1.0 5.8
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including 212.0 258.0 46.0 1.5 8.2
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1298 4.1 38.5 34.4 0.5 4.3
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and 119.5 136.1 16.6 1.5 8.9
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and 187.7 215.0 27.3 0.4 1.3
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1303A 68.0 98.5 30.5 1.8 10.3
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The drill holes were inclined at 45 to 75 degrees from horizontal and the
intersection lengths do not represent the true widths.
Sample lengths are
normally 2.0 metres but may be varied for geological and recovery factors.
Intersections were calculated using a cut-off grade of 0.1 g/t gold and no
more than 6.0 metres of internal dilution.
Gold grades were cut to 20.0
g/t.
No significant intercepts in holes MT-1280, 1281, 1291, 1294 and 1303
were found.
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In addition to the long widths of low grade mineralization, several drill
holes also contain high grades of gold and silver in both veins and in
porphyry with veinlets, with gold values of up to 72.8 g/t over 1.3 metres
and silver values of 88.0 g/t over 0.8 metres.
The total number of metres drilled to date is 46,870 in 136 holes, including
23 holes for which the company is awaiting assay results and 12 holes which
are currently being drilled.
All of the results to date, together with a map
showing the locations of the drill holes, are available on Medoros website
at www.medororesources.com.
The Marmato Project is a single gold deposit comprised of the three
contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover
1,198 hectares in Caldas, Colombia.
The Marmato Project is the subject of a
Technical Report dated March 5, 2010 prepared by Scott Wilson of Scott E.
Wilson Consulting, Inc.
of Englewood, Colorado which currently has a
measured and indicated mineral resource of approximately 245 million tonnes
at an average gold grade of 1.0 g/t containing 7.5 million ounces of gold
plus 76 million tonnes grading 0.9 g/t containing approximately 2.2 million
ounces of gold classified as inferred resources.
Scott Wilson of Scott E.
Wilson Consulting, Inc.
and SRK Consulting have
been retained by the company to update the current resource estimate and
assess potential open pit mining scenarios and will further focus the
current drilling program and facilitate the preparation of a pre-feasibility
study.
Qualified Person
Stewart D.
Redwood, Senior Consulting Geologist to Medoro, is a qualified
person as defined by National Instrument 43-101 and prepared or reviewed the
preparation of the scientific and technical information in this press
release in respect of the drilling results from the Marmato Project.
Dr.
Redwood verified the data disclosed in this press release, including the
sampling, analytical and test data underlying the information contained in
this release.
Verification included a review of the quality assurance and
quality control samples, and review of the applicable assay databases and
assay certificates.
Quality Assurance and Quality Control
In the case of the drilling results referred to herein, the samples were
prepared by Acme Analytical Laboratories Ltd (ISO 9001:2008) at their sample
preparation facility in Medellin, Colombia, and were assayed at their
laboratory in Santiago, Chile.
Gold was assayed by fire assay with atomic
absorption spectrophotometer ("AAS") finish.
Samples over 10 g/t were
assayed by fire assay with gravimetric finish.
Silver was assayed by aqua
regia digestion and AAS finish.
Silver samples above 100 g/t were assayed by
fire assay with gravimetric finish.
Blank, standard and duplicate samples
were routinely inserted for quality assurance and quality control.
About Medoro Resources Ltd.
Medoro Resources Ltd.
is a gold exploration, development and mining company
with a primary emphasis on Colombia.
The company operates the producing
Mineros Nacionales gold mine located in Zona Baja at Marmato and is
conducting an exploration and in-fill drilling program at its Marmato
Project to upgrade and expand its gold resources there.
Medoro also has a 5%
interest in the Frontino Gold Mines with an option to increase its interest
to 50%.
Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions
in Venezuela where it is continuing its efforts to obtain an exploitation
permit to allow development of these gold properties when circumstances in
Venezuela allow.
Medoro owns interests in gold exploration properties in
Mali in respect of which it is seeking possible joint venture partners to
further explore these properties.
Additional information on Medoro Resources Ltd.
can be found on the
companys website at www.medororesources.com and by reviewing the companys
profile on SEDAR at www.sedar.com.
This news release contains "forward-looking information", which may include,
but is not limited to, statements with respect to the future financial or
operating performance of Medoro and its projects.
Often, but not always,
forward-looking statements can be identified by the use of words such as
"plans", "expects", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates", or "believes" or variations
(including negative variations) of such words and phrases, or state that
certain actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Medoro to be materially
different from any future results, performance or achievements expressed or
implied by the forward-looking statements.
Forward-looking statements
contained herein are made as of the date of this press release and Medoro
disclaims, other than as required by law, any obligation to update any
forward-looking statements whether as a result of new information, results,
future events, circumstances, or if managements estimates or opinions
should change, or otherwise.
There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements.
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.
CONTACT INFORMATION:
Medoro Resources Ltd.
Peter Volk
Vice President & General Counsel
(416) 603-4653
Fax: (416) 360-7783
www.medororesources.com
INDUSTRY: Manufacturing and Production - Mining and Metals
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