Goldrea reviews Gold and Moly properties (Moly (at) $35.50(US )/lb)
3/18/05
Trading Symbol: GOR - TSX-Venture
VANCOUVER, Mar 18, 2005 (Canada NewsWire via COMTEX) --
Goldrea Resources Corp. (GOR-TSX.V) and Molycor Gold Corporation (MOR-TSX.V) are 50/50 joint venture partners on several properties, of which two have significant molybdenum potential. With the steeply rising price of molybdenum $35.50 us/lb, management has consulted with the geological and technical staff of Adanac Moly Corp. (AUA-TSX.V) and William Hainsworth P.Eng. and have decided to re-examine and evaluate the Tadpole Lake and the Crowrea Moly projects.
Tadpole Lake (Dobbin ll): is located adjacent to the west boundary of the Flap Gold Claims and north of the Dobbin l copper/platinum properties, approximately 25 kilometers northwest of Kelowna and 23 kilometers northeast of the past producing Brenda open pit copper/moly mine. Cominco Inc. held this ground for 20 years and between 1977 to 1980, they completed a total of 73 percussion holes totaling 5800 meters (19,026 feet). The property hosts a quartz stockwork and molybdenum soils anomaly measuring approximately 1000x1500 meters. Prior work by Cominco Inc. in 1978, included the drilling of widely spaced percussion holes with results up to .105% MoS(2) (0.063 Mo) over 56 meters (184 feet). After a comprehensive meeting with William Hainsworth P.Eng, writer of the Tadpole Lake Molybdenum Report and also part of the discovery team of two past producing molybdenum mines, Red Mountain Ltd and Highmont Mining Corp., the Tadpole Lake project has the merit for advancement. The companies are planning a $500,000.00 diamond drill program to test the mineralized structure.
Crowrea Moly Property: located near Summerland, BC, was discovered by Goldrea in 1995 and is a mineral rich occurrence in a northeast trending dyke zone. The discovery was contained in a trench which returned .209% MoS(2) (0.125 Mo) over 38 meters (125 feet) and subsequent drilling returned up to .273% MoS(2) (0.164 Mo) over 39 meters (128 feet) in hole No. 95-03-09 and 4.6 meters (15 feet) grading 3.390% MoS(2) (2.034 Mo) in Hole No. 96-14-56.
The Company is planning a work program with the concept of isolating the high grade potential for mining.
DAYE MINE SHANDONG PROVINCE, CHINA
Goldrea is currently diamond drilling on their Daye Mine concession located in Shandong Province, China whereby Goldrea may earn a 74% interest by the expenditure of Cdn$2,000,000.00 over four years. The first two holes have extended the open pit mineralized zone 500 meters downdip (-20 degrees to the southwest) where hole No. GZK 802 intersected 4 meters grading 8.25 grams gold from 262.94 - 266.94 meters (see press release dated March 4, 2005). Currently the third hole No. GZK 805 has been completed and the drill rig is being moved to the GZK 804-866 area.
Results will be reported as they are received.
ON BEHALF OF MANAGEMENT
"Larry W. Reaugh" |
