X-Ore Resources: First Gold continues to expand gold at Croinor
Mon Jan 21, 9:04 AM
ca.news.finance.yahoo.com
- New Resource Estimate to be undertaken in 2008 -
VAL-D'OR, QC, Jan. 21 /CNW Telbec/ - X-Ore Resources (TSXV - XOR) ("X-Ore") is pleased to announced the latest results from First Gold Exploration (EFG) 2007 diamond drilling program on the Croinor property located 75 km east of Val-d'Or in the Abitibi region of Quebec (joint-venture with X-Ore Resources Inc.). A total of 10,030 m of drilling was completed during the year comprised of 8,409 m on the Croinor Mining Lease and 1,621 m on surrounding claims versus an initial planned campaign of 5,000 m on the Mining Lease and 1,500 m on the surrounding claims.
The project has provided very encouraging results. In-fill drilling has confirmed that the known mineralized zones located within 200 m from surface can be extended and has lead to the discovery of new mineralized zones below 200 m from surface (holes CR07-331, 332A, 340A and 334). Results from these drill holes were released previously. See map for surface location of the holes on X-Ore web site. Cross-sections will be posted on the web site as they become available. Latest results from the drill campaign comprise the following:
Hole No. Interval (m) Grade Au /Length
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CR07-337 311.0 to 312.0 2.4 g/t over 1.0 m
312.5 to 313.0 2.88 g/t over 0.5 m
313.0 to 313.5 3.74 g/t over 0.5 m
313.5 to 314.0 3.29 g/t over 0.5 m
314.0 to 314.5 9.94 g/t over 0.5 m
318.5 to 319.0 2.33 g/t over 0.5 m
CR07-339 248.0 to 251.0 4.35 g/t over 3.0 m
259.5 to 261.5 4.27 g/t over 2.0 m
269.5 to 270.2 2.74 g/t over 0.7 m
CR07-340A 245.5 to 246.0 2.81 g/t over 0.5 m
270.5 to 271.0 5.28 g/t over 0.5 m
271.0 to 271.5 7.1 g/t over 0.5 m
CR07-341 233 to 235 2.23 g/t over 2 m
248 to 249 2.06 g/t over 1 m
CR07-342 149 to 150 2.23 g/t over 1 m
201 to 202 3.46 g/t over 1 m
CR07-343 247 to 248 24.48 g/t over 1 m
248 to 249 3.46 g/t over 1 m
249 to 250 1.71 g/t over 1 m
CR07-344 266 to 267 1.03 g/t over 1 m
271 to 272 7.61 g/t over 1 m
CR07-346 217 to 218 2.95 g/t over 1 m
218 to 219 3.84 g/t over 1 m
219 to 220 1.41 g/t over 1 m
220 to 221 1.61 g/t over 1 m
221 to 222 0.021 g/t over 1 m
222 to 223 4.01 g/t over 1 m
CR07-347 206 to 207 5.86 g/t over 1 m
246 to 247 3.94 g/t over 1 m
249 to 250 3.36 g/t over 1 m
Holes CR07-338 and CR07-345 returned no significant values.
On the mining claims surrounding the Croinor Mining Lease, a total of eight holes for 1,621 meters were drilled. Seven of these holes were drilled on the Lac Bug showing located 1 km to the east of the Croinor Mining Lease mainly to test the down-plunge mineralization below the 100 meter level. Another hole was drilled to test for other targets with potential along the Lac Bug structural corridor.
Among the results was one hole returning 6 meters of 6.19 g/t Au (from 91 to 97 meters). Follow-up work on this mineralized horizon is being determined. Preliminary indications are that the true widths of the mineralized intervals are roughly equivalent to 50% of core lengths. Assays have not been cut.
As a result of this positive development, First Gold has concluded that a new resource calculation is warranted. An updated NI 43-101 report with accompanying resource estimate will be prepared in 2008. In addition, drilling is planned for completion on the mining lease consisting of both in-fill drilling down to 300 meters and additional drilling along strike both east of hole CR07-335 and west of hole CR07-347. As well, some targets on the claims surrounding the Mining Lease are to be investigated. A scoping study is also contemplated to assess the potential of underground access via a ramp on the mining lease.
All the samples were analyzed by Laboratoire Expert Inc. located in Rouyn-Noranda, Quebec using fire assay of 30 grams pulp samples finalized with atomic absorption. First Gold has implemented a QAQC program which includes the use of standards, blanks and duplicate samples. Mr. Pierre O'Dowd, a Qualified Person under NI 43-101 has revised and approved the technical content regarding Croinor project. Mr. O'Dowd will supervise the field work that will be executed on the project.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 18 properties located in known gold regions of Mexico and Canada, including the prolific Sierra Madre Gold Belt and the Val-d'Or region of Quebec.
The TSX Venture Exchange does not accept responsibility for the accuracy of this press release. This press release contains "forward-looking statements" not based on historical facts. Forward-looking statements express, as of the date of this press release, our estimates, forecast, projections, expectations and opinions as to future events or results. Forward-looking statements herein expressed are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral resources and requirements of additional financing and the capacity of the Company to obtain financing.
Contacts
www.x-ore.com or contact: Mr. Léon Méthot
President and CEO
(819) 824-5422
Mr. Paul Goulet
Investor Relations
(514) 710-8290
gouletp@commgo.com
Mr. Richard Dufresne
Vice-president
(819) 824-5422 |
