VAL-D'OR, QC, Aug. 11 /CNW Telbec/ - Managements of J/V partners X-Ore
Resources (TSXV: XOR) and First Gold Exploration (TSXV: EFG) are pleased to
release a new NI43-101 compliant resource estimate for the Croinor property,
located east of the town of Val-d'Or, Abitibi, Quebec.
This new resource estimate follows two years of intensive exploration
drilling (approx. 13,000 metres) along the down dip and lateral extensions of
the Croinor gold deposit. All results have been compiled and a
re-interpretation of the entire deposit was performed. It is now believed that
the deposit consists of numerous east-west elongated, shallowly north dipping
and plunging mineralized shoots. This is a significant change from previous
interpretations which indicated a series of discontinuous tabular structures.
Individual mineralized shoot extends laterally from 50 metres up to 250
metres.
The following tables show the indicated resource and the measured
resource for each vein and finally a summary of the indicated and measured
resources at cut off grades of 5 g/t Au (base case for the resource estimate)
and 7 g/t Au.
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INDICATED RESOURCES
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Cut-off 5,00 g/t Au Cut-off 7,00 g/t Au
Zone -------------------------------------------------------
Tonnes gpt Ounces Tonnes gpt Ounces
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A2 41,007 8.685 11,450 20,705 11.566 7,699
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A4 17,469 10.468 5,879 11,136 13.316 4,767
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A5 78,439 10.985 27,703 51,546 13.655 22,629
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A6 74,650 9.346 22,432 39,922 12.447 15,975
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A11 2,978 10.753 1,030 2,978 10.753 1,030
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B1 15,346 7.451 3,676 7,247 8.660 2,018
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C1 61,496 9.225 18,239 39,073 11.236 14,115
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C2 52,895 6.632 11,279 8,955 11.093 3,194
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C3 8,679 5.530 1,543
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C4 64,868 9.223 19,234 33,591 12.676 13,689
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C5 35,044 6.628 7,468 11,515 8.482 3,140
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C6 13,384 13.550 5,830 5,914 23.483 4,465
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C7 15,507 9.342 4,658 15,049 9.434 4,565
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C8 33,315 8.37 8,962 16,081 11.35 5,869
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C9 9,305 6.181 1,849 2,836 7.223 659
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C10 8,261 5.694 1,512
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C11 18,877 6.833 4,147 5,750 8.880 1,642
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C12 1,105 9.260 329 1,105 9.260 329
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C13 1,144 10.950 403 1,144 10.950 403
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D1 13,046 5.475 2,296
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D2 73,574 10.402 24,605 30,540 17.038 16,729
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D3 79,023 9.928 25,223 40,394 14.136 18,358
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D5 63,624 9.802 20,050 40,154 12.502 16,140
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Total Indicated 783,036 9.13 229,799 385,636 12.70 157,416
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MEASURED RESOURCES
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Cut-off 5.00 g/t Au Cut-off 7.00 g/t Au
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Zone Tonnes gpt Ounces Tonnes gpt Ounces
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A2 1,029 7.47 247 1,029 7.47 247
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A4 3,729 11.45 1,373 1,211 22.23 865
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A5 13,037 9.27 3,883 8,551 11.04 3,035
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A6 9,038 7.47 2,171 1,816 13.00 759
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C2 1,393 7.16 321 1,393 7.16 321
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C4 1,881 7.22 437 1,211 22.23 865
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C5 1,085 5.27 184
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Total Measured 31,192 8.59 8,615 15,210 12.46 6,092
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MEASURED and INDICATED RESOURCES
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Cut-off 5.00 g/t Au Cut-off 7.00 g/t Au
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Category Tonnes gpt Ounces Tonnes gpt Ounces
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Total Measured 31,192 8.59 8,615 15,210 12.46 6,092
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Total Indicated 783,036 9.13 229,799 385,636 12.70 157,416
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Total 814,228 9.11 238,414 400,847 12.69 163,507
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This new NI43-101 compliant resource estimate was performed by Pierre
O'Dowd, P. Geo., independent consulting geologist and Qualified Person under
NI43-101, based on the review of 832 diamond drill holes and all available
technical information and previous report. The latter used the same geological
parameters as the ones used by the firm InnovExplo for its 2005 estimate. The
main parameters are:
- Minimum mining width of 1.8 m
- Polygons drawn on cross sections
- Polygons extend vertically and laterally to half the distance in
between intercepts to a maximum of 20 metres
- Grade capped at 65 g/t Au
- Specific gravity of 2.8
- 5 g/t Au cut off as base case
This current estimate shows a 15% increase in the number of ounces of
gold over the 2005 estimate (from 206,792 oz Au to 238,414 oz Au). As noted
above, the average grade of the deposit, using 5 g/t Au cut off grade, was
established at 9.11 g/t Au. A technical report presenting all information
pertaining to the resource estimate, in conformity to Appendix NI43-101A1,
will be filed shortly on Sedar within the prescribed time frame.
In recent news, it was announced that a scoping study was completed based
on the 2005 resource estimate (July 15th 2009). The scoping study, performed
by Golder and Associates of Val-d'Or, indicates that approximately 80,000
ounces of gold could potentially be extracted economically at Croinor. It is
believed that, based on the new resource estimate and the new geological model
for the mineralization, the economics of the deposit can be further improved.
The partners, X-Ore and First Gold, have now started the procedures to obtain
necessary permits to initiate the rehabilitation of the underground workings.
Note that this scoping study is preliminary in nature and includes mineral
resources that are not mineral reserves and do not have demonstrated economic
viability. There is no certainty that the preliminary assessment will be
realized as presented since certain engineering parameters related to
construction, environment and rocks mechanics will have to be validated at the
preproduction phase.
The revised model for the deposit opens a significant area of prospective
ground which will hopefully increase resources while the development of the
deposit is ongoing. Previous programs targeted the up and down dip extensions
of known auriferous intercepts. Future drilling programs will target lateral
extensions which exhibit a much better continuity.
Mr. Pierre O'Dowd (OGQ (number sign)668), a Qualified Person under NI 43-101 has
revised and approved the technical content of this release. Mr. O'Dowd has
accumulated more than 30 years in exploration experience in Canada and
worldwide having worked with companies such as Falconbridge, Noranda, Cambior
(Doyon Mine) before starting his consulting firm in 1995.
About X-Ore Resources Inc.
X-Ore Resources is a mineral exploration company with 16 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.
Neither the 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. 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.
