Gold Resource Estimates at Medoro's Marmato Project Increase to 7.5 Million Ounces Measured and Indicated and 2.2 Million Ounces Inferred
TORONTO, March 8 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS) is pleased to announce a new National Instrument 43-101 compliant resource estimate for its Marmato Project of measured and indicated resources containing 7.49 million ounces of gold and inferred resources containing 2.23 million ounces of gold. In addition, there is an estimated M&I resource of 48 million ounces of silver and an estimated inferred resource of 13.4 million ounces of silver (see the summary table below).
Medoro's Marmato Project includes three individual properties - Zona Alta, Echandia and Zona Baja - all of which were recently acquired by the Company through its purchase of the companies owning these properties. These individual properties are held under different licenses but are contiguous and are all part of the same geological system.
The updated resource estimates discussed in this press release cover the combined areas of Zona Alta, Echandia and Zona Baja. Resource estimates for each of the three separate areas were prepared and disclosed previously (see press release dated February 22, 2010). We are now able to consolidate the mineral deposit and have made this new resource estimate comprising a single project, the Marmato Project, rather than summing the individual resource estimates for the three properties.
--------------------------------------------------
MARMATO MEASURED AND INDICATED GOLD AND SILVER MINERAL RESOURCES
--------------------------------------------------
MEASURED RESOURCES
--------------------------------------------------
GOLD SILVER
--------------------------------------------------
Cut off
grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
--------------------------------------------------
0.30 Gold 37,222 1.04 1,242 7.99 9,559
--------------------------------------------------
INDICATED RESOURCES
--------------------------------------------------
0.30 Gold 207,887 0.93 6,249 5.75 38,398
--------------------------------------------------
TOTAL MARMATO MEASURED AND INDICATED MINERAL RESOURCES
--------------------------------------------------
0.30 Gold 245,109 0.95 7,490 6.09 47,956
--------------------------------------------------
--------------------------------------------------
TOTAL MARMATO INFERRED MINERAL RESOURCES
--------------------------------------------------
GOLD SILVER
--------------------------------------------------
Cut off
grade Type Tonnes Grade Ounces Grade Ounces
g/t Au (000s) g/t Au (000s) g/t Ag (000s)
--------------------------------------------------
0.30 Gold 75,810 0.92 2,232 5.51 13,432
--------------------------------------------------
The estimates are based on over 80,000 meters of diamond drilling in 379 holes and using a cutoff grade of 0.3 g/t Au.
"We are particularly pleased with this new resource estimate because the total M&I resource estimate of 7.49 million ounces of gold represents an increase of approximately 700,000 ounces over what was previously reported for the total M&I resources on the three individual properties. This is a result of the Company's successful consolidation strategy at Marmato," said John Hick, CEO of Medoro.
"As our substantial infill and exploration drilling program progresses, we expect further increases in resources. In addition, we are currently anticipating gold production from our underground Mineros Mine at Marmato to be about 25,000 ounces in 2010," he added.
The Company is currently conducting an exploration and infill drilling program aimed at further expanding and upgrading these gold resources. With 5 drills currently working, approximately 5,100 metres have been drilled since January 15, 2010. The first batch of assay results from this drilling program should be available for release shortly. Next steps include a scoping study to consider the possibility of a large scale open pit mine at Marmato, and a study of the potential for cost and/or production improvements at the Mineros underground mine located on Zona Baja.
-----------
Alles was ich schreibe drückt meine aktuelle Meinung aus! Und ist niemals eine Kauf oder Verkaufsempfehlung !