Preliminary Resource at Lo Increible Properties
Medoro Announces Preliminary Resource at Lo Increible Properties
TORONTO, Nov. 1 /CNW/ - Medoro Resources Ltd. (TSX-V: MRS/AIM: MRL)
announced today an Indicated Mineral Resource at the La Cruz, La Sofia and El
Tapon zones at its Lo Increible 4A and 4B properties in Venezuela of 394,000
ounces of gold comprising 5.9 million tonnes at an average gold grade of
2.1 grams per tonne (g/t). In addition, an Inferred Mineral Resource of
423,000 ounces was identified comprising 5.6 million tonnes grading 2.4 g/t.
Based on 296 diamond drill holes, 186 of which were drilled during
2006-2007, totaling 45,084 metres, and 24 historical reverse circulation holes
totaling 3,900 metres, the Inferred and Indicated Mineral Resources based on a
cut-off grade of 0.5 g/t have been estimated as tabulated below. All grade
interpolation has been carried out using Ordinary Kriging and all figures are
net attributable.
Indicated Inferred
Tonnes Grade Ozs Tonnes Grade Ozs
----------------------- -----------------------
La Cruz O/P 4,130,000 2.2 292,000 2,230,000 2.2 158,000
U/G - - - 240,000 6.4 49,000
La Sofia O/P 1,760,000 1.8 102,000 607,000 1.7 33,000
El Tapon O/P - - - 2,470,000 2.3 183,000
----------------------- -----------------------
Total 5,890,000 2.1 394,000 5,547,000 2.4 423,000
Drill holes are to a maximum depth of 450 metres (historical drill hole)
and 367 metres (2006-2007 campaign) and have an average depth of 153 metres.
The drill grid is based on 50x50 metre spacing, except at La Cruz, where it
has been 25x25 metres.
The company currently has three drill rigs on the property, of which one
is dedicated to continuing to upgrade the resources at the La Cruz, La Sofia
and El Tapon zones. The other two rigs are evaluating three additional
prospects, among others, that have been identified within Lo Increible 4A and
4B - Tibaire, Mina A, and La Loca.
This resource estimate has been prepared to update the previously
reported historical resources to current National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101") standards. While no
detailed economic studies have yet been carried out to determine what portion
of these mineral resources will ultimately be upgraded to Mineral Reserves,
sufficient work has been undertaken to confirm that these are potentially
economic and can therefore be reported as mineral resources as defined by the
standards adopted by the CIM Council.
Mike Armitage is the Qualified Person for this project, is independent of
the company, and has reviewed the resulting mineral resource estimates and the
integrity of these as reported above. A NI 43-101 compliant Technical Report
is being prepared on these resources and will be filed by the company shortly.
Medoro has used Triad Laboratories in Venezuela as the primary
laboratory. Split HQ core samples of 4 to 5 kilograms were crushed and
pulverized to 250 grams. A 50-gram sample was split for fire assay analysis
using AAS finish, and gravimetric finish if gold grade was greater than 2.0
g/t. A comprehensive quality control program, which includes blanks, standards
duplicates and cross checks was employed.
Medoro Resources is a gold exploration and development company focused on
acquiring properties of merit for potential joint ventures with senior
producers. The company holds a 100% interest in the Lo Increible 4A and 4B
concessions in Venezuela and interests in nine gold exploration areas in the
Republic of Mali. Additional information on the company can be found by
visiting the company's website at www.medororesources.com. Medoro's Nominated
Adviser for the purposes of AIM is Canaccord Adams Ltd. (Ryan Gaffney/Robin
Birchall), +44 (0) 20 7050 6500.
Glossary:
Ordinary Kriging: Ordinary kriging (OK) is a geostatistical approach to
modeling. Instead of weighting nearby data points by some power of their
inverted distance, OK relies on the spatial correlation of the data to
determine the weighting values. This is a more rigorous approach to modeling,
as correlation between data points determines the estimated value at an
unsampled point.
O/P: Open pit.
U/G: Underground.
Split HQ: A standard form of core size.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information: Jose Francisco Arata, Director, (416) 603-4653,
jfarata@medororesources.com
(MRS. MRL)
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