SIMCOE, ON, March 14, 2012 /CNW/ - Metalore Resources Limited (MET - TSX)
Metalore Resources Limited ("the Company") is pleased to announce the completion of a Technical Report on their 100% owned East Cedartree Lake gold prospect, located 15 km southeast of Sioux Narrows, Kenora Mining District, Ontario.
The Company has now completed seven, seasonal exploration programs on the property, including a total of 61 drill holes (8,332 linear meters) and more than 3,400 gold assays.
As part of the present evaluation of the property's exploration potential, a preliminary resource estimate has also been completed in order to better understand the geometry of the gold bearing structure. The estimation of the "resources" reported in this document is compliant with current standards as outlined in National Instrument 43-101. Still following guidelines, "INDICATED" resources have been reported independently from the "INFERRED" resources.
A total of seven (7) sub-parallel gold mineralized corridors of higher grade gold mineralization along with a main zone have been defined within a larger "envelope" of lower grade gold mineralization that could be incorporated into a "bulk mining" structure. A cut-off of 0.30 g/t was used to define a "Lower Grade" envelope and cut-offs of 1.00 g/t and 3.00 g/t was used to define "Higher Grade" sections of economic interest.
The following calculations were conducted on strict parameters, as per current standards for quality assurance ("QA") and quality control ("QC") procedures:
MAIN GOLD ZONE
| cut-off | INDICATED | INFERRED | ||||
| tonnes | grade Au | tonnes | grade Au | |||
| 0.300 g/t | 2,112,554 | 1.36 g/t | 2,165,460 | 1.36 g/t | ||
| ounces gold | 92,950 | ounces gold | 95,280 | |||
| 1.000 g/t | 434,505 | 3.91 g/t | 294,155 | 3.21 g/t | ||
| ounces gold | 54,487 | ounces gold | 30,416 | |||
| 3.000 g/t | 305,615 | 4.57 g/t | 187,265 | 3.70 g/t | ||
| ounces gold | 44,822 | ounces gold | 22,247 | |||
The technical report and resource estimate have been completed by Claude P. Larouche, ing., an independent consultant. Details of mineral resource estimation methods, parameters and assumptions used for the East Cedartree Lake deposit are described in the NI 43-101 technical report which will be released and filed on SEDAR shortly.
Metalore's administration is considering its options for continued systematic development of this emerging gold discovery.
Before April 2, 2012
Armen Chilian, P.Geo.
or also after April 2, 2012
George Chilian, CEO
Metalore Resources Limited
email: [email protected]
website: www.metaloreresources.com