Medoro Resources Ltd. (TSX-V: MRS), a gold exploration, development and mining company with a primary emphasis on Colombia, has announced results from 30 additional drill holes at its exploration program at the Marmato Project in Colombia.
These drill holes are part of an ongoing 90,000 metre drilling program, aimed at expanding and upgrading the current measured and indicated gold resource estimate of 7.5 million ounces, and the additional 2.2 million ounce inferred resource estimate.
Results include the longest intersection widths reported to date and continue to provide further confidence in Medoro's geological resource model. All of the holes were planned as either in-fill holes or step-out holes and were drilled from surface in the Zona Alta and Echandia areas of the Marmato Project.
John Hick, President and CEO of Medoro, commented: "We are experiencing consistently good results from this drilling program, which continue to confirm our geological model. The gold zone is open to the southeast and the northwest and to depth, and we look forward to further expanding the resources in these areas as the drilling program progresses. The underground part of the program has now started with one rig, and another three rigs will be added in August. This will enable us to start drilling previously inaccessible areas and to more efficiently drill deeper areas of the deposit which is open to depth."
The Marmato Project is one gold deposit comprised of the three contiguous license areas of Zona Alta, Echandia and Zona Baja, which cover 1,198 hectares in Caldas, Colombia. The Marmato Project currently has a measured and indicated mineral resource of approximately 7.5 million ounces of gold in a total of approximately 245 million tonnes of material with an average grade of 0.95 g/t Au, and an additional inferred resource of approximately 2.2 million ounces of gold in a total of approximately 76 million tonnes of material with an average grade of 0.92 g/t Au, plus additional silver resources, all as set out in the NI 43-101 technical report(1) in respect of the Marmato Project resource estimate, which was filed on SEDAR on April 22, 2010 (the "Technical Report"; see the Company's press release dated April 22, 2010).
The total number of metres drilled to date is 30,037.93 m in 80 holes, including twin holes, 8 holes for which the Company is awaiting assay results and the 10 drill holes which are currently in progress.
The drilling program commenced in January 2010 and is scheduled to finish in mid-2011. The drilling program will include both surface and underground drilling. There are now 10 drill rigs in operation at surface, plus one more underground. Another three underground drill rigs are scheduled to arrive at site in August, which will bring the total number of rigs to 14.