Murgor Resources Inc. (TSX-V:MGR) announced today that it is starting an initial 5,000 meter drilling program at the Golden Arrow Gold Mine, 65 kilometres east of Timmins, Ontario.
"Murgor intends to accelerate its exploration program at Golden Arrow, to complete its work commitments as fast as possible," said André Tessier, President and CEO of Murgor Resources. "We are looking forward to seeing results as soon as possible, in keeping with our objective of near-term production at the Golden Arrow Mine."
This drilling program will be the first phase of an extensive exploration program undertaken by Murgor at the Golden Arrow Gold Mine. In this phase of drilling, Murgor will be testing the gold mineralization extending outwards from the current limits of the open pit excavation. Murgor is fully financed for the completion of this initial drilling program.
On February 7th, 2011, Murgor signed a definitive agreement with Victoria Gold Mines (East Timmins) Ltd to acquire an interest of up to 70% in the Golden Arrow Gold Mine property. Final approval of the transaction by the TSX Venture Exchange is pending. In order to obtain final approval, Murgor must provide the TSX Venture Exchange with, among other things, a technical report on the property comprising the Golden Arrow Gold Mine which is compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Golden Arrow Gold Mine:
The Golden Arrow property consists of 17 mining patents and leases, and two mining claims covering 524 hectares in Hislop Township and located 65 kilometers east of the Town of Timmins in Ontario. In 1981 and 1982, a total of 279,593 tons of ore was mined at a grade of 0.061 oz/t (2.09 g/t) from the Arrow open pit. Mining ceased due to low gold prices.
The property was originally explored underground in the 1940s to by the Golden Arrow Mining Company Ltd. who sank a shaft to a depth of 435ft (130m) below surface and undertook about 700m of horizontal development on the 250ft (76m) and 400ft (122m) levels.
The Golden Arrow property is underlain by Mafic Flows and Syenite Intrusions with younger post mineral Diabase. Gold is associated with pyrite-quartz veining and hematitic/potassic alteration associated with a quartz vein stockwork within a syenite intrusion and related to a NE-SW structure associated with the Porcupine-Destor Fault Zone. The property covers a two kilometre strike extent of this NE-SW structure. The Golden Arrow gold deposit is located 5 km SW of the past-producing Ross Gold Mine which produced nearly one million ounces of gold between 1936 and 1989. Also located in Hislop Twp are the presently producing Hislop Mine of St. Andrew Goldfields Ltd. and the Black Fox Mine of Brigus Gold Corp.
The technical information in this news release has been reviewed by Mr. André Tessier, P.Geo, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, responsible for the supervision of the project.
Source: Murgor Resources Inc.