Oct 19 2010
Medoro Resources Ltd. (TSX VENTURE:MRS) announced today diamond drilling results from a further 19 drill holes from its exploration and in-fill drilling program at the Marmato gold project in Colombia.
Highlights included Hole MT-1282 which intersected 215.5 metres (m) at an average gold grade of 1.0 grams per tonne (g/t), and Hole MT-1283A which reported a 37.2 metre interval grading 3.9 g/t gold.
Serafino Iacono, Interim President and CEO of Medoro, commented, "We are very pleased with the consistently good results we are generating from this drill program, which demonstrate economic gold grades over significant widths. Marmato is a significant bulk tonnage gold project which is distinguished by its access to excellent infrastructure, an existing operational mine and mill, and topography which will facilitate the construction of a large tonnage, open pit mining operation."
In addition to the long widths of low grade mineralization, several drill holes also contain high grades of gold and silver in both veins and in porphyry with veinlets, with gold values of up to 72.8 g/t over 1.3 metres and silver values of 88.0 g/t over 0.8 metres.
The total number of metres drilled to date is 46,870 in 136 holes, including 23 holes for which the company is awaiting assay results and 12 holes which are currently being drilled.
The Marmato Project is a single 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 is the subject of a Technical Report dated March 5, 2010 prepared by Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado which currently has a measured and indicated mineral resource of approximately 245 million tonnes at an average gold grade of 1.0 g/t containing 7.5 million ounces of gold plus 76 million tonnes grading 0.9 g/t containing approximately 2.2 million ounces of gold classified as inferred resources.
Scott Wilson of Scott E. Wilson Consulting, Inc. and SRK Consulting have been retained by the company to update the current resource estimate and assess potential open pit mining scenarios and will further focus the current drilling program and facilitate the preparation of a pre-feasibility study.
Qualified Person
Stewart D. Redwood, Senior Consulting Geologist to Medoro, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release in respect of the drilling results from the Marmato Project. Dr. Redwood verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Source: Medoro Resources Ltd