Maudore boosts gold resource at Comtois

VANCOUVER — Deeper drilling and better gold prices have allowed Maudore Minerals (MAO-V, MAOMF-Q, M6L-F) to more than double the gold resource at its Comtois project, near Val d’Or, Que., to 1.2 million contained ounces.

The initial 2002 resource estimate of 524,000 oz. gold uncut was based on drilling to a depth of 200 metres. The old resource used a cutoff of 6 grams gold per tonne as it was based on US$300 per oz. gold.

The new resource has outlined both an open pit and underground component of the resource, using cutoff grades of 1 gram gold and 3 grams gold, respectively.

From surface to 150 metres depth, the possible open-pit resource contains 4.89 million inferred tonnes grading 3.2 grams gold for 504,000 contained ounces. Below that, sits a further 3.25 million inferred tonnes of 6.8 grams gold for 708,000 more oz., bringing the total to roughly 1.2 million contained ounces.

Maudore has hit a number of bonanza-grade intercepts at Comtois, ranging from 117 to 545.5 grams gold, so it incorporated a cap of 65 grams gold for the resource. Uncapped, the resource would be 200,000 oz. greater.

The resource has further potential to grow by incorporating the roughly 38,500 metres of drilling completed since February. Results have included 1.5 metres grading 239 grams gold, 1.5 metres carrying 48.4 grams gold and many short intercepts over 10 grams gold.

In late July, the company announced more high-grade drill results that extended the Comtois zones.

Hole 10-405, drilled on the eastern extension of the Osbell zone, returned 4.5 metres of 48.5 grams gold and included a 1.5-metre section of 143.5 grams gold.

Roughly 1.5 km west on the little-explored Bell area, hole 10-386 returned 3 metres grading 69.4 grams gold and included 1.5 metres of 117 grams gold.

The company has four drill rigs onsite as it works towards completing a 70,000-metre drill program started late last year.

The 560-sq.-km property, 100% owned by Maudore, is 15 km away from Lebel-sur-Quévillon in the Abitibi greenstone belt. The site is 3 km from the James Bay power transmission line, close to a major highway, and surrounded by active mining communities.

The company’s stock price increased 62¢ or 17.2% to $4.22 in three days of trading, following the resource release. It has a 52-week trading range of $2.02- $4.95 and 22.7 million shares outstanding.