Morgan Resources to Commence Drilling at Lucky Irish Project in Ontario
Toronto, November 4, 2014 - Morgan Resources Corp. (TSXV: MOR) (the "Company" or "Morgan Resources") is pleased to report that diamond drilling will commence on the company's Lucky Irish base and precious metal property located in the Kirkland Lake – Matachewan area of the Abitibi Greenstone belt. The Abitibi greenstone belt is host to some of the world’s largest VMS and related base/precious metal deposits. The target zone at Lucky Irish is a highly deformed sequence of sedimentary rocks made up of massive pyrite beds, cherty iron formation and felsic to intermediate volcanic rocks sandwiched between overlying mafic and underlying felsic to intermediate volcanic rocks. Base metal mineralization consisting of lead, zinc and copper sulphides occurs as veining, breccia matrix and discrete finely layered horizons that now occur as blocks within the highly deformed target zone. Surface exposures in stripped areas indicate that these mineralized zones are thickened locally as a result of folding and complex faulting. Bonanza grade mineralization occurs locally within the zone. One historic drill hole completed on behalf of the vendors of the property in 2006 is reported to have assayed 5.98% lead, 1.4% zinc, 0.21% Cu and 10.8 g/t silver across an intersected width of 9.5 metres. Earlier in the month, Morgan completed geological mapping that traced the target zone along a 500 metre strike-length, and it appears from airborne and ground Magnetic and EM geophysical surveys that the zone continues beneath swampy areas in both directions along strike.
It is anticipated that four to six holes totaling 1,000 to 1,200 metres will be completed in this first phase of drilling. The holes are designed to test the main Lucky Irish mineralized zone at two or three points along a 300 metre strike length to a depth of approximately 200 metres and to provide stratigraphic information above and below the favourable horizon. Drilling and assay results will be released as they become available.
The drilling is part of a work program that will enable Morgan to acquire an initial 51 % interest in the Lucky Irish property. The company has an option to acquire up to a 66% interest under terms of an earn-in agreement announced in earlier news releases (For further information, please refer to news releases dated Oct. 8, 2014 and October 16, 2014).
The technical information in this news release has been sourced from a preliminary report and a November, 2014 property visit on the Lucky Irish property by Seymour Sears, PGeo. of Sears, Barry & Associates and an October, 2013 technical report on the Lucky Irish property by C.G. Cheriton, PEng. (Ontario). Both authors are qualified persons under National Instrument 43-101. Assays reported from the historic drill hole above were completed by Swastika Laboratories in Swastika, Ontario. Gold was determined using a 30 gram, Fire Assay method with an AAS finish; Silver, copper, lead and zinc were determined using the ore grade assay method with a multi acid digestion followed by an AAS finish. Detailed information on these analytical methods can be found on the Swastika Laboratories website.
Seymour M. Sears, PGeo, a qualified person under NI 43-101, has reviewed and approved the technical portions of this news release.
About Morgan Resources
Morgan Resources, through its wholly owned subsidiary, Bathurst Resources, is a junior mining exploration company with an option on 191 claims located on 4,202 hectares on volcanic-hosted massive sulphides ("VMS") properties in Gloucester County, Northern New Brunswick, which is situated in the Bathurst Mining Camp. The Bathurst Mining Camp refers to a 70 x 60 km area of northeastern New Brunswick which is one of Canada's most prolific base metal mining districts. The geology of the area has been extensively studied primarily by means of detailed exploration data obtained from many of the 46 known VMS deposits that have been documented within the Bathurst Mining Camp. A technical report filed on SEDAR on November 25, 2013 in accordance National Instrument 43-101 with respect to the properties was prepared by Sears, Barry & Associates Limited and is available on www.sedar.com.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Morgan Resources believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Morgan Resources disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Raniero Corsini, Chief Executive Officer
Morgan Resources Corp.
Tel: 647 352-4905
Email: rcorsini@morganresources.ca