Molycor Gold Corp.: Beaverdell Silver Property Returns Silver Grades Up to 61.98 Ounces Per Tonne in New Zone
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/14/10 -- Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ('Molycor' or the 'Company') is pleased to report the identification of a mineralized sulfide zone during a field exploration program that was carried out for assessment purposes on Molycor's 100% owned Beaverdell Silver Property located 4 km southeast of Beaverdell, British Columbia.
The program consisted of geochemical work that resulted in a total of 33 rock chip channel and 59 soil samples being collected from the Kokomo, Tiger, Duncan-Bounty, Hidden Treasure and Golden Fr mineral occurrences.
Highlights of rock chip sample assay and geochemical analysis are listed as follows:
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Vein
zone name
(interval Cu Pb Zn Au Mn Mn Ag Ag
length) Sample # ppm ppm % ppb ppm % ppm opt
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Kokomo
Fr-Tiger greater
Middle than
(grab) BE10AR-4 36 1422 2.56 9 10000 1.4 101 2.95
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Kokomo
Fr-Tiger greater
Middle than
(14 cm) BE10AR-7 239 975 0.43 5 10000 1.03 132 3.85
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Kokomo
Fr-Tiger greater
North than
(11 cm) BE10AR-10 379 5676 4.75 43 10000 578 16.86
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Kokomo
Fr-Tiger
North
(grab) BE10AR-11 116 1535 1.47 65 175 1178 34.36
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Kokomo
Fr-Tiger greater
North than
(15 cm) BE10AR-12 170 2796 1.65 45 10000 198 5.76
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Duncan
South
vein
(10 cm) BE10AR-13 125 5268 0.49 26 1146 499 14.55
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Tiger
South greater
vein zone than
(14 cm) BE10AR-14 144 982 2.89 22 10000 1.46 167 4.87
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Kokomo
Fr-Tiger
North
(grab) BE10AR-19 2149 2288 0.04 380 141 378 11.03
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Kokomo
Fr-Tiger greater
North than
(grab) BE10AR-20 407 3517 10.89 21 10000 1.67 281 8.20
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Kokomo
Fr-Tiger greater
North than
(15 cm) BE10AR-21 267 1095 3.75 20 10000 149 4.35
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Duncan-
Bounty
South
(12 cm) BE10AR-24 250 2278 2.53 35 5276 531 15.49
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Duncan-
Bounty greater
South than
(14 cm) BE10AR-25 80 2179 0.32 6 10000 1.16 98 2.86
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Duncan-
Bounty greater
South than
(22 cm) BE10AR-26 296 2174 6.48 4 10000 309 9.01
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Duncan-
Bounty greater
South than
(10 cm) BE10AR-27 774 10000 4.42 2 2777 2125 61.98
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Duncan-
Bounty greater
South than
(12 cm) BE10AR-28 350 4315 2.56 30 10000 410 11.96
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Kokomo-
Tiger greater
North than
(grab) BE10AR-29 106 10000 0.22 185 3032 1080 31.50
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Hidden greater
Treasure than
(8 cm) BE10AR-30 203 10000 1.11 17 3098 430 12.54
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Hidden greater greater
Treasure than than
(grab) BE10AR-32 3999 10000 5.97 62 10000 1.5 365 10.65
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Golden Fr greater
vein than
(grab) BE10AR-33 60 3184 1.45 10 10000 1.63 126 3.68
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Rock chip channel samples were taken at right angles to the width of exposed mineralization (except grab samples where outcrop was not accessible).
Quartz-sulphide fissure vein mineralization within the Beaverdell property is characterized by high silver and zinc content. Mineralization is composed of galena, sphalerite and pyrite with lesser amounts of arsenopyrite, chalcopyrite, tetrahedrite, pyrargyrite, polybasite, acanthite, native silver, and pyrrhotite.
Historically, silver, lead and zinc bearing mineralization has been commercially extracted within the Beaverdell property from quartz-sulphide fissure veins that occur in tensional (extension) structural (fault/shear) zones. These roughly tabular shaped quartz-sulphide ore zones and occur in the quartz diorite and granodiorite of the Jurassic West Kettle batholith.
Historic production (source: BC Minfile) on Molycor's property is summarized in the following table:
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Years Produced Tons Produced Ounces Silver Pounds Lead Pounds Zinc
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1906-1961 8,942 1,637,409 1,084,435 1,550,262
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(i)Based on historic data, the average grade (unweighted) of mineralized material mined from the Beaverdell property is 183 opt silver, 6.06% lead, and 8.67% zinc.
(i)Where historical estimates are referred to, the Company has no classification of the resource or reserve, and the Company has not obtained enough of the original data and has not done the work necessary to verify the classification of a resource or reserve. The Company is not treating the estimates as a NI 43-101 defined resource or reserve verified by a Qualified Person, and the historical estimate should not be relied upon.
The Company is currently planning an exploration program that will consist of detailed geological mapping and diamond drilling to test the lateral and vertical extent of Au-Ag bearing quartz/wallrock of the Shear/fault related quartz-sulphide vein systems that occur on the Beaverdell property, specifically the Kokomo North and Duncan-Bounty vein systems.
Samples were shipped and assayed by Pioneer Labs, Richmond, BC for multi-element ICP geochemical analysis (certificate number 2102717), and silver, zinc assays (certificate number 2102717A).
About Molycor Gold Corp:
Molycor is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.
This news release review, data compilation and rock/soil geochemical sampling was supervised by Andris A. Kikauka, P.Geo, a qualified person with respect to National Instrument 43-101.
On Behalf of Management
Edward Lee, President
For all Molycor Gold Corp. investor relations needs, investors are asked to visit the Molycor Gold Corp. website at www.molycor.com.
This news release may contain certain 'Forward-Looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Molycor Gold Corp.
Edward Lee
President
604-531-9639
604-531-9634 (FAX)
info@molycor.com
www.molycor.com