Molycor Gold Corp.: Phase I Drilling Commences on the Beaverdell Silver Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/08/11 -- Edward Lee, President of Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ('Molycor' or the 'Company') is pleased to report drilling has commenced on its 100% owned Beaverdell Silver property, located 4km southeast of Beaverdell, British Columbia.
The exploration program will be focused on the North Kokomo - Tiger and Duncan Bounty vein areas where high grade rock chip samples were taken during an assessment program carried out during fall 2010 up to 61.98 oz/ton silver (See announcement dated December 14, 2010). The drill program will consist of 10 BTW diamond drill holes totalling approximately 1982m (6500 ft).
The North Kokomo and Tiger veins outcrop in 4 sections measuring approximately 100 meters each for an overall length up to 500 meters. The Duncan Bounty vein outcrops up to 1000 meters. The property features 0.1 - 3.0 meter wide quartz sulphide veins trending northwest, west and northeast and vary in dip from vertical to -50 degrees south. The objective of the proposed diamond drilling is to intersect the quartz sulphide veins near surface and to a depth of 200 meters.
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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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.
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.
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