Molycor Gold Corp.: Drilling Program Completed on Beaverdell Silver Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/13/11 -- Edward Lee, President of Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ('Molycor' or the 'Company') is pleased to report the Company has completed the drilling program previously announced on June 8, 2011, on its 100% owned Beaverdell Silver Project located 4km southeast of Beaverdell, British Columbia.
The program consisted of 2,457.6 meters (8,063 feet) of diamond drilling in 16 holes from 9 drill pads and ranged from 47.85 - 270.5 meters (157 - 886 feet) in depth, 4 of the holes targeted depth extensions of silver-lead-zinc-copper-gold bearing mineralization located on the Duncan-Bounty quartz veins, and the remaining 12 holes targeted the Kokomo-Tiger zones. A total of 1,771 samples ranging from 0.3 - 2.5 meter interval lengths and have been split and shipped to Pioneer Labs Inc., Richmond, BC for 30 element ICP and Au geochemical analysis, and subsequent assaying for over detection limit geochemical analysis samples. The sampling and quality control protocol is being supervised by Andris Kikauka, P.Geo.
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.
Results from the diamond drill core will be reported as assay information becomes available.
Preliminary Economic Assessment Report
The Company has received the draft NI 43-101 Preliminary Economic Assessment Report from Wardrop Engineering Ltd. (a Tetra Tech Company) for the 100% owned Tami-Mosi Magnesium Property (43-101 Inferred Resource of 52 billion pounds) located near Ely, Nevada. The Company will be announcing the Report upon completion of the review.
About Molycor Gold Corp.:
Molycor is a diversified precious, specialty and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.
This news release was reviewed by Andris Kikauka, P.Geo, a qualified person recognized under NI 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