Molycor Gold Corp.: Beaverdell Silver Project Generates Significant Results From 16 Diamond Drill Holes
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/11 -- Edward Lee, President of Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) ('Molycor' or the 'Company') is pleased to announce the completion of its drill program that has produced significant silver, copper, lead, zinc and gold values from split diamond drill core from its 100% owned Beaverdell Silver Project located 3 km east of Beaverdell, BC.
The program consisted of 16 diamond drill holes totaling 2,457 meters (8,060 feet), from 9 drill stations, on the Duncan-Bounty and Kokomo-Tiger Zones in July-August, 2011. The objective of the drilling was to intersect depth extensions of known mineralization outlined in previous surface outcrop sampling. The following results were obtained from angle and vertical diamond drill holes collared south of Duncan-Bounty (DDH-2) and Kokomo-Tiger (DDH-5 to 16). Diamond drill holes 5 to 16, are located 30-50 meters south of the Kokomo-Tiger surface showings in the north portion of Molycor's mineral tenures.
Results are as follows:
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DDH From To Length Length Cu Pb Zn Ag Ag Au
Number (m) (m) (m) (ft) % % % g/t opt g/t
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DDH-2 225.58 228.75 3.17 10.4 0.2 less less 6.6 0.19 less
than than than
0.01 0.01 0.01
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DDH-5 30.32 30.94 0.62 2 0.13 0.78 1.88 69.7 2.03 less
than
0.01
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DDH-5 42.52 43.43 0.91 3 0.04 0.56 1.87 37.7 1.10 0.04
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DDH-5 56.99 58.06 1.07 3.5 less 1.3 1.37 52.9 1.54 0.02
than
0.01
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DDH-6 121.55 122.59 1.04 3.4 less 0.37 0.43 93.7 2.73 0.16
than
0.01
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DDH-7 78.18 78.64 0.46 1.5 0.13 1.42 3.62 52.0 1.52 3.25
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DDH-7 108.66 109.27 0.61 2 0.01 0.31 0.28 33.2 0.97 0.22
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DDH-8 14.17 15.61 1.44 4.7 less less 0.02 33.2 0.97 0.03
than than
0.01 0.01
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DDH-8 25.2 26.37 1.17 3.8 0.06 less 0.11 49.4 1.44 0.02
than
0.01
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DDH-9 55.32 55.93 0.61 2.0 0.01 0.11 0.08 38.2 1.11 greater
than
0.01
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DDH-9 88.51 89.58 1.07 3.4 0.01 0.06 0.09 18.1 0.53 greater
than
0.01
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DDH-10 84.67 85.37 0.70 2.3 0.01 0.04 0.05 22.4 0.65 0.03
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DDH-11 39.28 40.17 0.89 2.9 0.19 0.02 0.01 24.8 0.72 greater
than
0.01
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DDH-11 70.01 70.62 0.61 2.0 0.01 1.39 1.11 25.2 0.74 0.05
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DDH-11 99.36 100.74 1.38 4.5 0.01 0.06 0.12 41.5 1.21 greater
than
0.01
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DDH-11 108.51 108.94 0.43 1.4 0.01 0.09 0.48 23.8 0.69 0.65
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DDH-11 116.59 116.89 0.30 1.0 0.02 0.06 0.02 20.0 0.58 greater
than
0.01
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DDH-12 19.05 19.66 0.61 2.0 0.02 0.22 0.41 42.3 1.23 greater
than
0.01
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DDH-12 29.10 30.18 1.08 3.5 0.02 0.03 0.06 18.0 0.53 greater
than
0.01
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DDH-12 32.06 34.01 1.95 6.4 0.01 0.12 0.34 34.8 1.02 greater
than
0.01
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DDH-13 48.98 49.50 0.52 1.7 0.01 0.09 0.29 59.7 1.74 0.03
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DDH-13 74.67 76.20 1.53 5.0 0.01 0.23 0.51 55.4 1.62 1.30
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DDH-14 12.34 12.71 0.37 1.2 0.01 0.06 0.12 35.7 1.04 greater
than
0.14
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DDH-14 52.18 53.37 1.19 3.9 0.01 0.11 0.17 16.5 0.48 greater
than
0.01
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DDH-15 42.3 43.95 1.52 5.0 0.01 0.06 0.21 39.7 1.16 0.04
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DDH-15 70.83 72.15 1.32 4.3 0.01 0.06 0.07 15.1 0.44 greater
than
0.01
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DDH-16 15.97 16.52 0.55 1.8 0.01 0.01 0.01 19.4 0.57 0.18
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Note: 1 g/t equivalent to 1 ppm, and opt is abbreviation for troy
ounces/short ton, ppm = parts per million m=meters and ft=feet (conversions
using 1 opt = 34.285 g/t)
Results were based on split core sampling of 0.3 - 2.1 meters (1 to 7 feet) interval lengths of core, and subsequent ICP geochemical analysis by Pioneer Labs Inc., Richmond, BC. Core logging, sampling and data compilation was supervised by Andris Kikauka, P.Geo.
A compilation of results from the 2011 core drilling program is underway to assess projections of quartz-sulphide fissure veins from surface to depth. Further drilling and surface sampling-mapping will be planned in order to trace extensions of what appears to be at least 3 separate quartz-sulphide fissure vein systems in the Kokomo-Tiger silver-bearing mineral zone.
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