Maudore’s Comtois gold resource more than doubles

Vancouver – Deeper drilling and better gold prices has allowed Maudore Minerals (MAO-V, MAOMF-Q, M6L-F) to more than double the gold resource at its Comtois project north of Val d’Or, Quebec.

The initial 2002 resource estimate of 524,000 oz. gold uncut was based on drilling down to a depth of only 200 metres. The old resource also used a cutoff of 6 grams gold per tonne as it was based on US$300 per oz. gold.

The new resource has outlined both an open pit and underground component of the resource, using cut-off grades of 1 gram per tonne and 3 grams per tonne respectively.

From surface to 150 metres depth, the possible open-pit resource contains 4.89 million inferred tonnes grading 3.2 grams gold for 504,000 contained oz. Below that sits a further 3.25 million inferred tonnes grading 6.8 grams gold for 708,000 more oz., bringing the total to just over 1.2 million contained oz.

Maudore has hit a number of bonanza-grade intercepts at Comtois, ranging from 117 to 545.5 grams gold, so it incorporated a cap of 65 grams gold for the resource. Uncapped the resource would be 200,000 oz. greater.

The resource has further potential to grow by incorporating the roughly 38,500 metres of drilling completed since the February cut-off date. Results have included 1.5 metres grading 239 grams gold, 1.5 metres carrying 48.4 grams gold and numerous short intercepts over 10 grams gold.

In late July the company announced more high-grade drill results that extended the Comtois zones.

Hole 10-405, drilled on the eastern extension of the Osbell zone, returned 4.5 metres grading 48.5 grams gold from 238 metres depth and included a 1.5 metre section grading 143.5 grams gold.

Roughly 1.5 km west on the little-explored Bell area, hole 10-386 returned 3 metres grading 69.4 grams gold from 77 metres and included 1.5 metres grading 117 grams gold.

The company has four drill rigs on site as it works towards completing a 70,000-metre drill program started late last year.

The 56,000-hectare property, 100% owned by Maudore, is 15 km away from Lebel-sur-Quévillion in the Abitibi greenstone belt. The site is 3 km away from the James Bay power transmission line, close to a major highway, and surrounded by active mining communities.

The company’s stock price increased 62¢ or 17.2% to $4.22 in three days of trading following the resource release. The company has a 52-week share price range between $2.02 and $4.95 and 22.7 million shares outstanding.