Murgor Resources Inc TSXV:MGR in joint venture with Victoria Gold Mines (East Timmins) Ltd announced assays from their Golden Arrow Project near Timmins, Ontario. Results include
1.47 g/t gold over 52 metres
(including 2.26 g/t over 18 metres)
9.95 g/t over 7 metres
(including 25.65 g/t over 2 metres)
1.48 g/t over 33 metres
(including 2.51 g/t over 14 metres)
6.46 g/t over 6 metres
34.9 g/t over 1 metre
1 g/t over 22 metres
(including 1.39 g/t over 9 metres)
Golden Arrow is a former open pit mine that produced 279,593 tonnes grading 2.09 g/t gold between 1981 and early 1983.
President/CEO André Tessier tells ResourceClips.com, “We’ve taken a different approach with our drilling lately. In our first phase of drilling, in 2010 to 2011, we were trying to gain a better understanding of the deposit itself, so we were drilling at fairly close centres. We felt we gained enough knowledge of the geometry of the currently known mineralization immediately underneath the pit, and we decided to see whether this thing had any legs. So in the second phase of drilling, which we just finished, we’ve been drilling at 325 metres vertical. We’re testing this thing at depth, and so far we’ve been happy with the results.
There’s six mills within a 70-kilometre radius. We’ve got two good neighbours there in St Andrew [TSX:SAS] and Brigus [TSX:BRD], and these guys might be looking at purchasing some resources down the road—André Tessier
“We’ve done about 9,300 metres of drilling so far and phase 3, which we’ve just started, looks like it’ll be about 6,400 metres. We’ve just added a second rig. It takes so long to get geochemical results and assays that we decided to accelerate things. With a second rig on the property we’ll probably go through our earn-in expenditures fairly quickly. At this point we’re early in the earn-in. We’ve got another year to go to earn the first 55% of the interest.”
“We’re fully permitted for a 100,000-tonne bulk sample. Right now the limiting factor is finding a mill,” he adds.
“It’s a bit early to talk about a resource estimate. We were just visiting the Young-Davidson Mine [AuRico Gold Inc TSX:AUQ], they gave us a great tour over there. We see a lot of parallels between the two deposits. They told us that to outline their ore body they needed about 100,000 metres of drilling. We don’t want to put out a resource estimate unless we have a truly economically viable deposit. Right now, I think we probably have a small mine, but we want a big one.
“We have terrific infrastructure in the region. There’s six mills within a 70-kilometre radius. We’ve got two good neighbours there in St Andrew [TSX:SAS] and Brigus [TSX:BRD], and these guys might be looking at purchasing some resources down the road,” Tessier says.
“We have two deposits in Manitoba, the Wim and the Hudvan. We acquired those from HudBay Minerals [TSX:HBM]. HudBay has until September 2012 to decide whether to buy back a percentage of that resource. So we’re in a waiting stage in Manitoba, but we’ve got our hands full in Timmins. That’s fine with us.
“As for the Waconichi Project in Chibougamau, we’re hoping to drill before the end of the year. The limiting factor is getting a drill. They’re very, very busy. But we’re working on it,” he says.
Tessier concludes, “The markets aren’t recognizing the true value of our assets, but eventually they will. So we’ll keep trucking along.”
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André C. Tessier
by Greg Klein