This news came out yesterday, and the stock had a decent day only to give back most of the gains. I can't figure this one out and still think the company is grossly undervalued but for some reason the market doesn't particlarly like this company, and I've yet to find out why. Regardless, these are good drill results.
(Note: This didn't format very well, so please visit the link to view the charts in more accurate form.)
http://www.murgor.com/modules.php?op=modload&name=News&file=article&sid=255
Murgor Resources provides an update on exploration work at Golden Arrow
Tuesday, July 19, 2011
•New assay results demonstrate broad alteration halos are gold-bearing
KINGSTON, ON, July 19, 2011 /CNW/ - Murgor Resources Inc. (MGR: TSX-V) is pleased to provide an update on its exploration results so far at its Golden Arrow Gold project, located 65 kilometres east of Timmins, Ontario. To date, Murgor has completed 30 drill holes at the property for a total of 6,019 metres. Assays pending on drill holes A11-28, A11-29 and A11-30. Murgor's first drilling program at Golden Arrow was completed at the end of May 2011. This program outlined a gold zone with drill intercepts of up to 124 m, over a strike length of 250 m and a vertical depth of up to 200 m, immediately below and to the SW of the current open pit.
"To say the least, Murgor is delighted with these drilling results at Golden Arrow. We're very encouraged by the continuity and the width of the mineralized zone so far. The occurrence of continuous higher gold grade mineralized zones within the broader zones of lower grade in this phase of drilling suggests there is the possibility of identifying zones amenable to underground mining on the property in addition to zones amenable to potential open pit mining," contends André Tessier, President and CEO of Murgor Resources. "With these positive results, we are eager to aggressively advance exploration and drilling initiatives on this prolific project in 2011/2012."
Complete results are as follows:
HOLE-ID FROM (m) TO (m) LENGTH (m)* Au (g/t) Status of Intercept
A10-01 8.00 64.00 55.00 1.18 New Results
incl. 33.00 64.00 31.00 1.71 Announced 10/02/2011
incl. 42.00 54.00 12.00 2.52 Announced 10/02/2011
A10-02 31.00 91.00 60.00 1.23 New Results
incl. 31.00 62.00 31.00 1.63 Announced 10/02/2011
incl. 50.00 61.00 11.00 2.12 Announced 10/02/2011
A10-03 22.00 90.00 68.00 1.77 New Results
incl. 41.00 84.00 43.00 2.41 Announced 10/02/2011
incl. 59.00 78.00 19.00 3.43 Announced 10/02/2011
A10-04 10.00 95.00 83.00 1.95 New Results
incl. 34.00 96.00 59.00 2.64 Announced 10/02/2011
Incl. 35.00 66.20 31.20 3.21 Announced 10/02/2011
A10-05 13.00 124.00 111.00 1.22 New Results
incl. 48.00 95.00 47.00 2.04 Announced 10/02/2011
Incl. 73.00 88.00 15.00 3.05 Announced 10/02/2011
A10-06 29.00 83.00 52.50 1.38 New Results
incl. 43.00 80.00 35.50 1.70 Announced 10/02/2011
Incl. 54.00 80.00 24.50 2.04 Announced 10/02/2011
A10-07 5.00 73.00 68.00 1.21 New Results
incl. 5.00 19.00 14.00 3.37 Announced 10/02/2011
Incl. 6.00 16.00 10.00 4.09 Announced 10/02/2011
A10-08 180.00 206.00 26.00 0.75 New Results
Incl. 187.00 191.00 4.00 2.88 Announced 10/02/2011
A10-09 61.00 146.00 85.00 1.55 New Results
incl. 91.00 131.00 40.00 2.56 Announced 7/04/2011
Incl. 91.00 114.00 23.00 3.26 Announced 7/04/2011
A10-10 14.00 114.00 100.00 1.13 New Results
incl. 65.00 111.00 46.00 1.89 Announced 7/04/2011
Incl. 65.00 68.00 3.00 4.11 Announced 7/04/2011
Incl. 82.00 111.00 29.00 2.04 Announced 7/04/2011
incl. 95.00 110.00 15.00 3.00 Announced 7/04/2011
A10-11 56.00 156.00 100.00 1.37 New Results
Incl. 62.00 70.00 8.00 3.79 Announced 7/04/2011
and 107.00 129.00 22.00 3.12 Announced 7/04/2011
A10-12 123.00 193.00 70.00 1.39 New Results
Incl. 137.00 152.00 15.00 4.17 Announced 7/04/2011
A11-13 46.00 136.00 90.00 1.57 New Results
Incl. 66.00 118.00 55.00 2.18 Announced 21/04/2011
Incl. 92.00 118.00 26.00 3.18 Announced 21/04/2011
incl. 92.00 99.00 7.00 5.75 Announced 21/04/2011
A10-14 79.00 163.00 84.00 1.04 New Results
107.00 163.00 56.00 1.29 New Results
Incl. 124.00 146.00 22.00 2.00 Announced 21/04/2011
incl. 127.00 132.00 5.00 3.38 Announced 21/04/2011
A11-15 107.00 187.00 80.00 1.13 New Results
Incl. 142.00 168.00 26.00 2.11 Announced 21/04/2011
Incl. 142.00 148.00 6.00 4.62 Announced 21/04/2011
A11-16 59.50 101.00 41.50 0.75 Announced 21/04/2011
A11-17 69.00 114.00 45.00 1.13 New Results
Incl. 93.40 111.50 18.10 1.81 New Results
A11-18 70.00 145.00 75.00 1.38 New Results
111.00 135.00 24.00 3.09 Announced 18/05/2011
Incl. 121.00 134.00 13.00 4.15 Announced 18/05/2011
A11-19 65.00 173.00 108.00 1.28 Announced 18/05/2011
Incl. 98.00 157.00 59.00 1.67 Announced 18/05/2011
Incl. 127.00 157.00 30.00 2.20 Announced 18/05/2011
Incl. 142.00 153.00 11.00 3.29 Announced 18/05/2011
A11-20 85.00 179.00 94.00 1.01 New Results
incl. 114.00 156.00 42.00 1.41 Announced 8/06/2011
A11-21 87.00 208.00 121.00 1.14 Announced 8/06/2011
Incl. 90.00 178.00 88.00 1.28 Announced 8/06/2011
Incl. 150.00 178.00 28.00 2.15 Announced 8/06/2011
A11-22 59.00 172.00 113.00 1.36 New Results
Incl. 65.00 87.00 22.00 2.72 Announced 8/06/2011
Incl. 66.60 76.00 9.40 3.96 Announced 8/06/2011
A11-23 160.00 195.00 35.00 1.84 Announced 8/06/2011
Incl. 160.00 188.00 28.00 2.14 Announced 8/06/2011
Incl. 167.00 177.00 10.00 3.25 Announced 8/06/2011
A11-24 43.00 93.00 50.00 1.10 New Results
Incl. 44.00 53.00 9.00 2.12 New Results
A11-25 59.00 105.00 46.00 0.61 New Results
A11-26 113.00 237.00 124.00 0.94 New Results
incl. 143.00 237.00 94.00 1.00 New Results
Incl. 143.00 187.00 44.00 1.19 New Results
A11-27 175.00 221.00 46.00 1.11 New Results
Incl. 255.00 262.00 7.00 2.42 New Results
(NOTE: In A10-04, 3.0 m of missing core from 66.2 m to 69.2 m and in A10-06, 1.5 m of missing core from 68.5 to 70.0 m due to old underground developments. These intervals were not taken into account in the reported mineralized intercepts. True widths average approximately 75% of reported core lengths.)
Exploration work continues at Golden Arrow with geophysical surveys aimed at extending the current mineralized zone and exploring the untapped potential of the property at large. The ongoing phase of drilling is aimed at proving the depth potential of the gold mineralized zone with a drilling program of nearly 5,000 m that should be completed in the early fall of 2011.
Please see the sections of drilling results attached to this press release on our website at www.murgor.com.
The syenite-hosted gold mineralization consists of a stockwork of quartz veins and veinlets enclosed in a halo of pink to brick-red potassic alteration with 2-3% disseminated pyrite. The style of the gold mineralization is similar to the syenite-hosted gold mineralization at the Young-Davidson Mine approximately 50 km south of Golden Arrow where Northgate Minerals Corp. has now defined reserves in excess of 2.8M ounces gold at similar grades (Northgate Minerals Corp. 43-101 Technical Report, Jan. 23, 2009, available on SEDAR).
Gold analyses reported in this release were performed by standard fire assay using a one assay ton aliquot with a gravimetric finish. All assays were performed by Activation Laboratories Ltd. in Timmins, Ontario. Sampling and analytical procedures are subject to Murgor's comprehensive Quality Assurance and Quality Control program. The QA-QC program includes duplicate samples, blanks and analytical standards.
About the Golden Arrow Gold Mine
The Golden Arrow property consists of 17 mining patents and leases, and four mining claims covering 723 hectares in Hislop Township and located 65 kilometres east of the Town of Timmins in Ontario. In 1981 and 1982, a total of 279,593 tons of ore was mined at a grade of 0.061 oz/t (2.09 g/t) from the Arrow open pit. Mining ceased due to low gold prices.
The property was originally explored underground in the 1940's to by the Golden Arrow Mining Company Ltd. who sank a shaft to a depth of 435 ft (130 m) below surface and undertook about 700 m of horizontal development on the 250 ft (76 m) and 400 ft (122 m) levels.
The Golden Arrow property is underlain by mafic flows and syenite intrusions with younger post mineral diabase dikes. Gold mineralization is generally hosted within a syenite intrusion and consists of a stockwork of quartz veinlets situated within a broader halo of pink to brick-red potassic alteration. Mineralized zones are related to a NE-SW structure associated with the Porcupine-Destor Fault Zone. The property covers a two kilometre strike extent of this NE-SW structure. The Golden Arrow gold deposit is located 9 km SW of the past-producing Ross Gold Mine which produced nearly one million ounces of gold between 1936 and 1989. Also located in Hislop Twp are the presently producing Hislop Mine of St Andrew Goldfields Ltd. and the Black Fox Mine of Brigus Gold Corp. Please visit www.murgor.com for additional information about the Golden Arrow Gold Mine.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development Company focused on near-term production at the Golden Arrow Gold Mine in Ontario. Murgor also owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba. The company further owns an exceptional portfolio of gold properties in proven mining districts of Canada, as well as a 1% NSR royalty in the Barry Gold Mine and the Windfall Gold Project in Québec.
The table below shows the total 43-101 compliant resource for Murgor's Hudvam and Wim deposits.
INDICATED RESOURCE Project Tonnage Grade* Metal Content
Metric Tonnes Cu % Zn% Au g/t Ag g/t Cu (lb) Zn (lb) Au (oz) Ag (oz)
Hudvam 854,076 1.22 1.78 3.82 13.84 23,007,640 33,541,359 104,930 379,928
Wim 2,776,787 1.94 0.3 1.88 7.53 118,762,524 18,365,339 167,838 672,246
TOTAL 3,630,863 141,770,164 51,906,698 272,768 1,052,174
INFERRED RESOURCE Project Tonnage Grade* Metal Content
Metric Tonnes Cu % Zn% Au g/t Ag g/t Cu (lb) Zn (lb) Au (oz) Ag (oz)
Hudvam 502,901 0.79 1.33 3.25 6.96 8,758,802 14,745,831 52,548 112,534
Wim 445,999 1.12 0.43 2.11 5.06 11,012,528 4,228,024 30,256 72,556
TOTAL 948,900 19,771,330 18,973,856 82,804 185,090
* Based on a 2.0% copper equivalent cut-off grade.
For statement of resources, see Murgor Press Releases: Aug. 28, 2008 for Hudvam and Sept. 09, 2008 for Wim.
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