Cadiscor Intersects the Depth Extension of IAMGOLD's Sleeping Giant Mine
February 19 2008 - 8:30AM
Marketwired
MONTREAL, QUEBEC (FRANKFURT: DQN) ("Cadiscor") is pleased to
announce the first results from underground exploration drilling at
the Sleeping Giant Mine, ("Mine") on which it has an option to
acquire a 100% interest from IAMGOLD Corporation ("IAMGOLD"). In
December 2007, Cadiscor started a 9,000-meter underground
exploration program to test the continuity of the gold zones at
depth, below the deepest mining level (-975 meters).
These results are highly significant as they confirm the
presence of the gold zones down to 445 meters below the current
mine workings, with grades that are similar to the grades in the
mine. Drilling will continue until the end of Q2 2008. The results
will then be evaluated to consider the feasibility of extending the
mine shaft.
The Sleeping Giant Mine entered production in 1988. The mine has
since been deepened twice to follow the gold zones. The main mine
production zones are, in order of importance, Zones #30, 8, 20, 3
and 18. Three underground drill rigs are testing the next 400
meters of Zones #8, 30 and 18 below the deepest mining level.
The mine's gold zones are narrow quartz veins that are mainly
mined by shrinkage stoping. Typically, mine planning uses a minimum
width of 1.6 orthogonal meters. Results from the immediate
extension of the mined zones or areas where geological control is
sufficient to determine the gold zone attitude with confidence, are
reported using this minimum 1.6 orthogonal meters width. Results
from areas where the gold zone attitude can not be determined with
confidence are reported using the core length.
The new drill results are shown below. Zone #8 was intersected
down to a depth of 445 meters under the current mine, at its
projected position in space, which indicates excellent continuity
at depth. The deepest mining level is 975 meters below surface.
-----------------------------------------------------------------
Depth below Au Core Orthogonal
Hole # Target Zone Mine g/t Length Width
-----------------------------------------------------------------
66-911(i) Zone #8 - 400 m 4.8 1.6 m
-----------------------------------------------------------------
66-911B(i) Zone #8 - 445 m 10.7 1.6 m
-----------------------------------------------------------------
66-920 Zone #8 - 115 m 0.3 1.6 m
-----------------------------------------------------------------
66-921 Zone #8 - 120 m 2.1 1.6 m
-----------------------------------------------------------------
66-923 Zone #8 - 75 m 2.7 1.6 m
-----------------------------------------------------------------
66-924 Zone #8 - 85 m 13.1 1.6 m
-----------------------------------------------------------------
97-86 Zone #8 - 25 m 3.3 1.6 m
-----------------------------------------------------------------
97-27(i) Zone #30 - 65 m 8.3 1.6 m
-----------------------------------------------------------------
66-923 Zone #30 - 213 m 5.9 0.8 m
-----------------------------------------------------------------
66-923 Zone #30 - 229 m 6.5 1.1 m
-----------------------------------------------------------------
(i) Holes 66-911 and 97-27 were drilled by IAMGOLD and Hole 66-911B was
started by IAMGOLD.
Hole 66-923 was deepened past Zone #8 to test Zone #30. Two
veins were intersected and returned 5.9 g/t Au over 0.8 m and 6.5
g/t Au over 1.1 m, indicating the presence of Zone #30 at a depth
of about 225 m below the deepest mining level. Holes 66-911 and
66-924 also intersected values of 8.9 g/t Au over 1.0 m and 36.2
g/t Au over 0.5 m respectively before the #8 Zone intersection, in
new structures previously unknown at the mine. Additional drilling
is planned to test these structures.
Prior to the current exploration program, one exploration hole,
Hole 97-27, intersected the extension of Zone #30 at elevation
3960, 65 meters below the last mine level. It returned a value of
8.3 g/t Au over 1.6 meters, indicating the possibility of extending
the mined zones at depth.
Cadiscor is also in the process of reassessing the historical
production, development and exploration data of the current mine to
identify resources in the vicinity of the existing underground
infrastructure, in the context of a higher gold price. The 7 g/t Au
cut-off grade presently used at the mine is based on a gold price
of $US600/oz. This reassessment should be completed by the end of
Q2 2008. Cadiscor will then evaluate the economic potential of the
resources located close to actual mine infrastructures.
On December 11, 2007, Cadiscor announced that it had signed a
formal option agreement with IAMGOLD to acquire a 100% interest in
the Sleeping Giant Mine and related milling facilities. The option
grants Cadiscor the right to take possession of the mine at the end
of production from current reserves and in any event not later than
April 1(st), 2009. It also grants Cadiscor the immediate right to
carry out exploration at the mine and on the property. Located
approximately 80 km north of Amos in Quebec's Abitibi region, the
Sleeping Giant mine has been in operation since 1988. At the end of
2006, it had produced 825,000 ounces of gold from 2,306,000 tonnes
of ore grading an average of 11.1 g/t Au.
The assay determinations were carried by the Sleeping Giant Mine
laboratory. A QA/QC program is in place at the lab and includes the
use of blanks, standards and re-analysis by outside independent
laboratories.
Vincent Jourdain, P. Eng., Ph. D., is the qualified person as
defined by National Instrument 43-101. He has over 20 years of
experience in mining exploration. Mr. Jourdain has approved this
press release.
This press release contains forward-looking statements subject
to certain risks and uncertainties. There can be no assurance that
these statements will prove to be correct, and actual results and
future events could differ materially from those implied by such
statements. These risks and uncertainties are discussed in the
annual report filed with the securities commissions of Alberta,
British Columbia, Ontario and Quebec, and in the 10-KSB annual
report filed with the US Securities and Exchange Commission. The
Company does not undertake to publicly revise or update any such
statements on the basis of new Information, future events or any
other event.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Cadiscor Resources Inc. Michel Bouchard, President
450-641-0775 mbouchard@bbhgm.com Cadiscor Resources Inc. Alain
Beland, Investor Relations 866-774-7722 abeland@bbhgm.com
www.cadiscor.com
Cadiscor Resources Com Npv (TSXV:CAO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Cadiscor Resources Com Npv (TSXV:CAO)
Historical Stock Chart
From Aug 2023 to Aug 2024