VANCOUVER, BRITISH COLUMBIA -- 11/03/09 --
Mr. Larry Reaugh, Chairman and Chief Executive Officer of Molycor Gold Corp. (TSX VENTURE: MOR)(PINK SHEETS: MLYFF)(FRANKFURT: M1V) (the "Company"), is pleased to report the completion of the drilling and trenching program on the 100% owned Windpass Gold Property located 8 km east of Little Fort, British Columbia.
DRILL SUMMARY
The drilling program consisted of a total of 12 BQ thin wall diamond drill holes exploring the previously defined mineralized zones. This work included four holes (WP09DDH1-4) at twenty-five meter spacing along the east-west trending Weather Station Zone below the previously announced rock sample #WP09-AR-07, which graded 316,500 ppb AU (9.23 ounces per ton) (see news release dated July 27, 2009).
The drilling summary for the WINDPASS GOLD PROJECT is included in the following table.
Significant results (greater than 0.2 g/t Au) are presented for diamond drill holes WP09DDH 1-7 (ICP analyses are by Pioneer Labs, Richmond, B.C., reports 2092402, 2092420, 2092431). Note: Widths listed are very near to true widths. The holes were drilled normal to the plane of the veins and thus gave intersections representing the true widths of the veins. Five more holes have been drilled, logged, the core split and submitted for assaying. Results are pending.
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Au Au
DDH No From ft (m) To ft (m) Width ft (m) g/t opt
-------- ------------------- ------------- ------------ ------ -----
WP09DDH1 514.8 (156.91) 520.0 (158.50) 5.2 (1.58) 2.19 0.064
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WP09DDH1 585.0 (178.31) 620.0 (188.9) 35.0 (10.67) 0.83 0.024
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WP09DDH1 Incl. 585.0 (178.31) 590.0 (179.83) 5.0 (1.52) 2.32 0.068
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WP09DDH1 695.0 (211.84) 725.0 (220.98) 30.0 (9.14) 0.46 0.013
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WP09DDH1 770.0 (234.70) 775.0 (236.22) 5.0 (1.52) 1.69 0.049
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WP09DDH2 485.0 (147.83) 524.5 (159.87) 39.5 (12.04) 0.43 0.013
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WP09DDH2 Incl. 485.0 (147.83) 490.0 (149.35) 5.0 (1.52) 1.08 0.032
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WP09DDH3 144.0 (43.89) 150.0 (45.72) 6.0 (1.83) 0.73 0.021
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WP09DDH3 Incl. 144.0 (43.89) 145.0 (44.20) 1.0 (0.31) 2.65 0.077
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WP09DDH4 195.0 (59.44) 201.0 (61.26) 6.0 (1.83) 0.65 0.019
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WP09DDH5 263.8 (80.40) 286.0 (87.17) 26.2 (7.99) 0.31 0.009
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WP09DDH5 301.0 (91.75) 306.0 (93.27) 5.0 (1.52) 15.85 0.462
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WP09DDH6 6.0 (1.83) 11.0 (3.35) 5.0 (1.52) 0.21 .006
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WP09DDH6 56.0 (17.07) 61.0 (18.59) 5.0 (1.52) 0.38 .011
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WP09DDH6 147.0 (44.8) 149.0 (45.4) 2.0 (0.61) 19.65 0.573
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WP09DDH7 25.0 (7.62) 30.0 (9.14) 5.0 (1.52) 0.36 0.011
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WP09DDH7 42.5 (12.95) 43.5 (13.26) 1.0 (0.31) 0.30 0.009
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WP09DDH7 50.0 (15.24) 53.0 (16.15) 3.0 (0.90) 0.27 0.008
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WP09DDH7 107.0 (32.61) 112.0 (34.14) 5.0 (1.52) 0.43 0.012
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WP09DDH7 157.0 (47.85) 162.0 (49.38) 5.0 (1.52) 1.06 0.031
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These results are considered to be encouraging and indicate that gold grades and widths generally considered economic are present in zones away from those previously work. The economic parameters of actually mining of this material are yet to be worked out.
TRENCHING SUMMARY
The property has eighteen gold zones (two of which produced 34,456 troy ounces of gold from 102,946 tons from 1933-1939). Prior trench sampling on three of the gold zones returned 36.94 grams Au/tonne (1.08 troy ounces/ton) over 0.58 meters (1.9 ft) and 44.97 grams Au/tonne (1.32 opt Au) over 0.10 meters (0.33 ft) on the North, Sleet and Weather Station Zones.
The trenching program consist of nine trenches for a total of 746 meters (2,448 ft) covering untested zones between the Windpass and the Sweet Home Mines. Partial Results are in and these are listed in the following table. Assay results for the first two trenches are listed, the remainder is pending. The initial results of the trench sampling are included in the following table:
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Width ft (m) Au Au
TRENCH No From ft (m) To ft (m) (True width) g/t opt
--------- ------------------- ------------- ------------ ------ -----
TRENCH 1 85.3 (26.0) 91.9 (28.0) 6.6 (2.0) 0.195 0.006
S13 (1.1m true)
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TRENCH 1 105.0 (32.0) 118.1 (36.0) 13.1 (4.0) 0.730 0.021
S16-17 (2.2m true)
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TRENCH 2 0.0 (0.0) 42.7 (13.0) 42.7 (13.0) 0.562 0.016
S1-S7 (7.4m true)
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Including 6.6 (2.0) 13.1 (4.0) 6.6 (2.0) 1.84 0.054
T2, S5 (1.1m true)
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Widths listed are sample widths and do not represent true widths. Veins are dipping 30-35 degrees. The sample widths therefore are approximately 1.75 times the true widths.
About Molycor Gold Corp.
Molycor is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration in North America.
This release was reviewed by Norman L. Tribe, P. Eng., a qualified person recognized under National Instrument 43-101.
On Behalf of Management
Larry W. Reaugh, Chief Executive Officer
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.
Larry W. Reaugh
Chief Executive Officer
604-531-9639
604-531-9634 (FAX)
info@molycor.com
www.molycor.com
