Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

April 13, 2010 11:14 ET

Cancor Resumes its Gold Exploration Activities in Algeria

MONTREAL, QUEBEC--(Marketwire - April 13, 2010) -

Editors Note: There are five maps associated with this Press Release.

Cancor Mines Inc.(CNSX:KCR) is pleased to announce that exploration activity has resumed on its gold properties in Algeria.

Cancor holds four permits for gold exploration in the Hoggar region of Algeria, located approximately 2000km south of the capital Algiers.

  • Tan Chaffao West prospection permit (44 580 ha),
  • In Ouzzal North exploration permit (25 872 ha),
  • Tirek North prospection permit (98 990 ha), and
  • Tan Chaffao East exploration permit (20 000 ha).

The first two permits were acquired in 2007, and the others in 2008.

The objectives of the current programme are to validate the historical data for the projects acquired in 2008 and to continue the exploration activity which was commenced during the 2008 campaign on the Tan Chaffao West and In Ouzzal properties. Mapping, sampling and trenching will be completed to identify drilling targets. In addition, the Company intends to sample drill core from historical work which is available on site in which visible gold has been observed.

Tan Chaffao East – This licence contains copper-gold-mineralization associated with altered felsic volcanics mineralized with Copper, Zinc and Gold.

The Tan Chaffao East mineralized zones are hosted by several bodies of secondary quartzite, attributed to the same key horizon. The historical resource estimate for this is 6.6 million tonnes of 0.55% Cu and 1.62g/t Au (Sonarem, Kytchakov, et al. for the work in 1972-1973 and V. Kouldochine et al. for the work in 1973). This preliminary assessment was carried out by the Russian team, based on 10 drill holes and trenches spaced 100 to 200 m apart. These resources are characterized by Kouldochine et al. as "prognostic", which corresponds to category C2 (in the Russian classification).

These resources are not compliant with Canadian National Instrument 43-101. No qualified person has carried out the work required to classify the historical estimate as current mineral resources. Cancor is not treating the historical estimate as current mineral resources, and accordingly, the historical estimate should not be relied upon (July 8, 2008 Press Release).

Two other copper-gold showings have been identified within the licence: the "North East" showing and the "Prospection" showing. These two showings were discovered as a result of extensive exploration of the sector by the Russian teams in 1972-1973.

Tan Chaffao West – The geological and geochemical work that was carried out by Cancor in 2007-2008 has confirmed the historical results obtained for the mineralized zones that were discovered in the early 1970s by Russian geologists working for the Algerian state-owned entity Société Nationale de Recherche Minière (Sonarem). These zones, which cover several kilometres, are located in highly altered rhyolitic rocks, contain malachite, pyrite, chalcopyrite, sphalerite, galena, and gold in addition to pyrrhotite, barytine, and magnetite.

The following indicates some of the best results reported by the Russian teams and obtained during 2008 Cancor work:

  • 7.60% Zn over 3.20 metres and 2.30% Cu over 1.50 metres in Trench 12 on Lens I;
  • 4,60 g/t Au over 2.00 metres in Trench 1 on Lens II;
  • 78.40 g/t Au over 0.60 metre in Trench 25 on Zone 2N; and
  • 5.2 g/t and 9 g/t Au respectively from two grab samples.

North Tirek- The Tirek North licence is located on the eastern edge of the In Ouzzal mole, which consists of a band of mylonites between 300 and 3,000 metres thick corresponding to a major tectonic deformation rift (called the In Ouzzal Fault Zone). This tectonic zone controls the emplacement of numerous instances of vein-type gold mineralisation, including the two gold deposits at Tirek and Amessmessa, located respectively 17 and 70 km south of the southern boundary of the licence. The Amessmessa deposit is currently in production.

The known gold-bearing quartz veins within the boundaries of the Tirek North licence are grouped together into vein-type gold fields. From south to north, these gold fields are known as the Kheima, the Zone 12, the Zone 13, the Zone 17, the Syenite, the Kiouène, the South Site, and the Number Three.

The gold, which is often free, is associated with pyrite and/or galena and/or chalcopyrite sulphides with iron oxides, hydroxides, and copper carbonates. Trenching has been carried out over all the gold fields and channel sampling has been performed by Russian and Algerian teams prior to Cancor's acquisition of the licence.

The Kiouène gold field was found to contain 80 veins, 45 of which are auriferous. In addition, a strong geochemical anomaly suggests the presence of blind gold veins under a shallow overburden. The 6 richest portions have thicknesses ranging from 0.6 to 1.5 m, and lengths ranging from 40 to 320 m. The average grades of the samples varies from 5.4 to 9.6 g/t Au.

The Kheima gold field- This field, which is the immediate extension of the Djazaïria gold field to the south which is currently being developed by GMA Resources, contains quartz gold veins which run discontinuously for more than 500 m. A 75 m long and 2.04 m wide mineralized portion gave an average grade of 21.0 g/t Au.

The Zone 13 gold field consists of 11 veins with a thickness varying between 0.3 and 2.0 m. Veins 1 and 2 are located approximately 300 m apart in the southern portion of the zone, and show continuous auriferous mineralization over distances of 60 and 120 metres, with average grades of 11.6 g/t Au for vein 1 and 15.8 g/t Au for vein 2.

The Syenite gold field consists of a vein structure arrayed in echelons over a length of more than 600 metres. Two portions of 106 m and 34 m, with respective widths of 0.3 m and 1.94 m, gave an average grade of 10.73 g/t Au and 9.51 g/t Au respectively.

The South gold field is in the immediate extension of the Kiouene gold field. Of the 36 veins discovered, two have mineralized portions: the West Vein, or Vein 1; and the East Vein, or Vein 2. The average grade of the samples in Vein 1 is 3.21 g/t Au over a length of 64 m with a thickness of 1.1 m; while Vein 2 measures 60 m in length over a mean thickness of 1.98 m, with an average grade of 15.59 g/t Au.

Number Three gold field in the northern portion of the licence area is at least 500 m in length, with grades ranging between 0.7 and 116.4 g/t. The richest portion has an average grade of 9.66 g/t Au and a thickness of 1.22 m over a length of 174 m.

In Ouzzal North – The In Ouzzal North Project covers the southern portion of the In Ouzzal Fault, in the immediate southward extension of the Amessmessa gold deposit, which is located 15 km north of the northern boundary of the permit. The geological and geochemical work that was carried out by Cancor in 2007-2008 has confirmed the geological environment and the grades reported by the Russian and Algerian teams of the SONAREM between 1970 and 1995 on the 3 main gold-bearing vein showings that were discovered: Tachamek, Point 33 and Zone B.

On the Tachamek showing, gold-bearing quartz veins form 6 gold fields that sometimes extend over 500 metres. Two grab samples taken by Cancor geologists contained 410 g/t Au and 54 g/t Au, which confirms the high grades that have been obtained in the past. Free gold was observed in one sample.

Quality control

Cancor Mines Inc. has not yet carried out any sampling on Tan Chaffao East and North Tirek. In the 1970s, samples from the Hoggar region were sent to the SONAREM laboratory in Tamanrasset. To the best of the author's knowledge, the analysis methods used at the time were spectrographic powder assaying and the Sofranov method. These methods are no longer used by recognized laboratories. For this reason, the author cannot pronounce judgment on the relevance and quality of the methods used during the exploration campaigns of previous years by the Russian, French, and Algerian teams. The Tamanrasset laboratory has not yet received international accreditation. However, the author is of the opinion that the results of the analysis given above provide a conceptual indication of the sector's potential, and that they are relevant for the purposes of geological evaluation.

About Cancor Mines Inc.

Cancor Mines Inc. is a Canadian company involved in the exploration and development of mineral properties with high potential for precious or base metals. In addition to its Quebec properties, the Company holds a 100% interest in the four Algerian properties which are prospective for gold. The Company is listed and traded on the Canadian National Stock Exchange under the symbol: KCR (CNSX-www.cnsx.ca)

All Cancor Mines press releases, maps and figures related to these properties are available on the company's website, www.cancor.ca.

Technical reports with compliance to NI 43 101 have been completed for all our properties and are available on SEDAR site (www.sedar.com) and on our web page on CNSX (www.cnsx.ca).

Mr. Khobzi an engineer and qualified person under NI 43-101, who has visited the properties, has read and approved this release. 

Caution concerning forward-looking statements

This press release contains certain "forward-looking statements", including. but not limited to, the statement regarding exploration work and the emphasis on looking for a certain type of deposit. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, among other things, those set forth in Cancor's 2009 Annual Information Form, a copy of which can be obtained on the SEDAR website at www.sedar.com

To view the location map, please visit the following link: http://media3.marketwire.com/docs/location_map_big.jpg

To view the map of gold deposits and showings on the In Ouzzal Fault Zone, please visit the following link: http://media3.marketwire.com/docs/ouzzal_fault_zone_big.jpg

To view the Tan Chaffao East deposit - Geological map (Cancor, 2008), please visit the following link: http://media3.marketwire.com/docs/tan_chaffao_big.jpg

To view the Ouzzal North and Tirek North properties - Tirek and Amessmessa gold deposits, please visit the following link: http://media3.marketwire.com/docs/tirek_big.jpg

To view the North Tirek property and gold fields location, please visit the following link: http://media3.marketwire.com/docs/tirek2_big.jpg

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cancor Mines Inc.
    Kamil Khobzi, eng.
    President and CEO
    514-849-3013
    514-384-6399 (FAX)