Cogitore Resources Inc.
TSX VENTURE : WOO

Cogitore Resources Inc.

March 31, 2010 15:14 ET

Cogitore Resources Inc. Reports New Discovery at Scott Lake

TORONTO, ONTARIO--(Marketwire - March 31, 2010) - COGITORE Resources Inc. (the "Company") (TSX VENTURE:WOO) is pleased to report on exciting developments at its 100% owned Scott Lake project in Quebec. A new massive sulphide zone was discovered at depth on a new stratigraphic horizon well outside of the published resource area. The massive sulphides are underlain by a classic copper-enriched stringer zone associated with strong chlorite alteration. Assay results are shown below:

DDH SC-53 Section 2000W (weighted averages)

From To Length Cu Zn Au Ag Remarks
(m) (m) (m) % % g/t g/t  
              stringer and
1026.8 1044.4 17.6 1.95 1.81 0.2 17.9 massive sulphides
               
      Including        
               
1026.8 1030.1 3.3 2.26 3.30 0.4 23.7 massive sulphides
               
      And        
               
1033.1 1044.4 11.3 2.25 1.59 0.2 18.8 stringer sulphides
               
      Including        
               
1037.9 1044.4 6.5 2.99 1.72 0.2 26.0 stringer sulphides

As it is the first and only hole on this zone, the shape and true width cannot be determined with certainty.

Company President Gérald Riverin, Ph.D., P. Geo. stated: "We are very excited about this new massive sulphide zone at Scott Lake not only because it is new and wide open in all directions, but also because of the high copper to zinc ratio, which indicates a higher temperature mineralizing system capable of producing high copper grades. Borehole geophysics suggests that SC-53 hit the edge of a larger conductor. Although this is only the first hole in this new zone, we believe it represents yet another milestone in terms of increasing mineral resources at Scott Lake. This is the sixth massive sulphide lens to be discovered on the property, and the third by Cogitore. We are looking forward to further testing this new lens and to developing other targets as well."

This discovery was made while following up a borehole PEM anomaly detected in 2008 in drill hole SL-91-106E (see press releases of September 10, 2008 and October 15, 2009). The discovery intersection is located about 200 metres to the west of the West Lens and at a depth of 925 metres. Significantly, the massive sulphides are located at the top of a second rhyolite unit ("Tony rhyolite") that is different than the Scott rhyolite which hosts the West Lens. The new rhyolite edifice is located 100 metres to the north of the Scott rhyolite.

Follow-up drilling on the SC-53 discovery will be conducted along with the on-going program aimed at increasing the size, grade and confidence level of the published mineral resources in the West Lens.

West Lens Drilling Update

The winter drill program also continued to test the eastern extension of the massive sulphides in the West Lens. Assays were received for three holes:

DDH SC-46 Section 1600W (weighted averages)

From To Length Cu Zn Au Ag Remarks
(m) (m) (m) % % g/t g/t  
               
342.4 347.4 5.00 0.06 2.68 0.4 14.5 stringer sulphides
 
365.7 378.8 13.1 0.65 0.55 1.2 32.7 stringer sulphides
 
382.0 386.0 4.0 0.50 2.75 0.1 26.6 stringer sulphides

DDH SC-49 Section 1500W (weighted averages)

From To Length Cu Zn Au Ag Remarks
(m) (m) (m) % % g/t g/t  
               
360.6 362.2 1.6 0.12 4.86 0.3 32.3 massive sulphides
 
369.9 374.0 4.1 0.93 2.65 0.2 48.7 stringer sulphides
 
411.4 446.4 35.0 0.62 1.73 0.1 27.3 stringer sulphides
 
      including        
 
439.1 446.4 7.3 1.57 3.71 0.3 58.0 stringer sulphides

DDH SC-50 Section 1400W (weighted averages)

From To Length Cu Zn Au Ag Remarks
(m) (m) (m) % % g/t g/t  
               
266.1 268.5 2.4 0.99 6.12 0.2 51.3 massive sulphides
 
278.7 279.0 0.3 0.05 11.96 0.9 14.9 massive sulphides
              massive and
397.8 424.9 27.1 0.69 1.23 0.1 27.2 stringer sulphides
               
      including        
 
397.8 399.7 1.9 0.34 5.58 0.1 16.0 massive sulphides
 
      and        
 
412.0 414.9 2.9 1.53 1.18 0.2 55.1 stringer sulphides

Based on the current interpretation, it is expected that the massive sulphide intervals in the above holes are close to true thicknesses, whereas the true thickness of stringer zones can only be determined with more detailed drilling. The Company will continue to test the eastern extension with holes up to Section 1200W, which is 600 metres away from discovery hole SC-34.

One drill hole (SC-51) was completed to test the upper contact of the same rhyolite unit that hosts the SC-53 discovery about 100 metres north of West Lens. The hole did not encounter massive sulphides at the target contact but ended in copper-bearing stringer sulphides as follows:

DDH SC-51 (weighted averages)

From To Length Cu Zn Au Ag Remarks
(m) (m) (m) % % g/t g/t  
               
619.5 623.0 3.5 1.39 0.06 0.1 8.7 stringer sulphides

Finally, hole SC-52 was drilled to test the extension of the West Lens massive sulphides at depth approximately 200 metres below hole SC-45, the deepest hole that had intersected massive sulphides and which marked the lowest limit of the Scott Wilson RPA resources estimate (see press releases of November 12 and November 23, 2009). The hole was successfully drilled at the target depth but encountered a barren post-mineralization dyke at the target rhyolite–andesite contact. Subsequent borehole PEM clearly showed that the hole missed an important conductive mass by only a few metres. However, on its course to the target horizon, hole SC-52 intersected significant stringer mineralization in rhyolite. Although the hole is generally parallel to the interpreted strike of the stringer envelopes, it is important to note that most of this mineralization is actually outside of the resource envelope previously defined in the Scott Wilson RPA resources estimate. Assay results are as follows:

DDH SC-52 (weighted averages)

From To Length Cu Zn Au Ag Remarks
(m) (m) (m) % % g/t g/t  
              stringer sulphides
420.8 532.4 111.6 0.76 2.58 0.1 34.1 with occasional
              barren dykes
      Including        
 
442.7 454.9 12.2 0.94 6.34 0.1 41.5 stringer sulphides
 
      and        
 
458.0 478.2 20.2 1.64 1.84 0.2 61.0 stringer sulphides
 
532.4 584.4 52.0     barren diorite dyke – no assays
 
584.4 668.9 84.5 0.26 1.80 0.1 20.3 stringer sulphides

The core lengths obtained in hole SC-52 do not reflect the expected true width of the mineralization but are consistent with the large size of the Scott Lake mineralized system and shorter higher grade portions are expected to contribute additional resources to a revised resource model.

Follow up work will consist of setting a wedge in hole SC-52 to test the conductor about 10 metres north of the late dyke along the target rhyolite-andesite contact.

Work is carried out by the Company's personnel, under the supervision of Gérald Riverin, PhD, P.Geo. He is a qualified person (as defined by National Instrument 43-101) and has more than 30 years of experience in VMS exploration.

All drill core discussed in this press release was logged and marked up for assay at the Company's secure facility in Chibougamau, Quebec. Drill core for assay was split in half. Half of the core was shipped in sample bags to Laboratoire Expert Inc. of Rouyn-Noranda with appropriate standards, duplicates and replicates used for quality control purposes. The other half of the core is retained for future reference.

The Company has developed a strategic focus on base metal exploration in prospective areas that also feature infrastructure favourable for mining development. Accordingly, it will focus its work in the Abitibi Belt of Quebec and Ontario, and in the Central Belt of Newfoundland.

Forward Looking Statements

Certain statements contained in this news release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events or results. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "does not expect", "budget", "scheduled", "forecast" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions regarding expected developments. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

Forward looking-information involves known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements of the Company to differ materially from the future results, performance or achievements expressed or implied by such forward looking information. Such risks, uncertainties and other important factors include, without limitation: general economic conditions; access to skilled consultants; the possibility that future exploration results will not be consistent with the Company's expectations; uncertainties involved in interpreting drilling results; unanticipated costs and expenses; timing and availability of external financing on acceptable terms; dependence on key personnel; future prices of precious and base metals; failure of equipment or processes to operate as anticipated; and risks inherent in mining exploration and development including, but not limited to, unusual or unexpected geological formations. Such factors are also described or referred to under the headings "Property and Financial Risk Factors Affecting Financial Instruments" and "Other Risk and Uncertainties" of the Company's Management's Discussion and Analysis for the quarter ending September 30, 2009, all of which are incorporated by reference herein and are available at SEDAR at www.sedar.com. We caution that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events except where required by applicable laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cogitore Resources Inc.
    Gerald Riverin
    President & CEO
    819-764-6666
    or
    Cogitore Resources Inc.
    Louis Morin
    Director Investor Relations
    514-591-3988
    www.cogitore.com