Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

June 16, 2011 08:00 ET

Cancor Mines Inc./10.38 g/t Au over 8.4 m: Impressive results on North Tirek in Hoggar, Algeria

MONTREAL, QUEBEC--(Marketwire - June 16, 2011) - Cancor Mines Inc. (CNSX:KCR) is pleased to report results from recent trench sampling on North Tirek, one of its four gold properties in Algeria.

Objectives of the recent exploration work were the following:

  • To validate extensive historical exploration data generated mostly by Sonarem ( Algerian National Company) teams during the 1970's and 1990's;

  • To test the potential for large volumes of mineralized material at surface amenable to open pit mining;

  • To define appropriate targets for a drilling program to commence next fall.

Assay results received by the Company to date are extremely encouraging with excellent gold grades having been obtained in numerous samples. These results clearly attest to the accuracy of the historical data and demonstrate the potential for large volumes of mineralized material.

In addition, during the recent program, many grains of visible gold were observed on small outcrops between the known veins. The presence of visible gold in these previously unexplored areas is consistent with extensive gold mineralization. Assay results are as follows:

ZoneVeinTrenchAu,
g/t*
Ag,
g/t
Thickness, m
KheimaKheimaT87.803.265.00
KheimaKheimaT155.551.377.60
SyeniteSyeniteT94.797.123.30
SyeniteSyeniteT116.405.044.00
Kiouène NordF5110310.383.168.40
Kiouène NordF64-1T1194.024.378.60
Kiouène SudF41T498.7520.607.00
Kiouène SudF42T2031.990.5010.80
Zone 17Z17T182.602.356.50
Zone 17Z17T208.246.542.00
Zone 13F2T3432.652.211.40
Zone TroisF8T5A5.241.712.30
Zone TroisF8T4A15.719.481.30
Zone SudF- OrientalT198.011.558.20
Zone SudF- OrientalT2113.123.873.20
*Cut at 1 once/tonne or 31.104 g/t

The objectives of the current program having been achieved, the Company is now in a position to pinpoint priority targets for a first diamond drilling program.

The Tirek North licence covers an area of 98,990 hectares (989 km²). The perimeter of Tirek North is 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. This tectonic zone controls the emplacement of numerous vein-type gold showings, including the two gold deposits at Tirek and Amessmessa, located 17 and 70 km south of the southern boundary of the licence, respectively. The Amessmessa deposit is currently in production.

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

Under the recent program, all known goldfields and veins on Tirek North were visited and sampled. In addition to completing geological mapping, 90 trenches were opened up or newly dug; some 1,049 samples were collected, mostly by channel sampling; and ten major cuts ranging in length from 200 to 700 meters were completed, two by mechanical shovel, the others by manual digging. Many visible gold grains were also observed in the trenches.

All samples are analyzed by OMAC Laboratories in Ireland. Complete results to date are presented in the attached link. (http://media3.marketwire.com/docs/cancorlink0616.pdf) Other results are pending.

Mr. Jacques Marchand, independent geological engineer and qualified person as defined in NI 43-101, has overseen the exploration program. Mr. Marchand established the sampling procedures, and he will publish a compliant report on the Tirek North property. This report will define the subsequent work program and surveys planned for the fall of 2011 and winter of 2012.

Cancor holds a 100% interest in the North Tirek property through a prospection license acquired in 2008. The North Tirek property straddles a major fault associated with numerous extensive surface and near-surface gold showings which appear to offer exceptional potential for open pit mining.

Quality Control

Follow up on the exploration program is carried out by Cancor employees under the supervision of Mr. Jacques Marchand, eng. , independent geologist and qualified person (as defined by National Instrument 43-101) with more than 35 years of experience in exploration.

Mr. A. Chaouche, an Algerian consulting geologist, accredited by the Algerian Ministry of Energy and Mines and working in close collaboration with Mr. Marchand, was in charge of the channel sampling process including the preparation and transport of the samples to OMAC Laboratories in Ireland, an internationally accredited laboratory. They have been assayed by fire-assay followed by atomic absorption or gravimetry, according to industry standards.

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 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)

The Algerian properties are located in the Hoggar region approximately 2000km south of the capital Algiers. They are located in a very favourable geological environment for gold similar to Canada's Abitibi greenstone belt and contain numerous gold fields on or near surface which may be amenable to open-pit mining. The properties are as follows:

  • Tan Chaffao West prospection permit (44 580 ha),

  • In Ouzzal North exploration permit (6528 ha),

  • Tirek North prospection permit (98 990 ha), and

  • Tan Chaffao East exploration permit (20 000 ha).

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

A map is available at the following address: http://media3.marketwire.com/docs/cancormapbil0616.pdf

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

Contact Information

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