Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

August 17, 2011 12:06 ET

Cancor Mines Inc.: Analysis of Satellite Data Confirms Major Deformation Zone on North Tirek in Hoggar, Algeria

MONTREAL, QUEBEC--(Marketwire - Aug. 17, 2011) - Cancor Mines Inc. (CNSX:KCR) is pleased to report results from a recent remote sensing survey carried out on the North Tirek property, one of its four gold-bearing properties in Algeria.

The study that was carried out by VIASAT Geo-Technologies of Montreal suggests new gold-bearing targets and confirms that the known gold-bearing zones are concentrated within major deformation zone (see press releases of June 16 and July 18, 2011).

Highlights of the survey are as follows:

  • the study demonstrates the presence of fundamental parameters for gold-bearing concentrations and identifies a major structural corridor measuring 5 to 10 km in width covering the entire license over a 75 km extension.

  • this corridor contains all of the gold-bearing fields known to date.

  • analysis of Aster data indicates four new targets with potential to host new gold fields (see appended maps : http://media3.marketwire.com/docs/Cancor_Maps_0817.pdf).

  • the intensity of the fracturing suggests many stockworks that are favourable to the concentration of gold-bearing mineralizations.

This study included the acquisition, processing and structural and spectral analysis of ASTER, RapidEye and topographic data in order to interpret the structural and mineral framework of the sector. The objectives of the study were:

  • to generate a spatial database that integrates the ASTER, RapidEye and topographic data;

  • to undertake the analysis and extraction of lineament systems in order to provide a structural sketch that defines the geometry and probable kinematics of the interpreted fracture systems;

  • to carry out a spectral analysis based on ASTER satellite data in order to provide mineral sketches of probable alteration domains;

  • to identify gold-bearing exploration targets by comparing the results of the structural and spectral analyses.

A variety of fault systems have been interpreted in the NNE, NE and SE directions. The principal systems are oriented NNE and NE. The NNE systems are mainly characterized by mylonites with overlapping, inverted and right-handed components.

"Numerous signs of probable alteration were recognized after spectral analysis of the ASTER data. Analysis of the spatial relationships between these alteration zones and the locations of known gold fields also allowed for identification of new sectors that are favourable to exploration, particularly sectors of silica alone or combined silica+iron+carbonate."

"Close to 75 exploration targets have been identified and proposed based on the metallotects associated with proximal deposits, known probable alteration zones, the interpreted structural context and elements of interest that were detected on the RapidEye images. These targets suggest extensions of certain known showings as new potential zones (e.g.: Kheima toward the East and extension of the South Zone southwards)." All of these targets will be the subject of exploration during the next campaign.

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.

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.

Tirek Resources L.P., a Cancor subsidiary, 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 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

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)
    www.cancor.ca