Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

April 13, 2011 17:00 ET

Cancor Mines/Tirek North: Extensive Gold Mineralization on Kiouene, in Algeria

MONTREAL, QUEBEC--(Marketwire - April 13, 2011) - Cancor Mines (CNSX:KCR) is pleased to provide an update on the exploration of Tirek North, one of its four gold properties in Algeria.

Exploration activities on the Kiouene gold field continue to demonstrate the potential for a large volume of mineralized material, as many grains of visible gold have been observed on small outcrops between the known veins. The presence of visible gold in these previously unexplored areas suggests that significant gold mineralization in certain areas may be much more extensive than was previously understood.

The known veins on the Kiouene gold field, which are located 100 to 300 meters apart, have been the focus of all previous exploration work. In the current program, in order to test the potential between the known veins, several trenches and major cuts have been completed between the known veins. As a result of this work, outcrops containing vein-type material with visible gold grains have been observed and identified in several locations. These findings confirm that the auriferous environment is not limited to the known veins but is much more extensive and appears to offer exceptional potential for open pit mining.

Under the current program on the Tirek North property, in addition to geological mapping being completed, 90 trenches have been opened up or newly dug; some 1,049 samples have been collected by channel and grab sampling; and nine major cuts ranging between 200 and 700 meters were completed, two by mechanical shovel, the others by manual digging. Many visible gold grains were also observed in the trenches.

All known goldfields and veins on Tirek North have been visited and sampled. These samples are being analyzed by OMAC Laboratories in Ireland. Cancor expects to receive the test results shortly.

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 toward the end of June 2011. This report will define the subsequent work program and surveys planned for the fall of 2011 and winter of 2012.

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.

The Kiouène gold field, the most important one, had been prospected by Algerian and Russian teams and more than 400 trenches were completed. The field was found to contain 80 veins, 45 of which are auriferous. This gold field extends for over 7000 m in length and 2000 m in width. Based on historical data the 6 richest portions have thicknesses ranging from 0.6 to 1.5 m, lengths ranging from 40 to 320 m, and mean grades of the samples vary between 5.4 and 9.6 g/t Au. In addition, a strong geochemical anomaly suggests the presence of blind veins under a shallow overburden.

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, is in charge of the channel sampling process including the preparation and transport of the samples to OMAC Laboratories in Ireland, an internationally accredited laboratory.

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.

To view the maps associated with this release, visit the following link: http://media3.marketwire.com/docs/KCRen_0413.pdf

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

  • Cancor Mines Inc.
    Kamil Khobzi, Eng.
    President and CEO
    514-849-3013
    514-384-6399
    www.cancor.ca