Cancor Mines Inc.
CNSX : KCR

Cancor Mines Inc.

February 17, 2011 09:00 ET

Cancor Updates Its Gold Exploration Activities in Algeria

MONTREAL, QUEBEC--(Marketwire - Feb. 17, 2011) - Cancor Mines Inc.(CNSX:KCR) is pleased to update the exploration activities on its gold properties in Algeria.

The current exploration work, which includes geological mapping, has been conducted since November on the North Tirek and In Ouzzal properties. As of today more than 120 trenches have been opened up and over 1200 channel samples have been collected and delivered for initial processing. These samples are in the process of being sent to OMAC laboratories in Ireland.

Numerous visible gold specks were observed in the trenches suggesting a high gold potential for these properties. The Company expects to have the assay results by April 2011.

M. Jacques Marchand, eng., independent geologist and a qualified person under NI 43-101, will produce compliant reports on the properties by the end of June 2011. These reports will be the basis of a diamond drilling program intended to be implemented in fall 2011 and winter 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. They were 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. 

Recent work by Cancor comprised geological reconnaissance of the license, GPS surveying of most of the existing trenches, and channel sampling of 86 of them. Numerous visible gold specks were observed in the trenches.

 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.

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 favourable 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 goldfield, where our recent work is focused, gold-bearing quartz veins form 6 gold fields that sometimes extend over 500 metres. Two grab samples taken by Cancor geologists in 2008 contained 410 g/t Au and 54 g/t Au, which confirms the high grades that have been obtained in the past. Trenching and channel sampling is actually underway. Collected samples will be sent to and analyzed in Ireland.

 Quality Control

Follow up on the exploration program is carried out by Cancor employees under the supervision of M. 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 M. 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. 

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.

There are two maps available at the following address: http://media3.marketwire.com/docs/cancor_e.pdf

Contact Information

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