Medoro Resources Ltd.
TSX : MRS
TSX : MRS.WT

Medoro Resources Ltd.

January 27, 2011 17:35 ET

Medoro Resources Announces Additional Drilling Results

TORONTO, ONTARIO--(Marketwire - Jan. 27, 2011) - Medoro Resources Ltd. (TSX:MRS)(TSX:MRS.WT) is pleased to announce diamond drilling results from a further 48 drill holes totalling 19,387 metres from its in-fill and step-out drilling program at the Marmato gold project in Colombia. Highlights include Hole MT-1302 which intersected 187.4 metres near surface with an average gold grade of 1.14 grams per tonne (g/t) and 7.7 g/t silver.

Serafino Iacono, Interim President and CEO of Medoro, commented, "In addition to further confirmation of a world-class gold-silver resource, this round of drilling results highlights the potential for further growth in the deposit, with step-out holes east of Echandia extending the mineralized envelope, as well as low-grade porphyry mineralization discovered southeast of Marmato, which is interpreted to be the probable source of the mineralizing fluids that formed the Marmato epithermal deposit."

In-Fill Drill Holes

A total of 27 new holes totalling 8,800 metres were drilled within the limits of the open pit resource. Significant intervals (greater than 10 gram-metres) are summarized in the following table.

Drill Hole From To Length Au Grade Ag Grade
(MT-) (m) (m) (m) (g/t) (g/t)
1302 29.6 217.0 187.4 1.1 7.7
1305 5.0 71.6 66.6 0.4 5.7
1305 214.7 293.0 78.3 0.4 2.0
1305 322.6 406.9 84.3 0.3 2.4
1312 211.5 229.1 17.7 0.6 4.0
1317 37.5 65.0 27.5 1.8 57.8
1317 88.4 123.0 34.6 1.5 22.9
1317A 0.0 7.0 7.0 4.8 69.1
1317A 99.0 140.0 41.0 0.5 3.2
1317A 147.8 162.4 14.6 1.0 10.8
1318 78.0 86.0 8.0 1.6 84.6
1324 11.0 33.5 22.6 0.5 5.1
1324 93.5 148.8 55.4 1.4 4.9
1324A 9.4 42.2 32.8 0.5 4.7
1324A 105.9 134.5 28.6 0.8 2.0
1324A 217.0 244.4 27.4 0.4 3.4
1328 91.0 99.0 8.0 1.5 2.2
1328  189.9                246.7  56.8 0.4  5.0
1332  131.0               146.0  15.0  1.0  9.9
1332  203.0               305.6  102.6  0.3  4.2
1332       325.3               357.0  31.7  0.8  5.1
1332 428.0 521.0 93.0 0.6  4.6
1335  36.3  51.0  14.8  0.9  6.7
1335  217.0  264.0  47.0  0.5  5.4
1339  94.5  106.5  12.0  1.2  23.1
1343  27.6  67.0  39.4  0.7  5.9
1343  75.8  137.1  59.7  0.4  2.9
1345  56.5  98.0  41.5  0.5  9.7
1345  109.3  170.0  60.7  0.6  7.6
1345  181.0  201.0  20.0  0.5  5.6
The drill holes were inclined at 45 to 75 degrees from horizontal and the intersection lengths do not represent true width. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.1 g/t gold and no more than 6.0 metres of internal dilution. Gold grades were capped at 20.0 g/t.       

Echandia East Step Out Holes

Fourteen holes totalling 7,156 metres were drilled as step-out holes to the east of Echandia in an area which has not been drilled previously. Ten of these holes gave significant intervals which extends the mineralization by up to 200 metres to the east of the planned open pit. Highlights include hole MT-1315 which intersected 114.1 metres grading 0.64 g/t Au. Significant intervals (greater than 10 gram-metres) are summarized in the following table.

Drill Hole    From To Length Au Grade Ag Grade
(MT-)      (m) (m) (m) (g/t) (g/t)
1294A    370.0 377.1 7.1 2.1 15.8
1301    386.0 399.0 13.0 1.0 3.8
1301    545.0 591.4 46.4 0.5 1.7
1306    413.0 431.0 18.0 1.2 3.4
1310    253.8 261.5 7.8 4.3 24.6
1313    390.6 404.0 13.4 0.8 10.4
1313    444.0 461.1 17.1 2.4 13.7
1315    352.2 466.3 114.1 0.6 1.6
The drill holes were inclined at 45 to 75 degrees from horizontal and the intersection lengths do not represent true width. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.1 g/t gold and no more than 6.0 metres of internal dilution. Gold grades were capped at 20.0 g/t.       

Southeast Step Out Holes

Seven holes totalling 3,429 metres were completed as part of a step-out drilling campaign to the southeast of the planned open pit, another area that has never been drilled before. Four of these holes were in a newly discovered porphyry gold deposit at Aguasclaras. The Aguasclaras porphyry is significant as it is interpreted to be the probable source of the mineralizing fluids that formed the Marmato epithermal deposit.

Significant intervals (greater than 10 gram-metres) are summarized in the following table:

Drill Hole From To Length Au Grade Ag Grade
(MT-) (m) (m) (m) (g/t) (g/t)
1293 307.0 328.0 21.0 0.9 2.9
1325 65.0 118.9 53.9 0.4 0.4
1325 126.9 177.2 50.3 0.3 0.4
The drill holes were inclined at 45 to 75 degrees from horizontal and the intersection lengths do not represent true width. Sample lengths are normally 2.0 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.1 g/t gold and no more than 6.0 metres of internal dilution. Gold grades were capped at 20.0 g/t.      

The total number of metres drilled by Medoro to date is 64,553 in 181 holes, including 15 holes for which the company is awaiting assay results and 10 holes which are currently being drilled. A further 232 holes are planned for 2011. All of the results to date, together with a map showing the locations of the drill holes, are available on Medoro's website at www.medororesources.com.

The Marmato Project is the subject of a Technical Report prepared by SRK Consulting (UK) Ltd. as announced on January 6, 2011 showing a measured and indicated mineral resource of approximately 226 million tonnes at an average gold grade of 0.9 g/t containing 6.6 million ounces of gold plus 116 million tonnes grading 0.9 g/t containing approximately 3.2 million ounces of gold classified as inferred resources at a cut-off grade of 0.3 g/t. Measured and indicated silver resources amounted to 37 million ounces plus a further 22 million ounces classified as Inferred resources based on silver grades of 5.1 and 5.9 g/t respectively. The complete Technical Report will be filed by February 20, 2011 and available on www.sedar.com as well as the company's website at that time.

SRK have commenced a Preliminary Economic Assessment, the results of which are expected to be released in March 2011.

Qualified Person

Stewart D. Redwood, Senior Consulting Geologist to Medoro, is a qualified person as defined by National Instrument 43-101 and prepared or reviewed the preparation of the scientific and technical information in this press release in respect of the drilling results from the Marmato Project. Dr. Redwood verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information contained in this release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

In the case of the drilling results referred to herein, the samples were prepared by Acme Analytical Laboratories Ltd (ISO 9001:2008) at their sample preparation facility in Medellin, Colombia, and were assayed at their laboratory in Santiago, Chile. Gold was assayed by fire assay with atomic absorption spectrophotometer ("AAS") finish. Samples over 10 g/t were assayed by fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 100 g/t were assayed by fire assay with gravimetric finish. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control.

About Medoro Resources Ltd.

Medoro Resources Ltd. is a gold exploration, development and mining company with its primary being the development of a large-scale, open-pit gold mine at Marmato in Colombia. Medoro also has a 5% interest in the former Frontino Gold Mines properties in Colombia with an option to increase its interest to 50%. Elsewhere, Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela as well as interests in gold exploration properties in Mali.

Additional information on Medoro Resources Ltd. can be found on the company's website at www.medororesources.com and by reviewing the company's profile on SEDAR at www.sedar.com.

Contact Information

  • Medoro Resources Ltd.
    Peter Volk
    Vice President & General Counsel
    (416) 603-4653
    (416) 360-7783 (FAX)
    www.medororesources.com