Ressources Minières Pro-Or Inc.

Ressources Minières Pro-Or Inc.

September 23, 2010 09:00 ET

Ressources Minieres Pro-Or Inc.: Sixteen New Showings From 2009 Program on the Menarik Property (James Bay)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2010) - Everett Resources Ltd. ("Everett")(TSX-V:EAR) and Ressources Minières Pro-Or Inc. ("Pro-Or")(TSX VENTURE:POI) have received and reviewed the 2009 Geology Report by Mr.Yvon Bussieres on the company's Menarik Property. The Menarik property is best known for its chromite deposits, even though many poly-metallic and precious metals showings have also been discovered. Highlights of the 2009 program include sixteen new sulphide mineral showings with significant values of gold, copper, and silver, in addition to numerous nickel-copper targets.

Mr.Yvon Bussieres senior geologist for the project recommends the following and outlines future objectives below:

  1. Intrusive related gold mineralization – to date, expanded by the 2009 program, approximately 70 surface gold showings and geochemical anomalies have been located in the Duncan tonalite and dykes of gabbro, located north and east of the ultramafic complex, which host the chromite mineralization. Gold mineralization is associated with quartz veining trending north-northeast and north-northwest. Limited drilling of short holes has returned promising results with encouraging gold-bearing intervals exceeding 1 g/t Au. Highlights include 7.0 g/t Au across 0.4 meter within a 2.8-meter interval grading 1.3 g/t; 3.0 g/t Au across 0.3 m within 2.4 meters grading 1.3 g/t Au; 3.7 g/t Au across 0.5 m; and 26.0 g/t Au across 0.24 m.

  2. Ultramafic related Nickel-Copper ± Palladium-Platinum mineralization - A dozen showings mineralized with Ni+Cu ± (Pd+Pt) were originally discovered in the ultramafics by surface prospecting. Since then, more than 60 drill sample intervals grading at least 1% Ni-equivalent (i.e. %Ni + 1/3 %Cu) have been found. Many of these belong to two coherent mineralized bodies that have been only partly explored. One of them, identified as Ni97 and located in a secondary ultramafic mass west of the main intrusion, contains indicated 43-101 resources of 1.1 million metric tons averaging 0.38% Ni and 0.15% Cu, as estimated by Mr. Bussières, with interpreted true widths varying between 11 and 43 meters. 

  3. VMS Targets - Gold and base metals associated with felsic volcanics (rhyolite) - To investigate four new showings of copper including a 4-metre thick rhyolite unit with up to 20% chalcopyrite and three showings of gold. All these showings are hosted in rhyolite units and are prospective for volcanogenic massive sulphide mineralization. A 26 km Induce Polarization (I.P.) survey was completed in 2009 over part of this sector north of Menarik lake and detected many chargeability anomalies that were found to be associated with surface showings or geochemical concentrations of these metals. To date thirteen mineral showings occur on the axes of a chargeablity IP anomaly. In exploratory holes drilled under the lake on an EM anomaly, zones of rhyolite exceeding 10 meters with anomalous Zn and Cu were intersected and one of them contained a 5.3-meter quartz vein bearing 1.9 g/t Au over 2.4 meters.

Mr. Bussières report recommends an aggressive 18,400 meter drilling program to be executed in two different zones, approximately 10,000 m to define the new VMS base metal, gold and Ni+Cu ± (Pd+Pt) targets and 8400 meters on the previously discovered Chromite zones. For more information, the full geological report can be accessed on SEDAR. A program of drilling is proposed for this fall on multiple targets, along with VTEM geophysics to define the Nichol-copper mineralization.

Everett Resources Ltd. ("Everett") and Ressources Minières Pro-Or Inc. ("Pro-Or") have entered into a mineral property option agreement (the "Option Agreement") whereby Pro-Or has granted to Everett an option to acquire an 50% interest in Pro-Or's Menarik poly-metallic property (the "Property") located in the James Bay area of the Province of Quebec. Under the terms of the Option Agreement, to earn a 50% interest, Everett must issue to Pro-Or 4,500,000 common shares in the capital of Everett over two years and incur $5,000,000 in exploration and development work on the Property over a period of three years.

About Menarik

The Menarik property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property.

Based on a compilation report by Pro-Or's geologist, Yvan Bussieres, five different types of mineralization have been indentified on the Menarik Property. The Menarik ultramafic intrusion contains stratiform chromitites formations, massive sulphides and nickel-copper concentrations in altered zones. A 43-101 compliant estimate of chromite resources made in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. reports a total of measured and indicated resources exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. Gold showings and mineralized felsic volcanic were found on the edges. The chromitite formations are similar to the South African Archean stratiform orebodies (Bushveld complex UG2 horizons). The massive sulphides are similar to the South African Bushveld complex Merensky reef and to Labrador's Voisey's Bay formation. The Ni-Cu concentrations in the altered zones look like Ontario's Armit Lake property. The gold showings are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda's Horne Mine.

This news release has been prepared jointly by Everett and Pro-Or with the geological content reviewed and approved by Yvan Bussières, P.Eng, geology, a qualified person under 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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