Maudore doubles resource at Comtois to 1.2 million ounces, shows good potential for open pit and underground mining

Gold exploration and development company Maudore Minerals (TSX-V:MAO, OTCBB:MAOMF) delivered several positive updates in one press release this morning to shareholders.

First and foremost, the company reported that it had doubled the inferred resource at its flagship Comtois Project, north of Val-d’Or, Quebec, to 1.2 million ounces of gold.  The resource is essentially split into two zones, a open pit resource between surface and 150 meters, and a deeper underground mining resource from 150 meters down.

While the headline doubling of the resources was clearly solid progress for the company, arguably of more significance was the potential to build a shallow open pit targeting just over 0.5 million ounces of gold at an average grade of 3.2 grams per tonne gold (applying a 1 gram per tonne cut-off).
The near surface mineralization, at a very healthy grade, offers Maudore a lower capital expenditure, quicker payback option at the project, before moving underground to exploit a higher grade 0.7 million ounces averaging 6.8 grams per tonne gold (using a 3 gram per tonne cut-off).

Not surprisingly, Ron Shorr, CEO and Chairman of Maudore said he was ‘delighted’ with the resource boost, but also noted the favourable characteristics of the project, including the good grades at surface and at depth.

Perhaps equally encouraging for Shorr is the fact that Maudore has continued drilling, extending the strike of the project to 1.5 kilometers, and a further 38,500 meters of drill core that has been collected after the cut-off date for the current resource estimate, suggesting more significant upgrades in the resources are on the horizon.

Comtois location also lends itself to development. It is located near roads, cheap hydroelectric power, water and labour.

Maudore is planning to complete at least 70,000 meters of drilling in 2010 at Comtois.

http://www.proactiveinvestors.com/companies/news/7544/maudore-doubles-resource-at-comtois-to-12-million-ounces-shows-good-potential-for-open-pit-and-underground-mining-7544.html