Welcome to the November 2007 edition of Murgor’s Monthly newsletter. This newsletter provides a summary of Murgor’s key exploration activities and management decisions that have taken place during the month of October 2007. An update on upcoming activities is also provided.
EXPLORATION ACTIVITIES:
It was a year ago this month, that Murgor signed the agreements to acquire six properties from HudBay Minerals in the Flin Flon Belt of northern Manitoba and Saskatchewan. Financing ensued for the exploration to take place, and was completed in December 2006. It is only since January 2007 that Murgor started its exploration activities in the belt and what a year it has been so far.
Murgor has come a very long way in these ten months. Through well directed, thorough and systematic exploration, Murgor has outlined a large number of prime exploration targets to be tested systematically throughout 2008. Of course, while we test these targets, a great number of new targets will be defined with continued exploration. All of this was achieved while Murgor defined new 43-101 compliant resources on three deposits containing a total of 430M pounds of zinc, 143M pounds of copper, 221,000 ounces of gold and 2.5M ounces of silver.
The amount and the quality of the work that was completed by Murgor in 2007 is truly a remarkable achievement, and on behalf of the Corporation, I would like to thank Murgor’s exploration team for its dedication to hard work and the pride you take in a job well done. The very long hours are coming to fruition and will be rewarded.
In October, Murgor continued to focus its exploration activities in the Flin Flon belt of northern Manitoba and Saskatchewan. Work continues on the six properties that Murgor Resources optioned from HudBay Minerals Inc. in the fall of 2006, with a particular focus on the Wim property where a drilling program is ongoing.
Winter is coming soon and Murgor is also preparing for a very busy winter exploration program. Murgor has now secured five drills to start drilling on the Hudvam and Wim deposits in January of 2008. Geophysical and geological target drilling at the property-scale will start soon thereafter on the Fon, Flin-D, Snow-H and Tyr properties.
WIM PROPERTY:
In early September, Murgor started a first phase of drilling at the Wim property. This preliminary program has now been modified to continue until mid-December of 2007 and will consist of approximately 7,000 metres of drilling. This initial drill program consists dominantly of exploration drill holes aimed at testing the extensions of the Wim Deposit but also includes infill drilling. This preliminary drill program will guide the second phase of drilling that will begin in January, 2008 with two drills. This second drill program will include over 13,000 metres of drilling and is designed to upgrade the Wim deposit resource to an Indicated and Measured category, as well as to test property-scale exploration targets (please visit our website in the “Projects Section” to view these new and exciting targets at Wim).
The preliminary results of this drill program at Wim were disclosed in a press release dated October 16, 2007 and were very exciting indeed. Drill hole numbers #2 and #3 extended the strike length of the deposit by over 35% and may have increased the resource at Wim by up to 20% in the up plunge direction (the closest to surface). So far, Murgor has completed over 4,200 meters of drilling in nine drill holes at Wim (including drill hole #4 that was abandoned due to excessive deviation). Results of the first three drill holes are as follows:
WZS07-001 – 2.83% Cu, 3.35 g/t Au, 12.49 g/t Ag and 0.25% Zn over 11.10 meters
WSZ07-002 – 2.23% Cu, 1.13 g/t Au, 8.62 g/t Ag and 0.82% Zn over 2.23 meters
WSZ07-003 – 2.33% Cu, 2.69 g/t Au, 12.01 g/t Ag and 0.28% Zn over 5.74 meters
Results from all other drill holes are pending and will be distributed as they become available after passing Murgor’s QA/QC procedure.
HUDVAM PROPERTY:
Activities at Hudvam continued in preparation for an extensive phase of drilling that will start in January of 2008 when Vamp Lake will be sufficiently frozen to support the weight of the drills. Camp construction is in progress and should be completed by mid-November.
Murgor geologists are continuing to refine the 3D model of the orebody to help with the planning of the definition drilling this coming winter. Geophysical and geological models are being developed to better define a number of high potential new targets to be tested once the definition drilling is completed. Murgor is planning nearly 10,000 metres of drilling at Hudvam starting in 2008.
In preparation for the feasibility study of the Hudvam deposit, to be completed by the end of 2008, geotechnical drilling will also be completed in January and February of 2008. Metallurgical testing of the ore will be carried-out at the same time.
FON PROPERTY:
At the Fon Property, in Saskatchewan, Murgor is continuing its compilation of geophysical, geochemical and geological data on the Fon and Abbott Lake deposits, and at the property scale to define new exploration targets (please visit our website in the “Projects Section” to view these new targets at Fon).
Drilling is scheduled to start in March 2008, at Fon with a helicopter supported drill rig. March is the ideal time for this type of program when good winter drilling conditions are combined with longer hours of daylight. At present, a minimum drilling program of 1,500 metres is planned.
TYR DEPOSIT, FLIN-D and SNOW-H PROJECTS:
A total of nearly 3,500 metres of drilling is planned at the Tyr, Flin-D and Snow-H Projects starting in March of 2008 with a helicopter supported drill rig. Again, the work is planned to start in March when good winter drilling conditions are combined with longer hours of daylight. Murgor is also planning a basal till survey to cover the eastern part of the Snow-H Project area and roughly 4,200 kilometres of VTEM at Snow-H and Flin-D.
SUMMARY OF THE ANNUAL GENERAL MEETING:
The Annual General Meeting of Murgor Shareholders was held in Montreal on the 25th of October, 2007. Shareholders were asked to vote on four resolutions:
- Election of the Board of Directors,
- Election of Auditors,
- Share consolidation of 1 for 6, and
- Shareholder Rights Plan (Poison Pill).
Shareholders present at the meeting were asked to vote by ballot for resolutions 3 and 4 which required two thirds of the votes to pass. All resolutions were passed, and the Board of Directors is presently working on the implementation of the resolutions.
IN CLOSING:
Murgor’s exploration activities continued at a fast pace in October 2007 and are progressing as scheduled. Preliminary results of the Wim drilling program are extremely encouraging as the size of the deposit continues to grow. Weather permitting, drilling will continue, uninterrupted at Wim until mid-December 2007.
Murgor is preparing for a very busy exploration program to start in January 2008. The program will start with two drills at the Wim property, two drills at the Hudvam property, one helicopter supported drill in March at Fon, Tyr, Snow-H and Flin-D, and one reverse circulation drill at the Snow-H property. Additional VTEM will be flown over Flin-D and Snow-H, and additional InfiniTEM is also planned.
Murgor is also at the selection stage to hire a consulting firm for the feasibility studies at the Hudvam and Wim deposits.
Please keep logging on to www.murgor.com for more up to date details on the Corporation.
Thank you for your interest in Murgor Resources and for your continued support.
Respectfully submitted,
André C. Tessier, P.Eng, P.Geo
President, CEO
November 01, 2007.
This newsletter includes certain "forward-looking statements". All statements other than statements of historical fact, included in this newsletter, including, without limitation, statements regarding potential mineralization, resources and reserves, exploration results, and future plans and objectives of Murgor, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Murgor's expectations are exploration risks detailed herein and from time to time in the filings made by Murgor with securities regulators.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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