2012-11-20 14:50:35 -
TORONTO, ONTARIO -- (Marketwire) -- 11/20/12 -- Cogitore Resources Inc. (the "Company") (TSX VENTURE:WOO) is pleased to report the beginning of a drilling program testing the Gold Hill showing at its Lemoine project south of Chibougamau, Quebec. The program is entirely funded by Blackrock Metals.
Blackrock is a private company currently advancing an adjoining iron-titanium-vanadium project to production. In exchange for certain road and railroad access and rights of way, Blackrock has agreed to fund a phased condemnation drilling program along a portion of the north boundary of Cogitore's Lemoine property. A total of 1,393 metres in 5 holes have already been drilled (and paid for) by Blackrock in 2012. No significant assays were obtained in the first phase drilling. However, additional drilling has started in the vicinity Gold Hill gold showing where four shallow holes are planned, including a contingency hole.
Results of recent chip sampling of the Gold Hill showing by Cogitore included up to 0.92% copper and 85.4 g/t gold (2.49 oz/ton gold), and 0.87% copper and 1.9 g/t gold over narrow widths. These results are consistent with historical surface sampling reported by Teck Exploration Ltd in 1999 which included grab samples up to 2.8% copper and 48.2 g/t gold, and a chip sample returning 6.3 g/t Au over 7.3 metres. The gold-copper mineralization at Gold Hill is associated with a NNE oriented vein structure developed within intrusive rocks of the Lac Dore Complex, which is the same unit hosting all of the ore produced in the Chibougamau Camp. Historical cumulative production from the main Chibougamau Camp totalled 43 Mt grading 1.7% Cu and 2.3 g/t Au for a total production of 1.6 billion pounds of copper and 3.2 million ounces of gold.
"The on-going development work by Blackrock provides Cogitore with a unique opportunity to test a very interesting gold showing at no cost to the Company. We are looking forward to seeing the results of the program" says Dr. Gerald Riverin, President and CEO. "Vein type gold deposits are not at all uncommon in mining camps yet recognized for their volcanogenic massive sulphide (VMS) deposits. The nearby past producing Lemoine mine being one of the highest grade VMS deposits in the world with 4.2 g/t gold in addition to 4.2% copper and 9.8% zinc is perhaps telling us that Cogitore's Lemoine property may also have good potential for gold deposits other than VMS type and the Gold Hill showing may be reflecting exactly that."
Recent assays mentioned in this press release were done at ALS Minerals laboratories of Val d'Or, Quebec, with appropriate standards, duplicates and replicates used for quality control purposes.
Work is carried out by the Company's personnel, under the supervision of Gerald Riverin, PhD, P.Geo. He is a qualified person (as defined by National Instrument 43-101) and has more than 35 years of experience in VMS exploration.
The Lemoine project is located in the Chibougamau mining camp, Quebec, which is a natural resource based community serviced by rail, paved highways and regularly scheduled air service. Major forestry roads traverse the Lemoine property. In the 1950's and 1960's Chibougamau was one of Canada's largest copper producing districts.
The Company's strategic focus is on base metal exploration in prospective areas that also feature infrastructure favourable for mining development. Its current focus is in the Abitibi Belt of Quebec and Ontario.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of the Company. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Cogitore believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this new release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Cogitore disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the 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.
Cogitore Resources Inc.
President & CEO
Cogitore Resources Inc.