Mazorro Resources Files Monster Lake NI 43-101 Technical Report and Provides Update on Lapaska Option Agreement
22 April 2014 - 10:30PM
Marketwired
Mazorro Resources Files Monster Lake NI 43-101 Technical Report and
Provides Update on Lapaska Option Agreement
OTTAWA, ONTARIO--(Marketwired - Apr 22, 2014) - Mazorro
Resources Inc. ("Mazorro" or the "Company")
(TSX-VENTURE:MZO)(FRANKFURT:JAM) announces that it has filed a
technical report entitled "NI 43-101 Technical Report
Pertaining to: Chibougamau Property, Monster Lake West Block and
Meston Lake West Block, Northwestern Quebec, Chibougamau Mining
Camp, NTS 32G10 and 32G07" dated April 4, 2014 and prepared by
Donald Théberge, Eng., M.B.A., an independent qualified person
under NI 43-101. The NI 43-101 report is available under the
Company's profile on SEDAR (www.sedar.com).
About the Monster Lake area property
During January 2014, the Company announced that it had entered
into an amended asset purchase agreement for the acquisition of an
initial 50% interest in a total of 81 claims covering approximately
4,515 hectares in the Monster Lake area, in northwestern Quebec.
Additionally, the Company has an option, exercisable for a period
of two years, to acquire the 50% interest retained by Genius
Properties Ltd. (see Press Release dated Jan. 28, 2014). The
property comprises two claim blocks: Monster Lake West consisting
of 40 claims covering approximately 2,224 hectares and Meston Lake
West consisting of 41 claims covering approximately 2,291 hectares.
The Monster Lake area is located approximately 44 kilometres
southwest of the town of Chibougamau. The property is easily
accessible by road and a high-voltage power line crosses the area
nearby.
Since 1984, over 40,000 metres of diamond drilling has been
completed by various operators along the over four-kilometre
mineralized corridor at the Monster Lake area. In the winter of
2012, TomaGold drilled 16 holes for a total of 2,420 metres on the
Annie zone, which resulted in a major discovery of 237.6 grams per
tonne of gold over 5.7 metres in hole M-12-60. In 2013, TomaGold
drilled 12 holes totalling 5,000 metres on zone 325. All the holes
intersected the gold-bearing structure, and seven of the 12 holes
returned values of over 10 grams per tonne of gold (see TomaGold's
website at www.tomagoldcorp.com). TomaGold recently announced a
significant option agreement with Iamgold Corp. valued at over
$17.5 million whereby Iamgold can earn a 50% interest in TomaGold's
Monster Lake and other properties (see TomaGold press release dated
November 12, 2013).
During January 2014, a helicopter-borne magnetic and
electromagnetic (TDEM) survey, funded by Genius Properties Ltd.,
was flown over the Monster Lake property with 258 line-kilometres
over the Monster Lake West Block and 257 line-kilometres over the
Meston Lake West Block, for a total of 515 line-kilometres. The
survey was performed by Prospectair Geosurveys. Both Blocks were
flown with traverse lines at 100 metre spacing and control lines
spaced every 1,000 metres. Final results of the survey are
pending.
Donald Théberge, Eng., M.B.A., is an independent qualified
person (as defined by National Instrument 43-101) and is the author
of the NI 43-101 report and has reviewed and approved the
scientific and technical information in this press release.
Lapaska option agreement
The optionor of the Lapaska property, Adventure Gold Inc., has
provided a notice of default with respect to the Lapaska property
option agreement which stipulates that the Company had not provided
the cash and common share payments which were due on December 31,
2013 and that additional exploration expenditures of approximately
$300,000 were required to complete the first option earn-in
requirements. Under the terms of the Lapaska option agreement, the
Company was provided a 30 day period to cure these defaults or it
would forfeit any interest in the property. The Company was not
able to cure these default conditions within the 30 day period and
has therefore forfeit any interest in the property. Given the
uncertainty regarding the Company's ability to renegotiate the
terms of the option agreement or to cure the default conditions
within the available time period, the Company previously recorded a
full impairment charge of $1,841,238 as at November 30, 2013 with
respect to the Lapaska mineral exploration property and exploration
and evaluation assets.
About Mazorro
Mazorro Resources Inc. is a TSX Venture Exchange listed,
Canadian based, precious metals exploration company that is active
in creating value through exploration and development of gold
projects in Quebec. Mazorro currently has 55,514,773 common shares
outstanding.
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.
Some statements in this release may contain forward-looking
information. All statements, other than of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding potential
mineralization) are forward-looking statements. Forward-looking
statements are generally identifiable by use of the words "may",
"will", "should", "continue", "expect", "anticipate", "estimate",
"believe", "intend", "plan" or "project" or the negative of these
words or other variations on these words or comparable terminology.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's ability to
control or predict, that may cause the actual results of the
Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, without limitation, failure to establish
estimated mineral resources, the possibility that future
exploration results will not be consistent with the Company's
expectations, changes in world gold markets or markets for other
commodities, and other risks disclosed in the Company's public
disclosure record on file with the relevant securities regulatory
authorities. Any forward-looking statement speaks only as of the
date on which it is made and except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement.
Andre AudetInterim President & CEO(613) 241-2332
(TSXV:MZO)
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