Mazorro Resources Acquires 426 Claims Along the Detour Gold Trend, Abitibi Area, Quebec
OTTAWA, ONTARIO--(Marketwire - Oct. 25, 2012) - Mazorro Resources Inc. ("Mazorro" or the "Company") (TSX VENTURE:MZO)(FRANKFURT:JAM) is pleased to announce that it has entered into an agreement for the acquisition of a 100% interest in a total of 426 claims covering approximately 23,613 hectares (236 square kilometres) located along the Detour gold trend ("DGT") in Quebec. The DGT hosts the Detour Lake gold deposit with National Instrument 43-101 proven and probable reserves of 15.6 million ounces of gold (from a global measured and indicated resources of 23.3 million ounces and inferred resources of 5.8 million ounces; see Detour Gold (TSX:DGC) press release dated Jan. 25, 2012).
The three claim blocks acquired are summarized as follows:
-- The Brouillan property is comprised of 218 claims covering approximately
12,095 hectares. The property is located within the southern part of the
east-west trending DGT, approximately 50 kilometres east of the Detour
Gold Mine. The Brouillan property covers approximately 28 kilometres of
east-west strike length between two sub parallel deformation structures;
the east-west trending Massicotte deformation zone and the northwest-
southeast trending Lower Detour deformation zone.
-- The Carheil property is comprised of 101 claims covering approximately
5,604 hectares and is located approximately 35 kilometres southeast of
the Detour Gold Mine. The Carheil property covers approximately 20
kilometres of the Massicotte and Lower Detour deformation zones.
-- The Jeremie East property is comprised of 107 claims covering
approximately 5,914 hectares. The property is located approximately 70
kilometres east of the Detour Gold Mine and covers the northwest-
southeast trending Jeremie deformation zone for a stike length of
approximately 11 kilometres. The Jeremie deformation zone is a splay of
the regional Sunday Lake deformation zone.
The deformation zones associated with the properties host a number of gold, copper and silver occurrences. Very limited prior exploration has been completed on the properties due to limited bedrock exposures and significant overburden depths. It is anticipated that airborne geophysical surveys will comprise a key component of the Company's initial exploration programs.
"With this acquisition, Mazorro becomes a major claim holder with significant upside gold exploration potential at these Detour gold trend properties. The deformation zones associated with the properties present excellent discovery potential. While the Company also plans to continue its focus on exploration drilling at the Lapaska, Val d'Or East gold project, this new acquisition assures a pipeline of exploration opportunities at different exploration stages, all in the Abitibi area", stated Andre Audet, Interim President and CEO of Mazorro.
Under the terms of the agreement, the Company has acquired a 100% interest in 426 claims by paying the vendors (arm's-length independent prospectors) a total of $150,000 in cash and issuing 3,000,000 common shares of the Company. Initial consideration payable includes $50,000 cash and 750,000 common shares with the balance of cash and shares issuable in installments over a two-year period. A 1% net smelter royalty ("NSR") is granted to the vendors with the Company having the right to purchase one-half (0.5%) of the NSR at any time by paying the vendors $500,000. The securities to be issued by the Company pursuant to the agreement will be subject to a four month hold period from their date of issuance. This agreement is subject to TSX Venture Exchange acceptance.
Mr. Leo Cote, P. Eng., a director of Mazorro is acting as the Company's qualified person as defined by National Instrument 43-101 and has reviewed this press release.
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 bulk tonnage and high-grade gold deposits within Canada's Abitibi Gold district. Mazorro has 51,264,773 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Interim President & CEO