Kingston, Ontario, February 28, 2012 - Murgor
Resources Inc. (MGR: TSX-V) today announced new
drill
results from its first property-scale
exploration drill hole at the Golden Arrow
property, located 65 km east of
Timmins, Ontario. This new drill hole marks a
new gold discovery located 600 metres south
west of the
current Golden Arrow open pit.
The current exploration drilling program is
designed to test the Golden Arrow Fault and a
number of parallel
structures on the Golden Arrow Property. The
targets were interpreted from a high resolution
magnetic
survey carried out by Murgor during the summer
of 2011. This property-scale exploration
drilling program is
still underway and is being carried out
concurrently with the resource expansion
drilling at the Golden Arrow
gold deposit.
Drill hole AE12-01 was drilled to intersect
what is believed to be the south west extension
of the Golden
Arrow fault some 600 metres to the south-west
of the open pit, at the south contact of the
host syenite
intrusion. The drill hole intersected two gold
mineralized zones:
-
The first mineralized zone was intersected
near surface at a vertical depth 14 metres
and straddles
the altered and faulted contact between
volcanic rocks and syenite. The zone
intersected 34.0
metres of 1.14 g/t gold, including a
section of 6.14 g/t gold over 4.0 metres
and a second section
of 1.37 g/t gold over 9.0 metres.
-
The second mineralized zone was intersected
at a vertical depth of 122 metres and
intersected highly
anomalous gold values averaging 0.86 g/t
gold over a 9.0 metre interval within
altered and deformed
syenite.
"Hitting gold mineralization in our first
exploration drill hole outside the known zone
shows how promising and
under-explored the Golden Arrow property truly
is," said André Tessier, President and CEO of
Murgor
Resources. "Murgor has many more targets
to test at the property and our exploration
drilling will carry on
while our resource definition drilling will
continue to expand the Golden Arrow Gold
Resource."
The syenite-hosted gold mineralization in drill
hole AE12-01 is identical to the gold
mineralization at the
Golden Arrow deposit and consists of a
stockwork of quartz veins and veinlets enclosed
in a halo of pink to
brick-red potassic alteration with 2-3%
disseminated pyrite, associated with the
NE-trending Golden Arrow
fault. An increase in the pyrite content is
noted when the structure is hosted by mafic
volcanic rocks.
Please visit Murgor's website at
www.murgor.com
for a magnetic map of the Golden Arrow Gold
property
showing the location of this new gold
discovery. The map will be attached to this
press release.
Gold analyses reported in this release were
performed by standard fire assay using a one
assay ton aliquot
with a gravimetric finish. All assays were
performed by Activation Laboratories Ltd. in
Timmins, Ontario.
Sampling and analytical procedures are subject
to Murgor's comprehensive Quality Assurance
and Quality
Control program. The QA-QC program includes
duplicate samples, blanks and analytical
standards.
The Company's Qualified Person supervising the
drilling at Golden Arrow is Mr. Randall Salo,
P.Geo, a
qualified person in accordance with Canadian
regulatory requirements as set out in National
Instrument 43-
101. The technical information in this news
release has been reviewed and approved by Mr.
Salo.
About the Golden Arrow Gold Mine
The Golden Arrow property consists of 18 mining
patents and leases, and four mining claims
covering 787
hectares in Hislop and Playfair Townships and
located 65 kilometres east of the City of
Timmins in Ontario.
In 1981 and 1982, a total of 303,449 tons of
ore was mined at a grade of 0.066 oz/t (2.15
g/t) from the Arrow
open pit. Mining ceased due to low gold
prices.
The property was originally explored
underground in the 1940's by the Golden Arrow
Mining Company Ltd.
who sank a shaft to a depth of 435 ft (130 m)
below surface and undertook about 700 m of
horizontal
development on the 250 ft (76 m) and 400 ft
(122 m) levels.
The Golden Arrow property is underlain by mafic
flows and syenite intrusions with younger post
mineral
diabase dikes. Gold mineralization is generally
hosted within a syenite intrusion and consists
of a stockwork
of quartz veinlets situated within a broader
halo of pink to brick-red potassic alteration.
Mineralized zones are
related to a NE-SW structure associated with
the Porcupine-Destor Fault Zone. The property
covers a 2 km
strike extent of this NE-SW structure. The
Golden Arrow gold deposit is located 9 km SW of
the pastproducing
Ross Gold Mine which produced nearly one
million ounces of gold between 1936 and 1989.
Also
located in Hislop Township are the presently
producing Hislop Mine of St Andrew Goldfields
Ltd. and the
Black Fox Mine of Brigus Gold Corp. Please
visit
www.murgor.com
for additional information about the
Golden Arrow Gold Mine.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration
and development Company focused on near-term
production at
the Golden Arrow Gold Mine in Ontario. Murgor
also owns a 100% interest in two gold-copper
deposits in the
Snow Lake and Flin Flon mining districts of
Manitoba. The company further owns an
exceptional portfolio of gold
properties in proven mining districts of
Canada, as well as a 1% NSR royalty in the
Barry Gold Mine and the
Windfall Gold Project in Québec.
The table below shows the total 43-101
compliant resource for Murgor's Hudvam and Wim
deposits.
MURGOR RESOURCES INC. 
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