Molycor Gold Corporation (TSX VENTURE:MOR)(PINK SHEETS:MLYFF)(FRANKFURT:M1V) and Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) are 50/50 joint venture partners on two properties with significant molybdenum potential.
Crowrea Moly Property: located near Summerland, BC, was discovered by Goldrea in 1995 and is a mineral rich occurrence which was interpreted as a northeast trending dyke zone. The discovery was contained in a trench which returned 0.125 Mo (0.209% MoS2) over 32 meters (125 feet) and subsequent drilling returned up to 0.164 Mo (0.273% MoS2) over 39 meters (128 feet) in hole #95-03-09 and 4.6 meters (15 feet) grading 2.034 Mo (3.390% MoS2) in Hole #96-14-56.
During summer 2005, the Companies completed a close spaced 10 m center grid pattern diamond drill program to identify a localized high grade lens of molybdenum, to test for the possibility of a 10,000 tonne bulk sample. The drill program identified a northwest trending dyke dipping about 70 degrees northeast contained within the older coarse grained quartz monzonite host rock. The trend potentially extends 450 meters southeast toward the "Noranda" showing and 650 meters northwest towards the "Swamp anomaly", a large molybdenum geochemical soils anomaly, for an overall strike length of approximately 1100 meters (3600 feet).
Significant grades from the dyke structure returned as follows:
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Depth Width
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DDH# (meters) (feet) (meters) (feet) %MO
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05-06 10.6 - 21.2 35 - 70 10.6 35 .292
Includes 15.2 - 18.3 Incl 50 - 60 3.0 10 .732
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05-10 5.9 - 9 18 - 30 3.7 12 .149
16 - 18.3 54 - 60 1.8 6 .131
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05-14 24.4 - 28 80 - 92 2.0 6.5 .268
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05-15 4.9 - 7.3 16 - 24 2.4 8 .275
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05-16 1.0 - 1.8 3 - 6 0.8 3 .254
(upper part
eroded off)
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"Noranda" Zone
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Depth Width
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DDH# (meters) (feet) (meters) (feet) %MO
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05-21 16.7 - 20 55 - 67 3.7 12 .442
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05-21 ended in a strong fault zone
Management is currently awaiting the next phase of drill program recommendations that will possibly connect the 1100 meter strike length and test for depth along the dyke intrusion.
Tadpole Lake Molybdenum Property (Dobbin II): located approximately 25 kilometers northwest of Kelowna, BC. Cominco Inc. held this ground for 20 years and between 1977 to 1980, they completed a total of 73 percussion holes totaling 5800 meters (19,026 feet). Drilling was carried out within a molybdenum soils anomaly measuring approximately 1000 x 1500 meters. Previous work by Cominco Inc. in 1978, included the drilling of widely spaced percussion holes with results up to 0.063% Mo (0.105% MoS2) over 56 meters (184 feet).
In 2005, the Companies completed a total of ten holes totaling 3,758 feet (1,146 meters). Nine of the holes intersected molybdenum bearing veins and fractures in granitic rock. Six holes were drilled at 60 degree dip at right angles to the structure trend within the soils anomaly.
Significant assays were as follows:
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Depth Width
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DDH# (meters) (feet) (meters) (feet) %MO
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05-01 59 - 60.7 180 - 185 1.7 5 .343
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05-01 111.5 - 114.8 340 - 350 3.3 10 .111
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05-07 55.8 - 59.1 170 - 180 3.3 10 .064
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05-09 126.5 - 129.8 415 - 425 3.3 10 .152
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05-10 138.7 - 142 455 - 465 3.3 10 .408
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The grade increases to the northwest as encountered in Holes # 05-09 and 05-10.
Assays for both programs were carried out by Echo Tech Laboratories located in Kamloops, BC.
The Companies are very encouraged from the results of the past programs carried out on both properties and will be evaluating future exploration programs.
This news release was reviewed by Dick Addison, P.Eng., a qualified person under NI 43-101.
On Behalf of Management
Edward Lee, President and Director
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein 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 the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
FOR FURTHER INFORMATION PLEASE CONTACT:
Goldrea Resources Corp. / Molycor Gold Corporation
Edward Lee
(604) 531-9639
(604) 531-9634 (FAX)
Email: info@goldrea.com / info@molycor.com
Website: www.goldrea.com / www.molycor.com
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
