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Message: Gold-Ore Provides Exploration Update
FSC / Press Release
Gold-Ore Provides Exploration Update
Vancouver, British Columbia CANADA, May 12, 2011 /FSC/ - Gold-Ore Resources Ltd. (GOZ - TSX)
Gold-Ore Resources reports on the initial exploration diamond drill program on lands surrounding the Bjorkdal Gold Mine, Sweden. Additional drill results from mine site exploration will be released shortly. During 2010 the area was covered with airborne electromagnetic (EM) and magnetic surveys. Targets with coincident EM and magnetic anomalies are now being drill tested.
The first target is located 6 kilometres southeast of the mine and was tested with 3 holes totaling 631 metres. It was determined that the geophysical anomaly was caused by sheared, disseminated pyrrhotite (iron sulfide), with no significant gold values and only slightly elevated base metal values. No further work is planned on this target.
The drill was then moved to the second target, 2 kilometres east of the mine site. Four holes were planned on this target. The first hole, testing coincidental EM and magnetic response, intersected metasedimentary rocks with moderate graphite and disseminated pyrrhotite with no significant economic mineralization.
A fence of 3 holes is now being drilled across 480 metres of stratigraphy to test a potential fault zone interpreted from the magnetic survey. The first hole of the fence has intersected several zones of strong quartz veining and silicification, together with disseminated sulfide mineralization within highly deformed and altered metavolcanic rocks, interlayered with limestone in the last 50 metres. Assay results from this zone are pending. The second hole in the fence is currently in progress and will continue to test stratigraphy across this deformation zone.
Several other targets remain to be drill tested through the balance of the year. Work will continue to further define potential sources of high concentrations of gold grains found in the till.
Gold-Ore Resources is a gold mining and exploration company focused in the low political risk jurisdiction of Sweden. The Company's primary asset is the Bjorkdal Gold Mine, which has produced 1,025,000 ounces in the last 23 years of operation. The mine contains 920,000 ounces of gold in measured and indicated resources, which continues to be expanded through drilling, indicating a long mine life at current gold prices. The Company has a strong balance sheet, continues to generate significant cash flow from gold sales, and its gold production remains un-hedged. As a result, Gold-Ore has been able to maintain a good capital structure, with only 85.0 million shares issued (89.0 million fully diluted).
For more information please contact the Company at (604) 687-8884 or Troy Winsor at 1-800-663-8072. Bjorkdal property information is posted on the Company's web site
ON BEHALF OF THE BOARD
Glen Dickson, Chairman
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
1140 - 625 Howe Street
Vancouver, B.C. V6C 2T6
Ph. (604) 687-8884
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