News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Estrades Project - Update on scoping study and in-fill drilling program
TORONTO, April 19 /CNW/ - COGITORE Resources, a division of Woodruff Capital Management Inc. (the "Company") (WOO: TSX-V) is pleased to provide an update on the results of an in-fill drilling program at the Company's 100% owned Estrades Project in Quebec. The objective of the 3-hole drilling program was to provide critical information within the resources area subject to the on-going scoping study (see Press Release of March 15, 2006). More specifically, these holes were designed to fill-in important gap areas within the resource block qualified as "drill indicated" in the Company's 43-101 Technical Report on the Estrades property prepared by Jean-Pierre Cloutier, an independent Qualified Person (QP) as defined under National Instrument 43-101. The locations of the holes are shown on the attached longitudinal section (http://files.newswire.ca/465/estrades.jpg) and the assay results are tabulated below:
|
Hole
|
From (m)
|
To (m)
|
Length (m)
|
Au g/t
|
Ag g/t
|
Cu %
|
Pb %
|
Zn %
|
|
EST-03
|
343.39
|
344.69
|
1.30
|
8.02
|
125.60
|
0.32
|
1.46
|
14.21
|
|
|
346.37
|
347.08
|
0.71
|
3.32
|
230.0
|
0.71
|
3.43
|
23.90
|
|
H-165W
|
387.65
|
391.55
|
3.90
|
29.93
|
370.0
|
1.27
|
3.90
|
28.76
|
|
H-193W
|
467.70
|
469.90
|
2.20
|
3.59
|
267.8
|
1.04
|
0.78
|
20.57
|
All three holes intersected massive sulphides. The two massive sulphide intervals in Hole EST-03 are dilated by a 1.7 metre thick barren mafic dyke. Holes H-165W and H-193W are wedge cuts from pre-existing holes drilled in the late 1980's. The above assays represent weighted averages based on the core length of individual samples.
The 43-101 estimated that resources of 456,400 tonnes grading 0.8% Cu, 206 g/t Ag, 5.8 g/t Au, and 11.5% Zn remain at a 200 metre to 600 metre depth in the Main Zone. In today's standards these estimates would not comply with CIM Definition Standards on Mineral Resources and Mineral Reserves that were prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council, November 14, 2004. While Cloutier believes these numbers to be the most accurate, the Company has not done the work necessary to verify the classification of the resource or reserve, the Company is not treating them as a NI 43-101 defined resource or reserve verified by a QP, and the historical estimates should not be relied upon. However, internal validation by the Company's staff of the historical mineral resource estimate is in progress. The Company's 43-101 Report is posted on SEDAR.
Cogitore President Gérald Riverin, Ph.D., P. Geo. stated: "These results confirm continuity and grade of the deposit in sectors of the drill indicated resources that had important gaps in drill coverage. I am particularly pleased with the wide separation achieved between the pierce points of prior holes No. 165 and No. 193 and the respective wedge cuts No. 165W and No. 193W."
"The high grade gold intersection in H-165W corroborates some of the underground sampling results at Estrades" relates Company CEO Mark Goodman "and certainly increases our confidence level in the existing resources that are the focus of the on-going scoping study."
The study by Met-Chem is well underway and the report is due mid-May, 2006. The report will contain a preliminary estimate of the capital and operating costs that would be associated with the development and mining of part of the remaining resources. Met-Chem has completed the review of numerous technical documents from the former operation and has done a site visit to examine the existing infrastructure. The Met-Chem study and internal report will allow Woodruff to determine whether a definitive feasibility study is warranted in light of the high grade of the resources, the current favourable outlook for metal prices, and the existing mine development infrastructure.
In addition to the work done on the existing deposit, the Company is presently completing the last hole of its winter drilling program on the Estrades properties and results will be released at a later date. Work is carried out by the personnel of Woodruff Capital Management Inc., under the supervision of Gérald Riverin, PhD, P.Geo. He is a qualified person (as defined by National Instrument 43-101) and has more than 29 years of experience in exploration.
Samples from holes EST-03 were sent for assaying to ALS Chemex in Val d'Or whereas samples from holes H-165W and H-193W were sent to Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. Samples are assayed for gold by fireassay followed by atomic absorption ("AA") or gravimetry according to industry standards, and for base metals by Multi Elements Assaying using aqua regia acid digestion and ICPAES (Inductively Coupled Plasma Atomic Emission Spectometry). For high grade samples, copper and zinc assaying was done by multi-acid digestion and finished by AA. Significant assay results are duplicated at the original laboratory.
The Company has developed a strategic focus on base metal exploration in prospective areas that also feature infrastructure favourable for mining development. Accordingly, it will focus its work in the Abitibi Belt of Quebec and Ontario, and in the Central Belt of Newfoundland.
On Behalf of the Board of Directors:
Mark Goodman, Chief Executive Officer
Telephone: 416-924-8983
Gérald Riverin, President
Telephone: 819-764-6666
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SEDAR: 00020132E. CNW 08:00e 19-APR-06 ©2006 Cogitore Resources Inc.