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Golden Dory Resources Intersects Additional Iron Ore Mineralization at Gabbro Lake Project, Labrador ; Diamond Drill Hole GL12-03 intersects 125.46 metres of Iron Formation in Anomaly D
(via Thenewswire.ca)
GANDER, NEWFOUNDLAND - July 7, 2012 - Golden Dory Resources Corp., TSX.V-GDR ("Golden Dory") and Metals Creek Resources Corp., TSX.V-MEK, are pleased to announce further preliminary diamond drill results from the Phase 1 reconnaissance drilling program at the 371 claim (9275 ha) Gabbro Lake iron ore project in the Labrador Trough. Diamond drill hole GL12-03 has intersected 125.46 metres of iron formation in Anomaly D.
Three holes have been completed to date, all of which have intersected massive to banded magnetite/hematite rich iron ore mineralization. Intersections to date include:
-GL12-01 56.34 metres from 5.32 to 61.66 metres downhole (previous news release July 3, 2012)
-GL12-02 88.69 metres from 62.27 to 150.96 metres downhole
-GL12-03 125.46 metres from 3.47 to 128.93 metres downhole
Kevin Keats, President and CEO of Golden Dory comments; "GL12-01, GL12-02 and GL12-03 have confirmed that a new and potentially significant iron ore discovery in one of the world's premier Iron Ore districts exists on the Company's landholdings. Preliminary results have been very promising and GDR anxiously awaits assay results from the sampling of the core. Our initial findings suggest that the significant intercepts from the first three drill holes indicate great potential. We are approaching this phase of drilling very conservatively given the variable nature of the iron formations in the Labrador Trough. Once we get a better understanding of the complexities of our project, we will attack with a more robust program."
All holes drilled so far are testing various magnetic highs within the 2.0 by 2.2 kilometre Anomaly D target area in the south central portion of the property (see map on website www.goldendoryresources.com). Three other targets Anomaly A, Anomaly B and Anomaly C are yet to be tested.
Holes GL12-02 and GL12-03 were collared approximately 1.2 kilometres southeast of GL12-01 within an area of Anomaly D where numerous magnetite+/- hematite outcrops, subcrop and float are known to occur and from which rock sampling in 2011 returned in excess of 70% Fe2O3 (see previous news release July 21, 2011). GL12-02 and GL12-03 are spaced 144 metres apart and target a NE to NW trending portion of Anomaly D measuring 2.4 kilometres in strike length along its eastern edge.
The current program will continue to test targets in Anomaly D as that is where Golden Dory feels the best potential exists for finding higher grades of DSO (direct shipping ore) based on outcrop exposure. A number of large outcrop, subcrop and boulders of relatively non-magnetic hematite are found in abundance within the overall footprint of Anomaly D suggesting that deposits of DSO may occur in the immediate area. Detail logging and core sampling of all holes is ongoing and a first sample shipment is being prepared. The Company will update its shareholders as holes are drilled with assays results expected within 5 to 8 weeks.
Golden Dory can earn a 70% interest in the project as announced on May 16, 2012. The two companies will form an operating JV once Golden Dory has earned the 70% interest with Metals Creek holding the remaining 30%, Golden Dory is the operator of the project (see news release May 16, 2012).
The Gabbro Lake Project is strategically located in the eastern portion of the Labrador Trough, 50 kilometres from the rail line servicing the Schefferville mining camp and 8 kilometres from an all-weather access road. Within the Gabbro Lake property, the magnetic data defines the targets as a structurally folded and faulted iron formation and shows a number of areas that may be thickened by the structural complexity. No known previous work has been carried out on these prospects. Work carried out by the joint venture included airborne geophysics which outlined four significant "magnetic high" target areas, Anomalies A to D (see geophysical map on homepage at www.goldendoryresources.com). No previous drilling has ever been completed on any of the four outlined target areas.
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) has several mineral projects in its portfolio. Gold exploration at the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; the Long Canyon (Pequop South), and Reef properties in the state of Nevada, USA. The Company is also seeking partners on its earlier stage gold, uranium and high grade base metal properties in Newfoundland, and its lithium/rare metals projects in Ontario. In 2012, the Company is taking over as operator of the Gabbro Lake Joint Venture (up to 70% interest) in the iron-rich Labrador Trough of Newfoundland.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101. For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, or Stephanie Fitzgerald at CHF Investor Relations at (416) 868-1079 x222.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek can earn a 50% interest in the Ogden Gold Property, including the former Naybob Gold mine, located 6 kilometres south of Timmins, Ontario and has a 8 kilometres strike length of the prolific Porcupine-Destor Fault (PDF) that stretches between Timmins, Ontario and Val d'Or, Quebec. The Corporation is also engaged in the identification, acquisition, exploration and development of other mineral resource properties, and presently has mining interests in Ontario and Newfoundland and Labrador. Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
For further information, please contact Alexander (Sandy) Stares, President and CEO of Metals Creek at (709) 256-6060 or email: astares@metalscreek.com
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.
Investors are cautioned that trading in the securities of these Issuers should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. The Issuers will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory and/or Metals Creek. (Not for dissemination in the United States of America)
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