Lac Doré Drilling Program Outlined
FOR IMMEDIATE RELEASE
LAC DORÉ DRILLING PROGRAM OUTLINED
Vancouver, BC – July 24th, 2012
PacificOre Mining Corp. which trades on (TSX.V: “PC”), (U.S.A. OTCQX: “APAFF”), and (Frankfurt Symbol: “NWN”) and its subsidiary Prestige Mining Corporation are pleased to provide an outline of the first planned drill program on the Lac Dore Vanadium-Iron-Titanium project which has now been presented by the Company’s geological consultants.
The Lac Doré mining project comprises 42 claims (672 Ha), including the 18 claims awarded in 2011 which cover the main Lac Dore Zone. The Lac Dore project is located 25 km SE as crow flies (80 km via road) from the mining centre of Chibougamau, Quebec. The property forms a very important and integral part of the well-known Lac Doré Vanadium-Iron- Titanium deposit. It covers a significant portion of the well-known Lac Dore deposit which has been developed over more than 40 years, historically as a crown asset of the “Ministère des Ressources naturelles et de la Faune” of Quebec.
At the beginning of this century, McKenzie Bay Resources Ltd. (“MKBY”) signed an agreement with the Quebec‘s crown company SOQUEM with a view to develop and mine the deposit. Systematic stripping with surface sampling was undertaken, followed by a limited drilling program.
The Lac Doré Complex (Allard, 1976) is a Bushveld-type layered complex, folded into a large anticline and metamorphosed to the greenschist facies like the enclosing volcanic rocks, with which it is coeval and comagmatic. From bottom to top, the Complex has been divided into three main zones: Anorthosite Zone (Main zone), Layered Zone, and Upper-Border Zone. This last zone includes the Soda-granophyre and Ferrodioric Zones. The vanadium mineralization hosted in the Lac Doré Complex is contained in the lower-most part of the Layered Zone. The vanadium horizon consists of rhythmically layered units (50m to 200m thick layered zones) rich in ferroaugite, magnetite and ilmenite interbedded with layers of leucogabbro. The Fe-Ti oxides are heterogeneously and rhythmically distributed, with the Fe-Ti-oxide-rich horizons intercalated with oxide–free-horizons.
Total evaluated resources estimated by McKenzie Bay Resources Ltd. (Girard and Allard, 1998) are about 100 million tonnes of ore with a grade of 0.49% V2O5, including 32.2 million tonnes of measured resources with a grade of 0.65% V2O5. The concentrated ore (vanadium-magnetite) contains between 1.145% and 1.60% V2O5 (Davis tube). The resources estimated (Girard and Allard, 1998) was not calculated in accordance with NI 43-101, and accordingly, the estimation of the resource should be treated as a historical estimate only. A qualified person (as such person is defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
In 2003, SNC- Lavalin delivered a positive study on the Lac Doré Deposit for the eventual production of vanadium.
PacificOre Mining Corp.’s first drilling program on the Lac Dore has been designed to achieve two goals.
The first goal is to drill six holes which will be set up close to six of the historic holes in order to confirm the geological and mineralogical context as well as the thickness and grade of the mineralization intersected in the past. It is anticipated that this “twinning” process would also permit PacificOre/Prestige to qualify previous non-compliant NI 43-101 resources calculated by Allard and Girard (1998) and SNC-Lavalin (2003). It is expected that those resources will then qualify to be classified as Indicated and Measured Mineral Resources.
The second goal is to confirm the extension at depth of the mineralized zones and to fill some gaps in the previous historic drilling pattern. A minimum of 10 holes have been planned for this purpose. It is expected that these holes will lead to an increase in the tonnage of the resources and will bring a large part of them to the Measured Mineral Resource and some of them in the Mineral Reserve category.
To date, the location confirmation of the previous work (stripping and drilling) is completed. For this purpose and because the area is highly magnetic, the McKenzie Bay grid lines have been re-established and extended. Stripped areas and some previous drill holes have been accurately surveyed. In the past, most of the field work previously carried out had been done using the Imperial System of measurement and/or the UTM NAD 27 coordinate system. PacificOre/Prestige has converted the data and information databank into today’s NAD 83 topographic system. These procedures are now completed and it will be used for future feasibility study and mine planning procedures.
To survey the deposit and the previous work, five fixed bench marks have been installed and correlated to the National Grid System.
PROPOSED EASTING NORTHING DIP LENGTH REMARKS BEARING
| DRILL HOLES | mE | mN | degree | degree | m | |
|---|---|---|---|---|---|---|
| LD-2011-01 | 572314.70 | 5520262.20 | 321 | -45 | 185 | Twin S-31 |
| LD-2011-02 | 571902.00 | 5519989.50 | 321 | -45 | 200 | Twin S-38 |
| LD-2011-03 | 571398.60 | 5519533.17 | 321 | -45 | 200 | Twin 71-02 |
| LD-2011-04 | 571458.00 | 5519752.09 | 321 | -45 | 150 | Twin S-20 |
| LD-2011-15 | 321 | -45 | 200 | |||
| 572975.00 | 5520507.00 | Twin 2001-05 | ||||
| LD-2011-16 | 321 | -45 | 200 | |||
| 572575.00 | 5520414.00 | Twin 2001-06 | ||||
| LD-2011-05 | 571559.44 | 5519645.1 | 321 | -45 | 280 | |
| LD-2011-06 | 571534.97 | 5519716.78 | 321 | -45 | 200 | |
| LD-2011-07 | 571596.15 | 5519674.83 | 321 | -45 | 150 | |
| LD-2011-08 | 571669.58 | 5519737.76 | 321 | -45 | 235 | |
| LD-2011-09 | 571945.80 | 5520013.99 | 321 | -45 | 200 | |
| LD-2011-10 | 572389.86 | 5520258.74 | 321 | -45 | 200 | |
| LD-2011-11 | 572468.53 | 5520321.68 | 321 | -45 | 200 | |
| LD-2011-12 | 572543.71 | 5520356.64 | 321 | -45 | 200 | |
| LD-2011-13 | 572625.87 | 5520451.05 | 321 | -45 | 200 | |
| LD-2011-14 | 572723.77 | 5520493.00 | 321 | -45 | 200 |
The twin holes are strategically located in order to cover the whole of the Lac Doré deposit contained within the claims.
The ten other holes will be located on sections which have not yet been drilled or will test the extension at depth of the mineralized layers.
A total of 16 drill holes have been planned for a total length of 3,200 metres. All casings will be left in place for possible future extension of the holes or deviation testing.
If the budget permits, six additional holes, bringing the total to 22 holes, have been planned with the aim of verifying the NE extension of the vanadium deposit, between the main area and the eastern boundary of the property. Those holes may add substantial resources to the project.
This first drilling program will permit the Company to prepare the project for a pre-feasibility study to be commissioned. Additional drilling will be necessary to bring the property to the Feasibility Study level, calculate the Probable and Proven Mineral Reserves and to start the mine planning.
This press release has been reviewed by Dr. Christian Derosier, P. Geo., Consulting Geologist and Qualified Person for the Lac Dore Project under National Instrument NI 43-101.
Additional information, as it is available, will be contained on the Company’s website at www.pacificoremining.com or the company can be contacted at 604-683-8990.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFICORE MINING CORP.
“Patrick D. O’Brien”
Patrick D. O’Brien, ICD.D – Chairman
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