REPORTS WIDEST INTERCEPTS TO DATE FROM GABBRO LAKE IRON ORE DISCOVERY
Golden Dory Resources/Metals Creek Resources Reports Widest Intercepts To Date from Gabbro Lake Iron Ore Discovery in the Labrador Trough
Diamond Drill Hole GL12-5 Cuts 125.17 metres grading 28.28% Fe
TSX.V-MEK & TSX.V-GDR FOR IMMEDIATE RELEASE GANDER, NEWFOUNDLAND – August 7, 2012 – Golden Dory Resources Corp., TSX.V: GDR ("Golden Dory") and Metals Creek Resources Corp., TSX.V: MEK, are pleased to provide the following update from the recently completed Phase 1 diamond drill program at the Gabbro Lake Iron Ore project in the Labrador Trough. All holes drilled to date tested 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). Assay results from the final two holes confirm the widest mineralized intercepts to date. Highlights from the Phase 1 program include:
• All holes intersected iron formation with assayed thicknesses up to 125.17 metres
• Consistent grades with significant thicknesses of higher grade mineralization
• Only one of four major target areas tested to date
The complete set of preliminary results is summarized in the following table:
|
Hole |
From (m) |
To (m) |
Length (m) |
Fe (%) |
|
| GL12-01 | 5.32 | 43.33 | 38.01 | 33.64 | |
| DIP-45 | and | 54.00 | 61.66 | 7.66 | 28.36 |
| GL12-02 | 61.50 | 143.00 | 81.50 | 28.27 | |
| DIP-45 | incl. | 109.00 | 143.00 | 34.00 | 34.23 |
| GL12-03 | 3.47 | 124.40 | 120.93 | 30.08 | |
| DIP-45 | |||||
| GL12-04 | 4.26 | 91.75 | 87.49 | 34.03 | |
| DIP-45 | incl. | 49.40 | 70.15 | 20.75 | 41.02 |
| and | 150.10 | 210.60 | 60.50 | 20.34 | |
| GL12-05* | 2.83 | 128.00 | 125.17 | 28.28 | |
| DIP-45 | incl. | 56.00 | 106.00 | 50.00 | 36.02 |
| and | 134.00 | 174.50 | 40.50 | 21.96 | |
| and | 258.80 | 314.15 | 55.35 | 24.83 |
| *GL12-05 ended in mineralization at 314.15 metres and is scheduled for deepening. All thicknesses reported above are core lenghts, true thickness not known at this time. |
Kevin Keats, President and CEO of Golden Dory, commented; “The results from the first ever drill program at Gabbro Lake have exceeded our expectations, we have made a new discovery in the Labrador Trough with grades and thicknesses comparable to other projects in the region. With significant targets yet to be tested, we are confident other discoveries will be made.” Golden Dory, the project operator, 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 whereby Metals Creek will hold the remaining 30% (see news release May 16, 2012).
The Gabbro Lake Project is strategically located in the eastern portion of the Labrador Trough, 50 km from the rail line servicing the Schefferville mining camp and 8 km 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. Work carried out by the joint venture, the first ever on the property, included airborne geophysics which outlined four significant “magnetic high” target areas, Anomalies A to D (see geophysical map on homepage at www.goldendoryresources.com).
All samples submitted for assay were delivered by Golden Dory personnel to Activation Laboratory’s prep lab in Goose Bay, Labrador. Pulps were then forwarded to Activation Laboratory’s facility in Ancaster, Ontario for analysis by XRF.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) has several mineral projects in its portfolio. Gold projects include the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; the Long Canyon (Pequop South) and Reef properties in 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.
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 on (416) 868 1079 x 222.
About Metals Creek
Metals Creek Resources Corp. is a well-funded junior exploration company 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 have recently formed a 50/50 joint venture with Goldcorp, to continue exploring the Ogden Gold property, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario. MEK will be the operator and subsequent programs will be funded on a 50/50 basis while both companies contribute its share of required funding in the Ogden Gold Property. 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.