Toronto, ON, January 20, 2014-Moag Copper Gold Resources Inc. ("Moag")(CSE:MOG) announces a proposed private placement of up to USD$5,000,000 of 10% Convertible Debentures. The Convertible Debentures will have a Maturity Date of January 3, 2016 and will be convertible into common shares of Moag at a price of CDN$0.20 per share.
Finder's fees will be paid on the private placement.
The net proceeds of the private placement will be used for exploration of Moag's Mace and Murvey properties located in Ireland, Moag's Highland Valley Property located in British Columbia and general working capital.
Mace Molybdenum-Copper Prospect
The Mace molybdenum deposit in Prospecting Area 934 (45 square kilometers) is also located in County Galway. A recent Geological & Environmental Assessment report was filed by MOAG with the Mining division of Department of Communications, Marine and Natural Resources of Ireland.
Prospecting Area 934 - The Mace prospect is a porphyry molybdenum copper system at least two kilometres in length. The mineralized area is outlined by a strong geochemical anomaly. The system was partially explored during 1968-1970 by drilling programs (over 2000 metres of drilling) within an area measuring 1400 metres in length and up to 300 metres in width .The drill holes were shallow (with all but one less than 50 metres in depth) and widely spaced, except within a segment of about 200 metres by 200 metres. Assays from eight diamond drill holes within this fairly completed segment across part of the zone indicated an average grade of 0.08% molybdenum and 0.07% copper from the portions of the core that were assayed (about 50% of the total length of the material cored). Drilling indicated that the mineralized zone is continuous for more than a kilometre with a width of greater than 300 metres and is deeper than 50 metres. For example DHH 13 the deepest hole (70 metres and the only drill hole deeper than 50 metres) intersected 6.1 metres of 0.11% Mo close to the bottom of the hole and the last 14.3 metres in DDH 22 assayed 0.15% Mo and 0.19% Cu. Loss of Moly in the coring and drilling programs was proven to be a serious problem and with tests taken by the operator it is estimated that 20% to 45% of the molybdenum was lost during coring. It is concluded that the Mace Prospect constitutes an excellent exploration target.
Murvey Molybdenum-Copper Prospect
The Murvey molybdenum deposit in Prospecting Area 930 (29.55 square kilometers) is located in County Galway.
Prospecting Area 930 - The Murvey Property located on the north shore of Galway Bay in Connemara, the western part of County Galway. Molybdenum was discovered within the Galway Granite at Murvey during the 19th Century. However, serious exploration for molybdenum was confined to the periods 1954-55 and 1964-70. Government drilling in the earlier period (1428 metres in 24 holes) identified a northeast-trending zone of molybdenum mineralization. Significant molybdenum mineralization was intersected in 18 of the holes. Geochemical soil sampling during the later exploration period outlined 5 molybdenum anomalies within an area of about one square kilometre, one of which was partially co-extensive with the known molybdenum zone.
Highland Valley Property
The Highland Valley Property covers an area of 93 square kilometres. The Property is located within and adjacent to the Guichon Creek batholith, a very large granitic intrusion that is host to the major ore deposits of the Highland Valley copper district, including the largest base metal mine in Canada, Highland Valley Copper owned by Teck Corporation, about seven kilometres southeast of the Highmont mine and four kilometres north of the former Craigmont mine, a high-grade copper producer at the margin of the batholith.
There is a long history of mineral exploration in the vicinity of the Property. Intensive field exploration began in the late 1800's. Some notable exploration programs were completed by Craigmont Mines Ltd., Chataway Exploration Co. & Bralorne Pioneer Mines, Carolin Mines Ltd. (1965-69), Asarco (1970), Canadian Superior Exploration (1972) & Teck Corp. (1972), Bethlehem Copper Corp. (1978), Cominco Ltd. (1981-82), Hudson Bay Exploration (1992), Geological Survey of Canada and numerous others.
On Behalf of the Board
Bradley L. Jones, CPA, CA
Chief Operating Officer & CFO
For further information please contact:
|Bradley L. Jones, COO & CFO | |
|(416) 510- 8397 | |
[email protected] | |
|http://www.moag.ca/ | |