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Raymor Resources Ltd. Has begun First Diamond Drilling Campaign on its Comifa Gold-Bearing Property in Mali.

QUEBEC, Quebec--(BUSINESS WIRE)--Oct. 16, 1997--(Alberta Stock Exchange RAR.) Mining exploration company Raymor Resources Ltd. has undertaken the first phase of a diamond drilling campaign on its COMIFA gold-bearing property in Mali.

The drilling campaign, over a length of 1000 meters, includes eight boreholes between 100 and 200 meters deep. The first six holes are concentrated to the south of structure 1 (1.5 km) and the two others are located to the south of structure 2 (2.5 km).

To date, the geological description of the core samples from the first meters of hard rock at the first borehole confirms that the geological context is very promising. Over a length of 40 meters, several porphyries and microdiorite containing numerous quartz veinlets mineralized in sulfide casts (pyrites and arsenopyrites) was intercepted. This zone is located about 80 meters vertical deep, directly below a quartz vein (two meters wide by 120 meters long) sampled earlier at a depth of 20 meters and yielding an average grade of 11.6 g/t of gold.

The porphyritic development zone intercepted in the first hole is located to the south of structure 1 on the eastern side of the property. It is part of a structure over 1.5 km long identified by geophysical surveying (I.P.), trenches, and geochemical prospecting, and whose N20 direction confirms that it belongs to the second gold-bearing geological deformation phase in the sector.

In addition, microdiorite found in the presence of sulfide casts like arsenopyrites in an N20 structure belonging to the second deformation phase is a geological context similar to that of the nearby Tabakoto deposit that belongs to Nevsun. The Tabakoto deposit contains proven reserves of 1.57 million ounces of gold at 5.17 g/t, and is currently undergoing major work in order to increase the reserves.

The work performed to date on the COMIFA property includes I.P. geophysical surveying, geochemical prospecting, and cartography in 17 varying in length from 7 to 100 meters at depths of 2.0 to 2.5 meters, for an overall length of one kilometer. Systematic sampling has been performed in the trenches and data is currently being compiled.

The surface work performed earlier this year led to the identification of three structures (structure 1 is 1.5 km long whereas structures 2 and 3 are 2.5 km long), two of which have been confirmed as gold-bearing (structures 1 and 2).

Structure 1: Trench sampling results vary less than 1 g/t to 34.56 g/t and results from systematic sampling of a quartz vein over a distance of 120 meters show an average yield of 11.6 g/t of gold.

Structure 2: Results are known for a single trench and vary less than 1 g/t to 7.92 g/t of gold.

All the geochemical samples were also washed by gold washers and the gold points on the wash concentrates were counted. All of these results have been compiled and indicate a correlation with the anomalous values identified on structures 1 and 2 via I.P. geophysical surveying and the known results of trench sample analyses.

Given the results obtained from the gold point counting procedure, and from analysis of the samples obtained at trench surface (eluvium), Raymor will soon be conducting tests for recovering "nuggety" gold in the eluvium, which can reached up to 30 meters deep at some points of the surface. Extensive gold washing is currently taking place in two placers extending over one kilometer and located above structure 1.

Raymor plans to install a high capacity washing system for recovering "nuggety" gold in the eluvium as soon as its tests to determine how to recover as much as possible are completed.

Raymor Resources also intends to link up with a financial partner to conduct a drilling program intended to develop the gold-bearing potential of structures 1 and 2.

Aside from the COMIFA property in which it holds an 85 percent interest, Raymor Resources Ltd. also possesses 75 percent of the Bogodo property (gold-bearing placer) in Mali, an 8 km3 concession. The Raymor Mining Exploration Company is also active in Quebec, where it holds a 100 percent interest in two properties in Abitibi- La Motte, which contains a major deposit of lithium, and the gold- bearing Lac Arthur property. Raymor Resources ltd. also owns a property near the recent gold-bearing discovery of Fortune Minerals in the Northwest Territories. -0-

NOTE TO EDITORS: The Alberta Stock Exchange has neither approved nor disapproved information contained herein.

CONTACT: Raymor Resources Ltd.

Stephane Robert, President

Jean-Claude Vachon, 418/652-7571

Denis Courteau, 514/731-3700

Kim McKenzie Galvez, 416/359-0380
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Publication:Business Wire
Date:Oct 16, 1997
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