Matamec cuts 11.98 g/t Au over 3 metres at Montclerg

Matamec Explorations Inc. ("Matamec") announces that it has made a significant discovery in drill hole #2 of its first drilling campaign on the Montclerg gold property (Figure 1). Hole #2 encountered a previously unknown sub-horizontal structure between 299 to 304.30 meters. This mineralized body contains semi-massive mineralization consisting mainly of arsenopyrite with a lesser quantities of pyrite-pyrrhotite, chalcopyrite and sphalerite. The gold content of this structure is 11.98 g/t of Au over 3 metres. This 300 metre deep body was also cut by holes #6 and #7 (Figure 2) at slightly greater depths and give the new mineralized body a length along its dip of at least 60 metres. The sulphide mineral assemblage typically associated with gold values has a visual thickness of between 5 and 8 metres in the 3 holes. No previous drilling had encountered this mineralized body. Only the assays results of the holes #1 and #2 have been received at this time. The results of hole #2 (incomplete) are as follows: Hole #2 discovered the new mineralized body 175 metres below all previously known mineralized bodies at this location in the Montclerg deposit. The hole also intersected more than 50 metres of mafic rock with numerous quartz-tourmaline veins immediately above the mafic-ultramafic contact (at 395.5 metres) and smalls flecks of gold at 360.65 metres (assay results not received yet). The presence of quartz-tourmaline veins and gold suggests that this drill hole may have encountered a feeder zone for the mineralized fluids that formed the near surface mineralized bodies (see August 3rd press release). These veins may also represent the beginning of a different type of mineralization near the mafic-ultramafic contact. The Montclerg gold deposit was optioned by Matamec because it is geologically similar to some of the world-class gold deposits that occur elsewhere in the Timmins-Porcupine mining camp. Mineralization in this deposit is hosted by pervasively altered felsic and mafic rocks a short distance north of ultramafic rocks. Despite extensive drilling in the past, the orientation of the various known mineralized bodies was not clearly understood. The close association of gold values with arsenopyrite in the pyrite, pyrrhotite and arsenopyrite sulphide mineral assemblage that occurs in the altered wall rocks and related quartz-carbonate veins, was well understood. Matamec targeted new mineralized bodies in three (3) areas of interest with the current drilling program. These included: (1) lateral extensions of known mineralized bodies, (2) new bodies at depths greater than 140 metres, and (3) near the mafic-ultramafic contact. Previous exploration of the Montclerg deposit demonstrated that it extends about 400 metres along strike but only to a depth of about 140 metres (very few existing drill holes had depths exceeding 125 metres). Deep exploration offered the greatest promise because most large gold deposits in the Porcupine camp have vertical extents that is measured in thousands of metres. The third target, the mafic-ultramafic contact, was an important consideration in initial targeting of holes because few existing drill holes had penetrated this rock unit. Additionally, this rock is lithologically and structurally important to the location of gold in the Harker-Holloway and Aunor mines. The 2,200 metres drilled in 9 vertical drill holes of the first drilling campaign (figure 1) has provided Matamec with a better understanding of the orientation of the known mineralized bodies and the wall rocks that host these bodies. The program also led to the discovery of new mineralized bodies at depths greater than 125 meters in both mafic and felsic rocks and to the discovery of quartz-tourmaline veins near the mafic-ultramafic contact. The Montclerg mineralized bodies are stacked sub-horizontal structures that consist primarily of altered wall rock and related quartz-carbonate veins (Figure 2). Both the wall rock and veins contain the minerals arsenopyrite-pyrite-pyrrhotite and gold (gold occurs disseminated in the sulphides). The mineralized structures of figure 2 were constructed using both the 2006 as well as earlier drill hole data, only the 2006 data is plotted for clarity of the image. Quality Control Exploration on the Montclerg Project was supervised by vice-president of exploration, Aline Leclerc, P.Geo. and Dr. Ed van Hees, P.Geo., both of whom are qualified persons as defined by NI 43-101. Core lengths throughout this press release are measured along the core axis and may not represent true widths. Matamec has instituted a control and analytical quality assurance protocol for its gold exploration programs. This procedure includes the systematic addition of blank samples and certified standards to each batch of 25 samples sent for gold analysis at commercial laboratories. Blank samples are used to check for possible contamination in laboratories while certified standards determine the analytical accuracy and precision. Analyzed samples consist of split NQ core, typically have lengths ranging from 1.0 metre to 1.5 metre, and are sent for analysis to ALS-Chemex in Timmins. Samples are assayed by fire assay followed by atomic absorption or gravimetric analysis according to industry standards. Each pulp sample from significant mineralized intersection will be reanalyzed in a second laboratory to verify the grades obtained. This press release was prepared by Aline Leclerc, P.Geo. and Dr. Ed van Hees, P.Geo.