Foundation Resources Inc.: 11.65 g/t Gold Over 1.35 Metres and 10.95 g/t Gold Over 2.0 Metres Intersected at the East Coldstr...
October 11 2011 - 6:00AM
Marketwired
Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation") and Alto
Ventures Ltd. (TSX VENTURE:ATV) ("Alto") are pleased to announce
the results of the last ten (10) holes drilled this summer on the
East Coldstream Gold Deposit ("Deposit"), Northwestern Ontario. Of
the total fifteen (15) holes, totaling 3897 metres, drilled on the
deposit, the results of five holes have already been reported (News
Releases: July 16 and August 23, 2011). The fifteen completed holes
on the Deposit are part of a 6,133-metre drill program with the
objectives of expanding the Deposit both laterally and down-
plunge. Eleven holes, totaling 2,236 metres, were drilled in the
Iris Lake area and the results of these holes are pending.
Foundation is the operator of this program and owns 60% interest in
the Property. Alto owns the remaining 40%.
Table 1: Significant Gold Assays
----------------------------------------------------------------------------
Gold(ii)
Gold From To Width(ii) (grams
Drill Hole Horizon (metres) (metres) (metres) /tonne)
----------------------------------------------------------------------------
C-11-75 EC-2 172.65 180.00 7.35 3.13
----------------------------------------------------------------------------
Including 172.65 174.00 1.35 11.65
----------------------------------------------------------------------------
197.00 199.00 2.00 10.95
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C-11-76 EC-2 152.00 160.50 8.50 1.06
----------------------------------------------------------------------------
C-11-77 EC-2 79.00 96.00 17.00 1.21
----------------------------------------------------------------------------
including 94.00 96.00 2.00 3.44
----------------------------------------------------------------------------
C-11-78 EC-1 (south 56.40 59.50 3.10 1.04
----------------------------------------------------------------------------
-west ext.) 76.00 78.00 2.00 2.15
----------------------------------------------------------------------------
85.40 89.00 3.60 1.36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C-11-80 EC-1 (south 314.00 316.10 2.10 1.44
----------------------------------------------------------------------------
-west ext.) 333.00 335.00 2.00 0.56
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C-11-81 EC-1 (south 281.95 283.30 1.35 1.86
----------------------------------------------------------------------------
-west ext.) 308.65 309.65 1.00 1.33
----------------------------------------------------------------------------
342.05 343.10 1.05 1.58
----------------------------------------------------------------------------
350.70 352.70 2.00 0.50
----------------------------------------------------------------------------
----------------------------------------------------------------------------
C-11-83 EC-1 (south 31.50 34.00 2.50 1.61
----------------------------------------------------------------------------
-west ext.) 49.00 51.50 2.50 1.08
----------------------------------------------------------------------------
70.30 73.95 3.65 1.03
----------------------------------------------------------------------------
including 70.30 71.95 1.65 2.16
----------------------------------------------------------------------------
(ii)Mineralized zones generally start at 0.1 g/t gold and assay averages may
include minimal intervals of waste material. No top cuts of assays were
used. Drill holes C-11-79, 82 and 84 yielded no significant gold values.
All intervals are represented as down-hole core lengths with
true widths estimated at 70 to 75 percent.
Three drill holes (C-11-75, 76 and 77) were drilled into the
EC-2 horizon (formerly west end of the East Zone) of the Deposit to
test the western extension of the mineralized horizon to a vertical
depth of 100- 150 metres while maintaining 50 metre spacing between
the holes. Drill hole C-11-75 intersected multiple gold intercepts
of variable grades and widths. It intersected 11.65 g/t gold over
1.35 m within a 7.35 metre-wide zone averaging 3.13 g/t gold. Drill
holes C-11-76 and C-11-77 intersected respectively 1.06 g/t gold
over 8.50 metres and 1.21 g/t gold over 17.0 metres, including 3.44
g/t gold over 2.0 metres. These results extend the EC-2 horizon
laterally by approximately 100 metres to the west, closer to the
formerly known North Zone. The previously reported drill holes
C-11-70, 71 and 72 have extended the EC-2 horizon laterally to the
northeast by approximately 150 metres, which potentially remains
open farther along this direction (News Releases: July 16 and
August 23, 2011).
Six drill holes (C-11-78 to 83, inclusive) were drilled to the
west and at the southwest end of the Deposit, where the EC-1 and
the EC-2 horizons merge into one ore body at depth. The majority of
these holes intersected multiple gold intercepts of variable grades
and widths shown in Table 1.
Quality Assurance/Quality Control (QA/QC)
Foundation has implemented a quality control (QA/QC) program
which includes the use of commercially produced standards and
blanks. Samples of split NQ core were transported by Company
personnel to the sample preparation lab of ALS Chemex Laboratory in
Thunder Bay where they were crushed and 1000-gram pulps were
prepared for each sample. The pulps were then shipped by ALS
Chemex-Thunder Bay to the ALS Chemex Laboratory in North Vancouver,
B.C. for analyses. The gold assaying method uses a standard Fire
Assay with ICP-AES technique on a 30-gram pulp material taken from
a 1000g split from the submitted sample. For more details of QA/QC
procedures, please refer to Foundations July 21, 2010 news
release.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the
Qualified Person for the Coldstream Project supervises the drill
program and has reviewed and approved the technical content of this
news release.
About the East Coldstream Deposit
The East Coldstream Deposit is hosted within mafic to
intermediate metavolcanic rocks which have been intruded by
dike/sill-like bodies of quartz-feldspar porphyries and gabbros.
All these rock types have been variably altered (silica, hematite,
carbonate, chlorite) and deformed by east- to east-northeast
striking North Coldstream Shear/Deformation Zone. Gold is
associated with 1 to 5 percent, fine-grained pyrite.
A draft of an NI43-101 Technical Report including a Mineral
Resource Estimate for the East Coldstream Gold Deposit was prepared
by Wardrop, a Tetra Tech Company (Wardrop). At a cut-off grade of
0.4 g/t gold and using the Inverse Distance Squared (ID2)
estimation method, the two parallel gold horizons (EC-1 and EC-2)
contain an Indicated Resource of about 3.5 million tonnes with an
average grade of 0.85 g/t gold. In addition, the Inferred Resource
totals approximately 30.5 million tonnes with an average grade of
0.78 g/t gold. At the 0.4 g/t cut-off the Deposit is estimated to
contain 763,276 ounces of gold in the Inferred category and 96,400
ounces of gold in the Indicated category (see news release dated
September 20, 2011).
There are currently four other significant gold targets (e.g.,
Iris Lake, Goldie Zone, Burchell West and Span Lake) on the
Property which are not part of the current resource estimates.
About the Coldstream Property
The 6,234-hectare Coldstream Property is located along the Trans
Canada Highway 115 km west of the City of Thunder Bay, Ontario. The
area is road accessible and has excellent infrastructure with a
major power line and CN rail line passing just north of the
property. Skilled labour is readily available locally.
For more details regarding the Coldstream Property, please visit
our website at www.foundationres.com.
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on
exploration and development of gold and base metal properties in
Canada and Mexico. Its flagship Coldstream gold project in the
Shebandowan greenstone belt and Mitchell base metal property in the
Birch-Uchi greenstone belt east of Red Lake occur within the
Western Superior geological province of the Canadian Shield, noted
for hosting prolific gold and base metal deposits in Ontario,
Canada. The San Rafael gold-silver property is located
approximately 150 km northwest of Durango in the Durango State,
Mexico.
On behalf of the board,
Ike Osmani, M.Sc., P.Geo., President & Director
News release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. Forward-looking statements are
based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in the Company's business, including
risks inherent in resource exploration and development. As a
result, actual results may vary materially from those described in
the forward-looking statements.
CUSIP: # 350476107
ISIN CA3504761071
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.
Contacts: Foundation Resources Inc. Paul Chung, MBA CEO &
Director 604-681-0405 604-687-4670 (FAX)info@foundationres.com
Foundation Resources Inc. Ike Osmani, M. Sc, P. Geo President &
Director 604-681-0405 604-687-4670
(FAX)info@foundationres.comwww.foundationres.com
Birch Hill Gold Corporation (TSXV:FDN)
Historical Stock Chart
From Sep 2024 to Oct 2024
Birch Hill Gold Corporation (TSXV:FDN)
Historical Stock Chart
From Oct 2023 to Oct 2024