Foundation Drills 10.15 g/t Gold at Span Lake Prospect, Coldstream Property
April 16 2012 - 2:09PM
Marketwired Canada
Foundation Resources Inc. (TSX VENTURE:FDN)(FRANKFURT:52F) -
Drill Program Highlights:
-- 11.15-metre-wide mineralized zone averaging 1.00 g/t gold, including
10.15 g/t gold over 0.50 metre: drill hole SL-11-15
-- 1.09 g/t gold over 2.00 metres within a broad anomalous zone averaging
0.24 g/t gold over 41.40 metres: drill hole SL-11-16
-- Span Lake target is located 8.0 km southwest of the Osmani Gold Deposit
(763,276 ounces gold Inferred and 96,400 ounces of gold Indicated) and
adjacent to QES zone of the Moss Lake Gold Deposit (1.62 million ounces
gold)
Foundation Resources Inc. ("Foundation" or the "Company") is pleased to announce
the results from three more exploratory holes drilled within the southeastern
claims of the Span Lake area of the Coldstream Property ("Property"),
northwestern Ontario (Figure 1). These holes were drilled to test the IP anomaly
targets (IP-2) and potential continuity of the QES Zone extending from adjacent
Moss Lake Gold Deposit (1.1 million ounces gold indicated and 0.52 million
ounces gold inferred - Moss Lake Gold Mines news release dated July 14, 2010)
onto the Coldstream Property. The Span Lake target is located approximately 8.0
kilometres southwest of the Osmani Gold Deposit which is host to 763,276 ounces
gold Inferred (30.5 million tonnes at 0.78 g/t gold) and 96,400 ounces gold
Indicated (3.5 million tonnes at 0.85 g/t gold). Results of the initial three
holes from the southwestern Span Lake area (IP-1) have been reported on March
20, 2012.
Table of Significant Assays
--------------------------------------------------------
From To Length(i) Gold(i)
Drill Hole (m) (m) (m) (g/t)
--------------------------------------------------------
SL-11-14 29.00 52.00 23.00 0.23
--------------------------------------------------------
308.70 310.70 2.00 0.56
--------------------------------------------------------
--------------------------------------------------------
SL-11-15 131.00 194.00 63.00 0.50
--------------------------------------------------------
Includes 145.75 163.15 17.40 0.87
--------------------------------------------------------
Includes 152.00 163.15 11.15 1.00
--------------------------------------------------------
Includes 162.65 163.15 0.50 10.15
--------------------------------------------------------
--------------------------------------------------------
SL-11-16 87.10 128.50 41.40 0.24
--------------------------------------------------------
Includes 95.00 97.00 2.00 1.09
--------------------------------------------------------
And 174.00 178.00 4.00 0.63
--------------------------------------------------------
Includes 176.00 178.00 2.00 1.12
--------------------------------------------------------
(i) 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. All intervals are represented as down-hole
core lengths.
"We are very pleased to report the results of the three exploratory drill holes,
which intersected variably anomalous gold mineralization over relatively broad
core lengths and indicating the mineralized horizon from southern Coldstream
claims probably extends southwest into the QES Zone of the Moss Lake Gold
Deposit," commented Ike Osmani, President and Director of Foundation.
To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/fdn416m.pdf
All three drill holes tested a strong to medium, linear chargeability anomaly
(IP-2) coincident with a weak to moderate resistivity anomaly. The anomaly
appears to be related to the Moss-Span-North Coldstream Deformation Zone, which
is also associated with the adjacent bulk tonnage QES Zone of the Moss Lake Gold
Deposit (Figure 1). As with the QES Zone, mineralization is hosted within
intermediate to felsic metavolcanic rocks intruded by diorites and
quartz-feldspar porphyry dikes with a varying degree of silica, sericite, albite
and hematite alteration. Drill hole SL-11-15, intended to test a moderate
chargeability anomaly, intersected 10.15 g/t gold over 0.50 metre within a
11.15-metre-wide zone averaging 1.00 g/t gold. This mineralized intercept occurs
within a broad envelope of anomalous gold mineralization (63.0m averaging 0.50
g/t gold) which is on strike and most likely a northeast extension of the QES
Zone.
Drill hole SL-11-16, collared 180 metres northeast of drill hole SL-11-15,
testing the northeast continuation of gold mineralization from hole SL-11-15.
The hole intersected multiple anomalous intercepts of anomalous gold
mineralization of which the broadest intercept is 41.40-metre wide grading 0.24
g/t gold, including 1.09 g/t gold over 2.0 metres. Mineralization remains open
upon encountering anomalous gold results at the end of the drill hole (0.54 g/t
gold over 2.0m).
Drill hole SL-11-14 was collared approximately 520 and 340 metres northeast of
SL-11-15 and SL-11-16, respectively, and was planned to test a weak and a strong
chargeability targets coincident with moderate to weak resistivity anomaly. The
hole intersected a near-surface anomalous mineralization over relatively broad
core length (0.23 g/t gold over 23.00 metres).
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person
for the Coldstream Project supervised the drill program, has reviewed and
approved the technical content of this news release.
About the Coldstream Property
There are currently five (5) known significant gold mineralization areas
occurring within the claim boundaries of the Coldstream Property that are
currently subject to aggressive exploration and development campaigns by the
Company. The exploration targets include: Osmani Gold Deposit, Iris Zone, Goldie
Zone, Span Lake and Burchell West prospects. These gold targets occur along or
adjacent to 16 kilometres of 25-kilometre long, northeast-southwest trending
North Coldstream-Moss Lake deformation zone which hosts and defines the
Coldstream Gold Trend. Of these, the Osmani Gold Deposit is the most advanced of
all other targets for which a NI 43-101 resource estimate of 763,276 ounces gold
in the Inferred and 96,400 ounces gold in the Indicated categories has been
calculated and reported on September 20, 2011. The 6,410-hectare Property,
located along the Trans-Canada Highway 115 km west of Thunder Bay in north
western Ontario, occurs within the western Shebandowan Greenstone Belt of the
Wawa Sub-province which is host to some of the richest gold mines in Canada
(e.g., Hemlo gold camp).
About Foundation Resources Inc.
Foundation Resources is a mineral exploration company focused on the exploration
and development of its flagship Coldstream Gold Project located in the
Shebandowan Greenstone Belt, 115 Km North West of Thunder Bay, Ontario and the
Mitchell base metal property located within the Red Lake Mining District in
Ontario. In addition to its Canadian projects, the Company is also exploring the
San Rafael gold-silver property in Mexico which is located approximately 150 km
northwest of Durango.
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
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