Forest Gate Completes Gold Drilling
April 20 2011 - 10:08AM
PR Newswire (Canada)
CALGARY, April 20 /CNW/ -- SYMBOL & EXCHANGE: FGE-V CALGARY,
April 20 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE)
-reports that its gold group has completed its preliminary diamond
drilling program at its 100%-owned Pershing gold property located
near Val d'Or, Quebec. Five holes were completed on its Pershing
gold property for a total of 1570 metres of drilling. Four holes
were drilled to targeted depths but, the last hole was abandoned
after 354m depth due to technical problems. Due to early spring
melt and rain it was not possible to access the final hole that had
been planned. This hole will be completed in the next drill
campaign. Forest Gate's Exploration Manager of Minerals, Edward
Procyshyn, is presently in Val d'Or to begin and coordinate the
process of geological logging, sampling and analysis of selected
core samples. Mr. Procyshyn has engaged the services of a highly
experienced geologist to ensure that geological analysis of the
core samples is conducted with the greatest of rigour with strong
emphasis on alteration, veining and structures associated with
mineralized intervals. This work is expected to take three weeks.
The core intervals selected for assaying and chemical analysis will
be cut and sent to an analytical laboratory, ALS Global, located in
Val d'Or for assaying. The first batch should be sent by the end of
April and Forest Gate expects to receive the analysis by mid May.
The final analysis should be completed by the the end of May
depending on the availability of service. A field mapping,
excavation and trenching exploration program is being planned for
the Pershing property during summer. "The one thing that we would
really like to do this summer is to complete a helicopter bourne
combined VTEM-magnetometer geophysical survey," said Mr. Procyshyn.
"We need better control in identifying fault structures in the area
and the VTEM surveys have been fairly successful in accomplishing
this task in other areas where Au-mineralization is associated with
iron formation units." Added Mr. Procyshyn: "Furthermore, the
results from the recently completed drill program will also help us
better understand the alteration patterns related to gold
mineralization that appear associated with these structures." The
Pershing gold property consists of 2736 hectares and 196 contiguous
unpatented mining claims. With regards to Forest Gate's energy
group, the TSX Venture Exchange approved the company's acquisition,
as previously announced in the Company's news release dated March
24, 2011, of the Divide, Rangeview and Katherine oil and gas assets
located in southwest Saskatchewan from a private, Calgary-based
company. The terms of the transaction were as follows: 7,980,000
common shares were issued to a private company in addition to a
cash payment of $75,000. Forest Gate also paid Trafina Energy
Ltd., the Operator of the property, $177,000 for its participation
in an Upper Shaunavon horizontal oil well at its southwest
Saskatchewan oil property. This well was drilled, completed and
tied-in, and has been producing approximately 44 (9 net) boe/day
since January 1, 2011 (according to Trafina Energy's April 11, 2011
Operations Update news release). An additional five similar wells
are planned for drilling on the property. The technical content of
this news release pertaining to the Pershing Gold Property has been
approved by Edward Procyshyn P.Geo, Mineral Geologist, Forest Gate
Energy Inc., who is a Qualified Person as defined in National
Instrument 43-101 - Standard of Disclosure for Mineral Projects.
About Forest Gate Forest Gate Energy Inc. is a publicly listed oil
and gas exploration and production, and non-energy resource company
trading on the TSX Venture Exchange under the symbol FGE. The
Company is seeking to increase shareholder value through
participation and development of energy and other resources in
Canada and internationally. FORWARD-LOOKING STATEMENTS BOEs may be
misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. In addition, the
estimated values disclosed in this release do not represent fair
market value. Certain statements regarding Forest Gate, including
management's assessments of future plans and operations and Forest
Gate's anticipated financial performance, may constitute
forward-looking statements under applicable securities laws and
necessarily involve known and unknown risks and uncertainties, most
of which are beyond Forest Gate's control. These risks may cause
actual financial and operating results, performance, levels of
activity and achievements to differ materially from those expressed
in, or implied by, such forward-looking statements. Such factors
include, but are not limited to: the impact of general economic
conditions in Canada and the United States; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are
interpreted and enforced; competition; the lack of availability of
qualified personnel; fluctuations in commodity prices; the results
of exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth
potential of Forest Gate's various assets; fluctuations in foreign
exchange or interest rates; the ability to access sufficient
capital from internal and external sources; and obtaining required
approvals of regulatory authorities. This news release does not
constitute an offer to sell or a solicitation of an offer to buy
any of the securities in the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or
any state securities laws and may not be offered or sold within the
United States or to United States Persons unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available. This news release is
not for distribution to United States newswire services or for
dissemination in the United States. Neither TSX Venture Exchange
nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or the accuracy of this release. To view this news
release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/April2011/20/c5729.html p
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