Forest Gate Discovers Significant Iron Grades in the Banded Iron Formation at its Pershing Gold Property
August 11 2011 - 8:30AM
PR Newswire (Canada)
CALGARY, Aug. 11, 2011 /CNW/ -- SYMBOL & EXCHANGE: FGE-V
CALGARY, Aug. 11, 2011 /CNW Telbec/ - Forest Gate Energy Inc.
(TSXV: FGE) reports that its mineral exploration group has
intersected significant iron grades in the banded iron formation at
its 100%-owned Pershing gold property located near Val D'Or,
Quebec. Forest Gate sampled magnetite-rich intervals within a
banded iron formation (BIF) unit that was intersected with drill
hole FG11-03. These magnetite intervals on average were found to
contain 29.3% iron. The company considers these average grades to
be high. Forest Gate says it believes that the discovery is of such
importance that it decided to release the news in advance of
releasing the results of its gold assays. The company says its
expects to have a news release relating to the gold assays to the
market within the next 24 hours. The same banded iron formation
unit found in drill hole FG11-03 was also intersected in drill
holes FG11-01 and FG11-02. In these holes, the banded iron
formation unit has a core interval of approximately 100 metres. It
is estimated that the magnetite (iron) rich bands form
approximately 40 % of these banded iron formation units. The
magnetite rich intervals contain up to 85% magnetite content and
occur as bands ranging from 0.3 metres to 15 metres. The nature of
the banded iron formation unit in these holes is very similar both
in magnetite content and thickness to the banded iron formation
units observed in historical drill log reports found elsewhere on
the property. "Finding all this iron at a known gold occurrence is
a pleasant surprise," said Michael Judson, President and CEO of
Forest Gate. "During our visual analysis of the core we saw an
awful lot of magnetite and decided to assay some of it. It is all
very early stage but the results are very interesting." While the
iron results came from one drill hole only, the banded iron
formation at Pershing had already been partially mapped as part of
a previous gold exploration program conducted by a private company.
The mapping was based on a compilation of historical magnetic data
and old drilling assays. The mapping was done only on the southern
half of the Pershing property. "This analytical data is comes from
one drill hole only which happens to be located on the southern
part of the property," said Judson. "In addition, the old magnetic
data suggest that significant new iron targets also occur on the
northern part of the property." The BIF unit is known to occur over
surface outcrop length in excess of 15 kilometres. The BIF unit is
complexly folded and refolded. These complex structural patterns
are similar to those found in iron formations that are currently
being mined. These structures enhance the structural thickness of
the iron formation and transform them to economic mineable iron
deposits. The table shown below summarizes the weighted average
values of key elements found within the magnetite rich iron
formation in hole FG11-03 and compared them to those from selected
iron deposits that are currently being developed for production.
The iron content and key oxides found at the Pershing property
compare favourably with the grade found in other iron deposits
currently being developed elsewhere in Canada and Africa. Canadian
explorer, Alderon Resources is developing the Kami iron ore project
in Quebec-Labrador, Canada. The UK-based Bellzone Mining Co is
developing the Kalia iron ore project in the Republic of
Guinea. Below is a comparison of grade. Table 1:
Comparative Compositions of Banded Iron Formations Pershing Banded
Iron Formation (BIF) Analytical Data Pershing Fe % SiO2 % Al2O3 % S
% P % Mn % BIF Interval Range of Values* 13.06-34.56 38.40-54.96
2.12-8.67 .24-1.64 03-.18 03-.10 Weighted 29.30 47.22 4.45 0.69
0.11 0.06 Average Value** Bellzone Mining PLC - Kalia Iron Project
http://www.bellzone.com.au/Kalia/Geology/MagnetitesofKalia/tabid/83/Default.aspx
BIF 29.80 45.20 2.10 0.81 0.07 Schist 8.90 47.00 7.70 0.13 0.04
Alderon Resource Corp's Kami Iron Ore Project (source:
NI43-101Technical Report May 20, 2011, p.120) BIF 31.00 43.00 0.11
0.01 0.01 1.25 "Comparing drill hole results to deposit grades is
not meant to imply that further exploration would result in the
development of a deposit with such an average grade." * - see
table 2 for actual data ** - grand weighted averages of selected
intervals shown in table 2 Thirty-five samples were selected from
hole FG11-03 and submitted for major element oxide analysis with
the objective of sampling two iron-rich intervals over of a
core-interval of 29 metres and 25 metres respectively. Next Steps:
A more comprehensive review of the historical drill data is
currently being undertaken and will be compiled into a GIS data
base. This will help with the development of a regional drill
program planned for this fall. Forest Gate is planning to execute a
geophysical survey before it completes any more drilling at
Pershing. The company says it is also planning to undertake a
preliminary petrographic analysis of mineral content and
composition. Technical information in this news release was
prepared in accordance with Canadian regulatory requirements as set
out in National Instrument 43-101 and has been reviewed by Edward
Procyshyn, Geo, who is the qualified person as defined by NI
43-101. Table 2: Reported Analysis from ALS Minerals Laboratory
(ALSGlobal) Val d'Or, PQ (For laboratory analytical accuracy and
precison go to: www.alsglobal.com) Type of ME-XRF06 ME-XRF06
ME-XRF06 ME-ICP61 ME-XRF06 ME-XRF06 Analysis From To Interval Fe2O3
SiO2 Al2O3 S P2O5 MnO % % % % % % 8.70 9.50 0.80 46.21 46.99 2.85
0.21 0.06 9.50 10.45 0.95 missing analysis 10.45 11.50 1.05 47.09
45.02 3.21 0.24 0.07 11.50 12.50 1.00 26.43 54.96 8.56 0.12 0.05
12.50 13.50 1.00 39.12 53.38 3.59 0.26 0.04 13.50 14.50 1.00 33.51
50.88 7.11 0.15 0.05 14.50 15.50 1.00 47.56 44.22 3.00 0.24 0.06
15.50 16.50 1.00 37.34 51.07 4.77 0.28 0.05 16.50 17.00 0.50 18.67
56.49 12.50 0.17 0.06 17.00 18.00 1.00 44.84 46.52 4.10 0.24 0.06
18.00 19.00 1.00 44.95 44.43 3.84 0.25 0.07 19.00 20.00 1.00 43.31
45.56 4.27 0.24 0.06 20.00 21.00 1.00 27.32 54.51 8.74 0.18 0.06
21.00 22.00 1.00 49.26 43.45 2.82 0.22 0.06 22.00 23.00 1.00 48.67
42.84 2.92 0.26 0.09 23.00 24.00 1.00 43.73 45.37 4.64 0.75 0.22
0.11 24.00 25.00 1.00 44.70 45.99 3.70 0.85 0.24 0.08 25.00 26.00
1.00 43.55 46.27 5.05 0.24 0.24 0.08 26.00 26.45 0.45 37.22 46.58
6.60 0.29 0.22 0.09 26.45 27.60 1.15 42.70 42.97 4.88 0.21 0.13
27.60 28.40 0.80 37.46 38.40 8.67 0.08 0.21 28.40 28.75 0.35 39.57
44.99 4.46 0.24 0.12 28.75 29.90 1.15 37.98 55.91 2.24 0.21 0.07
29.90 31.00 1.10 40.57 48.64 5.19 1.15 0.23 0.09 31.00 32.00 1.00
42.34 46.96 4.61 0.18 0.20 0.09 32.00 33.00 1.00 40.14 47.89 5.14
0.94 0.21 0.07 33.00 34.00 1.00 39.78 48.07 5.24 0.56 0.22 0.06
34.00 35.00 1.00 46.03 43.91 3.54 0.96 0.28 0.13 35.00 36.15 1.15
41.14 46.89 5.08 1.64 0.24 0.11 Weighted Average Value 40.39 47.47
4.86 0.22 0.06 Weighted Average Value 28.6 0.8 0.1 0.05 as metal
132.00 133.00 1.00 46.20 44.83 4.33 0.38 0.30 0.06 137.00 138.50
1.50 47.30 47.14 2.12 0.49 0.34 0.07 138.50 139.90 1.40 44.75 46.96
2.85 0.25 0.41 0.07 143.70 144.70 1.00 43.74 48.86 2.43 0.40 0.30
0.05 157.60 158.60 1.00 45.94 44.80 2.93 0.31 0.06 158.60 159.60
1.00 45.80 44.22 2.93 0.30 0.06 Weighted Average Value 45.69 46.26
2.87 0.27 0.33 0.06 Weighted Average Value 31.06 0.15 0.05 as metal
Grand Wted Oxide 41.88 47.22 4.45 0.69 0.24 0.08 Average Grand Wted
Metal 29.3 0.11 0.06 Average 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 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. 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
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align="justify" ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/
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