Forest Gate Launches Aeromagnetic Survey at Pershing
October 19 2011 - 8:30AM
PR Newswire (Canada)
SYMBOL & EXCHANGE: FGE-TSXV CALGARY, Oct. 19, 2011 /CNW Telbec/
- Forest Gate Energy Inc. reports that its mineral exploration
group has engaged Prospectair Geosurveys Inc. of Gatineau, Quebec,
to fly a heliborne magnetic and time-domain electromagnetic survey
over its 100 percent-owned Pershing iron-gold property in the
Abitibi region of Quebec. The airborne geophysical survey will
encompass a total distance of 709 line kilometres. The flight line
spacing will be 75 metres with check-tie-lines spaced 750 metres
apart perpendicular to the fly lines. The survey is scheduled to
begin in the next two weeks. A 20-hole drilling program is expected
to follow from the aeromagnetic survey. Forest Gate has identified
three iron-bearing areas on its Pershing property that on the basis
of its magnetic signatures are interpreted to host potentially
significant quantities of iron. In addition to completing the
aeromagnetic survey, Forest Gate will conduct magnetic
susceptibility tests on selected drill core intervals that contain
the magnetite bearing formations intersected during the recently
completed drilling project and historic drilling programs executed
during 1997-98 period and the 2000-2002 period. There are at least
20 drill holes that have intersected the iron formation. With these
two data sets, it will be possible for geophysicists to calculate
the approximate geometry of the iron-bearing formations and to
estimate its magnetite content. These results in turn will be used
to estimate the potential tonnage of iron mineralization within
each of the three selected targets. The objective of the planned 20
hole drill program is to verify these estimates. "The next phase of
exploration work planned for the fall and winter programs, should
result in a preliminary resource calculation for the selected iron
targets on its Pershing property," said Edward Procyshyn, Manager,
Mineral Exploration at Forest Gate. "This would be a milestone."
Forest Gate is also in the process of acquiring the Cuff Lake iron
property which is expected to close prior to October 31, 2011.
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. About Forest Gate Energy 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 Corporation 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. 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. FOREST GATE ENERGY
INC. CONTACT: ROBERT KRAMBERGER, V-P, INVESTOR
RELATIONS1-866-666-3040 RKRAMBERGER@FORESTGATE.CAWWW.FORESTGATE.CA
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