First Gold: Drilling at Croinor Intersects 29.80 g/t Au Over 5.7 Meters, Including 78.15 g/t Au Over 1 Meter
11 November 2010 - 3:45PM
Marketwired
First Gold Exploration Inc. ("First Gold") (TSX VENTURE: EFG)
(FRANKFURT: F12) (OTCQX: FGEXF) and Blue Note Mining Inc. ("Blue
Note") (TSX.V: BNT) are pleased to announce results from the last
three holes ( CR-10-376 to CR-10-378) of the seven hole diamond
drill program undertaken to test extensions of the underground
Mineral Reserves at the Croinor Gold Project.
All three holes encountered mineralized lenses containing
significant gold grades and widths, clearly demonstrating the
potential to extend the current resources and reserves of the
Project. This mineral resource would require minimal capital cost
and development to be added to the mining plan presented in the
Technical Report and Pre-Feasibility Study for the Croinor Project
released on Sedar on August 27, 2010.
Hole CR-10-376 returned values as high as 78.15 g/t Au over 1
meter.
----------------------------------------------------------------------------
True
Hole No Section Dip From (m) To (m) Length (m) width (m) g/t Au
----------------------------------------------------------------------------
CR-10-376 320W -54 226.1 232.3 6.2 6.2 5.75
----------------------------------------------------------------------------
includes 226.1 227 0.9 0.9 10.46
----------------------------------------------------------------------------
and 231.6 232.3 0.7 0.7 36.50
----------------------------------------------------------------------------
CR-10-376 239.7 245.4 5.7 5.7 29.30
----------------------------------------------------------------------------
includes 239.7 240.7 1.0 1.0 21.45
----------------------------------------------------------------------------
and 241.7 242.7 1.0 1.0 23.15
----------------------------------------------------------------------------
and 243.7 244.7 1.0 1.0 78.15
----------------------------------------------------------------------------
and 244.7 245.4 0.7 0.7 39.30
----------------------------------------------------------------------------
CR-10-376 280.6 281.1 0.5 0.5 10.95
----------------------------------------------------------------------------
CR-10-377 410W -60 183 184 1.0 1.0 1.75
----------------------------------------------------------------------------
CR-10-378 30E -75 145.5 146.0 0.5 0.5 2.58
----------------------------------------------------------------------------
and 152 153.6 1.6 1.4 1.32
----------------------------------------------------------------------------
Table 1. Significant gold mineralized intersections from CR-10-376 to CR-10-
378.
Hole CR-10-376 was primarily drilled to test the continuity of a
mineralized lens at depth which was previously intersected to the
west, south and east by holes 83-500-504, 83-500-505 and 83-500-506
that had returned 6.5 g/t Au over 8.5m, 4.5 g/t Au over 7.3m and
5.8 g/t Au over 7.5m respectively. Hole CR-10-376 intersected the
lens 40 meters to the north of hole 83-500-505 at a vertical depth
of 200m from surface returning 29.3 g/t Au over 5.7m. Moreover
CR-10 376 intersected two other lenses, above and below the main
lens returning values of 10.5 g/t Au over 0.9m, 36.5 g/t Au over
0.7m and 10.95 g/t Au over 0.5m.
Hole CR-10-377 was drilled to test the continuity of two lenses
at depth where previous holes drilled to the west and east
intersected significant values in one of the lenses including 13.7
g/t Au over 0.5m from Hole 420. Hole CR-10-377 intersected the lens
30m below and 20m to the north of Hole 420 returning a grade of 1.8
g/t gold over 1m.
Hole CR-10-378 was drilled to test the continuity of mineralized
quartz veins observed in hole CR-10-372A. CR-10-378 intersected one
of the veins 45 meters below and 40 meters south of historical
drill intercepts and returned 2.58 g/t Au over 0.5 meters.
CR-10-378 also intersected 1.6 meters grading 1.3 g/t Au in another
lens, confirming continuity of the zone beyond CR-10-372A, which
had intersected 7.16 g/t Au over 1.2m.
Considering their thickness and dip, the new intersections
obtained will have a positive impact on the already robust project
economics. Zones with thickness greater than 5.0 m and dip steeper
than 45 degrees will be mineable using a less costly and more
productive long-hole mining method instead of the room and pillar
mining method.
"We are very pleased with the results of the summer 2010 Croinor
exploration program", stated Leon Methot, Blue Note's Chairman and
CEO. "These results clearly confirm the high probability that the
resources of this deposit could expand considerably with further
exploration and definition drilling within the known resource area
and both laterally and beneath the current resources."
A follow up exploration program is now being prepared to
commence during the first quarter of 2011.
Borehole IP Survey
Preliminary results of a hole-to-hole induced polarization
survey identified chargeability anomalies in the western, eastern
and vertical extension of the Croinor deposit in areas with limited
drill hole information with some extending below 500 meters. The
lateral and vertical extension of the deposit remains open and the
geophysical survey confirms the possibility of mineralization in
these areas. The anomalies in the western and the eastern
extensions are located between surface and 300m vertical depth.
Potential mineralized zones located in these areas would be above
the bottom of the ramp planned in the Pre-Feasibility Study. A
drilling program to test the geophysical anomalies is in
preparation and will be included in the follow up exploration
program.
The drill program was carried out by Forages M. Rouillier Inc.
/M. Rouillier Drilling Inc. and was supervised by InnovExplo
personnel under Carl Pelletier P.Geo., a qualified and independent
person according to NI 43-101. Gold values were determined by fire
assay and AAS, or fire assay and gravimetric analyses if over 3
g/t, at the ALS Laboratory Group, Minerals Division laboratory in
Val d'Or.
John Martin, P. Eng., President and Chief Operating Officer of
Blue Note Mining Inc., is a Qualified Person as defined under NI
43-101 guidelines and has reviewed the technical information
contained in this press release. Carl Pelletier, P.Geo. of
InnovExplo Inc., a consulting firm based in Val d'Or (Quebec), is a
Qualified and Independent person as defined under NI 43-101
guidelines and has also reviewed and approved the technical
information of this press release relating to Croinor.
About First Gold Exploration
The goal of the Company is to create shareholder value by
acquiring promising projects that could be advanced to production
stage in a short period of time. This has been achieved with its
interest in the Croinor gold project, and the currently in progress
Rare Metal Pivert/Rose property, among other promising projects in
the pipeline including the San Francisco Javier silver
property.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company
headquartered in Montreal with properties located in known gold
regions of Canada, including the prolific Val-d'Or region of Quebec
and northern New Brunswick. Blue Note's top priority is to develop
the Croinor gold property.
Forward-Looking Statements
This news release contains discussion of items that may
constitute forward-looking statements within the meaning of
securities laws that involve risks and uncertainties. Although the
company believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no
assurances that its expectations will be achieved. Factors that
could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by
government authorities, uncertainties associated with contract
negotiations, additional financing requirements, market acceptance
of the Company's products, technical uncertainties associated with
operating an underground mine and competitive pressures. These
factors and others are more fully discussed in Company filings with
Canadian securities regulatory authorities.
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: First Gold shareholders, please contact:
Jean-Sebastien Lavallee, P. Geo Interim President and Chief
Executive Officer 819-354-5146 jslavallee@consul-teck.com
www.firstgoldexploration.com Blue Note shareholders, please
contact: Jean Mayer Executive Vice President 800-937-3095 x236
jmayer@bluenotemining.ca www.bluenotemining.ca
First Gold Exploration Inc. (TSXV:EFG)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
First Gold Exploration Inc. (TSXV:EFG)
Historical Stock Chart
Von Jun 2023 bis Jun 2024