VANCOUVER,
Feb. 28, 2013 /CNW/ - Fire River Gold
Corp. (TSXV: FAU), (OTCQX: FVGCF), (FSE: FWR) (the "Company" or
"Fire River") is pleased to announce results from its November and
December 2012 underground diamond
drilling program (Figure 1 and 2) at its wholly owned Nixon Fork Gold Project in Alaska. Fire River completed 27
underground diamond drill holes totalling 1422 metres targeting the
3550 ore zone in the Crystal Mine. Drilling has delineated thick
intervals of high-grade gold mineralization as well as substantial
zones of very high grade gold.
Drilling Highlights include:
- 6.36 metres grading 7.86 g/t gold in drill hole N12U-108
- 5.35 metres grading 53.98 g/t gold in drill hole N12U-123
- 4.28 metres grading 18.80 g/t gold in drill hole N12U-128
- 3.43 metres grading 21.10 g/t gold in drill hole N12U-130
including 1.10 metres grading 48.00 g/t gold
- 3.35 metres grading 57.17 g/t gold in drill hole N12U-114
including 1.93 metres grading 99.00 g/t gold
http://www.firerivergold.com/i/misc/FAU280213p1.jpg
Figure 1. Schematic long section showing the Mystery and Crystal
mine area at Nixon Fork. The drill results reported herein
come from zone 1 in the Crystal Mine.
The Company is currently operating one drill
continuously at the Crystal Mine. The primary focus of this
drilling to define additional resources in the 3550 ore body,
including filling in gaps in known mineralization and extending
open zones along strike and dip (Figure 2). This will support a
more thorough understanding of the geology of this deposit and fine
tune mine scheduling going forward. A complete summary of
significant drill results from the November and December 2012 underground drilling program at the
Crystal Mine is shown below.
Table 1. Significant drill intercepts from
underground drilling of the 3550 zone in the Crystal Mine.
NOTE: Due to the nature of the ore deposit, composed
predominantly of oxide and carbonate minerals, recovery of the
drill core can be poor.
Drill
Hole |
From
(metres) |
To
(metres) |
Width
(metres) |
Gold
(g/t) |
Silver
(g/t) |
Copper
(%) |
N12U-106 |
29.87 |
31.39 |
1.52 |
4.37 |
12.00 |
0.57 |
|
31.39 |
33.13 |
1.741 |
63.00 |
238.00 |
7.38 |
|
33.13 |
35.29 |
2.162 |
1.19 |
6.00 |
0.28 |
|
35.29 |
37.19 |
1.902 |
4.76 |
52.00 |
2.07 |
|
43.59 |
44.81 |
1.22 |
3.37 |
5.00 |
0.14 |
N12U-107 |
40.54 |
42.06 |
1.52 |
5.62 |
4.00 |
0.30 |
N12U-108 |
25.30 |
31.66 |
6.36 |
7.86 |
35.58 |
1.67 |
Including |
26.82 |
28.35 |
1.53 |
10.40 |
23.00 |
1.55 |
Including |
29.87 |
31.66 |
1.79 |
13.45 |
66.00 |
2.62 |
N12U-112 |
28.65 |
31.70 |
3.05 |
24.38 |
66.11 |
3.70 |
N12U-114 |
21.95 |
25.30 |
3.353 |
57.17 |
134.93 |
4.82 |
Including |
21.95 |
23.88 |
1.93 |
99.00 |
232.00 |
8.11 |
|
29.03 |
29.99 |
0.964 |
5.37 |
10.00 |
0.56 |
|
34.44 |
34.77 |
0.33 |
5.92 |
10.00 |
0.82 |
|
36.75 |
37.49 |
0.74 |
4.43 |
11.00 |
1.03 |
N12U-115 |
26.02 |
27.55 |
1.53 |
5.30 |
6.00 |
0.32 |
N12U-118 |
48.66 |
49.38 |
0.72 |
41.60 |
18.00 |
0.72 |
N12U-122 |
25.60 |
26.82 |
1.22 |
7.53 |
15.00 |
1.26 |
|
35.57 |
37.49 |
1.925 |
3.96 |
13.00 |
0.45 |
|
39.01 |
40.54 |
1.53 |
12.90 |
18.00 |
0.51 |
|
42.06 |
43.59 |
1.53 |
7.27 |
4.00 |
0.41 |
|
46.63 |
48.16 |
1.53 |
51.20 |
44.00 |
4.59 |
N12U-123 |
23.50 |
28.85 |
5.356 |
53.98 |
78.26 |
3.95 |
N12U-128 |
22.06 |
26.34 |
4.287 |
18.80 |
53.57 |
2.09 |
N12U-129 |
22.25 |
23.77 |
1.52 |
19.15 |
59.00 |
2.23 |
N12U-130 |
39.01 |
42.44 |
3.438 |
21.10 |
66.42 |
2.27 |
Including |
40.64 |
41.74 |
1.10 |
48.00 |
152.00 |
5.12 |
|
51.24 |
51.82 |
0.589 |
11.95 |
6.00 |
1.56 |
NOTE: As a rough estimate, the true thickness of the
above intercepts
is approximately 70% of reported thickness. Drill holes not
included
did not intercept significant gold mineralization. |
1 Recovery is 65% between 31.39 to 32.92.
2 Recovery is 73% between
34.44 to 35.66. 3 Recovery is 79% between 23.77 to
24.54. 4 Recovery
is 71% between 29.87 to 31.09. 5 Recovery is 76% between
34.44 to
35.97, and 79% between 35.97 to 36.73. 6 Recovery
is 78% between
23.01 to 23.77. 7 Recovery is 76% between 21.79
and 22.25.
8 Recovery is 62% between 42.06 to 43.59.
9 Interval has 74% recovery. |
http://www.firerivergold.com/i/misc/FAU280213p2.jpg
Figure 2. Image of the 270-51 drift showing the location of
the drill holes. Large diameter rods around the drill holes
show the location of significant gold intercepts.
Blane Wilson,
President and CEO of Fire River, commented: "We are very pleased
with these underground drilling results in the Crystal Mine as it
continues to define and identify expansion opportunities into the
new 3550 ore zone. We targeted ore zones adjacent to current mine
workings and these results will support optimization of mine
planning to potentially provide additional feed for the
mill."
Qualified Person and Quality Control
All drill intercepts and corresponding assay
values reported in this press release have been reviewed and
approved by David D. Adams, MS, BS,
CPG, P.Geo., who is a qualified person under the definitions
established by National Instrument 43-101. Drill core at Nixon Fork
is boxed and covered, at the drill rig and moved to Nixon Fork's
logging and sample preparation facilities by Fire River personnel.
The core is then split down the centre using a typical table fed
circular rock saw normally at one metre intervals. One half of the
core is sent for assay to ALS Minerals in Fairbanks, AK where it is dried, crushed, and
representative splits are transported to ALS Minerals labs in
either Reno, NV or Vancouver, BC for assay, while the other half
is returned to the core box and stored at Nixon Fork's sampling
facility in a secure area. ALS Minerals complies with the
requirements for the International Standards ISO 9001:2000 and ISO
17025:1999. Analysis includes Fire Assay with gravimetric finish
for gold and ICP for 33 other elements. ALS Minerals is at arm's
length to Fire River. Nixon Fork's
QA/QC procedures include the regular use of blanks, standards and
duplicate samples, which constitutes 13% of the total samples
analyzed. Failed blanks and standards, along with corresponding
samples, are re-assayed with over 89% falling within 2.5 percentile
of the required value.
About Fire River Gold
Fire River Gold Corp.'s flagship property is the
wholly owned Nixon Fork Gold Project located in the Tintina Gold
Belt, Central Alaska.
Operations at Nixon Fork recommenced in July
2011. Nixon Fork is a past producing mine with a high-grade
production history, and a low capital requirement due to
pre-existing infrastructure. The mine operates year-round producing
both gold concentrate and doré bars. District scale
exploration potential provides additional upside for the
project.
ON BEHALF OF THE BOARD OF DIRECTORS
FIRE RIVER GOLD CORP.
"Blane W. Wilson"
Blane W.
Wilson
President and CEO
_______________________________________________________________________________________
Cautionary Statement Regarding Forward-Looking
Information
Neither 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. This news release
contains forward-looking statements regarding the business and
operations of Fire River Gold. In particular, statements regarding
use of proceeds and production targets in the upcoming years are
forward-looking statements. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from Fire River's plans or expectations include
risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by Fire River with securities
regulators. Fire River expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
SOURCE Fire River Gold Corp.