Foundation Resources Inc.: 254.00 g/t and 7.05 g/t Gold Intersected Over 0.50 m and 3.20 m, Respectively, at Iris Lake, North...
27 Oktober 2011 - 12:00PM
Marketwired
Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation") and Alto
Ventures Ltd. (TSX VENTURE:ATV) ("Alto" or together "the
Companies") are pleased to announce the results of all drill holes
from the Iris Lake area, located approximately 1.5 km north of the
East Coldstream Deposit ("Deposit") on their Coldstream Property
("Property"), northwestern Ontario. Upon recently completing the
6,133 metre drill program this summer on the Property, 2,236 metres
were drilled in the Iris Lake area for a total of eleven holes. The
remaining 3,897 metres were utilized for further expansion of the
East Coldstream Deposit for which a NI 43-101 compliant resource
estimate of 763,276 ounces gold Inferred and 96,400 ounces gold
Indicated has been calculated and reported on September 20, 2011.
Foundation is the operator of this program and owns a 60% interest
in the Property and Alto owns the remaining 40%.
Table of Significant Gold Assays
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Gold
From To Width (grams
Drill Hole (metres) (metres) (metres) /tonne)
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IL-11-10 77.40 78.55 1.15 5.55
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IL-11-12 199.60 200.10 0.50 254.00
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IL-11-17 24.00 34.00 10.00 0.45
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and 62.40 71.00 8.60 1.09
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Including 62.40 63.55 1.15 4.74
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Including 69.65 71.00 1.35 2.15
-------------------------------------------------------
-------------------------------------------------------
IL-11-19 82.10 84.00 1.90 1.33
-------------------------------------------------------
and 134.25 141.80 7.55 1.15
-------------------------------------------------------
Including 140.50 141.80 1.30 4.21
-------------------------------------------------------
IL-11-20 100.80 130.50 29.70 1.27
-------------------------------------------------------
Including 100.80 104.00 3.20 7.05
-------------------------------------------------------
Including 128.50 130.50 2.00 2.23
-------------------------------------------------------
(i)Mineralized zones generally start at 0.1 g/t gold
and assay averages may include minimal intervals of
waste material. No top cuts of assays were used.
All intervals are represented as down-hole core lengths with
true widths estimated at 70 to 75 percent.
All holes completed in the Iris Lake area are located 1.5 km
north of the East Coldstream Deposit within the northeastern part
of the Coldstream Property (see Figure 1). The purpose of these
drill holes is to expand the gold mineralization laterally to both
northeast and southwest directions from the site of high-grade gold
discovered during the 2011 winter drilling program (see news
release dated March 22, 2011). Together, these these holes and the
holes that were completed previously define a gold mineralization
area that measures approximately 25 to 70 metres in width and 630
metres in length (Figure 1). The mineralized area occurs within a
broad deformation zone consisting of variably sheared and altered
(silica, chlorite, hematite and epidote) mafic and felsic
metavolcanic rocks.
To view Figure 1, please click the following link:
http://www.foundationres.com/i/photos/Iris-Lake-FDN.jpg.
Drill hole IL-11-20 was collared approximately 120 metres
southwest of the high-grade hole IL-11-02 (8.39 g/t gold over 11.00
m) reported on March 22, 2011. IL-11-20 intersected 7.05 g/t gold
over 3.20 m within a 29.70 metre-wide zone averaging 1.27 g/t gold.
Drill hole IL-11-19, located about 70 metres northeast from the
hole IL-11-02 intersected 4.21 g/t gold over 1.30 m within a 7.55
metre-wide zone averaging 1.15 g/t gold. Drill hole IL-11-17,
located approximately 105 m northeast from hole IL-11-19 along the
same mineralization trend, intersected, albeit discontinuously,
anomalous to strongly anomalous gold values over a 47.00 metre-wide
core length. The two best mineralized intercepts within this zone
include a 4.74 g/t gold over 1.15 m within a 8.60 metre-wide zone
averaging 1.09 g/t gold and a 0.45 g/t gold averaging over 10.00
metre core length.
Drill holes IL-11-10 and 12, which define the northeastern part
of the 630 metre long mineralized Iris Lake Zone, intersected 5.55
g/t and 254.00 g/t gold over 1.15 and 0.50 m, respectively. Holes
IL-11-13 to 16, and 18 returned weakly anomalous gold values within
this newly defined Iris Lake Zone. The bonanza gold grade (254.00
g/t Au) in hole IL-11-12 is attributed to the presence of visible
gold observed in the core at the time of sampling. The visible gold
sample was subjected to pulp metallic screening procedures by the
ALS Chemex Lab to ensure that the value is an accurate
representation of gold content in the core sample.
"Management of the both Foundation and Alto are extremely
pleased with very positive drill results from the 2011 drilling
program at the Iris Lake which successfully delineated additional
new potentially economic mineralized zones located 1.5 km north of
the East Coldstream Deposit," states Ike Osmani, President and
Director of Foundation. He adds, "The persistent and widespread
distribution of anomalous to high-grade gold mineralization
occurring along the northern margin of the Iris Lake Deformation
Zone has carved out a 25 to 70metre by 630metre mineralized horizon
open in all directions for further exploration and
development."
The Iris Lake Area
The Iris Lake Zone is located 1.5 km north of the East
Coldstream Deposit (763,276 ounces gold Inferred and 96,400 ounces
gold Indicated) in the northeastern part of the Coldstream
property. The Iris Lake area is underlain primarily by mafic and
felsic metavolcanic rocks. Numerous dikes and sills of
quartz-feldspar and feldspar porphyries have been emplaced within
this mafic-felsic volcanic rock package. All these rock types have
been variably altered (silica, hematite, chlorite, epidote),
mineralized (pyrite and chalcopyrite) and deformed by up to 500 m
wide and 2,100 m long Iris Lake Deformation Zone (ILDZ). The ILDZ
is a northeast-striking structure with alteration similar to the
North Coldstream Shear Zone (NCSZ) structure hosting the East
Coldstream Deposit located 1.5 km south of the Iris Lake area.
Quality Assurance/Quality Control (QA/QC)
Foundation has implemented a quality control (QA/QC) program
which includes the use of commercially produced standards and
blanks. Samples of split NQ core are transported by Company
personnel to the sample preparation lab of ALS Chemex Laboratory in
Thunder Bay where they were crushed and a 1000-gram pulp was
prepared. The pulp was then shipped to ALS Chemex Laboratory in
North Vancouver, B.C. for analyses. The gold assaying method uses a
standard Fire Assay with ICP-AES technique on a 30-gram pulp
material taken from a 1000g split from the submitted sample. One
core sample with visible gold was analyzed using pulp metallic
screening procedures to ensure that the value is an accurate
representation of gold content in the sample. For more details of
QA/QC procedures, please refer to Foundations July 21, 2010 news
release.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the
Qualified Person for the Coldstream Project supervises the drill
program and has reviewed and approved the technical content of this
news release.
About the Coldstream Property
The 6,234-hectare Coldstream Property is located along the Trans
Canada Highway 115 km west of the City of Thunder Bay, Ontario. The
area is road accessible and has excellent infrastructure with a
major power line and CN rail line passing just north of the
property. Skilled labour is readily available locally.
For more details regarding the Coldstream Property, please visit
our website at www.foundationres.com.
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on
exploration and development of gold and base metal properties in
Canada and Mexico. Its flagship Coldstream gold project in the
Shebandowan greenstone belt and Mitchell base metal property in the
Birch-Uchi greenstone belt east of Red Lake occur within the
Western Superior geological province of the Canadian Shield, noted
for hosting prolific gold and base metal deposits in Ontario,
Canada. The San Rafael gold-silver property is located
approximately 150 km northwest of Durango in the Durango State,
Mexico.
On behalf of the board,
Ike Osmani, M.Sc., P.Geo., President & Director
News release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. Forward-looking statements are
based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in the Company's business, including
risks inherent in resource exploration and development. As a
result, actual results may vary materially from those described in
the forward-looking statements.
CUSIP: #350476107
ISIN: CA3504761071
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: Foundation Resources Inc. Paul Chung, MBA CEO &
Director 604-681-0405 604-687-4670 (FAX)info@foundationres.com
Foundation Resources Inc. Ike Osmani, M. Sc,. P. Geo. President
& Director 604-681-0405 604-687-4670
(FAX)info@foundationres.comwww.foundationres.com
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