Foundation Drills New Gold Mineralization 1.0 Kilometre South of the Osmani Gold Deposit on the Coldstream Property
02 März 2012 - 8:00PM
Marketwired Canada
Foundation Resources Inc. (TSX VENTURE:FDN)(FRANKFURT:52F) ("Foundation" or "the
Company") is pleased to announce it has successfully intersected new gold
mineralization at Goldie Lake, located approximately 1.0 kilometre south of the
Osmani Gold Deposit which hosts a NI 43-101 resource estimate of 763,276 ounces
gold (30.5 million tonnes at 0.78 g/t gold) in the Inferred and 96,400 ounces
gold (3.5 million tonnes at 0.85 g/t gold) in the Indicated categories. Goldie
Lake is one of five areas of interest for the Company with the blue sky
potential of hosting significant gold mineralization.
The main objective of the current drilling program was to follow up on
Foundation's 2009 surface gold discovery to assess the lateral continuity and
potential widening of the mineralized surface structure to shallower depths.
"We are very encouraged with the results of the current exploratory drilling in
the Goldie Lake area which was designed to follow up on the surface gold
discovery by Foundation in 2009. This initial follow up drilling has proven
successful by intersecting several near-surface anomalous gold intercepts within
the target area," commented Ike Osmani, President and Director of Foundation.
Drilling at the Goldie Lake is part of a 4,000-metre winter exploratory program
designed to evaluate gold potential in other areas of the Property, such as
Goldie and Span lakes targets located, respectively, 1.0 kilometre south and 8.0
kilometres southwest of the Osmani Gold Deposit. Of the 4,000 metre program,
approximately 3,000 metres are allocated on the Span Lake target where drilling
is currently in progress. The results of this drilling will be reported as soon
they become available.
Table 1: Significant Gold Assays
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Drill Mineralized From To Width(ii) Gold(ii)
Hole Area (metres) (metres) (metres) (grams/tonne)
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GL-11-01 Goldie South 21.00 22.70 1.70 1.25
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GL-11-03 Goldie South 25.90 28.00 2.10 1.24
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GL-11-04 Goldie South 38.15 38.65 0.50 0.56
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GL-11-06 Goldie North 80.85 86.85 6.00 0.98
(New Mineralization)
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Including 83.80 86.85 3.05 1.56
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GL-11-09 Goldie North 53.80 57.55 3.75 0.56
(New Mineralization)
-------------------------------------------------------------------------
And 95.35 95.85 0.50 1.08
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(ii) 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. Drill holesGL-11-02, 05, 07, 08 and 10 have yielded weakly anomalous
gold.
Of the ten holes, totaling 1,024 metres, drilled at the Goldie Lake, seven holes
tested the Goldie South zone which is expressed by an approximately 510 metre
long historical IP anomaly running sub parallel to gold-bearing structure
exposed in the trenches located 100 metres north of the lake. Three holes tested
the smaller (240 m long) IP anomaly located approximately 60 metres north of the
Goldie South trenches and corresponding IP anomaly. The northern IP anomaly has
no known corresponding surface mineralization. However, the current drilling has
identified new anomalous gold mineralization in this anomaly area.
All drill holes intersected multiple but narrow intercepts of sulphide
mineralization (1-10% pyrite) returning weakly anomalous to anomalous gold
values. The results from the best five holes are shown in Table 1. Drill holes
GL-11-06 and GL-11-09 which tested the northern IP anomaly, intersected,
respectively, 0.98 g/t gold over 6.0 metres, including 1.56 g/t gold over 3.05
metres, and 0.56 g/t gold over 3.75 metres and 1.08 g/t gold over 0.50 metre.
Similar anomalous results are also returned by holes GL-11-01 (1.25 g/t gold
over 1.70 m), GL-11-03 (1.24 g/t gold over 2.10 m) and GL-11-04 (0.56 g/t gold
over 0.50 m) all tested the mineralized structure at Goldie South zone.
The Goldie Lake Zone
Gold was discovered by Foundation in 2009 within an east-west-trending, narrow
(less than 1 to 3 metre-wide) structure exposed by a series of nine exploration
trenches. These trenches are located approximately 1.0 km south of the Osmani
Gold Deposit (Figure 1: http://media3.marketwire.com/docs/FDN0302.pdf). The
Goldie Lake area is underlain by mafic metavolcanic rocks which have been
intruded by sub-concordant to concordant sills and dikes of gabbro, diorite and
quartz-feldspar porphyries. Detailed geological mapping and channel sampling of
the nine trenches delineated over 300 metre-long gold-bearing structure. Some of
the most significant gold assays obtained from 2009 channel sampling along this
structure include: 30.7 g/t gold over 1.15m, 1.21 g/t gold over 3.49m, 1.95 g/t
gold over 1.30m, and 2.57 g/t gold over 3.49m. Gold is mainly associated with 1
to 5% pyrite, locally up to 30%.
About the Coldstream Gold Project
There are currently five (5) known significant gold mineralization areas
occurring within the claim boundaries of the Coldstream Property that are
currently subject to aggressive exploration and development campaigns by the
Company (Figure 1: http://media3.marketwire.com/docs/FDN0302.pdf). The
exploration targets include: Osmani Gold Deposit, Iris Zone, Goldie Zone, Span
Lake deposit and the Burchell West prospect. Of these, the Osmani Gold Deposit
is the most advanced of all other targets for which a NI 43-101 resource
estimate of 763,276 ounces gold in the Inferred and 96,400 ounces gold in the
Indicated categories has been calculated and reported on September 20, 2011. The
6,410-hectare Property, located along the Trans-Canada Highway 115 km west of
Thunder Bay in northwestern Ontario, occurs within the western Shebandowan
Greenstone Belt of the Wawa Sub-province which is host to some of the richest
gold mines in Canada (e.g., Hemlo gold camp).
Gold on the Coldstream Property occurs along 16 kilometres of the 25 kilometre
long, northeast-southwest trending North Coldstream-Moss Lake deformation zone
which hosts and defines the Coldstream Gold Trend.
About Foundation Resources Inc.
Foundation Resources is a mineral exploration company focused on the exploration
and development of its flagship Coldstream Gold Project located in the
Shebandowan Greenstone Belt, 115 Km North West of Thunder Bay, Ontario and the
Mitchell base metal property located within the Red Lake Mining District in
Ontario. The Company's recently announced resource estimate of 863,000 ounces of
gold (763,276 ounces gold inferred and 96,400 ounces gold indicated) on the
Osmani deposit is one of five highly prospective gold targets that Foundation
has within this 16 km long Coldstream Gold Trend. In addition to its Canadian
projects, the Company is also exploring the San Rafael gold-silver property in
Mexico which is located approximately 150 km northwest of Durango.
Ike Osmani, M.Sc., P.Geo. the President of Foundation and the Qualified Person
for the Coldstream Project and has reviewed and approved the technical content
of this news release.
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
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