Vancouver, British Columbia, August 22, 2013:
Foundation Resources Inc ("Foundation") (TSX-V: FDN)
is pleased to release unreported historical data
resulting from a recently completed compilation program completed
by Coast Mountain Geological Ltd covering the Burchell West block
on the Coldstream Gold Property located in the Shebandowan
Greenstone Belt, 115km Northwest of Thunder Bay,
Ontario.
Compilation Highlights
-17.85 g/T Au rock
sample along 600 M of N-S trend (Thunder Anomaly)
-0.5 metres of 9.6 g/T Au, 192.2 g/T Ag and 7.266%Cu
(Goldfields Gold
Showing)
-0.5 metres of 4.26
g/T Au, 128.8 g/T Ag and 3.821%Cu (Goldfields Gold Showing)
The results of the recently
completed compilation program identified four priority target areas
based on the presence of (i) favorable geology, alteration and
structure, (i) gold +/- silver +/- copper mineralization and (iii)
geophysical anomalies. The four priority target areas are referred
to as the Golden Bay, Sanders Gold Porphyry and Goldfields showings
as well as the Thunder Anomaly. The Golden Bay, Sanders Gold
Porphyry and the Thunder Anomaly are all associated with a 1.9km
long Induced Polarization (IP) anomaly located along the
east-northeast striking contact between mafic and felsic volcanic
stratigraphy and granite intrusives. Significant historical
exploration results have been received from both outcrop chip and
grab samples as well as historical drill hole results as summarized
below.
Barry Girling,
President of Foundation states, "The Burchell anomaly located within the
Coldstream property is largely underexplored and located within
close proximity to pre existing infrastructure and a past producing
mine. A recent compilation of historic work by Coast Mountain
Geological Ltd, has identified a number of previously over looked
targets which merit additional exploration."
Golden Bay
Showing
-Located at the
eastern end of the 1.9km IP chargeability anomaly and is associated
with an IP resistivity low flanking the edge of a 500m east-west
trending magnetic high.
-Is underlain by
strongly altered and sheared felsic volcanics and a mafic intrusive
hosting trace to 5% pyrite and <1% magnetite.
-Historical grab
samples from felsic volcanic outcrop exposures hosting narrow
east-west trending shear structures (<1m wide) returned elevated
and anomalous gold results from six grab samples varying from
1.62g/T Au to a maximum value of 9.4g/T Au. A 0.7m chip sample
returned 1.106g/T Au and 0.2% Cu.
-Three historical
diamond drill holes evaluated the northern edge of the IP
resisitivity low / magnetic high geophysical signature returning
significant results in drill hole BW-89-03 reporting 0.192g/T Au
over 94.7m core width starting at a down hole depth of
41.0m.
Sanders Gold
Porphyry Showing
-Located at the
western end of the 1.9km east-northeast trending IP chargeability
anomaly and locally associated with an IP resistivity low and a
moderate intensity magnetic high signature.
-The Sanders Gold
Porphyry showing is underlain by sheared quartz feldspar porphyry
hosting 2-5% Pyrite.
-A total of four grab
samples from an outcrop exposure returned anomalous gold values
>0.1g/T Au to a maximum value of 9.0g/T Au.
-Two historical drill
holes (BW-88-08 and BW-88-09) evaluated the northern edge of the
chargeability anomaly undercutting the Sanders Gold Porphyry
showing with best results reporting a maximum value of 0.40g/T Au
over 8.8m core width in drill hole BW-88-09 from a down hole depth
starting at 100.0m.
Goldfields
Showing
-Located 300m to the
west of the 2011 Foundation Resources geophysical grid. No recent
geophysical surveys have been completed at the Goldfields
showing.
-The Goldfields
showing has been trenched over a distance of ~100m exposing
sheared, fractured and sericite altered felsic volcanics with
narrow massive sulphide stringers and pods of pyrite, chalcopyrite
and sphallerite mineralization.
-Trench chip samples
across the massive sulphide stringers and pods in trench TR-3
returned results up to a maximum value of 9.6g/T Au, 192.2g/T Ag
and 7.26% Cu over 0.5m and 4.26g/T Au, 128.8g/T Ag and 3.82% Cu
over 0.5m.
-One drill hole
(BW-88-14) located approximately 100m to the west of the surface
trenching returned a maximum value of 1.3g/T Au over a 1.0m core
width starting from a down hole depth of 28.0m.
Thunder Anomaly
-The Thunder Anomaly
is defined by a series of anomalous rock grab samples which
collectively outline a north south trend over 600m in length. The
southern edge of the Thunder anomaly is located at the western end
of the 1.9km east-northeast trending IP Chargeability anomaly. The
northern edge of the anomaly is defined by a 200m long, east-west
trending IP chargeability anomaly and associated magnetic
responses.
-The Thunder anomaly
is underlain by sheared sericitic and silica altered mafic
volcanics.
-Prospecting, mapping
and outcrop grab samples by Foundation Resources in 2009 and 2011
outlined a 600m long north-south trend of anomalous gold results
located to the west of the Sanders Gold porphyry showing.
Approximately 51 grab samples were submitted for analysis with five
samples reporting >1.5g/T gold. The maximum value received from
the grab sample program returned 17.85g/T Au.
-To date, no drilling
has been completed at the Thunder Anomaly.
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The Burchell West area shows a
number of similarities to the OG Deposit located 6km to the east.
Gold occurrences are localized along sheared mafic to felsic
volcanics and quartz feldspar porphyries which have undergone a
combination of sericitization, silicification and iron oxide and/or
carbonate alteration. The majority of the gold occurrences have a
low sulphide content of generally <5% with pyrite being the
principal sulphide present. The orientation of the 1.9km long
Burchell West IP chargeability anomaly is similar to that of the
east-northeast oriented shear zones which host the majority of the
gold deposits in the region.
Rick Kemp, M.Sc., P.Geo. Senior
Project Geologist is the Qualified Person, and has reviewed and
approved the technical content of this news release.
About
Foundation
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. The Company's NI 43-101 resource estimate reported
December 16, 2011 by Wardrop delineated a
total inferred mineral resource of 763,276 ounces gold and an
indicated resource of 96,400 ounces gold on the OG deposit, which
is one of five highly prospective gold targets that Foundation has
within this 16 km long Coldstream Gold Trend.
On behalf of the Board of
Directors
Barry Girling
President
Foundation Resources Inc.
Additional
information is available on Foundation's
website at: fdnresources.com.
For further information, please
contact:
Fern
Turner
Foundation Resources Inc.
VP Business Development
(604) 681-0405 - ext. 122
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."
The securities offered will not be
registered under the United States Securities Act of 1933, as
amended (the "Act") and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Act.
Forward Looking
Statements: This news release includes certain statements that may
be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, including,
without limitation, statements of potential mineralization, the
estimation of mineral resources, the realization of mineral
resource estimates, interpretation of prior exploration and
potential exploration results, the timing and success of
exploration activities generally, the timing and results of future
resource estimates, permitting time lines, metal prices and
currency exchange rates, availability of capital, government
regulation of exploration operations, environmental risks,
reclamation, title, and future plans and objectives of Foundation
are forward-looking statements that involve various risks and
uncertainties. Although Foundation believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from those in forward-looking statements include
unsuccessful exploration results, changes in project parameters as
plans continue to be refined, results of future resource estimates,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
risks associated with operating in foreign jurisdictions, uninsured
risks, regulatory changes, defects in title, availability of
personnel, materials and equipment on a timely basis, accidents or
equipment breakdowns, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to
remedy same, and other exploration or other risks detailed herein
and from time to time in the filings made by the companies with
securities regulators. For more information on Foundation and the
risks and challenges of its business, investors should review their
annual filings that are available at www.sedar.com.
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