Forest Gate To Drill For More Iron-Gold at Pershing
13 September 2011 - 4:52PM
PR Newswire (Canada)
CALGARY, Sept. 13, 2011 /CNW/ -- SYMBOL & EXCHANGE: FGE-V
CALGARY, Sept. 13, 2011 /CNW Telbec/ - Forest Gate Energy Inc.
(TSXV: FGE) reports that its mineral exploration group is in the
midst of planning its fall exploration program at its 100
percent-owned Pershing iron and gold property located near Val
d'Or, Quebec. The company says that it is planning to drill between
20 and 25 diamond drill holes this fall to evaluate the quality of
a known iron occurrence and to extend the gold mineralization
recently intersected at its Pershing property. The drilling will be
preceded by a heliborne magnetic and electromagnetic TDEM survey
that will be flown over the total aerial extent of the property.
"The drilling will have two phases: the first five drill holes will
target the re-folded anticlinal noses of the iron formation," said
Michael Judson, president of Forest Gate. "This will give us a
better idea of what widths and extended depths the iron rich may
have in the folded nose portion of the iron formation. It is from
these axial regions that greatest tonnages should ultimately come."
"We are also drilling five holes to extend the spatial extent of
the gold veins intersected during the spring drill campaign at the
northern portion of the Pershing property," continued Judson.
"The remaining holes will be drilled in a follow-up phase to infill
and detail the extent and quality of mineralization both at the
Marquis, the F and the Simon blocks." Forest Gate reported on
August 11, 2011 that it had intersected high-grade iron in the
banded iron formation mineralization at its Pershing property.
Drill hole FG11-03 contained magnetite intervals grading 29.3%
iron. As previously reported, the banded iron formation unit
containing the iron rich bands had a core interval of approximately
100 metres. It is estimated that the magnetite (iron) rich bands
form approximately 40 % of these banded iron formation 100-metre
units. The magnetite rich intervals contain up to 85% magnetite
content and occur as bands ranging from 0.3 metres to 15 metres.
Magnetic geophysical data indicate that the banded iron formation
unit found in drill hole FG11-03 is the same unit that was also
intersected in drill holes FG11-01 and FG11-02. A banded iron
formation unit containing magnetite rich bands was also intersected
by holes FG11-04 and FG11-05 located on the northern part of the
known as the Marquis block (zone). Further retrospective analysis
reveals that at least a dozen holes drilled by a private company in
the early 2000s on the southern portion of the property all
intersected magnetite-bearing units of the same banded iron
formation sampled in hole FG11-03. The banded iron formation unit
at Pershing is known to occur over surface outcrop length in excess
of 15 kilometres. The banded iron formation unit is complexly
folded and refolded. These complex structural patterns are
consistent with other iron deposits being mined around the world.
"This iron ore exploration program is at an early stage but if the
tonnage and grades prove up, this iron showing has several
attributes working in its favour. The iron mineralization is
partially exposed at surface and the rest of it occurs close to
surface, which makes it potentially amenable to open pit mining.
This iron occurrence is also close to a rail-line, electricity,
natural gas pipe line and roads. This will significantly affect
capital costs in developing the property," said Judson. Technical
information in this news release was prepared in accordance with
Canadian regulatory requirements as set out in National Instrument
43-101 and has been reviewed by Edward Procyshyn, Geo, who is the
qualified person as defined by NI 43-101. About Forest Gate Forest
Gate Energy Inc. is a publicly listed oil and gas exploration and
production, and non-energy resource company trading on the TSX
Venture Exchange under the symbol FGE. The Company is seeking to
increase shareholder value through participation and development of
energy and other resources in Canada and internationally.
FORWARD-LOOKING STATEMENTS Certain statements regarding Forest
Gate, including management's assessments of future plans and
operations and Forest Gate's anticipated financial performance, may
constitute forward-looking statements under applicable securities
laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Forest Gate's control.
These risks may cause actual financial and operating results,
performance, levels of activity and achievements to differ
materially from those expressed in, or implied by, such
forward-looking statements. Such factors include, but are not
limited to: the impact of general economic conditions in Canada and
the United States; industry conditions including changes in laws
and regulations including adoption of new environmental laws and
regulations, and changes in how they are interpreted and enforced;
competition; the lack of availability of qualified personnel;
fluctuations in commodity prices; the results of exploration and
development drilling and related activities; imprecision in reserve
estimates; the production and growth potential of Forest Gate's
various assets; fluctuations in foreign exchange or interest rates;
the ability to access sufficient capital from internal and external
sources; and obtaining required approvals of regulatory
authorities. Neither TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
the accuracy of this release. To view this news release in HTML
formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/September2011/13/c2820.html p
Robert Kramberger, V-P, Investor Relationsbr/ 1-866-666-3040br/ a
href="mailto:rkramberger@forestgate.ca"rkramberger@forestgate.ca/abr/
a href="http://www.forestgate.ca"www.forestgate.ca/a /p
Copyright
Forest Gate Energy Inc. (TSXV:FGE)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Forest Gate Energy Inc. (TSXV:FGE)
Historical Stock Chart
Von Sep 2023 bis Sep 2024
Echtzeit-Nachrichten über Forest Gate Energy Inc. (TSX Venture Börse): 0 Nachrichtenartikel
Weitere Forest Gate Energy Inc. News-Artikel