Foundation Resources Inc. (TSX VENTURE: FDN) ("Foundation") and
Alto Ventures Ltd. (TSX VENTURE: ATV) ("Alto") are pleased to
announce the receipt of a draft of an NI43-101 Technical Report (
the "Report") including a Mineral Resource Estimate for the East
Coldstream Gold Deposit ("Deposit") located on the Coldstream
Property (the "Property) in Northwestern Ontario. There are
currently four other significant gold targets (e.g., Iris Lake,
Goldie Zone, Burchell West and Span Lake) on the Property which are
not part of the current resource estimates. The Report was prepared
by Wardrop, a Tetra Tech Company (Wardrop) and incorporates over
26,000 m of drilling that was completed on the deposit. Foundation
is the operator of this project and owns 60% interest in the
Property. Alto owns the remaining 40%.
Indicated and Inferred resources have been determined for the
East Coldstream Deposit (see Table 1). At a cut-off grade of 0.4
g/t gold and using the Inverse Distance Squared (ID2) estimation
method, the two parallel gold horizons contain an Indicated
Resource of about 3.5 million tonnes with an average grade of 0.85
g/t gold. In addition, the Inferred Resource totals approximately
30.5 million tonnes with an average grade of 0.78 g/t gold. Table 1
provides a summary of the Resource Estimate at the 0.4 g/t cut-off.
The Deposit estimated to contain 763,276 ounces of gold in inferred
category and 96,400 ounces of gold in indicated category.
Table 1. East Coldstream Deposit Resource Estimation Summary at 0.4 g/t
gold cut-off (using ID2 method)
--------------------------------------------------------------------
Class Horizon Tonnes Above Average Au Ounces
Cut-off Grade Grade
(g/t)
--------------------------------------------------------------------
Inferred EC-1 20,732,000 0.77 515,454
--------------------------------------------------------------------
EC-2 9,801,000 0.79 247,822
--------------------------------------------------------------------
Total 30,533,000 0.78 763,276
--------------------------------------------------------------------
--------------------------------------------------------------------
Indicated EC-1 1,371,900 0.89 39,376
--------------------------------------------------------------------
EC-2 2,144,800 0.83 57,024
--------------------------------------------------------------------
Total 3,516,700 0.85 96,400
--------------------------------------------------------------------
The Deposit is made up of two parallel horizons of strong
alteration and deformation, the EC-1 and EC-2. These horizons
contain "shoots" of significant gold mineralization. The EC-1 in
this Report is the southern horizon and includes the previously
known Main and Sanders zones which are on strike with each other
and are connected by areas of low gold mineralization (see Figure
1). The EC-2 in this Report lies north of EC-1 and includes the
previously referred North and East zones. These zones are also on
strike with each other and are also connected by areas of lower
grade gold mineralization. The EC-1 and EC-2 horizons appear to
converge at depth into one wide zone of mineralization.
Table 2. Cut-off Sensitivities for the East Coldstream Deposit Resource
Estimate
--------------------------------------------------------------------------
Class ID2 Cut-off Tonnes Average Grade Contained Ounces
(Au g/t) (Au g/t) Au
--------------------------------------------------------------------------
Inferred 0.2 55,563,000 0.56 994,157
--------------------------------------------------------------------------
0.3 40,768,000 0.67 876,682
--------------------------------------------------------------------------
0.4 30,533,000 0.78 763,276
--------------------------------------------------------------------------
0.5 23,001,000 0.89 655,104
--------------------------------------------------------------------------
0.6 16,976,000 1.01 549,109
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Indicated 0.2 5,814,100 0.63 117,672
--------------------------------------------------------------------------
0.3 4,514,500 0.74 107,522
--------------------------------------------------------------------------
0.4 3,516,700 0.85 96,400
--------------------------------------------------------------------------
0.5 2,807,200 0.96 86,194
--------------------------------------------------------------------------
0.6 2,251,400 1.06 76,383
--------------------------------------------------------------------------
A cut-off grade of 0.4 g/t gold was selected to tabulate the
total resources based on the results of similar gold projects
located in Ontario and Quebec. In addition, the following
parameters were considered; 4:1 stripping ratio, operating costs of
$14.30/tonne at 10,000 tonnes per day, long term gold price of
$US1,139/troy ounce, $US to $Cdn conversion of 1.00, and gold
recovery of 95%. The resources block considers the mineralization
to start at surface down to a depth of 400 m vertical for the
deepest zone.
Mineral Resources are not Mineral Reserves and by definition do
not demonstrate economic viability.
Resource Classification and Description of Block Model
Several factors were considered in the definition of a resource
classification including: National Instrument 43-101 requirements,
Canadian Institute of Mining, Metallurgy and Petroleum guidelines,
the report author's experience with Archean and Proterozoic gold
deposits, and spatial continuity based on variography of the assays
within the drill holes.
Individual block models were established in Datamine for the
zones using one parent model as the origin. Drill hole spacing
varies from 25 m to 50 m. A block size of 10 x 10 x 10 m was
selected in order to accommodate the drilling spacing and the
nature of the mineralization. Sub-celling of the block model was
used to allow the parent block to be split once in each direction
to more accurately fill the volume of the wireframes, thus more
accurately estimate the tonnes in the resource.
The interpolations of the two zones were completed using the
Inverse Distance Squared (ID2) estimation method. The global block
model statistics for the ID2 model were compared to the Nearest
Neighbour (NM) model and the Ordinary Kriging (OK) model. In
general there is agreement between the three models and larger
discrepancies were reflected as a result of lower drill density in
some portions of the model.
A copy of the final Report will be filed on SEDAR within 45 days
of the date of this news release.
To view Figure 1, visit the following link:
http://media3.marketwire.com/docs/FDNfigure1.pdf
Qualified Person
Todd McCracken, P.Geo, is a Qualified Person ("QP") for purposes
of NI 43-101. He is responsible for preparing the Report and the
Resource Estimate disclosed in the Report. Mr McCracken is an
employee of Wardrop, and independent from the Companies as
described in section 1.5 of NI 43-101. He has read and approved the
technical disclosure in this press release.
About the East Coldstream Gold Deposit
The East Coldstream Gold Deposit is only one of several areas of
significant gold mineralization on the Coldstream Property. Other
areas include Iris Lake, Span Lake, Goldie Zone and Burchell West.
The Iris Lake area is located 1.5 north of the Deposit and drilling
during the 2011 winter program intersected 8.39 g/t gold over 11 m
(see news release dated March 22, 2011). Further drilling was
carried out at Iris Lake as part of the recently complete 6,000 m
summer program on the Coldstream Property. Results for the holes
drilled in the Iris Lake area are pending.
The East Coldstream Deposit is hosted within mafic to
intermediate metavolcanic rocks which have been intruded by
dike/sill-like bodies of quartz-feldspar porphyries and gabbros.
All these rock types have been variably altered (silica, hematite,
carbonate, chlorite) and deformed by east- to east-northeast
striking North Coldstream Shear/Deformation Zone. Gold is
associated with 1 to 5 percent, fine-grained pyrite.
About the Coldstream Property
The 6,250 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, 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.com
www.foundationres.com Rain Communications Nelson Da Silva
604-648-0523 (direct) Rain Communications Ralph Biggar 604-306-2525
(direct)
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