Foundation Resources Commences 4,000 Metre Drill Program on the Coldstream Gold Property in Northwestern Ontario
23 Noviembre 2011 - 8:53AM
Marketwired
Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation") is
pleased to announce the commencement of a 4,000 metre diamond
drilling program on its flagship Coldstream Gold Property ("the
Property") in northwestern Ontario. The three primary objectives of
this drill program are:
(1) Test the Goldie Zone at depth where exploration trenching
and channel sampling in 2009 completed by Foundation returned
highly anomalous gold values (e.g., 30.7 g/t gold over 1.15 m; 2.57
g/t gold over 3.49 m) in 9 trenches covering over 300 metres of
strike length. This new gold zone is located approximately 1.0 km
south of the East Coldstream Deposit (763,276 ounces gold Inferred
and 96,400 ounces gold Indicated) (Figure 1).
(2) Test the geophysical induced Polarization (IP) targets
delineated during the 2011 summer exploration program in the
southern-half of the Span Lake claims of the Property (news release
August 16, 2011). Three areas (IP-1, IP-2 and IP-3) of strongest
chargeable bedrock responses coincident with strong to moderate
resistive anomalies were defined by the IP survey. Within these
areas, thirteen (13) high to medium priority drill targets will be
drilledin the current program.
(3) Test the possible extension of the Moss Lake Gold Deposit
(1.1 million ounces gold 'Indicated' and 520,000 ounces gold
'Inferred')(i) onto the southern-most claims of Span Lake. The
southern-most claims are host to two geophysical IP targets, the
IP-1 and IP-2. Historical drilling by Inco Ltd. (now "Vale") in the
1980s, partially covering these IP targets, returned anomalous gold
values (e.g., 1.04 g/t gold over 7.45 m and 1.5 g/t gold over 3.5
m) suggesting a potential extension of the Moss Lake Gold Deposit
(QES and Main Zones) onto the Property.
(i) A Qualified Person (QP), as defined in NI43-101, has not
done sufficient work to classify this historical estimate as
current mineral resources. Foundation is not treating the
historical estimate as current mineral resources, as defined in
NI43-101, and thus the historical estimate should not be relied
upon.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the
Qualified Person for the Coldstream Project, has reviewed and
approved the technical content of this news release.
The Span Lake Claims
The Span Lake area consists of 27 claims (442 ha) representing
the southern-most part of the 6,410 hectare Coldstream Property
(Figure 1). The regionally extensive belt of intermediate and
felsic metavolcanic rocks that hosts a number of gold occurrences
and the Moss Lake Gold Deposit underlies the Span Lake claims. Gold
on the Span Lake claims is mainly associated with pyrite and occurs
within sheared/fractured and altered intermediate to felsic
metavolcanic rocks, diorite, quartz-feldspar and feldspar porphyry
intrusions. Typical alteration mineral assemblage, depending on the
host rock composition, consists of silica, albite, sericite,
hematite and biotite or k-feldspar as potassic minerals.
To view Figure 1 please visit the following link:
http://www.foundationres.com/i/maps/FDN-Coldstream-Gold-Trend.jpg
The Goldie Zone
The Goldie Zone, located 1.0 km south of the East Coldstream
Deposit (Figure 1), is underlain by mafic metavolcanic rocks which
have been intruded by subconcordant to concordant sills and dikes
of gabbro, diorite and quartz-feldspar porphyries. Gold occurs with
pyrite within the east-northeast striking shear zone, a
litho-tectonic setting very similar to the East Coldstream Deposit
located 1.0 km north of the Goldie Zone. Detailed geological
mapping and channel sampling of nine trenches by Foundation has
delineated at least 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.
The Coldstream Property
The 6,410-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.
About Foundation Resources Inc.
Foundation Resources is a mineral exploration company focused on
the exploration and development of its 100% owned Coldstream Gold
Project located in the Shebandowan Greenstone Belt, 115 Km North
West of Thunder Bay, Ontario. The Company's recently announced
resource estimate of 860,000 ounces of gold on the East Coldstream
deposit is one of 5 highly prospective gold targets that Foundation
has within this 16 km 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.
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
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. Ike Osmani, M.Sc., P.Geo.
President & Director (604) 681 0405 or Toll Free: 800 667 4470
(604) 687 0470 (FAX)info@foundationres.comwww.foundationres.com
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