Foundation Resources Inc.: Drilling Intersects 5.18 g/t Gold at the East Coldstream Deposit, Ontario
14 Junho 2011 - 8:30AM
Marketwired
Key Point Summary:
-- 27.75 metre-wide zone averaging 0.75 g/t gold including 2.58 g/t gold
over 3.30 metres: Hole C-11-56
-- 12.10 metre-wide zone averaging 1.20 g/t gold including 3.45 g/t gold
over 3.00 metres: Hole C-11-59
-- 9.25 metre-wide zone averaging 1.78 g/t gold including 5.18 g/t gold
over 1.80 metres: Hole C-11-63
Foundation Resources Inc. (TSX VENTURE: FDN)(FRANKFURT: 52F)
("Foundation") and Alto Ventures Ltd. (TSX VENTURE: ATV) ("Alto")
or together "the Companies" are pleased to announce the results of
last four holes from the Sanders and East zones of the East
Coldstream Deposit ("Deposit") and twelve exploration holes from
other areas of the Coldstream Property ("Property"), northwestern
Ontario. The Deposit is currently subject to a NI 43-101 compliant
resource calculation by Wardrop, a Tetra Tech Company (News Release
dated March 01, 2011). Foundation is the operator of this program
and owns a 60% interest in the Property. Alto owns the remaining
40%.
Table 1: Significant Gold Assays - East Coldstream Deposit
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From To Gold(ii) Width(ii)
Drill Hole Zone (metres) (metres) (grams/tonne) (metres)
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C-11-56 Sanders 145.25 173.00 0.75 27.75
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Including 145.25 149.50 1.93 4.25
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Including 165.70 169.00 2.58 3.30
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C-11-57 Sanders 7.60 10.00 1.82 2.40
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150.00 160.50 0.22 10.50
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C-11-59 Sanders 81.80 93.90 1.20 12.10
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Including 81.80 84.80 3.45 3.00
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C-11-63 Sanders 21.00 52.00 0.39 31.00
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East 208.00 217.25 1.78 9.25
----------------------------------------------------------------------------
Including 213.80 215.60 5.18 1.80
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(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.
All intervals are represented as down-hole core lengths with
true widths estimated at 70 to 75 percent.
Of the four holes drilled at the Deposit, three (C-11-56, 57 and
59) were drilled into the Sanders Zone, whereas drill hole C-11-63
was deliberately drilled from the Sanders into the East Zone. Drill
hole C-11-56 targeted the mineralization approximately 50 metres
down plunge from drill hole C-10-39, confirming the depth of gold
mineralization to over 100 metres of vertical depth. Drill holes
C-11-57, 59 and 63 tested the western edge of the Sanders Zone at
respective vertical depths of 130, 80, and 50 metres. All four
holes intersected gold mineralization of variable lengths and
grades as shown above in Table 1. Drill hole C-11-56 intersected
the widest mineralization intercept of the four holes. It
intersected a 27.75-metre wide mineralized zone averaging 0.75 g/t
gold, including 1.93 g/t and 2.58 g/t gold over 4.25 m and 3.30 m,
respectively.
Results of Exploration Holes
Of the 6,040 metres of drilling completed during the 2011 winter
program, 15 holes totaling approximately 2,970 metres were drilled
to test targets other than the East Coldstream Deposit. This
drilling successfully discovered new high grade gold mineralization
in the Iris Lake area, including 8.39 g/t gold over 11.0 m (see
News Release dated March 22, 2011). The Iris Lake discovery is a
new gold zone located approximately 1500 metres to the north of the
Deposit and will be the focus of future drilling.
Exploration drilling to the south and southeast of the Deposit
has also produced several significant gold targets for follow-up
exploration. Results from the remaining exploration holes from the
Iris Lake and other areas are listed below in Table 2.
Table 2: Significant Gold Assays - Exploration Holes
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Exploration From To Gold Width
Drill Hole Area/target (metres) (metres) (grams/ton) (metres)
----------------------------------------------------------------------------
IL-11-08 Iris Lake 48.60 52.00 0.52 5.20
----------------------------------------------------------------------------
C-11-50 South/Southeast 130.85 133.00 1.26 2.15
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C-11-51 South/Southeast 137.66 143.00 0.19 5.34
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C-11-52 South/Southeast 270.00 281.15 0.31 11.15
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(i)Holes IL-11-04, 05, 06, 07 and 09 are from the Iris Lake area and C-11-
53, 54 and 55 are from the south and south-east of the Deposit which have
yielded no significant gold values.
Quality Assurance/Quality Control (QA/QC)
Foundation has implemented a quality control (QA/QC) program
which includes the use of commercially produced standards and
blanks. Samples of split NQ core are transported by Company
personnel to the sample preparation lab of ALS Chemex Laboratory in
Thunder Bay where they were crushed and a 1000-gram pulp was
prepared. The pulp was then shipped to ALS Chemex Laboratory in
North Vancouver, B.C. for analyses. The gold assaying method uses a
standard Fire Assay with ICP-AES technique on a 30-gram pulp
material taken from a 1000g split from the submitted sample. For
more details of QA/QC procedures, please refer to Foundation's July
21, 2010 news release.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the
Qualified Person for the Coldstream Project who supervised the
drill program, has reviewed and approved the technical content of
this news release.
About the East Coldstream Deposit
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 6,234-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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