- 215 g/t (6.27 opt) gold over 0.2
m (0.7 ft) in hole N07U072
- 29 g/t (0.85 opt) gold over 1.0 m
(3.3 ft) in hole N07U072
- 65 g/t (1.9 opt) gold over 0.5 m
(1.6 ft) in hole N07U076
- Results pending for 9 additional
underground holes and 7 additional surface holes
- Geological re-assessment work
complete for 2007 and 2008 drill holes
- 2010 surface drill program of up
to 28,000 metres has commenced
- Resource update Fall 2010
August 19, 2010. Vancouver, Canada
- Fire River Gold Corp. (TSX-V: FAU; OTCQX: FVGCF; FSE: FWR) ("FAU" or
the "Company") continues to announce high grade assay results from its
Nixon Fork Gold Mine in Alaska. The Company has received assay results
and completed careful review of holes 70 through 76 completed in 2007
(N07U070 to N07U076). New significant intercepts include N07U076
returning grades of 65 g/t (1.9 opt) gold over 0.5 m (1.6 ft), N07U072
returning grades of 215 g/t (6.27 opt) gold over 0.2 m (0.7 ft) and 29
g/t (0.85 opt) over 1.0 m (3.3 ft) as part of the ongoing geological
re-evaluation program for the Nixon Fork Gold Mine in Alaska. A complete
list of significant intercepts is provided in Table 1 for these seven
drill holes; it includes results of previously reported drill holes.
Table 1:
Results from holes N07U070 to N07U076
During 2007 and 2008, the previous operator completed 9400 metres from
mostly underground drill stations in 110 holes. The results for these
holes were not reported by that operator and have never been included in
a resource assessment of the mine. The geologic evaluation
(re-logging) of the 9400 metres is complete.
Relogging and sampling of the 2007 and
2008 drill core has been completed. Geologic work is now focusing on
selected zones from the pre-2007 core library, particularly in areas of
favourable targets and mineralization. Work has also begin on a new
resource estimate scheduled for completion by Fall of 2010.
Other near term tasks that have begun are underground mapping and
sampling with particular emphasis on fault and fracture zones. As
previously announced on
July 27th, 2010, a diamond drill program of up to 28,000 metres has
commenced at its Nixon Fork Gold Mine. Drilling is commencing on surface
targets, particularly lateral or down plunge extensions of known
mineralized zones which have the potential to provide additional
resources to the mill. These types of targets include the Whalen, North
Star, Mystery, Southern Cross, and J5A.
Following the Company's surface program, underground drilling will begin
within the Crystal decline. The drill program is designed to expand
resources, particularly in the area of the 3300 zone, as well as test
three to four prospective zones.
Table 2. A
comparison of the Original 2007 assays with the check assays from 2010
(field duplicates).
The Nixon Fork Gold Mine produced
significant bi-product copper and silver. Until the closure of the mine
in 2007, reported copper production was 1.27 million lbs and silver
production was 19,566 ounces from 106,137 tonnes mined. Historic
recovered grades are about 0.6% for copper and 0.18 opt for silver.
The project is being managed by Richard Goodwin, P.Eng, VP Mining for
Fire River Gold and is the Qualified Person for this news release.
About Fire River Gold Corp.
Fire River Gold Corp. is a near term production company with an
experienced technical team focused on bringing its flagship project, the
Nixon Fork Gold Mine, back into production within the next 12 months.
The Nixon Fork
Gold Mine is a fully permitted and bonded mine with past production
values averaging 1.4 opt (42 gpt). Facilities at the Nixon Fork Gold
Mine include a 200 tpd flotation plant with a gravity gold separation
circuit and a sulphide flotation circuit. In 2008, a CIL gold leaching
circuit was purchased and approximately 60% installed. The mine also
includes a fleet of mining vehicles, a self-contained power plant,
maintenance facilities, drilling equipment, an 85 person camp, office
facilities and a 1.5 km long landing strip.
In July 2010 FAU announced a diamond drill program of up to 28,000
metres initially focusing on surface targets, particularly of known
mineralized zones which have the potential to provide additional
resources to the mill. The underground drill program is designed to
expand resources, particularly in the area of the 3300 zone, as well as
test three to four prospective zones. Nixon Fork is located within
Alaska's Tintina Gold Belt, which hosts numerous world class deposits.
Fire River Gold Corp is a member of the
International Metals
Group.
On behalf of the Board of Directors, I look forward to keeping you
updated with our corporate developments.
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"Harry Barr"
Harry Barr
President and C.E.O.
Certain information regarding the Company including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities laws and necessarily involve risks
associated with mining exploration and development, volatility of prices,
currency fluctuations, imprecision of resource estimates, environmental and
permitting risks, access to labour and services, competition from other
companies and ability to access sufficient capital. As a consequence, actual
results may differ materially from those anticipated in the forward-looking
statements. A feasibility study has not been completed and there is no certainty
the disclosed targets will be reached nor that the proposed operations will be
economically viable. Neither 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. We seek
safe harbour.
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