- 12 g/t (0.35 opt) gold over 15.5
m (50.8 ft) in hole N07007
- including 85 g/t (2.48 opt)
gold over 1.0 m (3.3 ft)
- Re-evaluation program now
complete
- 28,000 metre surface/underground
drill program in progress
- Resource update Fall 2010
- Whalen Zone represents NEW area
for further exploration
September 22, 2010. Vancouver, Canada.
Fire River Gold Corp. (TSX-V: FAU; OTCQX: FVGCF; FSE: FWR) ("FAU"
or the "Company") is pleased to announce high grade results at the
Whalen Zone from the recently completed re-evaluation program at the
Nixon Fork
Gold Mine Project in Alaska.
"We are excited about the Whalen
Zone as this represents a completely new area for further
exploration and potential mining." Harry Barr President and CEO.
The Company has received assay results
and completed careful review of holes one through seven completed in
2007 (N07001 to N07007). Significant intercepts include N07U007
returning a high grade intercept of 12 g/t (0.35 opt) gold
over 15.5 metres (50.8 ft) including 85 g/t (2.48 opt) gold over 1.0
metre (3.3 ft). A complete list of significant intercepts is
provided in Table 1 and it includes results of previously reported
drill holes.
In 2007 the former operator specifically
targeted the Whalen Zone and drilled 726.1 metres (2,381.6 ft) in seven
surface holes, to confirm historical drill hole results and explore for
additional mineralization.. The results of which have
never been previously disclosed to the public. Surface drilling
specifically targeted the Whalen Glory Hole resource which was mined
historically from 1921 to 1923 and was reported to have produced
7,400 tonnes of ore at a grades ranging from 47 g/t to 109 g/t
(1.37 opt -- 3.18 opt) on average with ore reaching a maximum of
277 g/t (8.08 opt) (results are compiled from historical
mining and mill records).
Note: References made to historic mineral resource estimates are
not NI 43-101 compliant and should not be relied upon and Fire River
Gold does not treat them as current mineral resources.
This press release is reporting the results of re-logging and
sampling of drill holes conducted in 2010. Due to the 2007 and 2008
results not being formerly reported, a careful review was initiated
by FAU to review all quality control and quality assurance
procedures used by the former operator.
Schematic geometry of the granodiorite contact at the Whalen Glory
Hole
View is to the northeast projected from beneath the Surface
Re-logging and sampling of the historic
core is of critical importance to understanding the controls of gold
mineralization as well as gaining confidence in the high grades. The
differences in grades shown are typical of high grade, gold deposits
with a significant nugget distribution.
For additional details, please refer to FAU's website:
www.firerivergold.com under news, which include the results from the
first 33 holes, the geological re-assessment program, historic site
production, a description of the deposits, additional information on
the QA/QC measures and a description of our planned 2010 exploration
drilling program.
The mineral resource estimate for 2005
(modified after Wallis et. Al.,2005) for the Whalen is an Inferred
Resource of 14,000 Tonnes at a grade of 32.4 g/t for a total of 31,200
ounces gold. There has been insufficient exploration by the company to
define a mineral resource at this time and it is uncertain if further
exploration will result in the deposit being delineated as a mineral
resource. In all respects, FAU is treating the mineral deposit on the
property as an exploration target and not relying on prior estimates
prepared for prior operators.
Objectives: 2010/11 Drill Program
As previously announced on
July 27th, 2010, and
September 7th 2010, a diamond drill program of up to 28,000
metres has commenced at its Nixon Fork Gold Mine. The surface
program will test to expand six known zones of mineralization which
have the potential to provide additional resources to the mill. The
underground portion of the drill program will focus on expanding
resources, particularly in the 3300 Zone, 3500, 3100, as well as
other prospective zones.
The early performance of the drill crews has prompted the Company
to seek out and purchase a second unit and expand the mining
department to accommodate four shifts of drilling per day. At
present, the mine has a staff of nine mine workers, which will be
expanded to accommodate this program.
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.
Fire River Gold
Corp is a member of the International Metals Group. (http://www.internationalmetalsgroup.com)
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. The TSX Venture Exchange or its Regulation Services
Provider have not reviewed and do not accept responsibility for the adequacy or
accuracy of the contents of this news release, which has been prepared
by management.We seek
safe harbour.
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