- 25 g/t (0.73 opt) gold over 3.2 m
(10.5 ft) in hole N10U-009
- 12 g/t (0.35 opt) gold over 7.4 m
(24.3 ft) in hole N10U-008
- 14 g/t (0.42 opt) gold over 2.5 m
(8.4 ft) in hole N10U-002
- including 52g/t (1.53 opt)
gold over 0.6m (2.0 ft)
- Results pending for 41 additional
underground holes in 2010
- 28,000 metre drill program ongoing -
8100 metres drilled to date
- PEA for Underground Mining by Jan
2011, being completed by Snowden, an International Mining
Consultancy
January 12, 2011 Vancouver, Canada - Fire
River Gold Corp. (TSX-V: FAU; OTCQX: FVGCF; FSE: FWR) ("FAU" or the
"Company") is pleased to announce results obtained from the 2010/2011
28,000 metre drill program at the Nixon Fork Gold Mine situated in
Alaska's Tintina Gold Belt. The Company has received assay results of
holes 1 through 10 (N10U-001 - N10U-009) from the 3100 and 3300 Zone.
New significant intercepts include N10U-009 returning grades of 25
g/t (0.73 opt) gold over 3.2 m (10.5 ft) and 12 g/t (0.35 opt) gold over
7.4 m (24.3 ft) in hole N10U-008. A complete list of significant
intercepts is provided in Table 1. The widths of the intercepts
are approximate to the true width of the mineralized intercept.
This phase of the underground drill program commenced on the 3100 Zone
on the 380 level. This ore shoot was historically mined from the 380
level to just below surface. However, it was not mined from the 380
sill to depth. The Company is encouraged with the initial results from
the 2010/2011 drill program, because it is exhibiting the potential to
provide additional resources to the mill. A Bazooka Drill is also being
employed, drilling short holes for ore definition for the stope that
will be mined earliest.
Table 1. Results from holes N10U-001 to
N10U-009
With 8100 metres completed to date, of which
5700 metres were underground drilling the underground drill program will
continue to test and define additional mineralized zones and will follow
up on historical known prospects.
Underground Drill Schematic
Nixon Fork Gold Mine
The Nixon Fork Gold Mine was acquired in September 2009. From 1995 -
2007, the project produced approximately 175,000 ounces of gold at an
average grade of 39 grams per ton (1.14 opt). The mining and processing
facilities at Nixon Fork are permitted and bonded. The deposit is a
gold-rich copper silver skarn typical of other skarn systems found
throughout the world. At Nixon Fork, the higher grades are found in
steeply plunging pipe-like bodies which are oxidized to depths of up to
350 meters below the surface. Oxidization of the system has resulted
both in secondary copper and gold, with high grades and a "nuggety"
distribution.
The Qualified Person for this news release is Richard Goodwin, P.Eng.,
Vice President of Mining for Fire River Gold.
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 in 2011. The Nixon Fork Gold Mine is a
permitted and bonded mine which include a ~200 tpd processing plant with
a gravity gold circuit, sulphide flotation circuit and a gold recovery
system (CIL circuit) that is scheduled to be completed by Summer 2011.
The mine also includes a fleet of surface & underground mining vehicles,
a self-contained power plant, maintenance facilities, drilling
equipment, an 85 person camp, office facilities and a 1.2 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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