- 160.5 g/t (4.68 opt) gold over 2.8 m
(9.1 ft) in hole N10U-024
- 30.5 g/t (0.89 opt) gold over 1.3 m
(4.3 ft) in hole N10U-022
- 31.4 g/t (0.92 opt) gold over 1.0 m
(3.3 ft) in hole N10U-016
- Second underground diamond drill
employed
- 28,000 metre drill program ongoing -
8800 metres drilled to date
January 21, 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 10 through 25 (N10U-010 - N10U-025) from the 3300, 3500, and 3510
Zones.
New significant intercepts include N10U-024 returning grades of 160.5
g/t (4.68 opt) gold over 2.8 m (9.1 ft) and 31.4 g/t (0.92 opt) gold
over 1.0 m (3.3 ft) in hole N10U-016. 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 3300 Zone
on the 300 level. The Company is once again encouraged with the results
from the 2010 drill program, because it is exhibiting the potential to
provide additional resources to the mill.
Table 1. Results from holes N10U-010 to
N10U-025
The Company has purchased a second
underground diamond drill. The two drills are working together to define
near term production targets in the upper portion of the mine. Later,
the Company plans to have one drill focus on ore definition for
production and the second diamond drill for drilling exploration
targets.
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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