All three drill holes were designed to test the down-plunge extension
of the Sanders Zone, which is one of the four gold zones comprising the
1.5 kilometre strike-length of the East Coldstream Deposit. Drill hole
C-11-70 tested the Sanders Zone at a vertical depth of 165 metres,
piercing at approximately 65 metres below drill hole C-11-56. Hole C-11-71
was drilled to a 113-metre vertical depth to the east of C-11-56 and 50
metres vertically below the historical hole EC-89-1. Drill hole C-11-72
was drilled to a vertical depth of 170 metres and is roughly 50 metres
below hole C-11-71 and east of hole C-11-70.
The drill rig has now moved to hole C-11-73 to test the interpreted
down-plunge extension of the East Zone. The East Zone is located
approximately 100 m north of the Sanders Zone.
All three completed holes have intersected several altered and
mineralized intercepts of variable core lengths. Drill cores are currently
being logged and sampled to be sent to the lab for analysis. The assay
results from these holes will be announced as soon they become
available.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the
Qualified Person for the Coldstream Project supervises the drill program
and 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
