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Fire River Gold Announces 20 g/t (0.58 opt) Gold Over 2.5 m (8.2 ft)
At the Nixon Fork Gold Mine, Alaska
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August 3, 2010, Vancouver, Canada
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Toll Free 1.800.667.1870
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. 20 g/t (0.58 opt) gold over 2.5 m (8.2 ft) in hole N07U068
. 13 g/t (0.38 opt) gold over 4.0 m (13.1 ft) in hole N07U066
. Results pending for 16 additional underground holes and 7 additional surface holes
. Geological re-assessment work complete for 2007 and 2008 drill holes
. Drill campaign up to 28,000 metres and underground mapping has commenced
. Resource update Fall 2010 |
August 3, 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 66 through 69 completed in 2007 (N07U066 to N07U069). New significant intercepts include N07U068 returning grades of 20 g/t (0.58 opt) gold over 4.0 m (13.1 ft) and N07U066 returning grades of 13 g/t (0.38 opt) gold over 4.0 m (13.1 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 4 drill holes; it includes results of previously reported drill holes.
Table 1: Results from holes N07U066 to N07U069
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.
Because the 2007 and 2008 results were not formerly reported, a careful review was initiated by FAU of all quality control and quality assurance procedures used by the former operator. Although original check assays from the 2007 drill program were not documented, it is clear that certified standards were used. The re-sampling program of the 2007 drill core is essentially a modified field duplicate exercise of the original assay results.
The re-sampling of the remaining half cores was fully analyzed except in rare cases where quarter cores were used. Sampling of core duplicates as compared to FAU's pulp duplicates can produce a high degree of variability in the results due to the "nugget effect" of gold mineralization that occurs at Nixon Fork. This nugget effect was evident in the bonanza grades reported for the 2008 drilling.
Every effort has been made to replicate the previous sample intervals except when a previous sample crossed a lithological or mineralized boundary. In these cases the new 2010 samples were terminated at such boundaries. The differences in lengths of the intervals may account for some of the variability in gold grades. In general, the assays are in conformity, especially for a comparison of field duplicate samples in a high-grade, coarse gold system.
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 at www.firerivergold.com in the section titled "news" which includes the results from the first group of drill holes; additional information about the geological re-assessment program; information about 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.
Figure 1. is a cross section through the 3300 gold zone in the Crystal decline. This zone, as well as extensions of potential new zones to the south, was the focus of much of the underground drilling for 2007. The 3300 zone is pipe-like in shape and varies in diameter from a minimum of three metres to as much as 40 metres.
Underground drilling is typically completed in 'fan-like' arrays as shown in Figure 2. These fans define the limits of the high grade zones in the 3300. Most of the drilling in 2007 was completed between the 280 and 200 levels of the Crystal decline.
Relogging and sampling of the 2007 and 2008 drill core has been completed. Geologic work will now focus on selected zones from the pre-2007 core library, particularly in areas of favourable targets and mineralization. Work will 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. | |
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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. Mr. Will Beach, FAU's Underground Supervisor, has examined the workings of the Crystal decline and found them to be in excellent condition, with only minor cleanup needed. Mr. Beach states, "The Crystal decline and associated levels can be ready for drilling immediately."
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.
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Jul 27, 2010: Fire River Gold Commences 28,000 Metre Drill Program At The Nixon Fork Gold Mine, Alaska
July 26, 2010: Fire River Gold Corp. Closes Non-Brokered Financing for proceeds of $5,500,000
July 6, 2010: Fire River Gold Announces 144 g/t (4.2 opt) Gold over 2.5 m (8.2 ft) Nixon Fork, Alaska
June 30, 2010: Fire River Gold Generates Over $1 Million Revenue From Ball Mill Clean Up At Nixon Fork Gold Mine, Alaska
June 21, 2010: Fire River Gold Announces 498 g/t (14.52 opt) Gold over 3.0 m (9.8 ft) Nixon Fork, Alaska
June 18, 2010: Fire River Gold Announces 67 g/t (1.95 opt) Gold over 6.3 m (20.7 ft), Nixon Fork, Alaska
June 16, 2010: Fire River Gold Announces High Grade Gold Results, Nixon Fork Gold Mine, Alaska: 27 g/t (0.79 opt) Gold Over 24.0 m (78.7 ft)
June 14, 2010: Fire River Gold Announces Update on Tailings Preliminary Economic Assessment, Nixon Fork Gold Mine, Alaska
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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 floatation plant with a gravity gold separation circuit and a sulphide floatation 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 is a member of the International Metals Group (www.internationalmetalsgroup.com).
On behalf of the Board of Directors,
"Harry Barr"
Harry Barr
President and C.E.O.
For further information, please visit www.firerivergold.com or call toll free 1.800.667.1870 | |
This email should not be construed as an offer to buy or sell securities of Fire River Gold Corp.
Disclaimer:
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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