|
|
Exploration First Gold Inc. is pleased
to provide an update on its exploration projects.
Lac Pivert/Rose
According to the resource estimate by InnovExplo, the Rose showing contains an indicated
resource of 11,436,000 tonnes at 1.34% Li2O
(337,133,280 pounds of Li2O), 165 ppm Ta2O5
(4,156,255 pounds of Ta2O5) and 377 ppm BeO (9,496,414 pounds of BeO)
and an inferred resource of 2,170,000 tonnes
grading 1.27% Li2O (60,629,800 pounds of Li2O), 138 ppm
Ta2O5 (659,604 pounds of Ta2O5) and 311 ppm BeO (1 486 498 pounds of BeO).
The resource estimate was calculated using a cutoff grade of 0.75% Li2O to
reflect current market conditions. This initial resource estimate only takes
into account zones mineralized in lithium. The now-complete interpretation of
the deposit appears to suggest that the deposit should be reassessed to take
into account other elements (particularly tantalum). Areas of the deposit
with high tantalum grades (but low lithium grades) have been identified but
were not included in the current resource estimate. The Company has therefore
retained InnovExplo to recalculate the resource
immediately, taking tantalum into account. The Company expects to drill a
minimum of 15,000 metres on the property to increase
the Rose resource and determined the resources at the other known project
showings (JR, Hydro, Helico, Pivert,
Pivert East and Pivert
South). In accordance with the terms of the agreement dated August 19, 2009,
the Company issued 3,000,000 common shares to the vendors (1,125,000 to Jean-Sebastien Lavallee) upon
production of a resource estimate of at least 125,000 tonnes
of Li2O at a cutoff grade of 0.8% Li2O for a total of at least 220,000,000
pounds of Li2O. Finally, the Company is currently preparing a broad program
of mapping, prospecting and soil and rock geochemical sampling for the 2011
summer season.
Croinor
As announced by press release on
December 24, First Gold and Blue Note Mining have agreed to extend the
agreement announced on July 19, 2010, (the "Agreement") for Blue
Note's acquisition of all of First Gold's interest in the Croinor
gold property near Val-d'Or, Quebec.
As per the terms of the agreement, Blue
Note paid First Gold a total of $100,000, and for an additional $25,000, now
has up until March 31, 2011, to make a final payment of $2,250,000 to
complete the transaction. The agreement also provides for the issuance of
17.5 million escrowed common shares of Blue Note, which will be released at a
rate of 500,000 per month over a 35-month period from closing. The agreement
includes First Gold's 71% interest in the Matchi-Manitou
property.
San Franscico
Javier
The Company did not carry out the
required exploration work by October 1, 2010. As it was then in default and
management did not wish to negotiate a new agreement given the new focus on
rare earths, management decided to drop the project and write off the mining
property and related exploration expenditures.
Rocky Mountain Rare Earths Project,
British Columbia
The Company is currently designing an
exploration program for the 2011 summer season. A massive mapping,
prospecting and sampling program is planned, to be followed by drilling to
test the best targets identified during mapping.
Neither the 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.
|
|