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First
Gold Exploration Inc. (TSX VENTURE:EFG - News; OTCQX:FGEXF)
(FRANKFURT:F12 - News) is pleased to report that diamond drilling on the
Hydro showing has resulted in the discovery of a near surface tantalum-rich
zone that returned significant results for three holes. The best intersection
was 400 ppm Ta2O5 over 5.50 metres
in Hole HD-10-01. Hole HD-10-02 returned 364 ppm
Ta2O5 over 3.80 metres and Hole HD-10-03 returned
553 ppm Ta2O5 over 1.40 metres.
The table below shows all the results for the three holes.
The
Hydro showing lies about 500 metres northeast of
the Rose lithium-tantalum deposit where a NI43-101 compliant indicated
resources of 11,436,000 tonnes has been report
December 14th 2011. The newly towered structured occurs horizontally on
surface and dips 20 degrees to 30 degrees to the northeast. Stratigraphically speaking, this horizontal zone lies
above the Rose main zone, which is consistent with the geological model
established by the technical team. The zone is open to the east, west and
north. More drilling will be done in the coming weeks to better delineate
this discovery.
"This
is yet another very important discovery for the Company. With its
particularly high grades, this showing will enable us to rapidly increase the
size of our tantalum deposit for the Rose project at a low cost." said
Jean-Sebastien Lavallee,
President and Chief Executive Officer.
A
map showing the location of the holes drilled on the Pivert/Rose
Lithium project can be found in the Projects section of the Company's
website, at www.firstgoldexploration.com.
As
reported previously, drilling on the Rose deposit is ongoing. To date, seven
additional holes have been drilled out of a total of 16 holes planned for
this phase. These holes are being drilled at a 100-metre grid spacing on the
extension of the structure eastward and northward. The 16 holes will cover an
area of 1.5 km(2). Following this phase of drilling
on the Rose deposit, the Company plans to drill 15 to 20 holes on the JR
showing. The Company hopes to include all the new holes drilled during this
program in a new resource estimate for the Rose deposit. This estimate may
also take into account tantalum-enriched zones that were not included in the
previous estimate as the original model was designed for lithium only.
The
best results obtained to date for the Hydro showing are as follows:
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HOLE
FROM
TO TRUE WIDTH Ta2O5 BeO Rb Ga
#
(m) (m)
(m) ppm (g/t) ppm
(g/t) ppm (g/t) ppm (g/t)
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HD-10-01 13.15 18.65
5.5
400
479
2191 64
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HD-10-02 10.45 14.25
3.8
364
456
1650 77
15.45 16.35
0.9
269
379
1290 65
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HD-10-03 9.30 10.70
1.40
553
30
1346 68
50.35 51.85
1.50
99
144
1887 47
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(i)
1 ppm = 1 g/t
All
the samples were sent for analysis in sealed containers to the Chemex laboratory in Val-d'Or by employees of the
Company. Chemex is the laboratory used for analysis
of all samples from programs on the Lac Pivert/Rose
property.
In
amendment of the February 2, 2011 press release, First Gold has also retained
the services of Mr. Peter Tse, a world renowned
metallurgist to support the pre-feasibility study. During the past few years,
Mr. Tse has managed the development of the
metallurgical processing for the Aley Niobium
project of Taseko Resources Ltd. He is currently
managing the metallurgical studies for the Upper Fir Tantalum-Niobium project
of Commerce Resources Inc. For further clarity, Mr. Tse's
involvement with Bernic Lake Mine did not include
the management of the plant modifications.
Exploration
First Gold is also pleased to announce that, at its annual general and
special meeting held on February 8, 2011, shareholders of the Company
approved all the items, including the proposed slate of directors, retention
of the auditors and the name change.
First
Gold also announces that it has increased the number of shares reserved for
issuance under its stock option plan by 4,233,946. The number of shares that
can be issued under the Plan is now 10,299,737, or 10% of the number of
issued and outstanding shares as at January 26, 2011. The increase is subject
to the approval of the TSX Venture Exchange.
Jean-Sebastien Lavallee (OGQ #773),
geologist, shareholder and President and Chief Executive Officer of the
Company and a Qualified Person under NI 43-101, has reviewed and approved the
technical content of this release.
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.
Contact:
Jean-Sebastien Lavallee, P.Geo.
First Gold Exploration Inc.
Interim President and Chief Executive Officer
819-354-5146
president@firstgoldexploration.com
www.firstgoldexploration.com
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