First Narrows
Provides Chester
Update
96 drill holes completed to
date in 2007; assay results are imminent and drilling continues
Vancouver, British Columbia
CANADA, May 31, 2007 /FSC/ - First Narrows Resources Corp. (UNO - TSX Venture,
FNRWF - OTCBB), is pleased to provide the following update on the Company's
100% Chester copper-polymetallic feeder deposit project, located in the
Bathurst Mining Camp, New Brunswick.
The Chester Feeder Deposit is being advanced to evaluate its potential to
support a small scale mining ("SSM") operation and achieve internal
cash flow. Several facets of the project are in progress with the objective of
expediting a production decision.
Mineral Resource Definition
Drilling Program
The drilling continues and
to date a total of 118 holes (7,444.5 meters), have been drilled in the
delineation program, 22 holes in 2006 (1,295 m) and 96 holes in 2007 (6,149.5 meters). As
at May 25, 2007,
81 drill holes (C-06-019 to C-07-099) had been sampled and shipped for assay.
Drill holes C-07-100 to C-07-136, totaling 2,279.5 meters, are
being logged and prepared for assay. As at May 25, 2007, a total of 2,352 core samples had
been shipped of which 1,319 sample assays had been received, with 1,033 sample
assays pending. Analytical results are expected shortly. The rapid pace of
drilling has led to some degree of backlog related to core logging, sampling
and analysis. To review the previously reported results (April 25, 2007, April 5, 2007, March 1, 2007, February 8, 2007, January 24, 2007, January 17, 2006, and January 11, 2006) visit: www.uno.ca.
The current higher-density
grid drilling phase of the program will be completed by late June or early July
although additional holes will be drilled throughout the summer to confirm
continuity of the Chester
mineralization as required during the preparation of the National Instrument
43-101 compliant mineral resource estimate. The drilling has essentially been
tracing the "plumbing system" of the deposit down dip to the west
where the deposit is blind (buried at depth). The drill hole
pattern to date has been close spaced with hole centers at 6.25 and 12.5 meter spacings in
order to firmly establish continuity of the high grade copper zones, thereby
allowing the calculation of a high confidence NI 43-101 compliant resource
estimate. The close spaced drilling was also warranted due to the near surface
location, and therefore low drilling cost, of the Feeder Deposit. With
increased understanding of the deposit, and the continuity of the zones of high
grade mineralization defined, the Company is increasing the drill hole spacing
to 12.5 and 25 meters
as the definition drilling 'steps out', tracing the mineralization further to
the west and east.
Historical drilling on the
Chester property, conducted by several operators between 1955 and 1975 (NI 43-101
non-compliant) and consisting of over 400 drill holes, shows the Feeder Deposit
to extend a further 800
meters down dip to the west where it remains open. One
example is historical hole S-436,
a step-out hole located ~800 meters west of the area of
current drilling, which intersected 23.2 meters (76 ft.) from 324.6 to 347.8m
(1,065 to 1,141 ft.)
that averaged 1.53% Cu, 1.55% Pb and 0.94% Zn.
Mineral Resource Estimate
The planned resource
definition drilling and final surveying of drill hole collars are scheduled for
completion before the end of June for the Feeder Deposit, and the western edge
of the Central volcanogenic massive sulphide ("VMS") ZnPbCuAg
Deposit. Final analyses are expected by August, with the NI 43-101 compliant
resource estimate to be completed by early Fall.
Metallurgy
Research and Productivity
Council ("RPC") (www.rpc.ca) of Fredericton,
New Brunswick continues its
advanced metallurgical investigations on the Feeder Deposit copper and
secondary metal mineralization. The Feeder Deposit has low sulphide - high
mineral recovery metallurgical characteristics, and a very positive
pre-concentration opportunity for upgrading both the copper and the secondary
metals. A bulk sampling program consisting of large diameter drilling this
summer will provide a 7,500
kg sample of material for RPC's final in-house
metallurgical test. Following positive metallurgical results, and in
conjunction with the mineral resource estimate and Environmental Impact
Assessment ("EIA"), and following project permitting, the Company
will commence an underground test mine and construct a pilot plant on site at Chester.
Environmental
Conestoga-Rovers and
Associates, ("CRA") environmental engineers, has completed winter
fauna studies in the area of the Chester deposits and has determined that no
deer or moose wintering grounds are present. A surface water quality monthly
sampling and monitoring program commenced in February and will run monthly
Environmental studies will continue throughout the summer, including flora,
fauna, ground water, and bedrock geo-technical drilling for contemplated final
permitting of a test mine and pilot plant. Chester project information meetings are
being planned for all impact communities and stakeholders commencing this
summer in preparation for the EIA and project permitting.
Geology of the Chester Deposits
The Chester Feeder Deposit
is one of a few large, distinct, copper feeder deposits worldwide. The Feeder
Deposit is the hydrothermal plumbing system that led to the formation of the Central
VMS ZnPbCuAg Deposit about 469,000,000 years ago during a period of marine
volcanism and igneous activity. The VMS deposits formed where the hydrothermal
mineralizing fluids breached the sea floor, i.e., where they vented onto the
sea floor (e.g.; black smokers). The exciting economic feature of the volcanic
activity was the development of not one, but many, plumbing systems and related
VMS deposits over a large area during a restricted time period, now defined as
the Bathurst Mining Camp ("BMC"). The volcanic and sedimentary rocks
that formed on the sea floor during this mineralizing event led to what
exploration geologists call a favorable horizon,
which is a key guide to mineralization in the BMC. Within and along this
horizon feeder and VMS deposits can be expected to occur.
At Chester, First Narrows
has demonstrated through solid stratigraphic studies, including age dating,
that the Chester deposits occur within this favorable
horizon, and that this favorable horizon extends to the
west of the Chester Feeder Deposit down dip where it is blind and has remained
essentially untested since the discovery of the first mineral deposits in the
BMC in the 1950's. The Company extended its valuation of this region west and
northwest of the Chester Deposits with a VTEM airborne geophysical survey,
which successfully outlined several high priority anomalies possibly indicative
of additional, undiscovered, feeder and VMS mineralization.
Corporate Objective
The Company's business plan
identifies both near, mid, and long term objectives. The analysis of the
economic potential of the Chester
property beyond the Chester Feeder and Central VMS
deposits indicates that a well funded longer term exploration program is
warranted. For the short and medium term, management has determined the most
prudent course of action for the Company is to establish internal cash flow
from the development of the Chester
deposits. With positive cash flow from operations, the Company will then
advance its longer term exploration programs.
The economic model for Chester is a small scale
mining operation with the Company controlling production and metal sales. The
initial objective is to establish an economic threshold resource within the
Cu-polymetallic Feeder Deposit. At the same time drilling of the overlapping
and inter-fingering fringe of the Central VMS Deposit has also demonstrated
potential to increase mine life, or annual revenue, with a resource definition
drilling program of the associated ZnPbCuAg VMS mineralization.
Following completion of the
resource estimate of the Feeder Deposit and metallurgical studies, the Company
plans to produce an EIA for the final scope of the project, and initiate
permitting for an Approval to Construct a pilot plant
and an underground test mine to expedite a production decision.
"We are extremely
pleased with the results of the Company's current resource estimate drilling
program which support our projections of the economic potential of the Feeder
Deposit", said Peter Gummer, President and CEO of First Narrows.
"With over 400 historical drill holes in the Feeder and Central Deposits,
and now 118 of First
Narrows' own holes in the
Feeder Deposit, I am confident that we are ever closer to an economic resource.
The Feeder Deposit is looking more and more like a potential mine. The possible
mine will have benefit of the existing historical decline for quick access to
the high grade mineralization; is projected to have a low capital cost and a
small environmental impact; and has demonstrated to yield high copper
recoveries and potentially economic secondary metals. The project's
characteristics all point to the opportunity to fast-track a Chester small scale mining project to
production. Of importance is the positive impact this potential mining
operation could have on the well being of the surrounding communities, and the
Company's ability to sustain its longer term exploration efforts on its
strategic properties in the Bathurst Mining Camp."
About the Chester Feeder Deposit
Based primarily on the
historical drilling results, the Chester Feeder Deposit is an east-west
trending gently west plunging cigar-shaped mineralized structure within an
alteration zone approximately 75
meters (246
ft.) or more in thickness and greater than 200 meters (656 ft.) in width. It
extends west of the current area of drilling for more than 1 kilometer (>3,280 ft.). At the east
end it lies close to surface and at its known western extent it is
approximately 400 meters
(1,320 ft.)
below surface. The targets of the current resource estimate drilling program
are one to three (or more) stacked, gently westerly inclined and northerly
striking, sheet-like zones of higher-grade mineralization of variable
thicknesses within the cigar-shaped feeder structure.
The Chester property
is located in the southern part of the Bathurst Mining Camp approximately 53 kilometers (kms)
west of Miramichi
City, and 72 kms
southwest of the city of Bathurst,
New Brunswick.
QA/QC
Quality assurance and
quality control (QA/QC) of the Chester NI 43-101 qualifying mineral resource
estimate drilling, analytical and surveying programs are being monitored by
independent consultants Robert Sim, P.Geo. and Bruce
Davies. Earnest Brooks, P.Geo., is the Company's
Qualified Person on the Chester Project. Mr. Brooks was formerly a Mine
Geologist at the Patino Mines Copper Rand Mines Div.
in Chibougamau, Quebec, and a mining operations geologist
and exploration geologist at the BMS mines, Bathurst, from 1975 to 1990.
About First Narrows
Resources Corp.:
First Narrows Resources
Corp. (TSX-V: UNO) is a Canadian based mineral exploration company whose
corporate strategy is to develop overlooked and undervalued mineral properties
that offer near term production potential. The Company is rapidly moving its
100%-owned Chester Project in the Bathurst Mining Camp forward to NI 43-101
mineral resource estimate and conceptual mine design status. For more
information visit: www.uno.ca
For Corporate, Media, or
Investor Communications contact:
Greg Lytle, Communications
Manager
First Narrows Resources Corp.
N. America
toll-free: (866) 285-5817/Int'l. & Vancouver:
(604) 839-6946
Email: glytle@uno.ca
ON BEHALF OF THE BOARD OF
DIRECTORS
"Peter K. Gummer"
Peter K. Gummer, President
This press release may contain certain forward-looking statements which
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Companies to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward-looking
statements may include statements regarding exploration results and budgets,
mineral reserve and resource estimates, work programs, capital expenditures,
mine operating costs, production targets and timetables, future commercial
production, strategic plans, market price of precious metals or other
statements that are not statements of fact. Although the Companies believe the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
Various factors that may affect future results include, but are not limited to:
fluctuations in market prices of precious metals; foreign currency exchange
fluctuations; risks relating to mining exploration and development including
reserve estimation and costs and timing of commercial production; requirements
for additional financing; political and regulatory risks, and other risks and
uncertainties described in the Companies' annual information forms filed with
the Canadian Securities regulators on SEDAR (www.sedar.com). Accordingly,
readers should not place undue reliance on forward-looking statements
The TSX Venture Exchange has not reviewed and does not accept responsibility
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