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Post by Franko10 ™ on Nov 16, 2004 18:17:02 GMT -5
Forest Gate Confirms Good Silver at California Lake (cnw)
SHARES OUTSTANDING: 26 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Nov. 16 /CNW/ - Forest Gate Resources Inc. reports it has confirmed the existence of good silver mineralization at its California Lake silver property located near Bathurst, New Brunswick.
Six holes were drilled at California Lake this past summer. Two holes tested geophysical anomalies outlined by Forest Gate recently, and four tested the known silver zone for base metal mineralization.
Holes 5 and 6 were drilled into the centre of the silver zone. The holes were drilled from the same location at 45 degrees and 65 degrees respectively. Hole number 5, drilled into a known zone of mineralization, intersected 0.55 metres (true thickness) of 1490 grams/ton silver, 3.5% lead and 1.2% zinc. This was part of a zone of 2.85 metres (true thickness) that averaged 558 grams/tonne silver, 1.45% lead and 0.72% zinc.
The lower lens of Hole 5 had silver values ranging from 6.6 to 300 grams/tonne over 5.8 metres (true thickness). This intersection averaged 72.5 grams silver and 0.16% zinc. Included in that interval was a section of 0.6 metres grading 1.22 grams/tonne gold, 213 grams/ton silver, 0.21% zinc and 0.06% lead.
Hole 6 was drilled under Hole 5 at a 65 degree angle. It intersected values of 14.8 to 906 grams/tonne silver, gold values up to 1.7 grams/ton and lead values up to 1.2%. The central part of the zone averages 502 grams/tonne silver, 1.45 grams/ton gold, 0.65% zinc and 0.59% lead over 2.07 metres (true thickness).
Holes 3 and 4 were drilled on the same section 40 metres east of holes 5 and 6 at a 45 degree angle and 65 degree angle respectively.
Hole 3 produced 329 grams/tonne silver over one metre (true thickness) and minor base metal values. The upper lens of Hole 4 assayed 33 grams/tonne silver over 0.9 metres (true thickness) and average zinc value of 0.12%.
Holes 1 and 2 were drilled to test geophysical anomalies. Hole 2 was drilled beyond the geophysical target in order to also intersect the silver zone. The upper lens of Hole 2 contained a zone of 159 grams/tonne silver and 0.43% zinc over a true thickness of 0.8 metres. The lower lens contained a zone grading 684 grams/tonne silver and minor base metal values over 0.60 metres true thickness. Hole 1 was also drilled to test a geophysical anomaly. The geophysical anomaly at depth appears to be caused by disseminated pyrite.
"The anomalies which we theorized were caused by massive sulphides appear to be caused by disseminated pyrite," said Forest Gate President, Michael Judson. "Our drilling confirmed the existence of good silver mineralization on the property but not the base metal values that would have made it more attractive. We are now considering California Lake on the basis of its silver potential only. The silver zone has only begun to be drilled up."
A two-hole program at the Rio Road gold property intersected a sequence of sedimentary rocks made up of volcanic rock that appears to have been eroded and re-deposited, mixed with sedimentary material of an approximately argillaceous composition. The most interesting feature of Hole 1 at Rio was an alteration zone intersected from 275.9 to 281.9 metres.
The original rock is a mixed unit of mafic tuffs and sedimentary material. The alteration consists of silicification (and discrete quartz veins), sericitization, and kaolinization. A chromium-rich mica was noted. Calcite in this section and below is anomalously high, and indicates an alteration zone.
The alteration zone, and most of the hole below, was analysed for antimony, arsenic, and chromium, in addition to copper, lead, zinc, gold and silver. All of the samples showed a high background in chrome, from 19 to 330 grams/tonne, with weighted average of 149 grams/tonne, with a peak in the interval between 275.93 to 281.92 metres, with some high values on non- contiguous samples below.
The highest values of arsenic are between 277.40 and 281.0 metres, averageing 93.5 grams/tonne. The highest antimony values are between 277.93 and 281.0 metres averaging 57 grams/tonne. The highest gold values (0.02 to 0.04 grams/tonne) occur from 279.75 to 281.0 metres. Silver and the base metals were not expected to be very high, but there was a small spike in silver to 1 grams/tonne in the sample from 277.93 to 278.5 metres.
Pyrite in the core was in the right location to be the cause of the geophysical anomaly, although the amount seen didn't seem to be enough to explain the anomaly. Conductors found by old MaxMin surveys can be explained by the graphite seen.
This hole had to be abandoned when the drill rods became tight in the hole, and there was danger of losing the drill string.
Hole 2 at Rio Road intersected essentially the same rocks as Hole 1, except that near the bottom it intersected some quartz feldspar porphyritic rhyolite. There was not as much carbonate, or other types of alteration, in this hole, and no sampling was done. No base metal assays were done because no minerals containing base metals were seen. It was decided to defer any sampling for other metals pending the results of Hole 1.
The amount of graphite seen can account for the MaxMin conductors. Again, the amount of pyrite present seems to be not enough to cause the observed geophysical anomalies.
Geophysical surveys were conducted over Forest Gate's Canoe Landing Lake polymetallic deposit and property this summer to delineate new zones of mineralization. The company executed magnetic, electromagnetic surveys and induced polarization with resistivity (IP/resistivity) surveys.
The magnetic survey showed an area of moderately high magnetic readings in the northern part of the claims, and an area of lower magnetics in the southern part. This is interpreted to reflect the existence of two separate geological units with an interpreted contact striking east-northeast. The contact appears to be along strike with the Canoe Landing Lake deposit to the west.
At and near the inferred contact are some anomalously high magnetic areas. The VLF-EM survey showed conductive anomalies coincident with the magnetic anomalies, and the IP survey showed both chargeability and resistivity anomalies coincident with magnetic and VLF-EM anomalies. These "stacked" anomalies are worthwhile drill targets.
In other news, Forest Gate has engaged mining contractors, Ross-Finlay 2000 Inc, Val-d'Or, Quebec, as general contractors to conduct due diligence on the Caribou Mine located near Bathurst. Forest Gate recently signed a Letter of Intent with Breakwater Resources Ltd., Toronto, to acquire its Caribou lead-zinc-copper mine.
Ralph Newson, P.Eng., P.Geo and Qualified Person has edited and reviewed the technical information contained in this press release.
Forest Gate is a publicly traded mineral exploration company with diamond properties in Saskatchewan and precious and base metal properties in New Brunswick. The company's shares and warrants trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products and competitive pressures. These
factors and others are more fully discussed in Company filings with
Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
SHARES OUTSTANDING: 26 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Nov. 16 /CNW/ - Forest Gate Resources Inc. reports it has confirmed the existence of good silver mineralization at its California Lake silver property located near Bathurst, New Brunswick.
Six holes were drilled at California Lake this past summer. Two holes tested geophysical anomalies outlined by Forest Gate recently, and four tested the known silver zone for base metal mineralization.
Holes 5 and 6 were drilled into the centre of the silver zone. The holes were drilled from the same location at 45 degrees and 65 degrees respectively. Hole number 5, drilled into a known zone of mineralization, intersected 0.55 metres (true thickness) of 1490 grams/ton silver, 3.5% lead and 1.2% zinc. This was part of a zone of 2.85 metres (true thickness) that averaged 558 grams/tonne silver, 1.45% lead and 0.72% zinc.
The lower lens of Hole 5 had silver values ranging from 6.6 to 300 grams/tonne over 5.8 metres (true thickness). This intersection averaged 72.5 grams silver and 0.16% zinc. Included in that interval was a section of 0.6 metres grading 1.22 grams/tonne gold, 213 grams/ton silver, 0.21% zinc and 0.06% lead.
Hole 6 was drilled under Hole 5 at a 65 degree angle. It intersected values of 14.8 to 906 grams/tonne silver, gold values up to 1.7 grams/ton and lead values up to 1.2%. The central part of the zone averages 502 grams/tonne silver, 1.45 grams/ton gold, 0.65% zinc and 0.59% lead over 2.07 metres (true thickness).
Holes 3 and 4 were drilled on the same section 40 metres east of holes 5 and 6 at a 45 degree angle and 65 degree angle respectively.
Hole 3 produced 329 grams/tonne silver over one metre (true thickness) and minor base metal values. The upper lens of Hole 4 assayed 33 grams/tonne silver over 0.9 metres (true thickness) and average zinc value of 0.12%.
Holes 1 and 2 were drilled to test geophysical anomalies. Hole 2 was drilled beyond the geophysical target in order to also intersect the silver zone. The upper lens of Hole 2 contained a zone of 159 grams/tonne silver and 0.43% zinc over a true thickness of 0.8 metres. The lower lens contained a zone grading 684 grams/tonne silver and minor base metal values over 0.60 metres true thickness. Hole 1 was also drilled to test a geophysical anomaly. The geophysical anomaly at depth appears to be caused by disseminated pyrite.
"The anomalies which we theorized were caused by massive sulphides appear to be caused by disseminated pyrite," said Forest Gate President, Michael Judson. "Our drilling confirmed the existence of good silver mineralization on the property but not the base metal values that would have made it more attractive. We are now considering California Lake on the basis of its silver potential only. The silver zone has only begun to be drilled up."
A two-hole program at the Rio Road gold property intersected a sequence of sedimentary rocks made up of volcanic rock that appears to have been eroded and re-deposited, mixed with sedimentary material of an approximately argillaceous composition. The most interesting feature of Hole 1 at Rio was an alteration zone intersected from 275.9 to 281.9 metres.
The original rock is a mixed unit of mafic tuffs and sedimentary material. The alteration consists of silicification (and discrete quartz veins), sericitization, and kaolinization. A chromium-rich mica was noted. Calcite in this section and below is anomalously high, and indicates an alteration zone.
The alteration zone, and most of the hole below, was analysed for antimony, arsenic, and chromium, in addition to copper, lead, zinc, gold and silver. All of the samples showed a high background in chrome, from 19 to 330 grams/tonne, with weighted average of 149 grams/tonne, with a peak in the interval between 275.93 to 281.92 metres, with some high values on non- contiguous samples below.
The highest values of arsenic are between 277.40 and 281.0 metres, averageing 93.5 grams/tonne. The highest antimony values are between 277.93 and 281.0 metres averaging 57 grams/tonne. The highest gold values (0.02 to 0.04 grams/tonne) occur from 279.75 to 281.0 metres. Silver and the base metals were not expected to be very high, but there was a small spike in silver to 1 grams/tonne in the sample from 277.93 to 278.5 metres.
Pyrite in the core was in the right location to be the cause of the geophysical anomaly, although the amount seen didn't seem to be enough to explain the anomaly. Conductors found by old MaxMin surveys can be explained by the graphite seen.
This hole had to be abandoned when the drill rods became tight in the hole, and there was danger of losing the drill string.
Hole 2 at Rio Road intersected essentially the same rocks as Hole 1, except that near the bottom it intersected some quartz feldspar porphyritic rhyolite. There was not as much carbonate, or other types of alteration, in this hole, and no sampling was done. No base metal assays were done because no minerals containing base metals were seen. It was decided to defer any sampling for other metals pending the results of Hole 1.
The amount of graphite seen can account for the MaxMin conductors. Again, the amount of pyrite present seems to be not enough to cause the observed geophysical anomalies.
Geophysical surveys were conducted over Forest Gate's Canoe Landing Lake polymetallic deposit and property this summer to delineate new zones of mineralization. The company executed magnetic, electromagnetic surveys and induced polarization with resistivity (IP/resistivity) surveys.
The magnetic survey showed an area of moderately high magnetic readings in the northern part of the claims, and an area of lower magnetics in the southern part. This is interpreted to reflect the existence of two separate geological units with an interpreted contact striking east-northeast. The contact appears to be along strike with the Canoe Landing Lake deposit to the west.
At and near the inferred contact are some anomalously high magnetic areas. The VLF-EM survey showed conductive anomalies coincident with the magnetic anomalies, and the IP survey showed both chargeability and resistivity anomalies coincident with magnetic and VLF-EM anomalies. These "stacked" anomalies are worthwhile drill targets.
In other news, Forest Gate has engaged mining contractors, Ross-Finlay 2000 Inc, Val-d'Or, Quebec, as general contractors to conduct due diligence on the Caribou Mine located near Bathurst. Forest Gate recently signed a Letter of Intent with Breakwater Resources Ltd., Toronto, to acquire its Caribou lead-zinc-copper mine.
Ralph Newson, P.Eng., P.Geo and Qualified Person has edited and reviewed the technical information contained in this press release.
Forest Gate is a publicly traded mineral exploration company with diamond properties in Saskatchewan and precious and base metal properties in New Brunswick. The company's shares and warrants trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products and competitive pressures. These
factors and others are more fully discussed in Company filings with
Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
