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Post by Franko10 ™ on Nov 22, 2004 7:42:28 GMT -5
Dizzy Kimberlite May Be Deeper Than Previously Thought (cnw)
SHARES OUTSTANDING: 26 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Nov. 22 /CNW/ - Forest Gate Resources Inc. reports that a re-examination of drill logs from last year's drilling program on the company's Dizzy kimberlite has revealed that one of the holes, the hole which intersected the greatest thickness of kimberlite in a five-hole program, may have been stopped while still in kimberlite.
It was previously believed that Hole FG03-05, which interested 97 metres of kimberlite, was stopped after having exited kimberlite. Drilling on the hole was suspended when the drillers thought they intersected sand and worried they might lose the hole. Unconsolidated sand recovered after the last kimberlite core appeared to confirm this.
"It is very common to intersect sand between kimberlite facies in the Fort a la Corne area," said Pieter Du Plessis, Forest Gate's Vice-President of Exploration. "What is clear from the drill logs is that we didn't end the hole in country rock which means we were still in kimberlite when the hole was stopped."
"It appears to me that Hole 5 is moving towards the actual centre and vent of the pipe," said Du Plessis. "The aeromag "bullseye" appears to explain only part of the geometry of the kimberlite revealed by drilling to date."
Du Plessis says he also believes that further diamond drilling and microdiamond test work is required to evaluate the diamond potential of the Dizzy kimberlite.
"The drilling and microdiamond work done to date is insufficient to fully determine the size and diamond potential of the Dizzy kimberlite," said Du Plessis. "Consequently, more work of this nature is planned in 2005."
Du Plessis most recently was the Mineral Resource Manager at the De Beers Group's Jwaneng Mine in Botswana, the richest diamond mine in the world. He spent 15 years with the De Beers Group prior to joining Forest Gate.
"We have only just started to unlock the value of our discovery. And we have only just started executing our business plan of exposing our shareholders to the best in diamond exploration opportunities," said Michael Judson, Forest Gate's President.
In other news, Michael Judson and Pieter Du Plessis will be in Europe this week to meet with institutional investors. The Forest Gate roadshow travels through Zurich, Geneva, Paris and London.
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.
/For further information: Michael Judson, President & CEO, 866-666-3040, mjudson(at)forestgate.ca, www.forestgate.ca/
SHARES OUTSTANDING: 26 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Nov. 22 /CNW/ - Forest Gate Resources Inc. reports that a re-examination of drill logs from last year's drilling program on the company's Dizzy kimberlite has revealed that one of the holes, the hole which intersected the greatest thickness of kimberlite in a five-hole program, may have been stopped while still in kimberlite.
It was previously believed that Hole FG03-05, which interested 97 metres of kimberlite, was stopped after having exited kimberlite. Drilling on the hole was suspended when the drillers thought they intersected sand and worried they might lose the hole. Unconsolidated sand recovered after the last kimberlite core appeared to confirm this.
"It is very common to intersect sand between kimberlite facies in the Fort a la Corne area," said Pieter Du Plessis, Forest Gate's Vice-President of Exploration. "What is clear from the drill logs is that we didn't end the hole in country rock which means we were still in kimberlite when the hole was stopped."
"It appears to me that Hole 5 is moving towards the actual centre and vent of the pipe," said Du Plessis. "The aeromag "bullseye" appears to explain only part of the geometry of the kimberlite revealed by drilling to date."
Du Plessis says he also believes that further diamond drilling and microdiamond test work is required to evaluate the diamond potential of the Dizzy kimberlite.
"The drilling and microdiamond work done to date is insufficient to fully determine the size and diamond potential of the Dizzy kimberlite," said Du Plessis. "Consequently, more work of this nature is planned in 2005."
Du Plessis most recently was the Mineral Resource Manager at the De Beers Group's Jwaneng Mine in Botswana, the richest diamond mine in the world. He spent 15 years with the De Beers Group prior to joining Forest Gate.
"We have only just started to unlock the value of our discovery. And we have only just started executing our business plan of exposing our shareholders to the best in diamond exploration opportunities," said Michael Judson, Forest Gate's President.
In other news, Michael Judson and Pieter Du Plessis will be in Europe this week to meet with institutional investors. The Forest Gate roadshow travels through Zurich, Geneva, Paris and London.
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.
/For further information: Michael Judson, President & CEO, 866-666-3040, mjudson(at)forestgate.ca, www.forestgate.ca/
