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Post by Franko10 ™ on Aug 17, 2005 7:04:00 GMT -5
Forest Gate Discovers 'Duke' Kimberlite at East Side
08:00 EDT Wednesday, August 17, 2005
MONTREAL, Aug. 17 /CNW/ - Forest Gate Resources Inc. reports that it has made a significant discovery of a new kimberlite body on the company's 100%-owned East Side Property in Fort a la Corne/Prince Albert, Saskatchewan.
The discovery hole, FG05-11, cut 100.45 metres of kimberlite. The hole ended while still in kimberlite. Challenging ground conditions stopped the hole from continuing. A second vertical hole, FG05-08, was collared 50 metres west and intersected approximately 75 metres of kimberlite over a 125 metre interval.
The new kimberlite body, named "Duke", is on the southern boundary of Forest Gate's East Side diamond property and extends to adjacent property owned by Shore Gold Inc. Forest Gate appears to own about 40% of the Duke kimberlite based on its magnetic geophysical signature.
"It's obvious from these first two drill holes that it is a geologically complex kimberlite" said Steve Roebuck, Forest Gate's Vice President of Exploration. "There appears to have been multiple eruptive events. In one hole we find coarse-grained and brecciated kimberlite units overlain by sediments, with the sequence repeating several times up-hole. In the second hole the sediment beds are absent, replaced in parts by a lapilli-rich unit. Both holes are interesting yet fairly distinct."
"This is the first new discovery in Fort a la Corne/Prince Albert since Forest Gate discovered the Dizzy kimberlite in 2003," said Michael Judson, Forest Gate's President & CEO. "All of our geophysical data accumulated to date suggests that Duke could be twice the size of our Dizzy Pipe," said Judson.
The company says it will soon ship Duke core for assaying and petrographic analysis. Following that, the company will plan the next phase of drilling.
For more information on the 2005 drill program please visit the geology section at www.forestgate.ca to view FAQs answered by Steve Roebuck.
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: Robert Kramberger, Investor Relations, Forest Gate Resources Inc., (866) 666-3040, rkramberger@forestgate.ca, http://www.forestgate.ca; or Trevor Burns, President, Tiger Capital Corporation, Toronto, Ontario, (416) 252-3663, investor@tigercapital.com
08:00 EDT Wednesday, August 17, 2005
MONTREAL, Aug. 17 /CNW/ - Forest Gate Resources Inc. reports that it has made a significant discovery of a new kimberlite body on the company's 100%-owned East Side Property in Fort a la Corne/Prince Albert, Saskatchewan.
The discovery hole, FG05-11, cut 100.45 metres of kimberlite. The hole ended while still in kimberlite. Challenging ground conditions stopped the hole from continuing. A second vertical hole, FG05-08, was collared 50 metres west and intersected approximately 75 metres of kimberlite over a 125 metre interval.
The new kimberlite body, named "Duke", is on the southern boundary of Forest Gate's East Side diamond property and extends to adjacent property owned by Shore Gold Inc. Forest Gate appears to own about 40% of the Duke kimberlite based on its magnetic geophysical signature.
"It's obvious from these first two drill holes that it is a geologically complex kimberlite" said Steve Roebuck, Forest Gate's Vice President of Exploration. "There appears to have been multiple eruptive events. In one hole we find coarse-grained and brecciated kimberlite units overlain by sediments, with the sequence repeating several times up-hole. In the second hole the sediment beds are absent, replaced in parts by a lapilli-rich unit. Both holes are interesting yet fairly distinct."
"This is the first new discovery in Fort a la Corne/Prince Albert since Forest Gate discovered the Dizzy kimberlite in 2003," said Michael Judson, Forest Gate's President & CEO. "All of our geophysical data accumulated to date suggests that Duke could be twice the size of our Dizzy Pipe," said Judson.
The company says it will soon ship Duke core for assaying and petrographic analysis. Following that, the company will plan the next phase of drilling.
For more information on the 2005 drill program please visit the geology section at www.forestgate.ca to view FAQs answered by Steve Roebuck.
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: Robert Kramberger, Investor Relations, Forest Gate Resources Inc., (866) 666-3040, rkramberger@forestgate.ca, http://www.forestgate.ca; or Trevor Burns, President, Tiger Capital Corporation, Toronto, Ontario, (416) 252-3663, investor@tigercapital.com
