Post by Zoinkers on Aug 17, 2006 5:21:46 GMT -5
Press Release Source: Forest Gate Resources Inc.
Forest Gate and Majescor Set to Explore Portage Property, Quebec
Tuesday August 15, 9:00 am ET
<< Shares outstanding: 78 Million SYMBOL & EXCHANGE: FGT-V >>
MONTREAL, Aug. 15 /CNW/ - Forest Gate Resources Inc. reports that they and joint venture partner Majescor Resources Inc. have begun exploration work on the Portage property located north of the Otish Mountains in north-central Quebec, adjacent to the diamondiferous Renard kimberlite cluster currently being bulk-sampled by Ashton Mining of Canada.
The Portage property exploration program will focus on several highly prospective areas and will involve prospecting, mapping and soil geochemistry sampling. The budget for the program is $600,000 and is expected to take approximately 6 weeks to complete.
"We have designed this program to deliver timely results," said Steve Roebuck, Forest Gate's Vice President of Exploration. "Prior exploration programs have focused on glacial till sampling but the lab turn-around time is 6-9 months. By prospecting and mapping, we will have geologists on the ground hunting for kimberlite boulders. If we find kimberlite float, we will try to trace it back-up-ice to its source."
A soil geochemistry survey will be used to hunt for targets in distal areas removed from the main Kimberlite Indicator Mineral (KIM) dispersion trains that were identified during last autumn's glacial till sampling survey. If the soil geochemistry provides an anomalous result, a larger preserved sample from the same location will be sent for more KIM testing and develop targets for next year.
"We have developed an integrated approach for exploration on the property," said Roebuck. "We have taken our extensive KIM database and merged it with our airborne and ground geophysical information. We merged that information with the drill-hole database and came up with a fairly complete picture of the property. But this property is geologically complex; no one tool can act as a stand-alone kimberlite finder."
Added to the Forest Gate exploration team for 2006 are Yves Caron and Andre Laferriere. Mr. Caron joins the program as an independent consulting geologist after a 10-year career with SOQUEM with most of it spent working on the Renard kimberlite cluster. Yves' Master's dissertation is entitled "Geochemistry of the Secondary Environments of the Renard Kimberlites". Mr. Laferriere's considerable geological strengths include database construction and remote sensing. Both Mr. Caron and Mr. Laferriere have been key players in designing this year's exploration program.
Saskatchewan Update
In other company news, the second drill-hole targeting the western extension of the 122 Kimberlite on the West Side property has intersected the kimberlitic body originally discovered in the first hole. The vertical PQ-sized drill-hole, FG06-33, cut 1.8 metres of kimberlite from 163.0 metres to 164.8 metres depth and is currently being geologically logged. Drill-hole FG06-33 was collared 100 metres north of FG06-32, which intersected 11.6 metres of kimberlite from 154.8 metres to 166.4 metres.
"This marks our second drill-hole that has found kimberlite on the West Side property," said Roebuck. "While we were hoping for a wider intersection of kimberlite in the second drill hole, we are pleased with the results that prove the 122 Kimberlite pipe extends onto Forest Gate property."
Please visit the company website www.forestgate.ca to view the new video for the Portage property and the current West Side property map.
Ralph Newson, P.Eng., P.Geo. and Qualified Person has edited and reviewed the technical information contained within this press release pertaining to the Saskatchewan property.
Forest Gate is a publicly traded mineral exploration company with diamond properties in Saskatchewan and Quebec. The company's shares 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 inCompany 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, V-P, Investor Relations, Forest Gate Resources Inc., 866-666-3040, rkramberger@forestgate.ca, www.forestgate.ca
Trevor Burns, President, Tiger Capital Corporation, Toronto, Ontario, (416) 252-3663, investor@tigercapital.com
--------------------------------------------------------------------------------
Source: Forest Gate Resources Inc.
Forest Gate and Majescor Set to Explore Portage Property, Quebec
Tuesday August 15, 9:00 am ET
<< Shares outstanding: 78 Million SYMBOL & EXCHANGE: FGT-V >>
MONTREAL, Aug. 15 /CNW/ - Forest Gate Resources Inc. reports that they and joint venture partner Majescor Resources Inc. have begun exploration work on the Portage property located north of the Otish Mountains in north-central Quebec, adjacent to the diamondiferous Renard kimberlite cluster currently being bulk-sampled by Ashton Mining of Canada.
The Portage property exploration program will focus on several highly prospective areas and will involve prospecting, mapping and soil geochemistry sampling. The budget for the program is $600,000 and is expected to take approximately 6 weeks to complete.
"We have designed this program to deliver timely results," said Steve Roebuck, Forest Gate's Vice President of Exploration. "Prior exploration programs have focused on glacial till sampling but the lab turn-around time is 6-9 months. By prospecting and mapping, we will have geologists on the ground hunting for kimberlite boulders. If we find kimberlite float, we will try to trace it back-up-ice to its source."
A soil geochemistry survey will be used to hunt for targets in distal areas removed from the main Kimberlite Indicator Mineral (KIM) dispersion trains that were identified during last autumn's glacial till sampling survey. If the soil geochemistry provides an anomalous result, a larger preserved sample from the same location will be sent for more KIM testing and develop targets for next year.
"We have developed an integrated approach for exploration on the property," said Roebuck. "We have taken our extensive KIM database and merged it with our airborne and ground geophysical information. We merged that information with the drill-hole database and came up with a fairly complete picture of the property. But this property is geologically complex; no one tool can act as a stand-alone kimberlite finder."
Added to the Forest Gate exploration team for 2006 are Yves Caron and Andre Laferriere. Mr. Caron joins the program as an independent consulting geologist after a 10-year career with SOQUEM with most of it spent working on the Renard kimberlite cluster. Yves' Master's dissertation is entitled "Geochemistry of the Secondary Environments of the Renard Kimberlites". Mr. Laferriere's considerable geological strengths include database construction and remote sensing. Both Mr. Caron and Mr. Laferriere have been key players in designing this year's exploration program.
Saskatchewan Update
In other company news, the second drill-hole targeting the western extension of the 122 Kimberlite on the West Side property has intersected the kimberlitic body originally discovered in the first hole. The vertical PQ-sized drill-hole, FG06-33, cut 1.8 metres of kimberlite from 163.0 metres to 164.8 metres depth and is currently being geologically logged. Drill-hole FG06-33 was collared 100 metres north of FG06-32, which intersected 11.6 metres of kimberlite from 154.8 metres to 166.4 metres.
"This marks our second drill-hole that has found kimberlite on the West Side property," said Roebuck. "While we were hoping for a wider intersection of kimberlite in the second drill hole, we are pleased with the results that prove the 122 Kimberlite pipe extends onto Forest Gate property."
Please visit the company website www.forestgate.ca to view the new video for the Portage property and the current West Side property map.
Ralph Newson, P.Eng., P.Geo. and Qualified Person has edited and reviewed the technical information contained within this press release pertaining to the Saskatchewan property.
Forest Gate is a publicly traded mineral exploration company with diamond properties in Saskatchewan and Quebec. The company's shares 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 inCompany 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, V-P, Investor Relations, Forest Gate Resources Inc., 866-666-3040, rkramberger@forestgate.ca, www.forestgate.ca
Trevor Burns, President, Tiger Capital Corporation, Toronto, Ontario, (416) 252-3663, investor@tigercapital.com
--------------------------------------------------------------------------------
Source: Forest Gate Resources Inc.