Nov 24 2010
Fire River Gold Corp. (TSX-V: FAU; OTCQX: FVGCF; FSE: FWR) has reported the first results obtained from the 28,000 metre drill program at the Nixon Fork Gold Mine situated in Alaska's Tintina Gold Belt.
- 37.0 g/t (1.07 opt) gold over 3.6 m (11.7 ft) in hole N10-007 including 77.9 g/t (2.27 opt) gold over 1.1 m (3.6 ft)
- 27.6 g/t (0.80 opt) gold over 1.4 m (4.6 ft) in hole N10-015
- Results pending for additional surface and underground holes
- 28,000 metre drill program ongoing
- Second diamond drill purchased and en route to mine site
A total of 6,700 metres have been drilled to date of which 2,400 metres were on surface. The Company has received assay results from 16 of the 19 surface drill holes.
New significant intercepts include N10-007 returning grades of 37.0 g/t (1.08 opt) gold over 3.6 m (11.7 ft) including 77.9 g/t (2.27 opt) gold over 1.1 m (3.6 ft) and drill hole N10-015 reported a grade of 27.56 g/t (0.80 opt) gold over 1.4 m (4.6 ft). N10-007 was drilled in the North Star zone which is located approximately 1800 metres from the mill and accessible by road and drill hole N10-015 was drilled at Southern Cross which is located approximately 680 metres from the mill.
The Phase I surface drilling program was completed on October 23rd and focused on drill targets with lateral or down plunge extensions of known mineralized zones delineated by historical drilling with a particular focus on targets that exhibited the potential to provide additional resources to the mill.
Three zones were targeted for a total of 19 drill holes: Whelan, North Star and Southern Cross. Four drill holes for a total of 738 metres tested the Whalen, seven drill holes for a total of 767 metres tested the North Star and eight drill holes for a total of 906 metres tested the Southern Cross zone. All zones tested during the surface drill program have not been previously been mined in the recent past and continue to demonstrate prospective areas which may provide additional mill feed to the current mine. Assay results are pending for three additional surface drill holes located at the Southern Cross zone as well as the recent 2010 underground drilling.
"These first results from our surface drilling program are encouraging," commented Richard Goodwin, VP Mining of Fire River Gold. "They demonstrate the occurrence of high grade mineralization outside of the Crystal and Mystery Mines and affirm the possibility of extending operations by continuously replacing depleted mines with new ones through ongoing exploration."
A Phase II surface drilling is anticipated to commence within the early spring of 2011 and will continue the with the Phase I objective of following up on additional targets at the Southern Cross, J5A and Mystery zones not tested within the 2010 program. Additionally, the Phase II surface program will continue to expand the prospective zones delineated by the 2010 surface drill program.
Nixon Fork Gold Mine
The Nixon Fork Gold Mine was acquired in September 2009. From 1995 - 2007, the project produced approximately 175,000 ounces of gold at an average grade of 39 grams per ton (1.14 opt). The mining and processing facilities at Nixon Fork are permitted and bonded.
The deposit is a gold-rich copper silver skarn typical of other skarn systems found throughout the world. At Nixon Fork, the higher grades are found in steeply plunging pipe-like bodies which are oxidized to depths of up to 350 meters below the surface. Oxidization of the system has resulted both in secondary copper and gold, with high grades and a "nuggety" distribution.
Objectives About 2010/11 Drill Program
The surface program is testing to expand six known zones of mineralization which have the potential to provide additional resources to the mill. The underground portion of the drill program is focusing on expanding resources, particularly in the 3300 Zone, 3500, 3100, as well as other prospective zones.
The Company has purchased a second underground diamond drill which is currently in transport to the mine site. The second drill rig will be used to help expand the mining department to accommodate four shifts of drilling per day. At present, the mine has a staff of nine underground mine workers, which will be expanded to accommodate this program.
The Qualified Person for this news release is Richard Goodwin, P.Eng., Vice President of Mining for Fire River Gold.
Source: Fire River Gold Corp.