Oct 24 2012
Fairmont Resources ("Fairmont" or the "Company") is pleased to announce that the Company has conducted a follow up prospecting program based on the results of summer field program on its Marmion South Property (the "Property"), located near Atikokan, Ontario, and contiguous with Osisko Mining Corporation's ("Osisko") Hammond Reef Property (see Press Release September 26th, 2012). Results of the follow up program are pending.
The prospecting program focused on results returned from summer field work on the southwest extension of the northeast-trending Jack Lake-Pettigrew trend. The high-grade, granite-hosted Jack Lake gold deposit, located 1 kilometer north of the Property, was discovered in 1878, saw limited production from 1899-1902, and hosts several historical, non 43-101 compliant resources calculations, the most recent comprising 8,910 tons grading 15.53 g/t for 4,000 ounces.
Osisko's Hammond Reef deposit (530.6M tons at an average grade of 0.62 g/t gold for 10.5 million ounces and based on a cut off of 0.30 g/t gold*) is related to the northeast-trending Marmion Shear; numerous historic gold occurrences in the Marmion Batholith are associated with similar parallel northeast structures.
* 43-101 compliant global inferred resource (see Osisko press release Nov. 7, 2011)
In addition prospecting was under taken in the greenstone hosted White Lake area located in the southwest portion of the property. Sampling by Fairmont in 2011 at the White Lake occurrence returned up to 6.18 g/t gold and very limited historic drilling in the 1980s returned up to 0.45 g/t over 7.78 meters. The White Lake occurrence represents the western most extension of an east-west trending, greenstone hosted, gold trend on the property. Over 8 km of this trend is covered by the property. The eastern most extension of this trend encompasses the past producing Atiko-Sapawe Gold mine located just 250m from the western property boundary. The Atiko-Sapawe gold mine operated from 1963 to 1966 and produced 4,955 ounces at 5.15 g/t and hosts a historic, non 43-101 compliant resource of 10,600 ounces at 8.0 g/t.
Maps and figures detailing the work performed during the summer program are available on the Fairmont website
Source: http://www.fairmontresources.com