ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

FRX Fortune River Resource Corp.

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Fortune River Resource Corp. TSXV:FRX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Fortune River and Christopher James Begin Drilling at Buz Gold/Silver Project in Nevada

15/09/2010 6:32pm

Marketwired Canada


Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) and partner
Christopher James Gold Corp. (CJG.V) reported today that drilling is underway at
their 240ha, low-sulfidation Buz gold/silver Project in the Walker Lane Gold
trend in western Nevada. A four-hole, reverse-circulation drilling program is
planned, approximately 1,000 metres total.


Grab samples of vein material from dumps of small historic workings contain
anomalous gold up to +10g/t, with relatively low concentrations of silver and
very low concentrations of base metals. The gold-bearing veins formed in a small
graben and related volcanic eruptive center within the southern margin of a
large Tertiary caldera. Vein mineralogy and textures in surface exposures are
typical of the upper level of a low-sulfidation gold system. Economic
accumulations of gold, if present, would typically lie deeper in these systems.
Only one shallow historic drill hole has been found on this minimally explored
property.


Christopher James may earn a 51% interest in the Buz property by spending
US$2,000,000 over a six-year period, which will include paying underlying annual
minimum royalties and claim-holding fees. Christopher James may earn a further
19% interest, for a total of 70%, by producing a bankable feasibility study by
the end of year six. This option may be extended for up to two years by paying
Fortune River US$50,000 and spending a minimum of US$500,000 per year. The
project is subject to an underlying royalty of 3% NSR, of which 1.5% can be
purchased for US$1,500,000. Fortune River will be project manager initially,
continuing as long as mutually agreed.


Highland project update

Permits have been received and a bond has been posted for drilling at the
Highland property, which is also being managed by the company and funded by
Christopher James Gold Corp. During the past few months, previously planned
drilling was postponed while the existing ground magnetics survey was enlarged
and 21 new claims were added to cover projections of geophysical targets,
bringing the total to 141 claims (approx.1,100ha). Christopher James has met
required year one expenditures at Highland and will determine a drill schedule
once their budgeting process has been completed.


About Fortune River

Fortune River Resource Corp. is exploring for high-grade gold deposits within
two prolific gold producing geologic provinces, Nevada and Ontario. The Wind
Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are
located in Nevada and the Drayton project is located in Ontario. Fortune River
and Bravada Gold Corp (BVA.V) are considering an amalgamation to form a strong
Nevada-based exploration and development company.


Joseph Anthony Kizis, Jr. (P.Geo) is the Qualified Person as defined by National
Instrument 43-101 for the Buz project and has reviewed and approved the
technical contents of this release.


On behalf of the Board,

Joseph Anthony Kizis, Jr., President, Fortune River Resource Corp.

This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements. These statements are based on a number of assumptions, including,
but not limited to, assumptions regarding general economic conditions, interest
rates, commodity markets, regulatory and governmental approvals for the
company's projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause actual
results to differ materially from those in forward looking statements include
market prices, exploitation and exploration successes, the timing and receipt of
government and regulatory approvals, and continued availability of capital and
financing and general economic, market or business conditions. Fortune River
Resource Corp. does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information, future
events or otherwise, except to the extent required by applicable law.


1 Year Fortune River Resource Corp. Chart

1 Year Fortune River Resource Corp. Chart

1 Month Fortune River Resource Corp. Chart

1 Month Fortune River Resource Corp. Chart

Your Recent History

Delayed Upgrade Clock