We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Birch Hill Gold Corporation | TSXV:FDN | 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 | - |
Indicated and Inferred resources have been determined for the East Coldstream Deposit (see Table 1). At a cut-off grade of 0.4 g/t gold and using the Inverse Distance Squared (ID2) estimation method, the two parallel gold horizons contain an Indicated Resource of about 3.5 million tonnes with an average grade of 0.85 g/t gold. In addition, the Inferred Resource totals approximately 30.5 million tonnes with an average grade of 0.78 g/t gold. Table 1 provides a summary of the Resource Estimate at the 0.4 g/t cut-off. The Deposit estimated to contain 763,276 ounces of gold in inferred category and 96,400 ounces of gold in indicated category.
Table 1. East Coldstream Deposit Resource Estimation Summary at 0.4 g/t gold cut-off (using ID2 method) -------------------------------------------------------------------- Class Horizon Tonnes Above Average Au Ounces Cut-off Grade Grade (g/t) -------------------------------------------------------------------- Inferred EC-1 20,732,000 0.77 515,454 -------------------------------------------------------------------- EC-2 9,801,000 0.79 247,822 -------------------------------------------------------------------- Total 30,533,000 0.78 763,276 -------------------------------------------------------------------- -------------------------------------------------------------------- Indicated EC-1 1,371,900 0.89 39,376 -------------------------------------------------------------------- EC-2 2,144,800 0.83 57,024 -------------------------------------------------------------------- Total 3,516,700 0.85 96,400 --------------------------------------------------------------------
The Deposit is made up of two parallel horizons of strong alteration and deformation, the EC-1 and EC-2. These horizons contain "shoots" of significant gold mineralization. The EC-1 in this Report is the southern horizon and includes the previously known Main and Sanders zones which are on strike with each other and are connected by areas of low gold mineralization (see Figure 1). The EC-2 in this Report lies north of EC-1 and includes the previously referred North and East zones. These zones are also on strike with each other and are also connected by areas of lower grade gold mineralization. The EC-1 and EC-2 horizons appear to converge at depth into one wide zone of mineralization.
Table 2. Cut-off Sensitivities for the East Coldstream Deposit Resource Estimate -------------------------------------------------------------------------- Class ID2 Cut-off Tonnes Average Grade Contained Ounces (Au g/t) (Au g/t) Au -------------------------------------------------------------------------- Inferred 0.2 55,563,000 0.56 994,157 -------------------------------------------------------------------------- 0.3 40,768,000 0.67 876,682 -------------------------------------------------------------------------- 0.4 30,533,000 0.78 763,276 -------------------------------------------------------------------------- 0.5 23,001,000 0.89 655,104 -------------------------------------------------------------------------- 0.6 16,976,000 1.01 549,109 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Indicated 0.2 5,814,100 0.63 117,672 -------------------------------------------------------------------------- 0.3 4,514,500 0.74 107,522 -------------------------------------------------------------------------- 0.4 3,516,700 0.85 96,400 -------------------------------------------------------------------------- 0.5 2,807,200 0.96 86,194 -------------------------------------------------------------------------- 0.6 2,251,400 1.06 76,383 --------------------------------------------------------------------------
A cut-off grade of 0.4 g/t gold was selected to tabulate the total resources based on the results of similar gold projects located in Ontario and Quebec. In addition, the following parameters were considered; 4:1 stripping ratio, operating costs of $14.30/tonne at 10,000 tonnes per day, long term gold price of $US1,139/troy ounce, $US to $Cdn conversion of 1.00, and gold recovery of 95%. The resources block considers the mineralization to start at surface down to a depth of 400 m vertical for the deepest zone.
Mineral Resources are not Mineral Reserves and by definition do not demonstrate economic viability.
Resource Classification and Description of Block Model
Several factors were considered in the definition of a resource classification including: National Instrument 43-101 requirements, Canadian Institute of Mining, Metallurgy and Petroleum guidelines, the report author's experience with Archean and Proterozoic gold deposits, and spatial continuity based on variography of the assays within the drill holes.
Individual block models were established in Datamine for the zones using one parent model as the origin. Drill hole spacing varies from 25 m to 50 m. A block size of 10 x 10 x 10 m was selected in order to accommodate the drilling spacing and the nature of the mineralization. Sub-celling of the block model was used to allow the parent block to be split once in each direction to more accurately fill the volume of the wireframes, thus more accurately estimate the tonnes in the resource.
The interpolations of the two zones were completed using the Inverse Distance Squared (ID2) estimation method. The global block model statistics for the ID2 model were compared to the Nearest Neighbour (NM) model and the Ordinary Kriging (OK) model. In general there is agreement between the three models and larger discrepancies were reflected as a result of lower drill density in some portions of the model.
A copy of the final Report will be filed on SEDAR within 45 days of the date of this news release.
To view Figure 1, visit the following link: http://media3.marketwire.com/docs/FDNfigure1.pdf
Qualified Person
Todd McCracken, P.Geo, is a Qualified Person ("QP") for purposes of NI 43-101. He is responsible for preparing the Report and the Resource Estimate disclosed in the Report. Mr McCracken is an employee of Wardrop, and independent from the Companies as described in section 1.5 of NI 43-101. He has read and approved the technical disclosure in this press release.
About the East Coldstream Gold Deposit
The East Coldstream Gold Deposit is only one of several areas of significant gold mineralization on the Coldstream Property. Other areas include Iris Lake, Span Lake, Goldie Zone and Burchell West. The Iris Lake area is located 1.5 north of the Deposit and drilling during the 2011 winter program intersected 8.39 g/t gold over 11 m (see news release dated March 22, 2011). Further drilling was carried out at Iris Lake as part of the recently complete 6,000 m summer program on the Coldstream Property. Results for the holes drilled in the Iris Lake area are pending.
The East Coldstream Deposit is hosted within mafic to intermediate metavolcanic rocks which have been intruded by dike/sill-like bodies of quartz-feldspar porphyries and gabbros. All these rock types have been variably altered (silica, hematite, carbonate, chlorite) and deformed by east- to east-northeast striking North Coldstream Shear/Deformation Zone. Gold is associated with 1 to 5 percent, fine-grained pyrite.
About the Coldstream Property
The 6,250 hectare Coldstream Property is located along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
For more details regarding the Coldstream Property, please visit our website at www.foundationres.com.
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on exploration and development of gold and base metal properties in Canada and Mexico. Its flagship Coldstream gold project in the Shebandowan greenstone belt and Mitchell base metal property in the Birch-Uchi greenstone belt east of Red Lake occur within the Western Superior geological province of the Canadian Shield, noted for hosting prolific gold and base metal deposits in Ontario, Canada. The San Rafael gold-silver property is located approximately 150 km northwest of Durango in the Durango State, Mexico.
On behalf of the board,
Ike Osmani, President & Director
News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: # 350476107
ISIN CA3504761071
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Foundation Resources Inc. Paul Chung, MBA CEO & Director 604-681-0405 604-687-4670 (FAX) info@foundationres.com Foundation Resources Inc. Ike Osmani, M. Sc, P. Geo President & Director 604-681-0405 604-687-4670 (FAX) info@foundationres.com www.foundationres.com Rain Communications Nelson Da Silva 604-648-0523 (direct) Rain Communications Ralph Biggar 604-306-2525 (direct)
1 Year Birch Hill Gold Corporation Chart |
1 Month Birch Hill Gold Corporation Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions