Forest Gate Energy Inc. (TSXV:FGE)
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CALGARY, AB, Aug. 11, 2011 /CNW/ --
More than 44.6 grams of gold per ton over 0.3 metres
SYMBOL & EXCHANGE: FGE-V
CALGARY, AB, Aug. 11, 2011 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV:
FGE) reports that its mineral exploration group intersected high-grade
gold in addition to iron during a five-hole drill program at its
100%-owned Pershing gold property located near Val D'Or, Quebec.
Drill hole FG11-05 intersected gold mineralization that assayed 145
grams of per ton in the first screen analysis. The second screen
analysis on a second sample of the same mineralized intersection
assayed 44.6 grams of gold per ton suggesting the presence of free
gold. The first screen analysis is discounted due to the nugget effect.
Drill hole FG11-05 was drilled in a new, unexplored area of the Pershing
property known as the Marquis Block. The Marquis Block is located 1.7
kilometres north of the Simon Block which is where most of the
historical work was concentrated and where all of the early gold
showings were found.
"This fifth hole was targeting a fault zone which it found and it also
intersected an alteration zone and quartz veins in which the high-grade
gold was discovered," said Michael Judson, President and CEO.
Hole FG11-04 was also drilled in the Marquis Block and returned values
of 18.3 grams of gold per ton over 0.10 metres and 10.5 grams of gold
per ton over 0.20 metres.
Holes FG11-04 and FG11-05 were spotted and located for the spring drill
program using a ground-based magnetic survey completed during 2000-2002
season. This survey was never fully completed over the entire area of
the Marquis Block.
The results from the holes on the Marquis Block are extremely promising
especially in light of the limited geophysical data on which they were
based. Forest Gate says it believes that the positive results open a
completely new area in which to explore for gold mineralization on the
Pershing property.
The results from drill holes FG11-04 and FG11-05 warrant a more detailed
geophysical survey. This survey is now being planned for this autumn.
The survey will be followed with a comprehensive drilling program.
"We very much need some fresh geophysics on this property," said Judson.
"We need to better understand the fault structure in both the northern
and southern parts of the property to further delineate both gold and
iron mineralization."
Forest Gate was targeting high-tonnage, low-grade gold mineralization
with its 2011 spring program. The discovery of alternation zones and
silicification by the most recent drilling suggests that there is still
the potential for the discovery of this kind of mineralization.
Holes FG11-01, FG11-02 and FG11-03 contained immaterial amounts of gold.
As previously reported, FG11-03 contained high-grade iron. Forest Gate
is planning to more detailed petrographic analysis of core from holes
FG11-01, FG11-02, FG11-03 and core from adjacent historical drill
holes.
Drill holes FG11-02 and FG 11-03 contain visual petrographic and vein
characteristics which are comparable to descriptions of gold
mineralization described by previous explorers.
In the case, of FG11-01 only a small number of samples were initially
submitted for analysis. The company may decide to submit new samples
from the first three drill holes for additional assaying.
Follow-up petrographic studies, re-sampling and analytical work will
commence in September.
Table 2: Key Assay Values - Spring 2011 Preliminary Drill Program
RS-Au RS-Au- Accepted
Hole PS-Au- PS-Au- PS-Au- RS-Au-
Number Sample From To Interval AA25 GRA21 GRA21 AA25 AA25 GRA21 Value
Duplicate
Duplicate
meters gpt gpt gpt gpt gpt gpt gpt
FG11-04 K496043 97.90 98.05 0.15 10.0 18.500 18.2 17.25 18.3 18.30
FG11-04 K496046 109.85 110.05 0.20 9.700 10.35 10.75 10.50 10.50
FG11-05 K496036 190.35 190.65 0.30 10.0 133.000 146.000 33.90 44.60
26.70 44.60
PS - Primary RS - Resubmitted Reject Duplicate - Laboratory Duplicate Analysis
Sample Sample on same pulp sample
Forest Gate selected one hundred eight samples selected from 5 drill
holes for gold fire assay, trace and major element analysis. Assaying
was conducted at the ALS Global/ALS Canada Ltd. located Val d'Or,
Quebec. An additional 7 samples using the initial rejected portions of
the samples were re-submitted for metallic sieve fire assay with AA
finish to confirm initial results.
Technical information in this news release was prepared in accordance
with Canadian regulatory requirements as set out in National Instrument
43-101 and has been reviewed by Edward Procyshyn, Geo, who is the
qualified person as defined by NI 43-101. Assay samples are taken from NQ-size drill core sawn in half; one half
is shipped to ALS Minerals in Val d'Or, PQ, and the other half of the
core sample is kept for future reference. The submitted samples are
crushed such that 75% of the crushed material passes -10 mesh (2mm)
screen. The crushed material is split until a 300 gram samples is
obtained. This sample is pulverized so that plus 90% of the sample passes 200 mesh (0.75mm)(now called pulp) from which a 30 gram sample is
taken for standard fire Au-assay and AA finish to determine amount of
gold in the sample. Blank samples and standard samples are inserted by
Forest Gate Energy into the sampling stream such that ~1 out of 15
samples is either a blank or standard reference sample. Samples
returning more than 1 gpt Au are resubmitted for gravimetric metallic
screen and fire assay-AA finish analysis. The pulp and the split
reject are returned and securely stored with the core. When warranted,
another 30g of the pulp sample is also geochemically analyzed for
multi-elements using 4-acid digestion followed by ICP analysis with OES
Finish (Inductively couple plasma optical emission spectroscopy). The
ALS laboratory also will occasionally complete check duplicate analysis
on samples submitted and analyze blank and standard samples they select
and insert into the sample stream. Since the orientation and attitude of the gold bearing and iron bearing mineralized units are not
yet known, the core intervals samples do not represent the true width
of the mineralized zone.
About Forest Gate
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and
production, and non-energy resource company trading on the TSX Venture
Exchange under the symbol FGE. The Company is seeking to increase
shareholder value through participation and development of energy and
other resources in Canada and internationally.
FORWARD-LOOKING STATEMENTS
Certain statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's
anticipated financial performance, may constitute forward-looking
statements under applicable securities laws and necessarily involve
known and unknown risks and uncertainties, most of which are beyond
Forest Gate's control. These risks may cause actual financial and
operating results, performance, levels of activity and achievements to
differ materially from those expressed in, or implied by, such
forward-looking statements.
Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry
conditions including changes in laws and regulations including adoption
of new environmental laws and regulations, and changes in how they are
interpreted and enforced; competition; the lack of availability of
qualified personnel; fluctuations in commodity prices; the results of
exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth potential
of Forest Gate's various assets; fluctuations in foreign exchange or
interest rates; the ability to access sufficient capital from internal
and external sources; and obtaining required approvals of regulatory
authorities.
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or the accuracy of this
release.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/August2011/11/c3153.html
p Robert Kramberger, V-P, Investor Relationsbr/ 1-866-666-3040br/ ua href="mailto:rkramberger@forestgate.ca" cr="true"rkramberger@forestgate.ca/a/ubr/ ua href="http://www.forestgate.ca" cr="true"www.forestgate.ca/a/u /p