Forest Gate Energy Inc. (TSXV:FGE)
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MONTREAL, March 7 /CNW/ --
SYMBOL & EXCHANGE: FGE-V
MONTREAL, March 7 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE)
reports that it is mobilizing a drilling rig at its 100%-owned Pershing
gold property located near Val D'Or, Quebec.
Six drill sites have been selected. Three holes will be drilled in area
known as the Simon Block. The objective with drilling on the Simon
Block is to determine if there exists a southwest extension to the
known center of the mineralization that was intersected with drilling
between 1997 and 2002. Two of the three holes at Simon are targeting a
significant magnetic low anomaly underlain by the banded iron
formations.
Two holes will also be drilled at the central portion of the Pershing
property in an area known as the F-Block. The first hole is being
drilled parallel to a hole drilled in 1997 which contained a highly
silicified interval within which 15.5 grams per tonne was reported over
1.5 metres. The objective of this hole is to verify the results
achieved in 1997.
The second hole on the F Block will be drilled a few hundred metres east
of the first F-Block hole. This hole is being drilled to verify an
extension of the mineralization that was intersected by previous
drilling. Previous holes on F-Block intersected silicified and
sulfidized iron formation bands within shears and faults located in the
nose of an antiform. The last hole will test a strong and well
developed magnetic low anomaly occurring within a magnetically high
belt.
The Pershing gold property consists of 2736 hectares and 196 contiguous,
unpatented mining claims
Through December and January, Forest Gate compiled more than ten years
of exploration data, magnetometer, VLF-EM and IP survey data.
Drill-hole locations and mapping data were geospatially compiled into a
GIS database and integrated with core log description of rock units,
their alteration pattern, assay results and geochemical analytical
data.
The objective of the present preliminary drill campaign, in addition to
spatially extending and evaluating known centres of mineralization, is
to verify mineralizing trends and to test the mineralization models
derived from historical data. These results will become the basis for
the summer exploration program. A more extensive drill campaign is
planned for the late summer-fall period of 2011.
The technical content of this news release has been approved by Edward
Procyshyn P.Geo, Mineral Geologist, Forest Gate Energy Inc., who is a
Qualified Person as defined in National Instrument 43-101 - Standard of
Disclosure for Mineral Projects.
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.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"),
or any state securities laws and may not be offered or sold within the
United States or to United States Persons unless registered under the
U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
This news release is not for distribution to United States newswire
services or for dissemination in the United States.
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/March2011/07/c8294.html
p align="justify"ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040br/ a href="mailto:rkramberger@forestgate.ca"uRKRAMBERGER@FORESTGATE.CA/u/abr/ a href="http://WWW.FORESTGATE.CA"uWWW.FORESTGATE.CA/u/a/p