Foundation Resources Inc. Corporate Update: Milestones Achieved and Moving Forward
October 04 2011 - 7:56AM
Marketwired
Foundation Resources Inc. (TSX VENTURE:FDN) -
Highlights:
-- Completion of the East Coldstream Deposit NI 43-101 resource estimate
(763,000 ounces gold Inferred and 96,400 ounces gold Indicated)
-- Successful completion of the 2011 summer exploration program on the
Coldstream Property
-- Successful completion of an Airborne magnetic and Electromagnetic survey
on the massive sulphide Mitchell property
-- Planning to drill a minimum of 5000 metres in the fall/winter seasons to
drill test new targets on the Coldstream Property
-- IP geophysical survey is planned on the Burchell West target located
over 6 km west of the East Coldstream Deposit
Foundation Resources Inc. ("Foundation" or the "Company") is
pleased to provide an exploration update on its two Ontario
projects, Coldstream and Mitchell. Foundation's President Ike
Osmani states that "Despite the present commodity price downtrend
and uncertainty in current global market conditions, I would like
to reassure our shareholders and the investment community that the
Company's fundamentals are strong and our management and technical
teams are pressing ahead to create value in our key assets for our
shareholders. We have achieved important milestones this year and
continue moving forward with the same vigor and determination in
further developing our assets."
On the 60% owned Coldstream Property, Foundation with joint
venture partner Alto Ventures (TSX VENTURE:ATV), recently completed
over 6000 metres of drilling and reported a NI 43-101 compliant
resource estimate (763,000 ounces gold Inferred and 96,4000 ounces
gold Indicated) for the East Coldstream Deposit ("Deposit") (News
Release, September 20, 2011). This resource estimate does not
include the results of all the holes drilled this summer on the
Deposit. Of the 6000 metres drilled, 3,897 metres were drilled on
the Deposit and the remaining 2,103 metres were completed on the
Iris Lake area where Foundation discovered high-grade gold (8.39
g/t over 11.0 m) during the 2011 winter drilling program. Drill
results from five holes on the Deposit have already been reported
(News Releases: July 16, 2011 and August 23, 2011) and the results
of remaining holes will be reported as soon as they become
available.
A 2011-12 winter exploration program consisting of a minimum
5,000 metres of diamond drilling on two new drill-ready targets,
the Span Lake deposit and the Goldie Zone, and an Induced
Polarization (IP) geophysical survey on the Burchell West target,
located 6 kilometres west of the East Coldstream Deposit, is
planned. Construction of an IP grid is currently in progress.
On Foundation's wholly owned massive sulphide Mitchell Property
(2,256 ha) in the Red Lake Mining District, a reconnaissance
lithogeochemical survey was conducted this summer and a follow-up
high resolution airborne magnetic and electromagnetic survey has
just been completed on the Property. The results of the geophysical
surveys will be followed up with appropriate geological
methods.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the
Qualified Person for the Coldstream and Mitchell projects has
reviewed and approved the technical content of this news
release.
For more details regarding the Coldstream or Mitchell 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, M.Sc., P.Geo., 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.comwww.foundationres.com
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