FIORE GOLD LTD. (TSX-V:F) (OTCQB:FIOGF) is pleased to report additional drilling results from its Gold Rock project in Nevada. These latest results continue to show thick intervals of oxide gold mineralization both within and outside of the current resource pit shells. We view this as encouraging in our efforts to expand the resource envelope in advance of a Preliminary Economic Assessment targeted for year-end 2019.
Highlights from the fifteen holes reported here include:
Holes GR19-026 and -032 are particularly interesting in that they show strong intercepts with grades well above the average resource grade at the very northern end of the current pit-constrained resource. In the case of GR19-032 the intercept is north of the current resource pit, indicating the deposit remains open along strike to the north. Holes GR19-024 and -025 provide good infill intercepts in the central portion of the northern resource pit, while hole GR19-019 demonstrates continuity of grade through the lightly drilled gap in the current resource south of the northern resource pit. Strong intercepts were also encountered in the southern resource pit, particularly in holes GR19-023 and -029.
Six diamond drill holes have also been recently completed at Gold Rock, although assays for these are still pending.
Tim Warman, Fiore’s CEO stated, “These holes represent the last of the RC holes from the 2019 drilling program at Gold Rock, with the results showing strong, consistent mineralization over approximately 2.4 km of strike length. With the final RC assays in place we can now begin updating the geological and resource model at Gold Rock in support of the upcoming PEA scheduled for the end of the year. Work on the PEA is progressing well and we’re looking forward to the first detailed view of what we hope will be our second operating mine in Nevada. With this first phase of drilling complete at Gold Rock, we’ve begun drilling at the Pan Mine with the goal of growing the resource and reserve base and extending the mine life as we did successfully in 2018.”
Complete results for the fifteen holes referenced in this press release are shown here:
|GR19-020||no significant intercepts|
Assay highlights are calculated with a cutoff of 0.006 opt (0.20 g/t) Au. Highlighted intervals contain less than 10 feet (3 m) of material below cutoff grade.
About Gold Rock
Gold Rock, which is located approximately 8 miles (13 km) southeast of Fiore’s Pan Mine, is one of the only federally-permitted development projects in Nevada, having received its Record of Decision in late 2018 from the United States Bureau of Land Management for the construction of a mine, process facilities and other infrastructure.
Gold Rock currently hosts an Indicated resource of 238,700 gold ounces (9.0 million tonnes at 0.82 g/t gold) and an Inferred resource of 180,900 gold ounces (7.8 million tonnes at 0.72 g/t gold). The mineral resource is centered around the former Easy Junior open pit mine and covers approximately 3.1 km of a 16.5 km-long trend of prospective geology, structure, and alteration with pervasive gold and pathfinder element anomalies in soil and rock samples. The resource at Gold Rock is of approximately 60% higher grade than Fiore’s Pan Mine.
Fiore’s technical team has prepared a detailed development plan for Gold Rock that lays out the drilling, metallurgical testing, engineering, state permitting, and other activities required to advance the project towards production. The plan aims to arrive at a construction decision by mid-2021, assuming successful completion of these activities and a positive feasibility study. Based on its experience operating the nearby Pan Mine, the Company intends to proceed directly from the PEA to a Feasibility Study in order to shorten the development timeframe.
Gold Rock Geology
The Gold Rock deposit is a Carlin-style, sedimentary rock-hosted, disseminated gold deposit within Mississippian limestone and siltstone units, namely the Joana Formation Limestone and the overlying Chainman Formation Shale, located along an eastern spur of the Pancake Range. The primary host is the Joana Limestone, but significant mineralization is also hosted in the overlying Chainman Shale with minor mineralization in the Pilot Shale. The currently identified resource occupies a N12E to N15E trend that extends from 300 m north of the Easy Junior pit to the lower reaches of Meridian Ridge to the south, a strike length of over 3.1 km. Altered bedrock and surface gold anomalies extend well beyond the mineralization envelope defined by drilling to the north and the south, extending nearly the entire 12.9 km length of the property.
Gold Rock Resource Estimate
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:
The scientific and technical information relating to Fiore Gold’s properties contained in this news release was approved by Paul Noland (AIPG CPG-11293), Fiore Gold’s VP Exploration and a “Qualified Person” under National Instrument 43-101. Drill intersections are reported as drilled thicknesses. While drill holes are designed to intersect mineralized structures as nearly as possible to perpendicular, true widths have not been calculated because of some remaining uncertainties in the geologic model that the current drilling program is designed to address. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.20 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 48 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited.
Further details of the current resource estimate at Gold Rock can be found in the report titled “Technical Report on the Gold Rock Project, White Pine County, Nevada, USA.” The Report, which is dated October 25, 2018 and is effective July 31, 2018, was prepared in compliance with National Instrument 43-101 – Standards for Disclosure for Mineral Projects and is available under Fiore Gold’s profile on SEDAR at www.sedar.com and on the Company’s website at www.fioregold.com. The Report was prepared by Michael B. Dufresne, M.Sc., P.Geol., P.Geo., and Steven J. Nicholls, BA Sc (Geology), MAIG., of APEX Geoscience Ltd., both of whom are “Qualified Persons” as defined in NI 43-101 and independent of the Company.
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We acknowledge the [financial] support of the Government of Canada.