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 have confirmed thick intervals of oxide gold mineralization both within and outside of the current resource pit shells and shown that mineralization continues through a lightly-drilled gap in the current resource. We view this as encouraging in our efforts to expand the resource envelope in advance of a Preliminary Economic Assessment (“PEA”) targeted for year-end 2019.
Highlights from the eleven holes reported here include:
Holes GR19-012 and -014 showed that mineralization continues strongly through the area near the former Easy Junior leach pad where there is a gap in the current mineral resource due to a previous lack of drilling. Drilling continues to show that the mineralized zone follows the western limb of the North trending EZ anticline and is commonly localized in the western limb along the contact between the Chainman Shale and Joana Limestone. Mineralization in the eastern limb of the EZ anticline appears to strengthen to the south, with hole GR19-009 intersecting 15.2 m of 1.22 g/t gold.
Tim Warman, Fiore’s CEO stated, “We’re continuing to see excellent results from the RC drilling program at Gold Rock, particularly in the area of limited historical shallow drilling between the two main resource pit shells where we hope to grow the resource. We currently have one RC and one diamond core rig at Gold Rock, with the RC rig scheduled to shift to the adjacent Pan Mine in the next week or so. Plans are already being made for a Phase II drilling program at Gold Rock in support of a full Feasibility Study leading to a planned production decision in 2021. This is all part of our plan to continue growing the reserve base and extending the mine life at Pan while advancing Gold Rock towards production as rapidly as possible.”
Complete results for the eleven holes referenced in this press release are shown here:
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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