FIORE GOLD LTD. (TSX-V:F) (OTCQB:FIOGF) is pleased to report that drilling at its Gold Rock project in Nevada has intersected thick intervals of oxide gold mineralization both within and outside of the current resource pit shells. This is particularly encouraging as one of the goals of the current drilling program is to expand the resource envelope in advance of a Preliminary Economic Assessment targeted for year-end 2019.
Highlights from the first six holes include:
Of particular interest is hole GR19-002, which targeted an area previously evaluated only by scattered, shallow vertical holes under the former EZ Jr. leach pad. Mineralization intersected by current drilling in this area is not included in the current resource pit shells and thus represents potential for expanding the resource. Drilling has confirmed 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. Holes GR19-004 and -005 have also identified mineralization within the eastern limb of the EZ anticline, also outside the current resource pit shells.
Tim Warman, Fiore’s CEO stated, “We’ve always suspected that mineralization at Gold Rock continued through the area of historical shallow drilling between the two main resource pit shells, so it’s great to see the drilling confirming this and with considerably higher grades than the current resource grade. We’ll continue to test this area, as well as other targets in and around the existing resource, with the Gold Rock program currently scheduled to wrap up in September. At that point we’ll likely move the RC drill to the Pan Mine to begin a resource and reserve expansion program there.”
Complete results for the current six holes 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.
Fiore has also added a diamond core rig to the RC rig currently at Gold Rock, with the goal of drilling approximately 10,000 feet (3,000 m) of core over the next few months.
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.
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