Newsroom October 04, 2011
Corporate Update - Milestones Achieved and Moving Forward
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Corporate Update: Milestones Achieved and Moving Forward
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
Vancouver B.C. October 04, 2011: Foundation Resources Inc. (FDN: TSX-V) ("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 (ATV: TSX-V), 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.
The results of the remaining drill holes to be reported on the Iris Lake area (2,103 Metres drilled) will be of special significance especially as results from the first 5 holes were very good.
I would like to see Alto give us an update on all properties so we can assess the current status and maybe get a bit of confidence in this stock.
Interesting times ahead on international financial scene. QE3 soon? A european QE1 not far away?? HMM!
