Increase Oz Gold: Amy Prospect 467,000 / Svetloye Property 1.428 Million
posted on Apr 23, 2009 09:52AM
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|April 23, 2009|
|Fortress Minerals Corp.: Amy Prospect Resource Increased to 467,000 Ounces Gold, Svetloye Property Resource Now Totals 1.428 Million Ounces Gold|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2009) - Fortress Minerals Corp. ("Fortress" or the "Company")(TSX VENTURE:FST) is pleased to announce an updated 43-101 resource estimate for the Svetloye gold project, located in the Russian Far East. The updated resource is for the Amy Prospect and totals 5.975 million tonnes averaging 2.43 grams/tonne (g/t) gold, yielding 467,000 contained ounces of gold. This resource is classified in the inferred category, and is based on a 1 g/t gold cutoff and a 10 g/t capped gold grade. The total inferred resources at Svetloye, including Elena, Amy and Tamara now stands at 20.103 million tonnes grading 2.21 g/t gold and containing 1.428 million ounces of gold.
The updated Amy resource is based upon the Company's successful step-out diamond drill program conducted at Amy during the 2008 field season. The addition of the new Amy resource to the Elena and Tamara resources, which were released in the June 2008, NI 43-101 estimate (see SEDAR filed technical report at www.sedar.com) represents a 24% increase in tonnes and a 29.5% increase in contained gold ounces at Svetloye.
The Amy deposit is open to the south and east. The 2009 drill program is planned to begin in early May and will consist of 8,000 metres of diamond drilling and 1,500 metres of trenching. Initial work will concentrate on further step-out drilling at Amy in order to extend the area of known mineralization.
The updated Amy resource estimate was based upon twenty core holes totalling over 3,300 meters of drilling from the 2008 program. The resource work included independent checks on, and assessment of, the drill database, quality assurance/quality control results, and geologic interpretation of the altered and gold mineralized zones. The modeling procedures, grade estimation parameters, and resulting mineral resource estimate and classification were based upon: 1) three-meter run length drill composites, 2) a three-dimensional geologically constrained grade block model, 3) drill hole defined grade continuity from sectional review and preliminary variogram analysis, 4) a cap grade of 10 g/t defined from statistical analysis of the drill and composite interval assay distributions, 5) a cutoff grade of 1.0 g/t, and 6) gold grade estimation by inverse distance to the third power interpolation. The resource model was completed by independent consulting geologist Dean D. Turner, P.Geo., and the Company's Chief Geologist, James C. Ashleman, P.Geo., both Qualified Persons as defined by National Instrument 43-101. The Amy resource estimate complies with NI 43-101 and Canadian Institute of Mining guidelines for reporting mineral resources, and will be included in an updated technical report to be filed on SEDAR within the next 45 days.
The Amy deposit is one of nine prospects at Sveltoye that occur over a linear distance of eight kilometres. Gold is associated with extensive zones of vuggy silica, quartz-alunite and quartz-dickite-kaolinite alteration. This style of mineralization is common to Pierina, Veladero and other high sulphidation epithermal deposits. Fortress currently owns a 100% interest in the Svetloye Project. Please see the Company web site at www.fortressminerals.com for more information.
James C. Ashleman, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this news release.
ON BEHALF OF THE BOARD
Lukas H. Lundin, President and CEO