Drilling Begins at Fortune Rivers Wind Mountain Property in Nevadaadmin
Fortune River Resource Corp. said today that drilling has commenced at its Wind Mountain low-sulfidation gold/silver project, located in the highly prospective Walker Lane gold trend in northwestern Nevada. The project consists of 86 claims (approximately 700 hectares). The Phase I program is expected to consist of 12 reverse-circulation drill holes (approximately 3,500m); with Phase II planned as follow-up after Phase I assays have been received and may consist of additional reverse-circulation drilling, core drilling, or a combination of both drilling methods.
The property includes the now-closed Wind Mountain open-pit/heap-leach gold mine, from which AMAX Gold/Kinross Gold recovered nearly 300,000 ounces of gold and over 1.7 million ounces of silver between 1989 and 1999 (based on Kinross Gold files). Previous drilling was almost exclusively confined to the search for shallow open-pitable, oxide mineralization.
President Joe Kizis said, “Our geologic work confirms our original belief that previously mined mineralization is at the paleo-top of this hydrothermal system. Consequently, targets of the Phase I and II programs are areas of high-grade, bonanza mineralization that may exist within “feeder zones” underlying this extensive disseminated gold/silver halo.”
Fortune River can earn 100% interest from Agnico-Eagle (USA) Limited (Agnico-Eagle), a subsidiary of Agnico-Eagle Mines Ltd., by spending US$2.0 million over a maximum of six years. Agnico-Eagle can then either accept a 2% NSR, of which 1% NSR can be purchased for $1.0 million, or Angico-Eagle can elect to earn back 60% interest by spending $4.0 million over a four year period and producing a bankable feasibility document. Agnico-Eagle can earn a further 10%, for a total of 70%, by loaning or arranging for financing of Fortune River’s share of capital required for mine development and construction cost.
Newcrest Resources Inc. (Newcrest), a subsidiary of Australian-based Newcrest Mining Limited, has recently completed a four-hole “deep” core drilling program (a total of 1,652 metres) at Fortune River’s Highland project in Nevada. The core holes evaluate deeper portions of the A Zone, where past drilling campaigns have intersected high-grade gold up to 1.5 metres of 66.9 g/t gold and 397.7 g/t silver within a 12.2-metre intercept of 9.5 g/t gold and 109.4 g/t silver (see news release dated December 12, 2003). Newcrest is now logging the oriented core in detail, after which they will split the core and send half for analyses. During an earlier Phase I program, Newcrest drilled 14 relatively shallow, reverse-circulation holes (2,895 meters) to help define vein distribution in covered areas at the Main Target and Northwest Target areas (see news release dated October 3rd, 2006). Newcrest also enlarged detailed magnetic coverage from these target areas eastward to the Big Hammer Target during their 2006 program.
Ontario Drilling to Start
The company also reported that it plans to begin a +1500 metre drill program in mid-February on the 1,584 ha, Drayton Archean-vein gold project, located 10 km southeast of Sioux Lookout, northern Ontario. The 2007 drill program is following up on the recently completed 2006 drill program, which consisted of ten holes (1,674 metres) and where significant gold intercepts were encountered including high-grade intervals of up to 14.5 g/t Au over 2.0 metres containing visible gold in quartz + carbonate veins.
About Fortune River Resource Corp.
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The low-sulphidation Wind Mountain, Highland, Baxter, Mud Springs, and Buz projects in Nevada and the Archean-vein Drayton project in Ontario all have significant high-grade gold potential.
Joe Kizis Jr., (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board,
Joseph Anthony Kizis, Jr. President, Fortune River Resource Corp.
We seek safe harbor.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Jay Oness Fortune River Resource Corp. (604) 641-2771 Email: firstname.lastname@example.org
Source: Fortune River Resource Corp.