Fire River Gold Corp. Announces Drill Results from the 3550 Hi Grade Recreation Zone

FAU: TSX.V
FVGCF: OTCQX
FSE: FWR

VANCOUVER, Nov. 1, 2011 /PRNewswire/ - Fire River Gold Corp. and Mystery Creek Resources Inc. (the "Company", "FAU") (TSX.V: FAU), (OTCQX: FVGCF), (FSE: FWR) is pleased to announce high-grade results obtained from the discovery of the new 3550 Zone at the Nixon Fork Mine, which are shown in Table 1, below:

HOLE # TARGET FROM
(m)
TO
(m)
Width
(m)
Au 
(g/t)
Au 
(opt)
Ag 
(g/t)
Ag 
(opt)
Cu 
(%)
N11U-225 3500                
Significant Intersections 104.8 109.1 4.3 8.4 0.25 13.4 0.39 0.7
N11U-226 3500                
Significant Intersections 112.6 119.8 7.2 46.0 1.34 47.8 1.39 2.9
  Including 113.5 117.0 3.4 93.8 2.74 94.3 2.75 5.8
N11U-228 3500                
Significant Intersections 106.1 113.7 7.6 32.8 0.96 64.6 1.88 2.7
  Including 106.1 108.7 2.6 92.2 2.69 169.7 4.95 7.2

Table 1: Assay Results from Zone 3550

Because of the shallow dip of the drill holes, apparent widths approximate true widths for these intersections.

The holes have been drilled in the down dip extension of a previously mined ore body called the Hi Grade Recreation Zone, which was mined to a depth of 50 m from surface (to 330 mASL) in the 1920s, as depicted in Figure 1. The zone was found to bottom out in the original mining program, and diamond drilling performed by the company and prior operators could not establish the existence of a down-dip extension.

Applying a horizontal offset evident in the 3300 Zone to the 3550 Zone, our geologists deduced that it was possible that the down-dip extension existed. Three longer holes were planned and drilled to test the theory, which yielded very positive initial results in the form of mineralized zones with visible gold, usually an indicator of high grade mineralization (Table 1).

http://www.firerivergold.com/i/misc/3550White.jpg

Figure 1: The New 3550 Zone at the Nixon Fork Mine Project

The 3000 and 3300 zones extend continuously from surface at approximately 400 mASL to 90 mASL and neither has been "bottomed out". Approximately 185,000 ounces of gold has been extracted in the modern era (from 1993 to present), most of which has been from the 3000 and 3300 zones. Both have been mined from the main ramp to a depth of 160 mASL. Current mining activities are also concentrated on these two zones. The 3550 Zone could represent a "triplet" to these two significant zones, and provide the opportunity to significantly increase our resources and mine life. If the 3550 zone demonstrates the same vertical continuity as the two other zones, its location is ideal for minimizing the capital cost and time requirement to establish access for mining, as the entire vertical extent will be close to existing development.

Quality Assurance and Quality Control (QA/QC)

Rigorous controls are in place to ensure the traceability of samples and their results. Upon delivery core is prepped and logged with intervals of interest and/or mineralization marked for sampling. The core is subsequently photographed prior to cutting. Half the core is retained for future reference and the remaining half placed in double poly bags and sealed for shipment. Samples are delivered to ALS Chemex in Fairbanks, AK where they are dried, crushed, and representative splits are transported to ALS Chemex labs in either Reno, NV or Vancouver, BC for assay. ALS Chemex complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analysis includes Fire Assay with gravimetric finish for gold and ICP for 33 other elements. Gold assays results greater than 5 ppm are automatically re-submitted for screen metallic analysis.

QA/QC is verified using external standards, blanks, and duplicates with 13% of all samples submitted being QA/QC check samples. Results are examined ensuring control samples fall within 2.5 standard deviations of certified values. Failed results are re-analyzed by the lab and/or additional samples from the remaining core are submitted for analysis.

The Qualified Person for this news release is Richard Goodwin, P.Eng, President & C.O.O for Fire River Gold.

On behalf of the Board of Directors,

(Signed)

Richard Goodwin
President & C.O.O.

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbour.


 

 

 

SOURCE Fire River Gold Corp.




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