VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2010) - FireRiver Gold Corp. (TSX VENTURE:FAU)(PINKSHEETS:FVGCF)(OTCQX:FVGCF)(FRANKFURT:FWR) -
-- 144 g/t (4.2 opt) gold over 2.5 m ( 8.2 ft) in hole N07U065-- including 508 g/t gold over 0.7 m (2.3 ft)-- 108 g/t (3.15 opt) gold over 3.0 metres (9.8 ft) in hole N07U063-- Results pending for 22 additional underground holes and 7 additionalsurface holes-- 2010 drill campaign scheduled to begin early July-- Resource update Fall 2010
Fire River Gold Corp. (\"FAU\" or the \"Company\") is pleased toannounce continued high grade gold results of 144 (4.2 opt) gold over 2.5 metres(8.2 ft) in hole N07U065 from the ongoing re-evaluation program on the NixonFork Gold Mine Project in Alaska. The Company has received assay results andcompleted careful review of two holes completed in 2007 (N07U063 to N07U065).New significant intercepts include 108 g/t (3.15 opt) gold over 3.0 metres (9.8ft) in hole N07U063 and 144 g/t (4.2 opt) gold over 2.5 m (8.2 ft) in holeN07U065 including 508 g/t (14.8 opt) gold over 0.7 metres (2.3 ft) as part ofthe ongoing geological re-evaluation program for the Nixon Fork Gold MineProject in Alaska. A complete list of significant intercepts is provided inTable 1. for these two drill holes.
Table 1: List of Previously Unannounced Drill holes completed in 2007.
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From To Length Length Au Au
Hole Number (metres) (metres) (feet) (metres) (opt) (gpt) Location
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N07U063 12.0 15.0 9.8 3.0 3.15 108 3300 zone
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including 13.0 14.0 3.2 1.0 6.45 221 3300 zone
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N07U064 NSI 3300 zone
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N07U065 2.5 5.0 8.2 2.5 4.2 144 3300 zone
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including 3.5 4.2 2.3 0.7 14.8 508 3300 zone
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N07U065 33.5 34.7 3.9 1.2 0.9 29 3300 zone
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During 2007 and 2008, the previous operator completed 9400 metresfrom mostly underground drill stations in 110 holes. The results for these holeswere not reported by that operator and have never been included in a resourceassessment of the mine. The geologic evaluation (re-logging) of the 9400 metresis complete.
Because the 2007 and 2008 results were not formerlyreported, a careful review was initiated by FAU of all quality control andquality assurance procedures used by the former operator. Although originalcheck assays from the 2007 drill program were not documented, it is clear thatcertified standards were used. The re-sampling program of the 2007 drill core isessentially a modified field duplicate exercise of the original assay results.
The re-sampling of the remaining half-cores were fully analyzed exceptin rare cases where quarter-cores were used. Sampling of core-duplicates ascompared to FAU's pulp-duplicates can produce a high degree of variability inthe results due to the \"nugget effect\" of gold mineralization that occurs atNixon Fork. This nugget effect was clearly evident in the bonanza gradesreported for the 2008 drilling.
Every effort has been made to replicatethe previous sample intervals except when a previous sample crossed alithological or mineralized boundary. In these cases the new 2010 samples wereterminated at such boundaries. The differences in lengths of the intervals mayaccount for some of the variability in gold grades. In general, the assays arein conformity, especially for a comparison of field duplicate samples in ahigh-grade, coarse gold system.
Re-logging and sampling of the historiccore is of critical importance to understanding the controls of goldmineralization as well as gaining confidence in the high grades. The differencesin grades shown are typical of high grade, gold deposits with a significantnugget distribution.
For additional details, please refer to FAU'swebsite at www.firerivergold.com in the section titled \"news\" whichincludes the results from the first group of drill holes; additional informationabout the geological re-assessment program; information about historic siteproduction; a description of the deposits; additional information on the QA/QCmeasures and a description of our planned 2010 exploration drilling program.
Figure 1. is a cross section through the 3300 gold zone in the Crystaldecline. This zone as well as extensions of potential new zones to the south,was the focus of much of the underground drilling for 2007. The 3300 zone ispipe-like in shape and varies in diameter from a minimum of three metres to asmuch as 40 metres. To view Figures 1 and 2, please visit the following link - www.firerivergold.com/s/NewsReleases.asp?ReportID=408046
Underground drilling is typically completed in 'fan-like' arrays asshown in Figure 2. These fans define the limits of the high grade zones in the3300. Most of the drilling in 2007 was completed between the 280 and 200 levelsof the Crystal decline.
Relogging and sampling of the 2007 and 2008 drillcore has been completed. Geologic work will now focus on selected zones from thepre-2007 core library, particularly in areas of favourable targets andmineralization. Work will also begin on a new resource estimate scheduled forcompletion by Fall of 2010.
Other near term tasks that have begun areunderground mapping and sampling with particular emphasis on fault and facturezones. Also, core drilling will commence in July, with the initial focus on highquality near-surface targets.
Figure 2. Typical underground fan drillstation in the Crystal Mine, Nixon Fork decline showing mineralized zones. Toview Figures 1 and 2, please visit the following link - www.firerivergold.com/s/NewsReleases.asp?ReportID=408046
Table 2: A comparison of the Original 2007 assays with the check assays from
2010 (field duplicates).
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ORIGINAL ASSAYS CHECK ASSAYS
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Field Duplicates
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Hole From To Length Au From To Length Au
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Number (metres) (metres) (metres) (gpt) (metres) (metres) (metres) (gpt)
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N07U063 12.0 15.0 3.0 108 11.5 14.0 2.6 62
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N07U064 NSI
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N07U065 2.5 5.0 2.5 144 3.0 5.0 2.5 86
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The Nixon Fork Gold Mine produced significant bi-product copperand silver. Until the closure of the mine in 2007, reported copper productionwas 1.27 million lbs and silver production was 19,566 ounces from 106,137 tonnesmined. Historic recovered grades are about 0.6% for copper and 0.18 opt forsilver.
The project is being managed by Richard Goodwin, P.Eng, VPMining for Fire River Gold and is the Qualified Person for this newsrelease.
About Fire River Gold Corp.
Fire River Gold Corp. is anear term production company with a superior technical team focused on bringingits flagship project, the Nixon Fork Gold Mine, back into production within thenext 12 months. The Nixon Fork Gold Mine is a fully permitted and bonded goldmine with past production values averaging 1.4 opt (42 gpt). Facilities at theNixon Fork Gold Mine include a 200 tpd floatation plant with a gravity goldseparation circuit and a sulphide floatation circuit. In 2008, a CIL goldleaching circuit was purchased and approximately 60% installed. The mine alsoincludes a fleet of mining vehicles, a self-contained power plant, maintenancefacilities, drilling equipment, an 85 person camp, office facilities and a 1.5km long landing strip. Nixon Fork is located within Alaska's Tintina Gold Belt,which hosts numerous world class deposits. Fire River Gold is a member of theInternational Metals Group (www.internationalmetalsgroup.com).
On behalf of theBoard of Directors, I look forward to keeping you updated with our corporatedevelopments.
Harry Barr, President and C.E.O.