(via Thenewswire.ca)
Vancouver, British Columbia, August 22, 2013: Foundation Resources Inc ("Foundation") (TSX-V: FDN) is pleased to release unreported historical data resulting from a recently completed compilation program completed by Coast Mountain Geological Ltd covering the Burchell West block on the Coldstream Gold Property located in the Shebandowan Greenstone Belt, 115km Northwest of Thunder Bay, Ontario.
Compilation Highlights
-17.85 g/T Au rock sample along 600 M of N-S trend (Thunder Anomaly)
-0.5 metres of 9.6 g/T Au, 192.2 g/T Ag and 7.266%Cu (Goldfields Gold Showing)
-0.5 metres of 4.26 g/T Au, 128.8 g/T Ag and 3.821%Cu (Goldfields Gold Showing)
The results of the recently completed compilation program identified four priority target areas based on the presence of (i) favorable geology, alteration and structure, (i) gold +/- silver +/- copper mineralization and (iii) geophysical anomalies. The four priority target areas are referred to as the Golden Bay, Sanders Gold Porphyry and Goldfields showings as well as the Thunder Anomaly. The Golden Bay, Sanders Gold Porphyry and the Thunder Anomaly are all associated with a 1.9km long Induced Polarization (IP) anomaly located along the east-northeast striking contact between mafic and felsic volcanic stratigraphy and granite intrusives. Significant historical exploration results have been received from both outcrop chip and grab samples as well as historical drill hole results as summarized below.
Barry Girling, President of Foundation states, "The Burchell anomaly located within the Coldstream property is largely underexplored and located within close proximity to pre existing infrastructure and a past producing mine. A recent compilation of historic work by Coast Mountain Geological Ltd, has identified a number of previously over looked targets which merit additional exploration."
Golden Bay Showing
-Located at the eastern end of the 1.9km IP chargeability anomaly and is associated with an IP resistivity low flanking the edge of a 500m east-west trending magnetic high.
-Is underlain by strongly altered and sheared felsic volcanics and a mafic intrusive hosting trace to 5% pyrite and <1% magnetite.
-Historical grab samples from felsic volcanic outcrop exposures hosting narrow east-west trending shear structures (<1m wide) returned elevated and anomalous gold results from six grab samples varying from 1.62g/T Au to a maximum value of 9.4g/T Au. A 0.7m chip sample returned 1.106g/T Au and 0.2% Cu.
-Three historical diamond drill holes evaluated the northern edge of the IP resisitivity low / magnetic high geophysical signature returning significant results in drill hole BW-89-03 reporting 0.192g/T Au over 94.7m core width starting at a down hole depth of 41.0m.
Sanders Gold Porphyry Showing
-Located at the western end of the 1.9km east-northeast trending IP chargeability anomaly and locally associated with an IP resistivity low and a moderate intensity magnetic high signature.
-The Sanders Gold Porphyry showing is underlain by sheared quartz feldspar porphyry hosting 2-5% Pyrite.
-A total of four grab samples from an outcrop exposure returned anomalous gold values >0.1g/T Au to a maximum value of 9.0g/T Au.
-Two historical drill holes (BW-88-08 and BW-88-09) evaluated the northern edge of the chargeability anomaly undercutting the Sanders Gold Porphyry showing with best results reporting a maximum value of 0.40g/T Au over 8.8m core width in drill hole BW-88-09 from a down hole depth starting at 100.0m.
Goldfields Showing
-Located 300m to the west of the 2011 Foundation Resources geophysical grid. No recent geophysical surveys have been completed at the Goldfields showing.
-The Goldfields showing has been trenched over a distance of ~100m exposing sheared, fractured and sericite altered felsic volcanics with narrow massive sulphide stringers and pods of pyrite, chalcopyrite and sphallerite mineralization.
-Trench chip samples across the massive sulphide stringers and pods in trench TR-3 returned results up to a maximum value of 9.6g/T Au, 192.2g/T Ag and 7.26% Cu over 0.5m and 4.26g/T Au, 128.8g/T Ag and 3.82% Cu over 0.5m.
-One drill hole (BW-88-14) located approximately 100m to the west of the surface trenching returned a maximum value of 1.3g/T Au over a 1.0m core width starting from a down hole depth of 28.0m.
Thunder Anomaly
-The Thunder Anomaly is defined by a series of anomalous rock grab samples which collectively outline a north south trend over 600m in length. The southern edge of the Thunder anomaly is located at the western end of the 1.9km east-northeast trending IP Chargeability anomaly. The northern edge of the anomaly is defined by a 200m long, east-west trending IP chargeability anomaly and associated magnetic responses.
-The Thunder anomaly is underlain by sheared sericitic and silica altered mafic volcanics.
-Prospecting, mapping and outcrop grab samples by Foundation Resources in 2009 and 2011 outlined a 600m long north-south trend of anomalous gold results located to the west of the Sanders Gold porphyry showing. Approximately 51 grab samples were submitted for analysis with five samples reporting >1.5g/T gold. The maximum value received from the grab sample program returned 17.85g/T Au.
-To date, no drilling has been completed at the Thunder Anomaly.
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The Burchell West area shows a number of similarities to the OG Deposit located 6km to the east. Gold occurrences are localized along sheared mafic to felsic volcanics and quartz feldspar porphyries which have undergone a combination of sericitization, silicification and iron oxide and/or carbonate alteration. The majority of the gold occurrences have a low sulphide content of generally <5% with pyrite being the principal sulphide present. The orientation of the 1.9km long Burchell West IP chargeability anomaly is similar to that of the east-northeast oriented shear zones which host the majority of the gold deposits in the region.
Rick Kemp, M.Sc., P.Geo. Senior Project Geologist is the Qualified Person, and has reviewed and approved the technical content of this news release.
About Foundation
Foundation Resources is a mineral exploration company focused on the exploration and development of its flagship Coldstream Gold Project located in the Shebandowan Greenstone Belt, 115 Km North West of Thunder Bay, Ontario. The Company's NI 43-101 resource estimate reported December 16, 2011 by Wardrop delineated a total inferred mineral resource of 763,276 ounces gold and an indicated resource of 96,400 ounces gold on the OG deposit, which is one of five highly prospective gold targets that Foundation has within this 16 km long Coldstream Gold Trend.
On behalf of the Board of Directors
Barry Girling
President
Foundation Resources Inc.
Additional information is available on Foundation's website at: fdnresources.com.
For further information, please contact:
Fern Turner
Foundation Resources Inc.
VP Business Development
(604) 681-0405 - ext. 122
Neither the 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."
The securities offered will not be registered under the United States Securities Act of 1933, as amended (the "Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements of potential mineralization, the estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of Foundation are forward-looking statements that involve various risks and uncertainties. Although Foundation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. For more information on Foundation and the risks and challenges of its business, investors should review their annual filings that are available at www.sedar.com.
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