- 65.3g/t ( 1.90 opt) gold over 5.5 m (18.0 ft) in
hole N10U-043
- 124.3g/t (3.63 opt) gold over 2.7 m (8.9 ft) in
hole N10U-044
- 28,000 metre drill
program on going with two company-operated drills
March 28, 2011 Vancouver, Canada - Fire River
Gold Corp (TSXV: FAU) (OTCQX:
FVGCF) (FSE: FWR) ("FAU" or the
"Company") is pleased to announce results obtained
from additional holes drilled during its 28,000 metre drill
program at the Nixon Fork Gold Mine, situated in Alaska's Tintina Gold Belt. The Company has received
and confirmed assay results of two additional holes (N10U-043 -
N10U-044) from the lower extension 3000 Zone.
The new intercepts include drillhole N10U-043, returned grades of 65.3g/t
(1.90 opt) gold over 5.5 m (18.0 ft) and drillhole N10U-044 returning grades of 124.3 g/t (3.63 opt)
gold over 2.7 m (8.9 ft) with significant intersections
returning grades of 11.3 g/t (0.33 opt)
gold over 0.6 m (2.0 ft), and 11.7 g/t (0.34 opt)
over 1.5 m (4.9 ft) at lower extension 3000 Zone.
A complete list of the intercepts is provided in Table 1.
The widths of the intercepts are approximate to the true width
of the mineralized intercept. Both holes target the down dip
extension of the 3000 zone.
The
Company operates two drills continuously in the Crystal Mine.
They are primarily focussed on detailing mineralized zones scheduled
for the first six months of mining, beginning in June 2011.
This includes filling in gaps in mineralization and extending
open zones along strike and dip.
Table
1. Results from Holes N10U-041 and N10U-042
Hole
|
From
|
To
|
Length
|
Length
|
Au
|
Au
|
Ag
|
Ag
|
Cu
|
Number
|
(metres)
|
(metres)
|
(metres)
|
(feet)
|
(gpt)
|
(opt)
|
(gpt)
|
(opt)
|
(%)
|
Location 3000 Zone
|
|
|
|
|
|
|
|
N10U-043
|
39.0
|
44.5
|
5.5
|
18.0
|
65.3
|
1.90
|
27.3
|
0.80
|
1.93
|
N10U-044
|
46.4
|
49.1
|
2.7
|
8.9
|
124.3
|
3.63
|
19.8
|
0.58
|
1.25
|
|
58.3
|
58.8
|
0.6
|
2.0
|
11.3
|
0.33
|
8.0
|
0.23
|
0.51
|
|
75.6
|
77,1
|
1.52
|
4.9
|
11.7
|
0.34
|
5.0
|
0.15
|
0.23
|
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.
Nixon Fork Gold Mine
The Nixon Fork Gold Mine was acquired
in September 2009. From 1995 - 2007, the project produced
approximately 175,000 ounces of gold at an average grade of 39
grams per ton (1.14 opt). The mining and processing facilities
at Nixon Fork are permitted and bonded. The deposit is a
gold-rich copper silver skarn typical
of other skarn systems found
throughout the world. At Nixon Fork, the higher grades are
found in steeply plunging pipe-like bodies that are oxidized to
depths of up to 350 meters below the surface. Oxidization of
the system has resulted both in secondary copper and gold, with
high grades and a "nuggety"
distribution.
The Qualified Person for this news
release is Richard Goodwin, P.Eng, President & C.O.O for Fire River Gold.
About Fire River Gold Corp.
Fire River Gold Corp. is a near term
production company with an experienced technical team focused
on bringing its flagship project, the Nixon Fork
Gold Mine, back into production in Summer 2011. The Nixon
Fork Gold Mine is a permitted and bonded mine which include a
~200 tpd processing plant with a
gravity gold circuit, sulphide flotation circuit and a gold
recovery system (CIL circuit) that is scheduled to be completed
by Summer 2011. The mine also includes a fleet of surface &
underground mining vehicles, a self-contained power plant,
maintenance facilities, drilling equipment, an 85 person camp,
office facilities and a 1.2 km long landing strip.
Fire River Gold Corp is a member of
the International Metals
Group.
On behalf of the Board of Directors, I
look forward to keeping you updated with our corporate
developments.
"Richard Goodwin"
Richard Goodwin
President and COO
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. The TSX Venture Exchange or its Regulation
Services Provider have not reviewed and do not accept
responsibility for the adequacy or accuracy of the contents of
this news release, which has been prepared by management. We seek safe harbour.