Parkside Resources reports strong results from its inaugural drill program on its Forester Lake Gold Property
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TORONTO, July 24, 2013 /CNW/ - Parkside Resources Corp. (TSX-V: PKS) (the "Company") is pleased to announce the results from its recently completed inaugural drill program on the Forester Lake Gold Property in northwest Ontario, 35 km southeast of Goldcorp's Musselwhite Mine. The Company completed 1,200 metres of diamond drilling in nine holes in two prospective areas that were identified after the compilation of data comprised of 78 historic drill holes (~8200 metres) with historic grades as high as 16.20 grams of gold (Au) per tonne over 0.50 metres; recent airborne and ground magnetic survey data; and, reviewing the wealth of geological and structural knowledge from Goldcorp's Musselwhite Mine.
All nine holes intersected anomalous gold mineralization with the most significant intervals being 4.49 grams per tonne (gpt) of Au (gpt Au) over 5.07 metres, including 7.67 gpt Au over 2.85 metres, and 24.93 gpt Au over 0.60 metres in Hole #8 (FOR-13-8) in "Area 1" of the drill program. The results are the best ever received for any drill program on the Forester Lake Gold Property with the highest grade interval being 24.93 gpt Au over 0.60 metres and the widest interval being 5.07 metres grading 4.49 gpt Au. Highlights of the drill program are provided below:
Forester Lake - Spring 2013 Drill Program - Summary of Assay Results
|Area||Hole||From (m)||To (m)||Core Length (m)||Gold (g/t)|
Drill Area 1, in the central portion of the large 4,352 hectare (10,754 acres) Forester Lake Gold Property, hosts structurally complex, altered and mineralized iron formation. Hole FOR-13-7, which had assay results of 2.8 gpt Au over 1.31 metres, was drilled to verify gold mineralization (12.34 gpt Au over 1.53 metres and 1.13 gpt Au over 1.52 metres) in Power Exploration's 1987 drill program, NK-87-07. The intersection of the FOR-13-7 hole corresponds closely to Power Exploration's previous drill intersection.
Hole FOR-13-8 is a newly discovered high-grade gold zone located west of Hole FOR-13-7, and was drilled to test the western extension of an apparent fold in the iron formation. The mineralization in FOR-13-8 is hosted in a banded-iron formation, is strongly silicified, and is characterized by arsenopyrite, pyrite, and 5-10% pyrrhotite. Minor quartz veining is also apparent.
Donald Goldman, President and CEO of Parkside Resources Corporation, commented "We are very pleased with the results of Parkside's inaugural drill program. The strong results confirm our belief in the viability of the Forester Lake Gold Property to delineate an economic gold deposit and in the ability of Benton Resources Inc., our Option and Joint Venture Agreement partner, to identify and source out a highly prospective gold property." He further commented that results from "Drill Area #1, and in particular Hole FOR-13-8, definitely justify several follow up holes to test the overall structure of the iron formation and the continuity and extension of the gold mineralization, both along strike to the northwest and southeast, and at depth."
Analysis will commence immediately to develop the next exploration program on the Forester Lake Gold Property.
Parkside Resources Corporation has implemented a QA/QC protocol for its exploration work. The NQ core was delivered to its secure core shack facility in Thunder Bay, Ontario. Generally, the core was marked in 1.0 metre intervals for splitting, sampling and assaying, unless geological data indicated a shorter sample interval. Prior to splitting, all core was photographed. Core sampling was completed using an electric core saw with a diamond impregnated blade with half of the drill core being delivered to Accurassay Laboratories in Thunder Bay, Ontario. Accurassay Laboratories is an ISO 17025 accredited laboratory. The remainder of the core has been stored at the core shack.
The geological information reported has been reviewed and approved by Garry Clark P.Geo., of Clark Exploration Consulting, consulting geologist for Parkside Resources Corporation, who is a qualified person under the definitions established by National Instrument 43-101.
About Parkside Resources Corporation
Parkside Resources Corporation is a Canadian based mineral exploration company dedicated to building shareholder value through focused exploration, discovery and development of high quality precious and base metal projects. The Company has entered into an Option and Joint Venture Agreement with Benton Resources Inc. to explore the Forester Lake Gold Property, and has earned a 60% interest in the Property, which is located approximately 100km north of Pickle Lake, Ontario and roughly 35km southeast of Goldcorp's Musselwhite Gold Mine. Incorporated in 2005, Parkside Resources Corporation is a reporting issuer in the provinces of British Columbia and Alberta, the common shares of which are listed for trading on the TSX Venture Exchange under the symbol TSX-V: PKS.
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.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward‐looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward‐looking statements. Although the Company 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. Factors that could cause actual results to differ materially from those in forward‐looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward‐looking statements. This release also contains certain historic information concerning mineral grades which is not compliant with NI 43-101, therefore such information should not be relied upon by potential investors.
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