SYMBOL & EXCHANGE: FGE-V
CALGARY, Sept. 13, 2011 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV:
FGE) reports that its mineral exploration group is in the midst of
planning its fall exploration program at its 100 percent-owned Pershing
iron and gold property located near Val d'Or, Quebec.
The company says that it is planning to drill between 20 and 25 diamond
drill holes this fall to evaluate the quality of a known iron
occurrence and to extend the gold mineralization recently intersected
at its Pershing property. The drilling will be preceded by a heliborne
magnetic and electromagnetic TDEM survey that will be flown over the
total aerial extent of the property.
"The drilling will have two phases: the first five drill holes will
target the re-folded anticlinal noses of the iron formation," said
Michael Judson, president of Forest Gate. "This will give us a better
idea of what widths and extended depths the iron rich may have in the
folded nose portion of the iron formation. It is from these axial
regions that greatest tonnages should ultimately come."
"We are also drilling five holes to extend the spatial extent of the
gold veins intersected during the spring drill campaign at the northern
portion of the Pershing property," continued Judson. "The remaining
holes will be drilled in a follow-up phase to infill and detail the
extent and quality of mineralization both at the Marquis, the F and the
Forest Gate reported on August 11, 2011 that it had intersected
high-grade iron in the banded iron formation mineralization at its
Pershing property. Drill hole FG11-03 contained magnetite intervals
grading 29.3% iron. As previously reported, the banded iron formation
unit containing the iron rich bands had a core interval of
approximately 100 metres.
It is estimated that the magnetite (iron) rich bands form approximately
40 % of these banded iron formation 100-metre units. The magnetite rich
intervals contain up to 85% magnetite content and occur as bands
ranging from 0.3 metres to 15 metres.
Magnetic geophysical data indicate that the banded iron formation unit
found in drill hole FG11-03 is the same unit that was also intersected
in drill holes FG11-01 and FG11-02. A banded iron formation unit
containing magnetite rich bands was also intersected by holes FG11-04
and FG11-05 located on the northern part of the known as the Marquis
Further retrospective analysis reveals that at least a dozen holes
drilled by a private company in the early 2000s on the southern portion
of the property all intersected magnetite-bearing units of the same
banded iron formation sampled in hole FG11-03.
The banded iron formation unit at Pershing is known to occur over
surface outcrop length in excess of 15 kilometres. The banded iron
formation unit is complexly folded and refolded. These complex
structural patterns are consistent with other iron deposits being mined
around the world.
"This iron ore exploration program is at an early stage but if the
tonnage and grades prove up, this iron showing has several attributes
working in its favour. The iron mineralization is partially exposed at
surface and the rest of it occurs close to surface, which makes it
potentially amenable to open pit mining. This iron occurrence is also
close to a rail-line, electricity, natural gas pipe line and roads.
This will significantly affect capital costs in developing the
property," said Judson.
Technical information in this news release was prepared in accordance
with Canadian regulatory requirements as set out in National Instrument
43-101 and has been reviewed by Edward Procyshyn, Geo, who is the
qualified person as defined by NI 43-101.
About Forest Gate
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and
production, and non-energy resource company trading on the TSX Venture
Exchange under the symbol FGE. The Company is seeking to increase
shareholder value through participation and development of energy and
other resources in Canada and internationally.
Certain statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's
anticipated financial performance, may constitute forward-looking
statements under applicable securities laws and necessarily involve
known and unknown risks and uncertainties, most of which are beyond
Forest Gate's control. These risks may cause actual financial and
operating results, performance, levels of activity and achievements to
differ materially from those expressed in, or implied by, such
Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry
conditions including changes in laws and regulations including adoption
of new environmental laws and regulations, and changes in how they are
interpreted and enforced; competition; the lack of availability of
qualified personnel; fluctuations in commodity prices; the results of
exploration and development drilling and related activities;
imprecision in reserve estimates; the production and growth potential
of Forest Gate's various assets; fluctuations in foreign exchange or
interest rates; the ability to access sufficient capital from internal
and external sources; and obtaining required approvals of regulatory
Neither TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or the accuracy of this
SOURCE FOREST GATE ENERGY INC.
For further information:
Robert Kramberger, V-P, Investor Relations