SYMBOL & EXCHANGE: FGE-V
CALGARY, June 2, 2011 /CNW Telbec/ - Forest Gate Energy Inc.'s (TSXV:
FGE) mineral exploration group reports that it has completed visual
examination of drill core recovered from its Phase 1 diamond drilling
program completed in March on its Pershing gold property located near
Val d'Or, Quebec.
Five holes were drilled for a total of 1,592 meters. Logging of all
drill holes has now been completed. Selected samples of core have been
submitted to ALS-Chemex Analytical Laboratory in Val d'Or for assaying
and geochemical analysis.
Key preliminary geological findings include:
Three of five drill holes (FG11-01, FG11-02 ,FG11-03) intersected a
significant hydrothermal alteration zone identical to the zone found on
the central-west area of the property known as the Simon Block. This
drilling has extended the gold mineralizing trend 500 metres to the
south west. The drilling intersected basal sub-units of the banded iron
formation (BIF) unit overlying the hydrothermally altered zone. The
strongly altered rock units associated with mineralization within the
Simon Block have now been traced over an area more than 1 kilometre in
Hole FG11-04 was drilled to test a magnetic low anomaly on the northern
part of the property 2.25 kilometres north of the Simon Block. The hole
intersected hydrothermally altered metasediments and banded iron
formation units. The alteration closely resembles the alteration found
in hole FG11-01. This now constitutes a new exploration target.
A significant fault zone associated with widespread hydrothermal
alteration (potassic feldspar and sericite alteration) was intersected
by drill hole FG11-01. This hole tested a strong, linear magnetic-low
anomaly that penetrates the magnetic-high anomaly. The magnetic high
anomaly is spatially associated with the distribution of the BIF unit
in this area.
Hole FG11-05 was drilled on the northwest portion of the property to
test a magnetically high anomaly and confirmed the presence of a
north-south trending fault zone. The fault post-dates incipient
metasomatic alteration found in the metasedimentary units.
In general, the recent drilling program has established that magmatic
activity and associated hydrothermal alteration may be related to
potassic intrusions and magmatic activity that is not part of the
Pershing batholith. This potassic related hydrothermal and plutonic
activity is now know to be present in at least two separate localities
on the property.
Discussion of visible logging results:
Three holes FG11-01 (357 m), FG11-02 (353 m) and FG11-03 (282 m)) were
completed on the southwestern extension of the area known as the Simon
Block located at the west central portion of the property. Drill holes
FG11-01, FG11-02 and FG11-03, all intersected the basal banded iron
formation (BIF) that is metasomatically altered to a skarn like
interval and which on average contains >2 % pyrrhotite over core
intervals >10 meters.
To date, in comparison to all similar intersection elsewhere within the
Simon Block, the skarn-like, metasomatic replacement of the iron
formation unit is now found to be most intensely developed in hole
FG11-01. In this hole the metawacke intervals which separate the
magnetite- rich intervals have been largely replaced. The amount of
sulfide replacement in hole FG11-01 is not as strongly developed as it
is in holes FG11-02 and FG11-03.
Hole FG11-03 is the most pyrrhotite-rich hole noted within the Simon
Block. Within the skarn like zones, the more magnetite-rich portions of
BIF, pyrrhotite occurs as finely disseminated blebs or massive
stringers up to 5 centimeters thick, and is more or less continuously
distributed within bands 2 to 10 meter-thick. In these intervals,
pyrrhotite locally forms 2% to 7% of the magnetite-rich bands over
intervals .5 metres to 1 metre thick. The sulfide-rich magnetite bands
are separated by less sulfide-rich intervals containing trace to 1 %
sulfide of similar thickness. The mineralized band has been traced over
an interval of 40 meters. .
Drilling in hole FG11-01 intersected at depth a well-defined fault zone
containing breccia and mylonite-like zones and sub-parallel quartz
veins, and quartz monzonite - aplite and syenite(?) dykes. This hole,
however, was prematurely terminated due to technical difficulties.
"As we had suspected, it would appear that the magnetic signature of the
BIF unit in this area is being obliterated by hydrothermal alteration
and injection of vein and dikes occurring within and adjacent to a
regional fault zone. It is unfortunate that we could not extend the
hole as planned," said Edward Procyshyn, Forest Gate's Manager, Mineral
"We had planned to drill 3 holes on the ice to extend this target, but
the late ice formation on the lake, and the late start for the drill
program were against us. This drilling will have to be completed next
winter," said Procyshyn.
Hole FG11-04 was drilled to test a well-defined magnetic-low anomaly
measuring 200 metres in diameter punching through a magnetic high
regional anomaly on the north central portion of the property. At the
top of the hole, dark brown metawacke containing narrow intervals of
banded iron formation units were intersected. Alteration became
progressively more intense with depth and at its base, contained many
of the alteration characteristic seen in the Simon Block below the
"skarnified" basal iron formation unit.
Hole FG11-05 as noted earlier, intersected a metawacke-BIF
metasedimentary interval that may be correlated with the stratigraphic
sequence that occurs in the southwestern part of the property. The
metasedimentary units in this hole contain little or no
hydrothermal/metasomatic alteration. Rare quartz veins, up to 1.5cm
containing trace tourmaline have been noted in the hole.
Detailed assay results for selected samples in individual holes are
expected within the next several weeks.
Edward Procyshyn, Geo, a qualified person in accordance with National
Instrument 43-101, supervised the drill program and has reviewed and
approved the technical information contained in this news release.
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
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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
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SOURCE FOREST GATE ENERGY INC.
For further information:
ROBERT KRAMBERGER, V-P, INVESTOR RELATIONS