TORONTO, Sept. 26, 2012 /CNW/ - Forrester Resources Corp. ("Forrester" or the "Company") is pleased to provide a project and exploration update on Reyna Las Princesas Project ("Las Princesas") located in the Department of La Libertad, Santiago de Chuco Province, Northern Peru. The Las Princesas Project is favourably located between Barrick Gold Corp.'s operating Alto Chicama / Lagunas Norte Gold Mine and the Quiruvilca silver mine, formerly owned and operated by Pan American Silver Corp. ("Pan American").
Forrester recently completed an independent NI 43-101 Technical Report titled "Review of the Mineralization at, and an Exploration Program for, the Reyna Las Princesas Property, Department of La Libertad, Santiago de Chuca Province, Peru," prepared by Micon International Limited ("Micon"). The Technical Report reviewed the geology and mineralisation styles, results of past exploration efforts, and proposed exploration program for the property. A site visit was completed by Micon to perform this review.
The Company also completed a Controlled Source Audio-magnetotellurics ("CSAMT") geophysical survey and ground magnetic survey across the Las Princesas Project earlier this year. The Forrester CSAMT results are highly encouraging, as the survey has outlined a broad, deep low resistivity linear feature trending east-southeasterly across the southern part of the property. Compilation of past geological work is showing that the low resistivity feature correlates well with local gold and silver geochem anomalies. The Company believes the past drilling program, which appears to have been located along the north edge of the main SSE-trending resistivity structure, did not properly test the feature and targets identified in the CSAMT. Despite this, there were some very significant past drilling results in the 8 hole shallow drilling program (deepest hole was 198m) completed by Ballad Enterprises Ltd. ("Ballad"). A table of these mineralized intersections in Ballad drilling is provided below.
As a result of the technical report completed by Micon and CSAMT survey, Forrester will conduct further exploration in the near future. The proposed exploration program will also consist of mapping, sampling, data compilation. In addition, Forrester will commence a drilling program to test a number of the high-priority targets identified in the recently completed geophysical survey and ground magnetic survey across the Las Princesas.
Additionally, Forrester is in the process of analyzing a number of advanced stage going public transactions.
Las Princesas Overview:
The mineral concessions comprise 1,050 hectares approximately 140 kilometres northeast of the coastal city of Trujillo, which is connected to the capital city of Lima via paved all-weather highway. Access to the operating Quiruvilca mine and Lagunas Norte is by paved and upgraded gravel roads. The exit for the road onto the property is found 7 km past Quiruvilca. The area has excellent infrastructure including power and a skilled local workforce. Pan American recently completed the sale of its Quiruvilca operation to Southern Peaks Mining LP. Quiruvilca was Pan American's first operating asset and is one of Peru's oldest mines, with mineralization first reported in the area in 1789. The mine has 80 years of continuous operation.
Forrester entered into a staged Option agreement with Vena Resources Inc. whereby it can earn up to an 85% interest in a Peruvian subsidiary of the Company which holds the Las Princesas property. Further details of the Option agreement can be found in the Company's press release dated June 22, 2011 and in the Technical Report.
Mineralized Intersections in Ballad Drilling are as follows:
| TABLE 0.1
MINERALIZED INTERSECTIONS IN BALLAD DRILLING
Technical information related to the Technical Report contained in this news release has been reviewed and approved by B. Terrence (Terry) Hennessey, P.Geo., a senior geologist with Micon International Ltd. (Micon). Mr. Hennessey is an independent Qualified Person as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data.
Forrester Resources Corp. is a Toronto-based private company. It is focused on the exploration and development of precious metals projects in South America. The Company is active in Peru and is continually looking for near-term production opportunities.
SOURCE: Forrester Resources Corp.
For further information:
Forrester Resources Corp.
Tel: +1 416.214.0442
The Exchange Tower, 130 King Street West
Suite 3680, PO Box 99
Toronto, ON, M5X 1B1 Canada
Martin Walter, President and Chief Executive Officer
Email: [email protected]
Greg Ferron, Vice President, Corporate Development