J. check it out.
FORT KNOX GOLD RESOURCES INC. ANNOUNCES FAVOURABLE
DRILL RESULTS
TORONTO, ONTARIO--
Fort Knox Gold Resources Inc. (FNX - TSE) announces that its 1997 field
programs for its joint venture properties in the Yukon and Alaska have been
completed for this year. The properties are held through an option agreement
under which Fort Knox can earn up to a 45% interest from Inco Limited which
operates the properties on behalf of Fort Knox. The projects include the
Fish Lake, Sleet and Ice Properties in Alaska (the Nikolai Project) and the
Klu and Burwash Properties (the Kluane Project) in Yukon.
The objective of the 1997 Ice Property exploration program was to test for
mineralization in the Canwell Complex, which hosts three known Cu-Ni-PGE
sulphide occurrences over 5.4 kilometres strike length with grab samples
containing up to 0.86% Cu, 8.56% Ni, 0.2% Co, 1.8 g/t Pt and 3.2 g/t Pd.
Following surface geophysical surveys over airborne electromagnetic (AEM)
anomalies near the showings, two holes were drilled to test the Upper Canwell
Glacier and West Canwell Ridge showings and their associated conductors.
Hole 80190 at Canwell Glacier intersected a 17 foot interval of three to five
percent disseminated sulphides grading as shown in the table below:
From To length NI Cu Pt Pd Au
(feet) (feet) (feet) % % g/t g/t g/t
193.0 210.0 17.0 0.78 0.55 0.8 0.9 0.2
Incl.
204.0 207.0 3.0 0.90 0.56 1.4 1.5 0.4
Additional geophysical surveys and drilling are planned for 1998 to further
test the Canwell Cu-Ni-PGE showings.
At the Fish Lake Property, the objective in 1997 was to search for Cu-Ni
bearing massive sulphides in the Fish Lake Complex where ground follow-up of
AEM anomalies in 1996 led to the discovery of several Cu-Ni-PGE sulphide
occurrences, one of which averages 3.3% Cu, 5.2% Ni, 0.33% Co and 1.8 g/t Pd
in several grab samples. In 1997, exploration consisted of detailed ground
geophysics, drilling and downhole geophysics. Six holes totaling 6,566 feet
were drilled and several zones of disseminated sulphides were intersected,
the longest being 278 feet containing up to 10% disseminated pyrrhotite with
assays ranging from 0.03% to 0.26% Cu, 0.16% to 0.36% Ni, 35-220 ppb Pt
and 60-222 ppb Pd. Mineralization in other holes includes 80 feet of weakly
disseminated sulphides with grades ranging from 0.03% to 0.06% Cu, 0.19% to
0.26% Ni, 20 to 300 ppb Pt and 14 to 448 ppb Pd, and a 190 foot interval of
disseminated sulphides with similar grades. Work planned for the 1998 summer
field season includes induced polarization surveys to trace the zones of
disseminated mineralization which contain anomalous PGE values, UTEM surveys,
and drilling.
The Klu Property was staked by Inco in 1994 after it discovered several Cu-Ni
showings with grab samples assaying up to 10.4% Cu and 3.1% Ni. A 1996 AEM
survey was followed up in 1997 with 11.3 kilometers of ground UTEM and
magnetic surveys over AEM conductors with associated magnetic responses.
The 1997 Burwash Property exploration program was designed to explore for
Cu-Ni bearing massive sulphides at the base of the Tatamagouche Ultramafic
Complex, where there are two known Cu-Ni occurrences with samples containing
up to 3.6% Ni and 2.0% Cu. A total of 47.5 line-kilometers of UTEM and
ground magnetic surveys was completed over the eastern portion of the
complex. Drilling on both the Klu and Burwash properties has been deferred
until the results of this year's ground geophysical surveys have been further
evaluated this winter and the geophysical surveys have been completed over
the remainder of the Tatamagouche Ultramafic Complex in 1998. The Burwash
Property is held by the Fort Knox/Inco Joint venture under an option from
Nathan Minerals Inc.
A program of geophysical surveys and diamond drilling is in progress on the
Lac Volant Project in Quebec. This program is operated by Inco pursuant to a
joint venture under which Fort Knox has the right to earn up to a 45%
interest. Results will be announced at the conclusion of the current phase
of the project.
For further information, please contact Robert Cudney, President at (416)
865-9237.
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