UNO-v...in the news:
First Narrows acquires 50% option on Golden Ridge
Tue 4 Mar 2003
News Release
Mr. Peter Gummer reports
FIRST NARROWS RESOURCES CORP. ANNOUNCES ACCEPTANCE OF FILING ON GOLDEN
RIDGE PROPERTY
The TSX Venture Exchange has accepted for filing an option agreement, dated
Dec. 16, 2002, between First Narrows Resources and Freewest Resources
Canada Inc. (the vendor) announced in Stockwatch on Jan. 7, 2002. The
company has the option to acquire a 50-per-cent interest in the Golden
Ridge gold property, located 80 kilometres west of the city of Fredericton,
N.B., and which consists of 170 contiguous mineral claims covering 2,720
hectares.
The property encompasses a large 4.5-kilometre-by-1.5-kilometre
intermediate dacitic to basaltic volcanic-subvolcanic complex, the Poplar
Mountain volcanic complex, emplaced within a sequence of sedimentary rocks.
The volcanic-subvolcanic complex and the sedimentary country rocks are cut
by several younger northwest structural zones that are mineralized with
gold, antimony and arsenopyrite in a corridor up to 700 metres wide by
greater than 1.7 kilometres in length. It is characterized by an
Au-As-Sb-Hg association, indicative of an epithermal style of
mineralization. Preliminary soil geochemical and induced polarization
surveys conducted in 1997 and 1998 by Freewest defined numerous anomalies,
three of which were drilled. One of the better drill hole intercepts (hole
No. 10) assayed 5.3 grams per tonne gold over 4.2 metres in a quartz
flooded dilatent zone with 5 per cent pyrite, arsenopyrite and stibnite at
a vertical depth of 115 metres. The gold zone is part of a wider,
lower-grade zone that assayed 2.5 grams per tonne gold over 13.5 metres,
and it is open at depth and on trend in both directions. None of the gold
zones were assayed for antimony. It is now recognized that antimony may be
economically recoverable from the mineralized structures on the property.
Flanking and lying 250 metres to the west of the above gold (plus antimony)
mineralized system is a strong antimony soil geochemical anomaly 300 metres
in length and open to the northwest and southeast. A grab sample from a
boulder coincident with the soil geochemical anomaly, mineralized with
stibnite and native antimony, assayed 25.2 per cent antimony and 0.34 gram
per tonne gold. This vein system has clear potential for a well-developed
zone of antimony mineralization.
Boulders of banded/bedded volcanogenic massive sulphide-type massive
sulphides have been discovered on the property approximately two kilometres
northeast of the gold (plus antimony) mineralized structural corridor. The
boulders, which returned high-grade assays up to 20.9 per cent zinc, 15.6
per cent lead, 224 grams per tonne silver and 8.4 grams per tonne gold,
occur in an area underlain by volcanic rocks of dacitic to basaltic
composition believed to be coeval and equivalent to the subvolcanic complex
that hosts much of the gold mineralization. Clasts of similar-grade massive
sulphides have been found in volcanic rocks lying on trend from the
boulders. The boulders are believed to be proximal to their bedrock source,
which is expected to respond well to electromagnetic and magnetic
geophysical surveys.
The company has currently awaiting completion of a technical report on the
property in accordance with National Instrument 43-101.
Management continues to seek similar mineral properties that offer
opportunities for early success and that are attainable on favourable
business terms. |
