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First Narrows Resources Corp (C-UNO) - News Release
First Narrows finds new zone as it looks for mill site
2007-07-06 10:01 ET - News Release
Shares issued 50,333,771
UNO Close 2007-07-05 C$ 0.305
Mr. Peter Gummer reports
FIRST NARROWS DISCOVERS NEW SULPHIDE ZONE NORTH OF CHESTER DEPOSITS
First Narrows Resources Corp. has discovered a potentially large, at-surface zone of disseminated and stringer pyrite, sphalerite and galena mineralization. The discovery lies immediately north and northeast of the Chester feeder and Central base metal and polymetallic sulphide deposits.
The company completed two core drill holes testing a large, moderate-strength zinc, lead and silver (plus or minus copper) soil geochemical anomaly. The drilling is part of a bedrock geotechnical program evaluating the area as a possible site for mine/mill infrastructure for the contemplated development of the feeder copper-polymetallic deposit. In light of the new discovery, alternate sites are now being investigated.
No record has been found of any previous soil geochemical surveys having been carried out in the area.
First Narrows sampled and assayed core from a preserved historical vertical drill hole collared at 5220602N, 710314E and beyond the limits of the company's soil survey. The assay results outlined a thick zone of zinc, lead and silver from surface to a depth of 91 metres, the depth examined in the historical drill hole. Assays from the top 29 metres of the hole averaged 2.26 grams per tonne silver, 0.43 per cent zinc and 0.29 per cent lead. The mineralization, hosted in a sequence of altered felsic volcanic rocks, is characterized by less than 5 per cent disseminated and stringer sulphides (mainly pyrite), with associated red sphalerite (ZnS) and minor galena (PbS).
The company's two vertical holes numbered 2186-07-001 and 2186-07-002, collared at 5220550N, 710550E and 5220500N, 710550E respectively, are located approximately 255 metres east-southeast of the historical hole, and 500 metres northeast of the area of current drilling on the feeder deposit. Both holes intersected disseminated red sphalerite and galena beneath the western extent of the soil geochemical anomaly from surface to a depth of up to 150 metres. This suggests the sulphide zone is thick and flat to gently inclined, and would therefore be amenable to open-pit mining methods. Sampling and assaying are pending.
The company plans to conduct follow-up IP geophysical and soil geochemical surveys, followed by drilling, to fully delineate the extent of the new discovery. Although the size and grade of the discovery are not presently known, the magnitude of the Ag-Zn-Pb-Cu soil geochemical anomaly (greater than 600 metres by greater than 400 metres), coupled with the company's early drill hole and analytical results, suggest the resource potential may be very large. The discovery lies on First Narrows' 100-per-cent-owned claims in which Teck Cominco Ltd. has certain rights to back in for a 60-per-cent interest.
The geotechnical drilling program will continue as part of a broader investigation for the purpose of identifying a potential mine/mill site for the feeder deposit that would not interfere with the development of an economic mineral deposit.
Earnest Brooks, PGeo, is the company's qualified person on the Chester project. Mr. Brooks was formerly a mine geologist at the Patino Mines Copper Rand Mines division in Chibougamau, Que., and a mining operations geologist and exploration geologist at the BMS mines, Bathurst, from 1975 to 1990.
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