Fortune River and Christopher James Begin Drilling at Buz Gold/Silver Project in Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2010) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) and partner Christopher James Gold Corp. (CJG.V) reported today that drilling is underway at their 240ha, low-sulfidation Buz gold/silver Project in the Walker Lane Gold trend in western Nevada. A four-hole, reverse-circulation drilling program is planned, approximately 1,000 metres total.
Grab samples of vein material from dumps of small historic workings contain anomalous gold up to +10g/t, with relatively low concentrations of silver and very low concentrations of base metals. The gold-bearing veins formed in a small graben and related volcanic eruptive center within the southern margin of a large Tertiary caldera. Vein mineralogy and textures in surface exposures are typical of the upper level of a low-sulfidation gold system. Economic accumulations of gold, if present, would typically lie deeper in these systems. Only one shallow historic drill hole has been found on this minimally explored property.
Christopher James may earn a 51% interest in the Buz property by spending US$2,000,000 over a six-year period, which will include paying underlying annual minimum royalties and claim-holding fees. Christopher James may earn a further 19% interest, for a total of 70%, by producing a bankable feasibility study by the end of year six. This option may be extended for up to two years by paying Fortune River US$50,000 and spending a minimum of US$500,000 per year. The project is subject to an underlying royalty of 3% NSR, of which 1.5% can be purchased for US$1,500,000. Fortune River will be project manager initially, continuing as long as mutually agreed.
Highland project update
Permits have been received and a bond has been posted for drilling at the Highland property, which is also being managed by the company and funded by Christopher James Gold Corp. During the past few months, previously planned drilling was postponed while the existing ground magnetics survey was enlarged and 21 new claims were added to cover projections of geophysical targets, bringing the total to 141 claims (~1,100ha). Christopher James has met required year one expenditures at Highland and will determine a drill schedule once their budgeting process has been completed.
About Fortune River
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located in Ontario. Fortune River and Bravada Gold Corp (BVA.V) are considering an amalgamation to form a strong Nevada-based exploration and development company.
Joseph Anthony Kizis, Jr. (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Buz project and has reviewed and approved the technical contents of this release.
On behalf of the Board,
Joseph Anthony Kizis, Jr., President, Fortune River Resource Corp. |
