Ed;
Here is the news on FNX you were looking for (two months old now).
Brian
Fort Knox Gold Resources Inc -
New high-grade gold discoveries to be acquired
Fort Knox Gold Resources Inc FNX
Shares issued 10,590,172 1998-11-09 close $0.7
Tuesday Nov 10 1998
Mr. A.T. MacGibbon reports
Fort Knox Gold Resources has entered into an option to purchase agreement to acquire Twi-Lite Explorations' recent high-grade gold discoveries in central Newfoundland about 14 kilometres southwest of Grand Falls. In addition, Fort Knox has staked mining claims adjacent to the property bringing the total size of the Twi-Lite property to 330 mining claims covering 8,250 hectares.
Fort Knox has the right to acquire a 100 per cent interest in the Twi-Lite property by making cash payments totalling $200,000 and issuing 480,000 Fort Knox shares over a three year period. Fort Knox's interest in the properties is subject to a 3 per cent nsr, which can be reduced to 1.5 per cent for a payment of $1,600,000. Fort Knox has granted Twi-Lite Explorations a warrant to purchase 300,000 shares of Fort Knox at 72 cents per share if more than 1 million ounces of gold reserves are defined on the property prior to Nov. 9, 2003.
The limited prospecting done to date by the property owners has led to the discovery of numerous occurrences of high-grade gold mineralization. The recently discovered gold mineralization is widespread and consists of multiple gold showings over an east-west distance of approximately 1.2km and a north-south distance of approximately 200m.
The gold occurs in several distinct styles of mineralization within a widespread iron carbonate alteration system:
1. In discrete quartz-carbonate veins with visible gold (assays up to 92 g/t gold);
2. In quartz-carbonate vein stockworks. The stockworks occur in a wide variety of host lithologies including argillite, chert, conglomerate and rhyolite (assays up to 16.6 g/t gold);
3. In zones of pervasive silicification adjacent to the discrete high-grade veins and vein stockworks (assays up to 4.9 g/t gold);
4. Associated with bedded pyrite/graphite mudstone and its associated graphitic chert and cherty breccias (assays up to 14.9 g/t gold). The graphitic mudstone/chert unit may be a regional feature extending for up to 8km in an east-west direction; and,
5. As widespread anomalous gold mineralization associated with pervasive iron carbonate alteration in rhyolites as far as 1km north of the discovery showings.
Fort Knox has started an extensive prospecting program over the entire property and will power strip, map and sample the known gold showings. Fort Knox plans to establish a grid over the known mineralized area and to conduct geological mapping, geochemical and geophysical surveys and possibly diamond drilling before the end of 1998. |
