Fort Knox Gold Resources Inc -
Fort Knox/Northway's Twi-Lite results
Fort Knox Gold Resources Inc FNX
Shares issued 10,590,172 1999-01-22 close $0.58
Monday Jan 25 1999
Also Northway Explorations Ltd (NOW)
Mr. A.T. MacGibbon reports
Encouraging geophysical and geochemical survey results on Fort Knox Gold and Northway Explorations' Twi-Lite gold property in central Newfoundland has defined a number of high priority drill targets.
The Twi-Lite property is comprised of 330 mining claims totalling 8,250 hectares and is 15 kilometres southwest of Grand Falls, Nfld. The property is subject to an option-to-purchase agreement, which grants Fort Knox, subject to a 3 per cent net smelter return, the right to earn a 100 per cent interest in the property and an option/joint venture agreement between Fort Knox and Northway that grants Northway the right to earn 50 per cent of Fort Knox's interest in the property.
Limited work completed to date has resulted in the discovery of widespread high-grade gold mineralization in multiple occurrences within an extensive iron carbonate alteration system and a large halo of anomalous gold values. The gold mineralization occurs over an area of 1.2 kilometres by 300 metres within several alteration styles and rock types: quartz-carbonate veins with visible gold (up to 201 grams per tonne Au), quartz vein stockworks in altered, felsic volcanics and sediments (up to 16.6 g/t Au), brecciated and sulphidized siltstone (up to 28.16 g/t Au) and bedded pyritic and graphitic mudstone (up to 14.9 g/t Au).
Late in 1998 Fort Knox, the joint venture operator, established a three kilometre by one kilometre grid over the discovery area and conducted induced polarization and electromagnetic geophysical surveys and a soil sampling survey over the gridded area. The IP survey located seven chargeability anomalies recommended for drill testing, several of which are coincident with known mineralization. The gold, arsenic and antimony analytical results of the soil survey outlined three anomalous areas, two of which are coincident with areas of known gold mineralization.
A phase I drill program to test IP and soil anomalies coincident with the known gold showings is scheduled to start in late February.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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