Phase II Drill Program Completed At Wind Mountain
VANCOUVER - Fortune River Resource Corp. reported that it has earned an undivided one hundred percent (100%) interest in the Wind Mountain project, a former producing heap-leach low-sulfidation gold/silver property in the Walker Lane gold trend of western Nevada.
Wind Mountain was acquired via an earn-in agreement with Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines Limited. Agnico-Eagle has advised that it will not proceed with a back-in option and now holds a 2% NSR royalty on the property, of which 1% can be purchased for $1,000,000 any time prior to production.
The Phase II reverse-circulation drilling program has been completed, with final assays received. Results of the drilling program confirm that a large mixed oxide/sulfide gold and silver system extends west of the two original open pits and is open deeper than and to the west and south of existing drill holes. Computer 3D modeling indicates that a major "feeder pipe" exists in the vicinity of holes WM08018 and WM08019, apparently formed at the intersection of two important fault zones. Other "feeder" zones may exist on the property along both of these major fault zones.
During previous mining, Amax produced an estimated 9.4 million tonnes of "waste" at Wind Mountain. The average grade of this material is estimated to be 0.216g/t Au; however, recent hand-trench sampling by Fortune River indicates that a substantial portion of this material was upgraded to approximately 0.3g/t Au when it was loaded onto the waste dumps. Larger, less mineralized boulders rolled to the base of the dumps during stacking, which left the finer residual material on the upper levels of the dump with an increased grade. Some Nevada mines load their sub-ore material in this way, and then re-mine the upper portions of those dumps.
Fortune River has collected two bulk samples from two of the "waste" dumps, with each sample being approximately 20 tonnes. The bulk samples are being tested for metallurgic characteristics at McClellan Metallurgical Laboratory. Assaying of these large samples has confirmed the upgrading observed in Fortune River's initial surface sampling. The minus 2.4cm (-6 inch) head grade of one bulk sample averages 0.456g/t Au with 13g/t Ag and the other averages 0.682g/t Au with 6g/t Ag. The test work includes two large column leach tests (approximately 11 tonnes each), which is underway and is expected to take several months. The test work will provide information necessary to evaluate the economics of re-mining upgraded portions of these "waste" dumps and could affect how sub-ore material can be handled during new mining.
President Joe Kizis commented, "Wind Mountain contains a much larger large gold system than was previously recognized, as our 2008 program has demonstrated. Past attempts to identify 'feeder' channel ways beneath the open pits have been unsuccessful; however, our drilling indicates a major feeder lies to the west, under cover, where it has been down-dropped to deeper levels by post-mineral faulting. Finding anomalous trace metals in the 'feeder pipe' that are usually associated with felsic intrusions is very encouraging because such systems may contain bonanza-grade precious metals deeper in the feeder zone. In the near term, we will be evaluating the economics of the near-surface oxidized resource that has already been well delineated."
The company's address is Suite 1100, 1199 West Hastings Street, Vancouver, BC V6E 3T5, (604) 899-2515.