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Foundation Resources Inc. has Commenced a 2,000m Diamond Drilling Program On the East Coldstream Deposit on its Coldstream Property in Ontario
Foundation Resources Inc. has Commenced a 2,000m Diamond Drilling Program On the East Coldstream ...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"\nFoundation Resources Inc. has Commenced a 2,000m Diamond Drilling Program On the East Coldstream Deposit on its Coldstream Property in Ontario\n\n\n Feb. 16, 2010 (TheNewswire.ca) -- Vancouver B.C. February 16, 2010: Foundation Resources Inc. (TSXV:FDN) (FDN: TSX-V) is pleased to announce the commencement of a 2,000m diamond drilling program on the East Coldstream Deposit (the \"Deposit\") of the Coldstream Property in Ontario.This is an infill-drilling program, with drill holes planned to pierce between the historic drill holes of significant gold mineralization at the North, Main, East and Sanders zones of the Deposit. An historical, non-NI 43-101 compliant resource from the three zones (North, Main and East) has been estimated by Noranda in 1990 to contain 5.1 million tonnes grading 1.43 g/t gold (234,000 contained ounces of gold).This historical resource does not include potential resource at the Sanders Zone, located east of Noranda's Main Zone, which was drilled by Lacana Mining Corp. (1989) and Alto Ventures Ltd. (TSXV:ATV) (2006). Significant historical intercepts from the Deposit include: 2.61 g/t over 16.26m, 2.15 g/t over 22.16m and 1.12 g/t over 33.5m (Main Zone); 1.20 g/t over 23.67m (North Zone); 1.36 g/t over 24.05m (East Zone); and 1.25 g/t over 20.55m (Sanders Zone).The objective of current drilling program is to in-fill gaps between the widely spaced historic drill holes and increase confidence in the continuity of the gold grades. This current drill program and, based upon favourable results, the next phase of drilling is expected to upgrade move the historic resource to a NI 43-101 compliant gold resource (OTCBB:GORO) estimate.\"Foundation is pleased to commence drilling on the Coldstream project as it marks our entrance into a prolific area of Ontario where past exploration has led to the discovery of several significant deposits that produced significant quantities of gold,\" stated John Hiner, CEO of Foundation Resources Inc. \"Our summer surface exploration program has generated promising drill targets, the best of which we will test with the current program which is intended to build ounces and in doing so increase shareholder value\", Hiner adds.About the East Coldstream Deposit:The East Coldstream Deposit is located on the 5,394 hectare Coldstream Property, which is easily accessed by logging and dri...