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FAIRMONT COMMENCES 1,500 METRES OF DIAMOND DRILLING AT THE CLAY-POWELL PROPERTY, ONTARIO AND COMPLETES FINAL TRANCHE OF NON-FLOW-THROUGH PRIVATE PLACEMENT
Mar. 16, 2011 (TheNewswire.ca) -- March 16, 2011 --- Vancouver, BC --- Fairmont Resources In...
About this update from Future Mineral Resources Inc.
[{"type":"text","content":"\nFAIRMONT COMMENCES 1,500 METRES OF DIAMOND DRILLING AT THE CLAY-POWELL PROPERTY, ONTARIO AND COMPLETES FINAL TRANCHE OF NON-FLOW-THROUGH PRIVATE PLACEMENT\n\n Mar. 16, 2011 (TheNewswire.ca) -- March 16, 2011 --- Vancouver, BC --- Fairmont Resources Inc. (TSXV:FMR) (FMR: TSX-V)(\"Fairmont\") is pleased to announce the commencement of a 1,500 metre diamond drilling program on the Clay-Powell Property (\"the Property\") located 140 km west of Thunder Bay, Ontario, in the Shebandowan Greenstone Belt. Fairmont is the operator of the drilling program pursuant to its option agreement to acquire a 70% undivided interest in the Property.The primary drilling target is a magnetic high defined by a recently completed induced polarization and magnetic survey over the southeast portion of the Property. The survey was designed to cover a potential extension of magnetic anomalies associated with the Xstrata Copper/Rainy Mountain Royalty Corp. Hamlin iron oxide copper gold (IOCG) prospect to the northeast.In addition, Fairmont also plans to drill a separate target area to the north, consisting of a subtle resistivity high flanking a chargeability high. This target represents a potential extension of gold and copper bearing shear zones hosting the Moss Lake Mine and the Foundation Resources Inc. (TSXV:FDN) /Alto Ventures Ltd. Coldstream deposits to the northeast. The Moss Lake deposit has a NI43-101 compliant indicated mineral resource of 1.107 million ounces in 40.3 million tons (www.mosslakegold.com). Fairmont has not verified the information on the Moss Lake deposit and it is not necessarily indicative of mineralization on the Property.The drilling program is expected to be completed by late March and assay results will be announced once all holes have been analyzed.Bernard Dewonck, P.Geo, Fairmont's CEO and President, is a Qualified Person as defined under NI 43-101 and is responsible for supervision of the work program on the Property. Mr. Dewonck has reviewed and approved the technical information contained in this news release.Final Tranche of Non-Flow-Through Private PlacementFairmont also wishes to announce that it has closed the final tranche of its non-flow-through private placement by issuing 625,000 non-flow-through units at a price of $0.35 per unit for total proceeds of $218,750.Each unit under the non-flow-through offering consi...