Oct. 18, 2010 (Canada NewsWire Group) --
MONTREAL, Oct. 18 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT) ("Blue Note") and First Gold Exploration Inc. (TSXV: EFG) ("First Gold") are pleased to announce results from the first four holes of the seven hole diamond drill program undertaken to test extensions of the underground resources/reserves at the Croinor Gold Project.
Drilling in each of the first four holes (CR-10-372A to CR-10-375) encountered significant gold grades and widths, clearly demonstrating the potential to extend the mineralized lenses in the immediate mine area.
| Hole no. | Section | Dip |
From (m) |
To (m) |
Length (m) |
True width (m) | g/t Au |
| CR-10-372A | 10E | -75 | 146.3 | 151 | 4.7 | 4.2 | 1.94 |
| Includes | 148.4 | 151 | 2.6 | 2.3 | 2.98 | ||
| Includes | 150.2 | 151 | 0.8 | 0.7 | 7.16 | ||
| CR-10-373 | 100W | -64 | 63.8 | 72 | 8.2 | 7.0 | 9.98 |
| Includes | 63.8 | 70.6 | 7.5 | 6.4 | 11.81 | ||
| Includes | 66.8 | 67.8 | 1.0 | 0.9 | 32.10 | ||
| CR-10-373 | 101.5 | 102.5 | 1.0 | 0.9 | 8.72 | ||
| CR-10-373 | 128.9 | 130.4 | 1.5 | 1.3 | 6.27 | ||
| CR-10-373 | 131.90 | 132.80 | 0.90 | 0.75 | 1.35 | ||
| CR-10-373 | 133.35 | 134.20 | 0.85 | 0.7 | 1.71 | ||
| CR-10-374 | 160W | -57 | 111.7 | 112 | 0.3 | 0.3 | 2.37 |
| CR-10-374 | 123.5 | 124.5 | 1.0 | 0.8 | 12.65 | ||
| CR-10-374 | 136 | 137 | 1.0 | 0.8 | 2.90 | ||
| CR-10-374 | 140 | 141 | 1.0 | 0.8 | 1.47 | ||
| CR-10-374 | 176.90 | 178.00 | 1.10 | 0.9 | 1.79 | ||
| CR-10-374 | 188 | 189 | 1.0 | 0.8 | 6.71 | ||
| CR-10-374 | 192.5 | 193.5 | 1.0 | 0.8 | 4.86 | ||
| CR-10-375 | 260W | -60 | 224.1 | 230.8 | 6.7 | 6.1 | 10.50 |
| Includes | 224.1 | 226.5 | 2.4 | 2.2 | 19.94 | ||
| CR-10-375 | 232.5 | 233.3 | 0.8 | 0.7 | 1.57 |
Table 1. Significant gold mineralized intersections from CR-10-372A to CR-10-375.
Further, the significant gold grade and width intersections located in close proximity to planned development can effectively increase the mineral reserves with minimal development and cost to access the new reserve. The width and dip of the zones as interpreted from recent drilling indicate good potential to increase the ratio of lower cost, long hole mining to room and pillar mining.
"We are extremely pleased with the outcome of the 2010 drill program completed to date," stated John Martin, President and COO of Blue Note. "These results confirm management's view that the Croinor project is even more robust than demonstrated by the recently released Pre-Feasibility Study completed by InnovExplo. We are very optimistic that the economics will continue to improve with the ongoing exploration drilling in the current resource block as well as at depth, as we move forward with the development of Croinor."
Samples from the last three holes of the program (CR-10-376 to CR-10-378) have been sent to the assay laboratory and assays are expected shortly.
The two-phase exploration program at Croinor was announced in April 2010 to delineate gold grade mineralization near surface, within the current resource block and at depth. The initial phase of the program including a total of 2,794 meters of drilling included seven holes to define potentially open pitable gold mineralization located west of the existing west pit, five holes for geotechnical testing and evaluation and seven holes to test extensions of the current underground resources. Results of the near surface drill program were released on September 8, 2010.
In August, a hole-to-hole 3D induced polarization (IP) geophysical survey was carried out by Abitibi Geophysics to further identify potential extensions of the Croinor deposit. Results of the survey are pending. The second phase of the planned diamond drill program is planned to test extensions of the gold-bearing lenses in the immediate mine area and to test possible targets identified by the induced polarization survey.
The drill program was carried out by Forages M. Rouillier Inc. /M. Rouillier Drilling Inc. and was supervised by InnovExplo personnel under Carl Pelletier P.Geo., a qualified and independent person according to NI 43-101. Gold values were determined by fire assay and AAS, or fire assay and gravimetric analyses if over 3 g/t, at the ALS Laboratory Group, Minerals Division laboratory in Val d'Or.
John Martin, P. Eng., President and Chief Operating Officer of Blue Note Mining Inc., is a Qualified Person as defined under NI 43-101 guidelines and has reviewed the technical information contained in this press release. Carl Pelletier, P.Geo. of InnovExplo Inc., a consulting firm based in Val d'Or (Québec), is a Qualified and Independent person as defined under NI 43-101 guidelines and has also reviewed and approved the technical information of this press release.
About Blue Note Mining
Blue Note Mining is a mineral exploration and mining company headquartered in Montreal with properties located in known gold regions of Canada, including the prolific Val-d'Or region of Quebec and northern New Brunswick. Blue Note's top priority is to develop the Croinor gold property.
About First Gold Exploration
The goal of the Company is to create shareholder value by acquiring promising projects that could be advanced to production stage in a short period of time. This has been achieved with its interest in the Croinor gold project, and the currently in progress Rare Metal Pivert/Rose property, among other promising projects in the pipeline including the San Javier silver property.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products, technical uncertainties associated with operating an underground mine and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Blue Note shareholders, please contact:
Jean Mayer
Executive Vice President
(800) 937-3095 x236
jmayer@bluenotemining.ca
www.bluenotemining.ca
First Gold shareholders, please contact:
Éric Leboeuf
President and Chief Executive Officer (450) 744-0792
president@firstgoldexploration.com
www.firstgoldexploration.com