Pershing Gold Property, Abitibi Region, QC

Gold exploration property consisting of 252 contiguous, unpatented mining claims.

Was drilled in 1996 intersecting 15.54 grams of gold per ton over 1.50 metres, 11.59 grams of gold per ton over 1.66 metres, and 19.23 grams of gold per ton over 1.33 metres in the banded iron formation.

During 2000-2003 period, partially mapped hydrothermal alteration zone indicated that the margins of these alteration zones were quartz-tourmaline veins carrying gold, the highest value noted being 49.04 grams gold per ton.

Former-producing Chimo mine, operated by Cambior Inc., located approximately 12 kilometres west of the Pershing gold property, is an example of an adjacent area where a significant portion of gold was produced from mineralized and sheared banded iron formation. From 1989 to 1996, Cambior mined 1.6 million tonnes at a grade of 3.8 grams of gold per tonne.

Intersected high-grade gold in addition to iron during a five-hole drill program at its 100%-owned Pershing gold property.

Drill hole FG11-05 intersected gold mineralization: 145 grams of per ton in the first screen analysis. The second screen analysis on a second sample of the same mineralized intersection assayed 44.6 grams of gold per ton suggesting the presence of free gold. The first screen analysis is discounted due to the nugget effect.

Drill hole FG11-05 was drilled in a new, unexplored area of the Pershing property known as the Marquis Block. The Marquis Block is located 1.7 kilometres north of the Simon Block which is where most of the historical work was concentrated and where all of the early gold showings were found.

Hole FG11-04 was also drilled in the Marquis Block and returned values of 18.3 grams of gold per ton over 0.10 metres and 10.5 grams of gold per ton over 0.20 metres.

The results from drill holes FG11-04 and FG11-05 warrant a more detailed geophysical survey. This survey is now being planned for this autumn. The survey will be followed with a comprehensive drilling program.

Holes FG11-01, FG11-02 and FG11-03 contained immaterial amounts of gold. As previously reported, FG11-03 contained high-grade iron. Forest Gate is planning to more detailed petrographic analysis of core from holes FG11-01, FG11-02, FG11-03 and core from adjacent historical drill holes.

Thirty-five samples were selected from hole FG11-03 and submitted for major element oxide analysis with the objective of sampling two iron-rich intervals over of a core-interval of 29 metres and 25 metres respectively. 


*Source: Please see Forest Gate Energy news releases for details.