Foundation Resources Inc.-Drilling Update: East Coldstream Deposit, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/11/11 -- Foundation Resources Inc. (TSX VENTURE: FDN) ('Foundation') and Alto Ventures Ltd. (TSX VENTURE: ATV)(FRANKFURT: 52F) ('Alto') are announcing the completion of their first three drill holes from the Sanders Zone of the East Coldstream Gold Deposit ('Deposit') in northwestern Ontario. These completed holes are part of a 6,000-metre drill program comprised of two main objectives: A) expanding the Deposit both laterally and down-plunge, and B) further exploring and developing the high-grade gold discovery (8.39 g/t gold over 11.0m - News Release dated March 22, 2011) as a result of a successful 2011 winter drilling program at Iris Lake. The Iris Lake discovery is located approximately 1500 metres north of the East Coldstream Deposit. Foundation is the operator of this program and owns 60% interest in the Property. Alto owns the remaining 40%.
All three drill holes were designed to test the down-plunge extension of the Sanders Zone, which is one of the four gold zones comprising the 1.5 kilometre strike-length of the East Coldstream Deposit. Drill hole C-11-70 tested the Sanders Zone at a vertical depth of 165 metres, piercing at approximately 65 metres below drill hole C-11-56. Hole C-11-71 was drilled to a 113-metre vertical depth to the east of C-11-56 and 50 metres vertically below the historical hole EC-89-1. Drill hole C-11-72 was drilled to a vertical depth of 170 metres and is roughly 50 metres below hole C-11-71 and east of hole C-11-70.
The drill rig has now moved to hole C-11-73 to test the interpreted down-plunge extension of the East Zone. The East Zone is located approximately 100 m north of the Sanders Zone.
All three completed holes have intersected several altered and mineralized intercepts of variable core lengths. Drill cores are currently being logged and sampled to be sent to the lab for analysis. The assay results from these holes will be announced as soon they become available.
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified Person for the Coldstream Project supervises the drill program and has reviewed and approved the technical content of this news release.
About the East Coldstream Deposit
The East Coldstream Deposit is hosted within mafic to intermediate metavolcanic rocks which have been intruded by dike/sill-like bodies of quartz-feldspar porphyries and gabbros. All these rock types have been variably altered (silica, hematite, carbonate, chlorite) and deformed by east- to east-northeast striking North Coldstream Shear/Deformation Zone. Gold is associated with 1 to 5 percent, fine-grained pyrite.
About the Coldstream Property
The 6,234-hectare Coldstream Property is located along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
For more details regarding the Coldstream Property, please visit our website at www.foundationres.com.
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on exploration and development of gold and base metal properties in Canada and Mexico. Its flagship Coldstream gold project in the Shebandowan greenstone belt and Mitchell base metal property in the Birch-Uchi greenstone belt east of Red Lake occur within the Western Superior geological province of the Canadian Shield, noted for hosting prolific gold and base metal deposits in Ontario, Canada. The San Rafael gold-silver property is located approximately 150 km northwest of Durango in the Durango State, Mexico.
On behalf of the board,
Ike Osmani, President & Director
News release contains certain 'Forward-Looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: # 350476107
ISIN CA3504761071
'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.'
Contacts:
Foundation Resources Inc.
Paul Chung, MBA
CEO & Director
604-681-0405
604-687-4670 (FAX)
info@foundationres.com
Foundation Resources Inc.
Ike Osmani, M. Sc, P. Geo
President & Director
604-681-0405
604-687-4670 (FAX)
info@foundationres.com
www.foundationres.com
Rain Communications
Nelson Da Silva
604-648-0523 (direct)
Rain Communications
Ralph Biggar
604-306-2525 (direct)