Fairmont Identifies Gold Bearing Northeast Structures in the Marmion Batholith at Marmion South Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/26/12 -- Fairmont Resources Inc. (TSX VENTURE: FMR) ("Fairmont" or the "Company") is pleased to announce that the Company has received results from the summer field program on its Marmion South Property (the "Property"), located near Atikokan, Ontario, and contiguous with Osisko Mining Corporation's (TSX VENTURE: OSK) "Osisko" Hammond Reef Property (See Press Release August 8th 2012).
The work program, consisting of reconnaissance prospecting, soil and lake sediment sampling, focused on two areas of property where the 2011 airborne geophysical survey (See Press Release March 6th 2012) identified several key northeast trending structures within the Marmion Batholith. Osisko's Hammond Reef deposit (530.6M tons at an average grade of 0.62 g/t gold for 10.5 million ounces and based on a cut off of 0.30 g/t gold(i)) is related to the northeast-trending Marmion Shear; numerous historic gold occurrences in the Marmion Batholith are associated with similar parallel northeast structures.
(i)43-101 compliant global inferred resource (see Osisko press release Nov. 7 2011)
The majority of the work program focused on the southwest extension of the northeast-trending Jack Lake-Pettigrew trend. The high-grade, granite-hosted Jack Lake gold deposit, located 1 kilometer north of the Property, was discovered in 1878, saw limited production from 1899-1902, and hosts several historical, non 43-101 compliant resources calculations, the most recent comprising 8,910 tons grading 15.53 g/t for 4,000 ounces.
The summer program identified 3 parallel northeast structures in the southwest extension of the Jack Lake-Pettigrew trend. Prospecting returned grab samples of up to 73 part per billion "ppb" (2012 program) and 189 ppb (2011 program) gold, and soil samples up to 31 and 54 ppb gold and lake sediment samples up to 48 and 69 ppb gold. The correlation of anomalous gold values along northeast trends in all three reconnaissance sampling techniques is highly encouraging. In addition several northeast trending shears in the Marmion batholith hosting large xenoliths or "slivers" of mafic volcanics were also observed in outcrop during prospecting. The presence of large slivers of mafic volcanics is a common feature of gold bearing structures in the Marmion batholith.
Maps and figures detailing the work performed during the summer program are available on the Fairmont website www.fairmontresources.com.
Commenting on the results, Neil Pettigrew, President and CEO said: "The identification of these northeast structures southwest of the Jack Lake deposit is a significant development. The fact that anomalous gold values are found in all three reconnaissance sampling techniques (prospecting, soil and lake sediment samples), strongly suggests that gold mineralization occurs along these structures. Nearly the entire length of these newly identified structures occur in low lying swampy areas. Drill testing these structures is a priority for Fairmont."
About Marmion South Property:
Fairmont has an option to acquire a 100% interest in the Marmion South Property, which consists of 8,208 hectares and is located in the prolific Marmion Batholith gold district near Atikokan, Ontario. The Marmion South Property is also located south of and is contiguous with Osisko Mining Corporation's (TSX VENTURE: OSK) Hammond Reef Property which contains a National Instrument 43-101-compliant global inferred resource of 530.6M tons at an average grade of 0.62 g/t gold for 10.5 million ounces and based on a cut off of 0.30 g/t gold. Osisko's technical report on this resource can be viewed on SEDAR.
Neil Pettigrew, M.Sc., P.Geo., President, CEO & Director of Fairmont Resources Inc. and the Company's Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
About Fairmont
Fairmont is a mineral exploration company focused on exploration and development of its Marmion South Contact, Clay-Powell, and Houghton Creek properties all of which are located the mining friendly jurisdiction of Ontario.
On behalf of the Board of Directors of Fairmont
Neil Pettigrew, M.Sc., P.Geo., President and CEO, Fairmont Resources Corporation
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fairmont cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Fairmont's control. Such factors include, among other things: risks and uncertainties relating to Fairmont's exploration program of its mineral properties and Fairmont's limited operating history. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information.
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