Fairmont Samples Up To 4.11 G/T Gold At Houghton Creek Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/25/12 -- Fairmont Resources Inc. (TSX VENTURE: FMR) ("Fairmont" or the "Company") is pleased to announce results from its summer field program on the Houghton Creek Property (the "Property"), located in Northwestern Ontario (See Press Release August 1st 2012).
The program consisted of reconnaissance prospecting, soil sampling and lake sediment sampling. The program returned several grab samples with anomalous gold mineralization ranging from 0.02 g/t to 0.79 g/t with one sample returning 4.11 g/t gold, all hosted in sheared sulphide-rich granodioritic rocks. The mineralization is accompanied by elevated silver (up to 130.93 g/t) and zinc (up to 0.87 wt. %) with lesser amounts of copper (up to 0.58 wt. %) and lead (up to 0.10 wt. %). A total of 91 grab samples were collected, highlights of which are tabulated in Table 1 below.
Table 1. Reconnaissance Prospecting Highlights
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Sample Number Au g/t Ag g/t Cu wt.% Pb wt.% Zn wt.%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1383001 0.087 4.17 0.02 0.06 0.22
1383002 0.128 2.06 0.01 0.01 0.15
1383003 0.247 5.55 0.02 0.04 0.08
1383004 0.080 4.43 0.04 0.02 0.11
1383051 0.091 3.03 0.04 0.00 0.45
1383058 0.308 130.93 0.58 0.03 0.16
1383101 0.070 1.41 0.02 0.00 0.42
1383104 4.111 3.03 0.05 0.01 0.23
1383105 0.134 1.25 0.00 0.01 0.01
1383151 0.067 2.18 0.01 0.03 0.14
FM1 0.786 0.50 0.01 0.00 0.01
FM2 0.178 0.50 0.03 0.01 0.16
FM3 0.294 0.50 0.02 0.02 0.87
FM4 0.252 5.00 0.03 0.03 0.35
FM5 0.276 0.50 0.04 0.10 0.21
----------------------------------------------------------------------------
----------------------------------------------------------------------------
The program focused on the main northeast trending, granodiorite hosted shear zone as well as several possible parallel shears to the southeast. Extensive glaciofluvial cover hindered prospecting and soil sampling. However, the program was successful in tracing the main northeast shear zone and planning is currently underway for a winter drill program.
Maps and figures detailing the work performed during the summer program are available on the Fairmont website www.fairmontresources.com
Houghton Creek Property:
Houghton Creek Property covers a northeast trending shear zone hosted by the granodioritic Houghton Lake Stock located in the Savant Lake Greenstone belt. The Savant Lake greenstone belt forms part of the Wabigoon Subprovince located in Northwestern Ontario. The Property has seen only limited prospecting, trenching and two short, narrow diameter (Winkie drill) diamond drill holes, drill by Noranda Exploration Company Limited in 1991.
The Houghton Creek Property is located 27 kilometers northwest of the historic St. Anthony Gold Mine which operated intermittently from 1905 to 1941 and produced 63,310 oz of gold at a grade of 6.51 g/t. The property is also located 50 kilometers due north of the historic Sturgeon Lake Volcanogenic Massive Sulphide ("VMS") Mining Camp, with 5 past producers which operated from the early 1970s through to the early 1990s, the largest of which, the Mattabi Mine produced 13.5 million tons at 7.5% Zn, 0.88% Cu, 0.77% Pb, and 3.1 oz/t Ag. Both the Sturgeon Lake and Savant Lake greenstone belts are well known for their VMS mineralization.
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. The Marmion South Contact property is Fairmont's flagship 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.
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.
NEITHER 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:
Rain Communications
1100 Melville Street, Suite 610
Vancouver, British Columbia V6E 4A6
Rain Communications
Nelson Da Silva
604-648-0523 or Toll Free: 1-877-614-6113
Rain Communications
Ralph Biggar
604-306-2525 or Toll Free: 1-877-614-6113
info@raincommunications.ca
