Fiore Gold Ltd. Reports Results from Gold Rock Exploration Drilling and Further Consolidation of Gold Rock Land Package
VANCOUVER, BC / ACCESSWIRE / November 1, 2018 / FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to provide results from eight exploration drill holes recently completed at its 100%-owned Gold Rock Property, White Pine County, NV. The holes targeted three of nine previously-identified target areas north of the Gold Rock resource area ( Figure 1 ), which lies approximately 8 km southeast of Fiore’s Pan Mine. Gold Rock currently hosts an Indicated resource of 238,700 gold ounces (9.0 million tonnes at 0.82 g/t gold), and an Inferred resource of 180,900 gold ounces (7.8 million tonnes at 0.72 g/t gold).
All eight holes intercepted the targeted Joanna Limestone unit, with six of the eight holes encountering anomalous gold mineralization, including 6.1 m at 0.67 g/t gold in hole GR18-04. While the mineralization encountered was primarily seen in the altered Joanna Limestone, mineralization also extended into carbonates in the base of the overlying Chainman Formation and in some cases the top of the underlying Pilot Shale.
Fiore has also further consolidated the Gold Rock land package by agreeing to acquire approximately 3.0 km2 of new ground north of, and on strike with the Gold Rock mineralized trend ( Figure 2 ). Fiore’s wholly owned US subsidiary agreed to acquire the claims from Ely Gold Royalties Inc. (“Ely Gold”; TSX-V: ELY, OTCQB: ELYGF) in return for a cash payment of approximately US$10,000 and the granting of a 2% NSR. With the addition of this new area, Fiore now controls a contiguous land package of 200 km2 that includes the Pan and Gold Rock deposits.
Tim Warman, Fiore’s CEO commented, “The recent drilling program at Gold Rock was designed to test for the presence of altered and mineralized Joanna Limestone between 1.8 and 4.8 km north of the current Gold Rock resource area, and we’ve been successful at identifying the right lithology, the controlling fault and fold structure, and anomalous gold mineralization at all three targets. Having demonstrated that gold mineralization is present for a considerable distance along the EZ fault and anticline structure, we’ve now extended our coverage along this structure through the acquisition of the Ely Gold claims. Fiore now controls approximately 16.5 km of strike length along the prospective EZ structure.”
The next phases of drilling at Gold Rock are currently being planned for follow-up drilling at the three recently-confirmed targets, as well as drilling to expand the existing resource. A priority target will be the central portion of the 2018 resource area, between the two resource pits ( Figure 3 ). This area was not included in the current resource and has seen only limited, widely-spaced, vertical holes that in many cases stopped in the upper portion of the mineralization ( Figure 3 ). The deposit also remains open to the north of the existing resource area, where drilling density drops off rapidly.
Results of Recent Exploration Drilling
Results for the eight holes reported here are shown in the table below: