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First Gold Exploration Knocks One Outta the Park
By James West
MidasLetter.com
Friday, February 5, 2010
When we first wrote up First Gold Exploration (TSX.V:EFG) back in December last year, the company was trading below $0.20. Now, a mere three months later, the company has tripled in value, thanks mainly to the outstanding success the company has realized at its Pivert/Rose property in James Bay are of Quebec.
The gold explorer reported recently that during its drilling program, nine of 13 holes intersected one or more mineralized zones containing spodumene lepidolite, a source of the metal lithium.
The company said that 13 holes were drilled to an average of 80 metres deep in order to test the lateral extensions of zones that had returned significant lithium values.
During the exploration, the company also found a new mineralized zone containing spodumene running 2.4 km northeast of Rose and 2.5 km south of Pivert. The zone has a surface thickness of at least 10 metres and is visible over about 50 metres, the company said.
"First Gold Exploration is very pleased with the success of this first phase," said president Eric Lebouf in a release. "As soon as the results have been received and compiled, we will begin a second, 7,500-metre phase of drilling."
Drill Results from Hole #2:
Drill Results from Holes # 3, 8, and 10:
The company announced that it increased its land position by 265 km2 before and during the staking rush that ensued around its Lac Pivert/Rose property after the release of the drill results.
A detailed map showing the new land position is located here: http://www.midasletter.com/images/EFG_land_position_100204.pdf.
To see the drill cross sections, please go here:
http://www.midasletter.com/images/EFG_sections_100204.pdf
The website will be continuously updated with information on drill core, structures, maps and photos, as well as results.
The Lac Pivert/Rose project shows a number of mineralogical similarities with the Tanco Mine in Manitoba, belonging to Cabot Corporation (CBT-NYSE). The mineralized zones at the Tanco Mine are encased in pegmatite dikes, and the minerals found in the pegmatites are lithium, tantalum, cesium and rubidium, just like the Lac Pivert/Rose project.
“We staked all the land we were interested in before the rush,” said Eric Leboeuf, President of First Gold. “This area will definitely turn into a mining camp for rare metals exploration in the coming years.
We have also received the analysis results for three other holes; they are now being compiled and will be released very shortly,” he added.
Jean-Sebastien Lavallee (OGQ #773), a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release. Mr. Lavallee has over 15 years of exploration experience in Canada, having worked as a consultant for numerous exploration companies through Consul-Teck Exploration Inc.
As far as current metals prices are concerned, research indicates that the company will realize:
- LI20 (Lithium) US$16/kg
- Ta205 (Tantalum)US$150/kg
- Be (Beryllium) US$350/kg
- RB (Rubidium) US$10 a Gram
For more information on these metals, please see:
Rubidium :
http://www.firstgoldexploration.com/PDF/Rubidium_info_vsjs.pdf.
Beryllium :
http://www.firstgoldexploration.com/PDF/Beryllium.pdf
Lithium :
http://www.firstgoldexploration.com/PDF/Lithium.pdf.
Tantalum:
http://www.firstgoldexploration.com/PDF/Tantalum.pdf.
A 1,407-metre drilling program was carried out on the property in December 2009. Thirteen exploration holes 100 to 200 metres deep were drilled to test the lateral and depth extensions of zones identified on surface that returned significant lithium values (see December 12, 2009 press release).
The results exceeded expectations, with 9 of the 13 holes intersecting one or more mineralized zones containing spodumene/lepidolite. The recent program led to the discover of two new zone ranging in thickness from 3.6 to 13.5 metres. The new zones appear to be parallel to the surface showing. These new zones lie at vertical depths of (25 and 75 metres, and also contain spodumene/lepidolite. The intersections obtained on the Rose showing have allowed the various zones to be outlined over a width of 100 metres and a vertical extension of over 75 metres, with thicknesses of up to 13.5 metres. In light of the results from this drilling program, the new parallel zones and the significant widths, a 7,500-metre drilling program is planned for next summer to allow a 43-101 open pit resource to be estimated for the project. See detailed table showing the various intersections obtained during the program, as well as the related surface plan and sections: http://media3.marketwire.com/docs/efg_figure1.pdf
and http://media3.marketwire.com/docs/efg_figure2.pdf
During the drilling program, the field crew also discovered a new mineralized zone on surface containing spudomene. This zone lies over 2.4 km northeast of the Rose showing and 2.5 km south of the Pivert showing. The spudomene-bearing zone has a surface thickness of at least 10 m and is visible over more or less 50 metres on surface. More details were difficult to obtain as the new zone was discovered in the winter, and the snow was an obstacle for the field crew. Two grab samples were taken from the new zone.
A detailed description of these two samples shows that they contain spodumene. This discovery shows an enormous potential for finding new lithium showings, as well as a possibility of finding areas with very high lithium concentrations.
Pivert/Rose is in the same environment as Cyr project belonging to Lithium One (TSX:LI), both in terms of geology and mineralization; however, the dikes seen on First Gold's property contain more spodumene and a large amount of lepidolite. The various dikes intersected are open in all directions.
"First Gold Exploration is very pleased with the success of this first phase," reported Eric Lebouf, President. "The discovery of new showings on our property demonstrates our project's strong potential. Our geologists are finishing up drill core logging and analysis. As soon as the results have been received and compiled, we will begin a second, 7,500-metre phase of drilling."
First Gold Exploration (TSX:EFG) Follow the company’s progress at www.firstgoldexploration.com.
SOURCE: http://www.midasletter.com/news/100020501_First-gold-exploration-knocks-one-outta-the-park.php
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Rare Earths, Lithium, Gold
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