Forge Resources Announces Completion of Payoff Zone Drilling, Confirming Porphyry Style Mineralization
Forge Resources announced the completion of their first two 2024 drill holes (ALT-24-001/002) at the Alotta property, confirming porphyry style mineralization. The drilling program is on schedule, with hole ALT-24-003 now testing the Severance Zone. ALT-24-001 showed higher concentrations of pyrite stringers and ALT-24-002 indicated increased alteration and sulphide mineralization at depth.
Previous drilling in November 2023 confirmed porphyry style mineralization, with ALT-23-001 intercepting 211.65 meters of 0.46 g/t gold. The Alotta property has 96 mineral claims covering 1,926 hectares, located 50 km southeast of Western Copper and Gold's Casino deposit. Forge Resources’ President, Lorne Warner, highlighted the significance of these findings in understanding mineralization controls at Alotta.
Western Copper and Gold recently completed significant financings, raising a total of $51 million.
- Completion of first two 2024 drill holes at Alotta confirms porphyry style mineralization.
- ALT-24-001 presented higher concentrations of pyrite stringers.
- ALT-24-002 showed increased alteration and sulphide mineralization with depth.
- Drilling program is on schedule.
- November 2023 drilling confirmed porphyry style mineralization with 211.65 meters of 0.46 g/t gold in ALT-23-001.
- Alotta property has extensive and highly anomalous multi-element soil geochemistry.
- No new high-grade gold concentrations reported from recent drill holes.
- Reliance on previous drill results from November 2023 to validate current findings.
- Potential investor concern over the long-term viability of the project without new significant mineral discoveries.
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2024) - Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) (FSE: 5YZ) ("FRG" or the "Company") is pleased to announce the completion of the first two 2024 planned drill holes at Alotta, both showing porphyry style mineralization. The continuation of the Phase 1 drilling program is on schedule with holes ALT-24-001/002 completed to a depth of 402 and 501 metres respectively. Drill hole ALT-24-003 has now commenced, testing the Severance Zone.
Hole ALT-24-001 - Azimuth 135/-50 degree dip and the first hole to drill test the Payoff Zone where strongly anomalous rock samples (up to 8.7 g/t gold) were sampled over a 200 x 300 m area. ALT-24-001 appears to have a higher concentration of pyrite stringers than what was observed in two November 2023 drillholes. In November 2023 two drill holes were completed on the property which confirmed the porphyry style nature of mineralization.
Hole ALT-24-002 - Azimuth 230/-60 degree dip. The hole was proposed to test possible west-northwest trending structures related to mineralization. Porphyry style mineralization was again encountered. Alteration and associated disseminated and fractured controlled sulphide mineralization is increasing to depth.
Lorne Warner, President, and P.Geo for Forge Resources Corp. comments: "Every drillhole completed is bringing us closer to understanding the controls to the mineralization at Alotta. We have now started drilling at the untested Severance Zone which has extensive and highly anomalous multi-element soil geochemistry. The three proposed holes will test across entire anomalous soil geochemistry in the central area of the Alotta Zones."
Figure 1 above is a core photo from hole ALT-24-002 at depth of 261.5 metres that trended towards the area of ALT-23-001, completed in November, 2023. As announced on February 24, 2024, Hole ALT-23-001 intercepted 211.65 metres of 0.46 grams/tonne gold from the first ever diamond drill hole on the property.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/212650_8e21d0aed442f879_001full.jpg
Review of ALT-23-001 intercept area hosting the 211.65 metres of 0.46 g/tonne gold:
- Hosted in semi-crowed, quartz-plagioclase porphyry
- Indicates that silica filled fractures hosting sulphide mineralization occur in areas of higher-grade gold concentrations
- Semi-massive, poly-metallic veins can contain high-grade gold concentrations.
Figure 2 above outlines the high priority target areas within the Alotta property with potential gold-copper-molybdenum, porphyry style mineralization. Prior to November 2023 none of these target areas had been drill tested. In November 2023 two drill holes (ALT-23-001 and ALT-23-002) were completed on the property which confirmed the porphyry style nature of mineralization. Hole ALT-24-004 to ALT-24-010 are proposed locations.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/212650_8e21d0aed442f879_002full.jpg
The Alotta property consists of 96 mineral claims that cover approximately 1,926 hectares that is located 50 km south-east of Western Copper and Gold's Casino deposit. Figure 3 below demonstrates the extent of anomalous, copper in soil geochemistry with the current area of mineral resources defined at the Casino Deposit. The Casino deposit is one of the most economic, greenfield copper-gold mining projects in the world which is ranked as one of the top ten largest, undeveloped, copper-gold porphyry deposits in the world. Western Copper and Gold announced on April 30, 2024, the completion of their bought deal public offering with gross proceeds of
Figure 3
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/212650_8e21d0aed442f879_003full.jpg
Figure 4 - Drilling ALT-24-003, started June 11, 2024
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/212650_8e21d0aed442f879_004full.jpg
Qualified Person
Lorne Warner, P.Geo, and President of Forge Resources Corp. is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.
About Forge Resources Corp.
Forge Resources Corp. is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 km south-east of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in the Yukon Territory of Canada.
In addition, the Company holds a
On behalf of the Board of Directors
"Cole McClay", CEO Forge Resources Corp.
info@forgeresources.com
Forward-Looking Statements
Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212650
FAQ
What did Forge Resources announce on June 12, 2024?
What were the results of the ALT-24-001 drill hole?
What did drill hole ALT-24-002 reveal?
What were the findings from the November 2023 drilling at the Alotta property?
Where is the Alotta property located?
