Exploration Drilling Commences at Fiore Gold’s Pan Mine in Nevada
Vancouver, British Columbia (FSCwire) - FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company”) is pleased to announce the commencement of exploration drilling at its Pan Mine in Nevada, as part of a longer-term program aimed at expanding the resource and reserve base at Pan. The current program will consist of approximately 11,500 feet of reverse circulation drilling and be focused in the vicinity of the North Pit which hosts the majority of the silica-rich rocky ore at Pan. Drilling will also occur in the Central area of the deposit to expand existing resources there as well as test new targets (Figure 1). Mining is currently taking place in both the rocky North Pan Zone and the clayey South Pan Zone, with the run-of-mine ores blended on the leach pad.
Tim Warman, Fiore’s CEO stated, “Growing the resource and reserve base at the Pan Mine is a priority for Fiore. We’ve put a lot of work into the successful rehabilitation and restart of our Pan operation, and we want to ensure that it continues to run for many years to come.”
Pan Mine Geology
The Pan Mine is a Carlin-style, sediment-hosted, gold-only deposit, and is comprised of three main zones of mineralization which has currently been traced for over 6,000 feet along the north-south Branham Fault. The North Zone is composed of a large body of silicified solution breccia along the western margin of the Branham fault. Mineralization extends westward from the breccia body along the relatively flat-lying Pilot Shale-Devils Gate contact. South Pan is largely hosted in rocks on the east side of the Branham Fault that dip to the northeast between 55 and 65 degrees. Strongly clay altered and mineralized solution breccias are found along the Branham fault and trending southeast away from the Branham Fault along the Pilot Shale-Devils Gate Limestone contact. Central Pan consist of several smaller pods of mineralization largely along the Pilot Shale - Devils Gate contact along a series of northeast-southwest and north-south secondary faults.
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:
- grow gold production at the Pan Mine from a planned 35-40,000 ounces in fiscal 2018 to between 40-50,000 ounces per year by fiscal 2019
- advance exploration and development of the nearby Gold Rock project, with a resource update planned for late 2018
- acquire additional production or near-production assets in Nevada and surrounding states
The scientific and technical information relating to Fiore Gold’s properties contained in this press release was approved by Eric LeLacheur M.S. (CPG) Fiore Gold’s Vice-President of Exploration, North America and a "Qualified Person" under National Instrument 43-101.
On behalf of FIORE GOLD LTD.
Chief Executive Officer
1 (416) 639-1426 Ext. 1
Neither the 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.
Cautionary Note Regarding Forward Looking Statements
This news release contains “forward-looking statements” and “forward looking information” (as defined under applicable securities laws), based on management’s best estimates, assumptions and current expectations. Such statements include but are not limited to, statements with respect to the exploration drilling at the Pan Mine, future exploration as part of long-term program, expectations and goals for the expansion and growth of the resource and reserve base at the Pan Mine, gold production projections for fiscal 2018 and 2019, exploration drilling at Pan, advancing exploration and development of the Gold Rock project, goal to become a 150,000-ounce producer, goal to acquire additional production or near production assets, and other statements, estimates or expectations. Often, but not always, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “targets”, “forecasts”, “intends”, “anticipates”, “scheduled”, “estimates”, “aims”, “will”, “believes”, “projects” and similar expressions (including negative variations) which by their nature refer to future events. By their very nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fiore Gold’s control. These statements should not be read as guarantees of future performance or results. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Company concerning, among other things, anticipated geological formations, potential mineralization, future plans for exploration and/or development, potential future production, ability to obtain permits for future operations, drilling exposure, and exploration budgets and timing of expenditures, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fiore Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to vary materially from results anticipated by such forward looking statements include, but not limited to, risks related to the Pan Mine performance, risks related to the company’s limited operating history; risks related to international operations; risks related to general economic conditions, actual results of current or future exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; uncertainties involved in the interpretation of drilling results, test results and the estimation of gold resources and reserves; failure of plant, equipment or processes to operate as anticipated; the possibility that capital and operating costs may be higher than currently estimated; the possibility of cost overruns or unanticipated expenses in the work programs; availability of financing; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities; the possibility that required permits may not be obtained on a timely manner or at all; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Fiore Gold operates, and other factors identified in Fiore Gold’s filing with Canadian under its profile at www.sedar.com respecting the risks affecting Fiore and its business. Although Fiore has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. Fiore disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.
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Source: Fiore Gold Ltd. (TSX Venture:F, FWB:2FO, OTCQB:FIOGF)
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