TORONTO, July 19, 2011 /PRNewswire/ -- Ring of Fire
Resources Inc. (the "Company" or "ROF") (TSX-V: ROF,
FRANKFURT: RG5, OTC.PK: HWKPF)
announces that it has entered into an agreement in connection with
the potential purchase of a 100% title and interest in
approximately 60,000 hectares of land in the Smooth Rock Falls, Iroquois Falls and Timmins area of Northern Ontario. The property consists
of 2 blocks (Block "A" & Block "B"- collectively named "Project
81") of prime mineral exploration and productive forestlands in 15
townships in Northern Ontario.
Block "A" comprises an area of approximately 58,000 hectares and is
one contiguous parcel of land covering 10 townships, adjacent to
the Kidd Creek Mine Complex near Timmins,
Ontario. Block "B" comprises an area of approximately
2,000 hectares and consists of 35 parcels of land covering 5
townships around Iroquois Falls
and Smooth Rock Falls. (See
attached maps)
The 2 blocks of lands are all currently freehold patented lands.
A significant portion of the project area is considered to be
productive forestlands.
Block "A" was the subject of a detailed exploration program
between 1961 and 1966 by Canico (formerly Inco and now Vale)
consisting of an Airborne Geophysical Survey using the Canico
developed 2 frequency EM system, follow up ground prospecting,
ground geophysical surveys and diamond drilling. Additional
exploration work was also carried out by McIntyre Porcupine Mines
(1967- 1973) and by another corporation in 1981. There has been no
significant mineral exploration work done in the project area since
the 1980s.
Canico flew approximately 2,299 line miles of Airborne EM and
Magnetic geophysical surveys and identified 831 anomalies, but only
located 273 anomalies on the ground. Canico drilled 154 of these
anomalies with 183 drill holes totaling approximately 106,930 feet
of BQ diamond drilling. Between 1961 and 1966, Canico spent
approximately $1,361,250 on this
project.
McIntyre Porcupine Mines Ltd (1967-73) conducted airborne and
ground geophysical surveys, prospecting and diamond drilled parts
of the project area in 27 drill holes totaling 17,411 feet and
spent approximately $577,000 in
exploration by 1973.
In its drilling program in the 1960s, Canico drilled through
large sequences of serpentinized peridotites and reported the
following historical nickel results in drill holes: (* Please
note that these results are historical and are not NI43-101
compliant.) ROF believes that the work was done by competent
capable companies and that the results although historic are
believed to be reliable.
|
|
*Historical
Drill Results:
|
|
Nickel:
|
|
Hole #
27090
|
0.36%Ni over
1265 feet (Kingsmill Twp)
|
|
Hole #
25064
|
0.28%Ni over
624 feet (Kingsmill Twp)
|
|
Hole #
27082
|
0.23%Ni over
55 feet (Kingsmill
Twp)
|
|
Hole #
31903
|
0.23%Ni over
299 feet (Aubin
Twp)
|
|
Hole #
31901
|
0.24%Ni over
418 feet (Aubin Twp)
|
|
Hole #
25027
|
0.23%Ni over
379 feet and 0.28%Ni over
228 feet (Nesbitt Twp)
|
|
Hole #
27083
|
0.28%Ni over
535 feet and 0.25%Ni over
15 feet (Nesbitt Twp)
|
|
Hole #
25014
|
0.27%Ni over
96.5 feet and 0.32%Ni over
49.5 feet and 0.21%Ni over
416.5 feet (Dargavel Twp)
|
|
|
|
|
|
Canico also drilled through a series of carbonitized, silicified
volcanic and iron formations and reported the following historical
gold results in drill holes: (* Please note that these results
are historical and are not NI 43-101 compliant)
|
|
*Historical
Drill Results:
|
|
Gold:
|
|
Hole #
27063
|
0.14 oz/t Au
over 9.2 feet (4.7 g/t Au/2.8m)
(Lucas Twp)
|
|
Hole # 73-14
|
0.117 oz/t
Au over 2.1' (4.0 g/t Au/ 0.6m) and 0.090 oz/t Au over 4.3' (3.1
g/t Au/1.3m) (Lucas Twp)
|
|
Hole #
25013
|
0.098 oz/t
Au over 4.3 feet (3.3 g/t Au/1.3m) (Dargavel Twp)
|
|
Hole #
27089
|
0.27oz/t Au
over 1 foot (9.2 g/t
Au/0.3m) and 0.058 oz/t
Au over 10 feet (1.9g/t Au/3.1m)
(Aubin
Twp)
|
|
|
|
|
|
These results although historic indicate that there is
significant mineralization on the property and that additional
exploration is warranted to assess the extent and economic
potential of the property.
Vance White, President & CEO
of ROF, said that "This project has the absolute potential to be
a company maker…We are basically dealing with virgin, mining
friendly, easily accessible territory in a mineral rich area
adjacent to mining infrastructure, a mining culture with home grown
experienced miners and explorationists. This project area has
had no exploration work carried out on it for over 30 years but
demonstrates the potential for what would be considered as economic
grades and widths in today's commodities environment and we are
optimistic that this property has the potential of becoming a
significant new exploration opportunity in this
internationally recognized mining district. "
Randy Singh, P.Geo (ON), P.Eng
(ON), Exploration Manager of ROF, is quoted as saying "that this
land package is like a treasure chest that will now be opened by
ROF. Apart from the nickel and gold results already
generated from prior exploration, there are also anomalous
historical copper, chromium and zinc results reported from drilling
in other parts of the project area. With modern state of the
art Airborne EM & Mag systems where the GPS is mounted directly
on the EM unit, we have every confidence that we will be drilling
stronger, deeper, better defined and characterized anomalies that
we feel will ultimately result in outlining higher grade
mineralization in the nickel and gold targets."
About Ring of Fire Resources Inc.
Ring of Fire Resources Inc. is a Canadian based junior
exploration company which currently has a portfolio of diversified
exploration projects at various stages of exploration and drilling
for Nickel/Copper/Chromium/PGM in the 'Ring of Fire' McFauld's Lake
Area of Northern Ontario, Gold in
Northern Ontario, and Uranium in
Northern Saskatchewan and
Quebec.
Michael Newbury, P. Eng (ON), a
"qualified person" as such term is defined by National Instrument
43-101 and a director of ROF has verified the data disclosed in
this news release, and has otherwise reviewed and approved the
technical information in this news release on behalf of ROF.
More detailed information is available on the website at
www.ringoffireresources.com
Cautionary Statement:
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. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. The foregoing
information may contain forward-looking statements relating to the
future performance of Ring of Fire Resources Inc. Forward-looking
statements, specifically those concerning future performance, are
subject to certain risks and uncertainties, and actual results may
differ materially from the Company's plans and expectations. These
plans, expectations, risks and uncertainties are detailed herein
and from time to time in the filings made by the Company with the
TSX Venture Exchange and securities regulators. Ring of Fire
Resources Inc. does not assume any obligation to update or revise
its forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts:
Ring of Fire Resources Inc.
H. Vance White, President
Phone: 416-214-2250
Fax: 416-367-1954
Corinna de Beer, Investor
Relations
Phone: 416-792-0343
eMail: ir@ringoffireresources.com
Figure 1 - Project 81 - Location Map-To View Map Image,
please copy and paste URL below into New Browser:
http://thenewswire.ca/client_files/2011-07-18-0.pdf
Figure 2 - To View Map Image, please copy and paste URL below
into New Browser:
http://thenewswire.ca/client_files/2011-07-18-1.pdf
Figure 3 - To View Map Image, please copy and paste URL below
into New Browser
http://thenewswire.ca/client_files/2011-07-18-2.pdf
SOURCE Ring of Fire Resources Inc.