Fairmont Samples Up To 4.11 G/T Gold At Houghton Creek Property
September 25 2012 - 9:00AM
Marketwired Canada
Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont" or the "Company") is
pleased to announce results from its summer field program on the Houghton Creek
Property (the "Property"), located in Northwestern Ontario (See Press Release
August 1st 2012).
The program consisted of reconnaissance prospecting, soil sampling and lake
sediment sampling. The program returned several grab samples with anomalous gold
mineralization ranging from 0.02 g/t to 0.79 g/t with one sample returning 4.11
g/t gold, all hosted in sheared sulphide-rich granodioritic rocks. The
mineralization is accompanied by elevated silver (up to 130.93 g/t) and zinc (up
to 0.87 wt. %) with lesser amounts of copper (up to 0.58 wt. %) and lead (up to
0.10 wt. %). A total of 91 grab samples were collected, highlights of which are
tabulated in Table 1 below.
Table 1. Reconnaissance Prospecting Highlights
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Sample Number Au g/t Ag g/t Cu wt.% Pb wt.% Zn wt.%
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1383001 0.087 4.17 0.02 0.06 0.22
1383002 0.128 2.06 0.01 0.01 0.15
1383003 0.247 5.55 0.02 0.04 0.08
1383004 0.080 4.43 0.04 0.02 0.11
1383051 0.091 3.03 0.04 0.00 0.45
1383058 0.308 130.93 0.58 0.03 0.16
1383101 0.070 1.41 0.02 0.00 0.42
1383104 4.111 3.03 0.05 0.01 0.23
1383105 0.134 1.25 0.00 0.01 0.01
1383151 0.067 2.18 0.01 0.03 0.14
FM1 0.786 0.50 0.01 0.00 0.01
FM2 0.178 0.50 0.03 0.01 0.16
FM3 0.294 0.50 0.02 0.02 0.87
FM4 0.252 5.00 0.03 0.03 0.35
FM5 0.276 0.50 0.04 0.10 0.21
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The program focused on the main northeast trending, granodiorite hosted shear
zone as well as several possible parallel shears to the southeast. Extensive
glaciofluvial cover hindered prospecting and soil sampling. However, the program
was successful in tracing the main northeast shear zone and planning is
currently underway for a winter drill program.
Maps and figures detailing the work performed during the summer program are
available on the Fairmont website www.fairmontresources.com
Houghton Creek Property:
Houghton Creek Property covers a northeast trending shear zone hosted by the
granodioritic Houghton Lake Stock located in the Savant Lake Greenstone belt.
The Savant Lake greenstone belt forms part of the Wabigoon Subprovince located
in Northwestern Ontario. The Property has seen only limited prospecting,
trenching and two short, narrow diameter (Winkie drill) diamond drill holes,
drill by Noranda Exploration Company Limited in 1991.
The Houghton Creek Property is located 27 kilometers northwest of the historic
St. Anthony Gold Mine which operated intermittently from 1905 to 1941 and
produced 63,310 oz of gold at a grade of 6.51 g/t. The property is also located
50 kilometers due north of the historic Sturgeon Lake Volcanogenic Massive
Sulphide ("VMS") Mining Camp, with 5 past producers which operated from the
early 1970s through to the early 1990s, the largest of which, the Mattabi Mine
produced 13.5 million tons at 7.5% Zn, 0.88% Cu, 0.77% Pb, and 3.1 oz/t Ag. Both
the Sturgeon Lake and Savant Lake greenstone belts are well known for their VMS
mineralization.
Neil Pettigrew, M.Sc., P.Geo., President, CEO & Director of Fairmont Resources
Inc. and the Company's Qualified Person as defined by NI 43-101, has reviewed
and approved the technical information in this press release.
About Fairmont
Fairmont is a mineral exploration company focused on exploration and development
of its Marmion South Contact, Clay-Powell, and Houghton Creek properties all of
which are located the mining friendly jurisdiction of Ontario. The Marmion South
Contact property is Fairmont's flagship property. Fairmont has an option to
acquire a 100% interest in the Marmion South Property, which consists of 8,208
hectares and is located in the prolific Marmion Batholith gold district near
Atikokan, Ontario. The Marmion South Property is also located south of and is
contiguous with Osisko Mining Corporation's (TSX VENTURE:OSK)Hammond Reef
Property which contains a National Instrument 43-101-compliant global inferred
resource of 530.6M tons at an average grade of 0.62 g/t gold for 10.5 million
ounces and based on a cut off of 0.30 g/t gold. Osisko's technical report on
this resource can be viewed on SEDAR.
On behalf of the Board of Directors of Fairmont
Neil Pettigrew, M.Sc., P.Geo., President and CEO, Fairmont Resources Corporation
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements
that are based on assumptions as of the date of this news release. These
statements reflect management's current estimates, beliefs, intentions and
expectations. They are not guarantees of future performance. Fairmont cautions
that all forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many of which are
beyond Fairmont's control. Such factors include, among other things: risks and
uncertainties relating to Fairmont's exploration program of its mineral
properties and Fairmont's limited operating history. Accordingly, actual and
future events, conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the forward looking
information. Except as required under applicable securities legislation,
Fairmont undertakes no obligation to publicly update or revise forward-looking
information.
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