HENDERSON, Nev., July 22, 2011 /PRNewswire/ -- Fortune Oil and
Gas, Inc. (FOGC) (PINK SHEETS: FOGC)
http://www.fortuneoilandgascorp.com) further to Alta Mining FOGC
Canadian based Subsidiary news release of yesterday July 21 2011, where amongst other things the
company promised a secondary update under a separate release
its opinion and findings on the Slocan mining region.
The Slocan has had a long and illustrious mining history which
has fluctuated from periods of relative inactivity to periods of
hectic activity characterized by the development of new deposits or
the re-opening of many previously known mines. Mining activity over
the years has largely been determined by reaction of the mining
community to metal prices, advances in mining and metallurgical
technology, transportation development and the excitement generated
by periodic new discoveries. Many of the underground workings were
abandoned years ago due to low silver and zinc prices, even though
they were still working in good ore.
It is important to notice that discoveries in the past were
almost always the result of mineralization coming to the surface.
Regional geology described by well known geologists that were
working on it in the past, gives a firm theoretical base for a new
mineralization discoveries. It is noted that property and
area surrounding our property, has numerous mineralization
occurrences involving silver, gold, zinc and lead. Dominantly
these are hosted by quartz veins and occur with varying amounts of
base metal sulphides.
They have been categorized by previous workings into three main
types based primarily on the gold-silver ratios. There are two
types: those with similar gold and silver contents, and those with
high silver but very minor gold. There are also veins with high
gold but little silver and third type that usually hosts a quite
spectacular silver values thus other values are quite
negotiable.
The property itself has a number of positive features which
include: Numerous mineral occurrences and showings, the ability to
generate electric power locally, the abundance of water and timber,
potential for ore shoots, a simple ore type which may be easily
processed with potentially high recoveries and most of the year
accessible commuting roads in proximity to established mining areas
and communities. Recent work in region has been very
productive in validating theory that there is plenty of
mineralization hidden under overburden. Several high-grad-
near-surface discoveries (up to 80 ounces of silver per metric ton)
have already been made on neighboring properties, and FOGC
Management stays strong on the line that by using modern
geophysical, geochemical and drilling exploration techniques it can
find rich, near-surface vein extensions and new polymetallic ore
bodies that remain hidden by thick overburden.
In other corporate updates, more information about property will
be shortly posted on our corporate web site including maps and
topography. Silver has been in a strong bull market for the past
few years, analysts are looking for silver's price to stay strong
for the foreseeable future. The company is of the opinion that all
of the above together with FOGC's ability to focus its power into a
profitable direction could turn this high potential property into a
successful mining project in more than reasonable timeframe.
Company intends to will immediately engage appropriate geological
team to begin with processing of all of available information and
propose mew exploration plan that will cover new claims. All of
this information will be used to commence and complete an NI 43-101
report.
More updates on additional merger(s) and expansion(s) to follow
and be announced shortly.
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Fortune Oil & Gas, Inc.
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SOURCE Fortune Oil & Gas, Inc.