March 18, 2008 11:02 ET

Drill Results Confirm Discovery of New Wide Zone of Tungsten-Molybdenum Mineralization on First Narrows' Falls Creek Property

Intersections Include 85m Averaging 319.5 ppm Mo, 27m at 648.17 ppm Mo, and 1056 ppm Mo Over 6.2m

VANCOUVER, BC--(Marketwire - March 18, 2008) - First Narrows Resources Corp. (TSX-V: UNO) ("First Narrows" or the "Company") is pleased to announce partial results from the latest drill program on the Falls Creek tungsten-molybdenum (W-Mo) property located in the Central Highlands of New Brunswick. Three holes (holes 005 -007) totaling 1,635 meters were drilled in late fall to further evaluate the W-Mo potential of the Dungarvon Granite on the same section as the 4 holes drilled last summer (see news release of November 1, 2007 for previously reported results). Drill core analytical results for holes 005 and 006 confirm a wide zone of W-Mo mineralization has been intersected immediately west of, and below, the previous drilling.

Hole 005, collared at a dip of 60 degrees and bearing 255 azi., intersected spotty anomalous W-Mo mineralization from surface down to 344 meters (best intersection was a narrow zone from 48.00 - 51.2 meters averaging 8.82 ppm W and 693.44 ppm Mo). From 344 meters to 422 meters, the end of the hole, both W and Mo values show a broad increase, with one 20 meter interval averaging 151.9 ppm W and 169.1 ppm Mo, and a 7.5 meter interval averaging 479.8 ppm W and 148.4 ppm Mo. The hole ended in mineralization averaging 19.3 ppm W and 141.0 Mo over 9 meters.

Hole 006 was drilled parallel to, and approximately 26 meters horizontally behind, or 45 metres vertically beneath, hole 005 intersecting generally low but anomalous values of W and Mo from surface to 410.75 meters except for one interval of 13.3 meters that averaged 545.6 ppm W and 22.0 ppm Mo. Mo values increase substantially below a core depth of 410.75 meters, including an 85 meter interval averaging 60.47 ppm W and 319.5 ppm Mo, and a 27 meter section averaging 83.14 ppm W and 648.17 ppm Mo. The latter interval includes a 6.2 meter wide zone averaging 252.02 ppm W, and 1056.00 ppm Mo. Hole 007, drilled parallel to hole 006 and in the same section, was collared approximately 140 meters grid west of 006. Analytical results are pending.

HOLE 4717-07-005 Collar Coordinates - 5178618.5N, 688980.6E; UTM Grid,
NAD83, dip -60, Azi 255

Hole       From       To      Length     W ppm     Mo ppm
             m         m         m        INAA       ICP
           48.00     51.20     3.20        8.82     693.44
          249.00    344.00     95.00      56.96      37.98
          344.00    364.00     20.00     151.87     169.07
          371.00    378.50      7.50     479.81     148.36
          413.00    422.00      9.00      19.33     141.02
          422.00                 End of hole

HOLE 4717-07-006 Collar Coordinates - 5178623.0N, 689006.1E;
UTM Grid, NAD83, dip -60, Azi 255
          410.75    485.95     75.20     161.20      76.46
includes  410.75    412.75      2.00    2894.50     221.70
includes  450.85    485.95     35.60     146.69     101.64
          528.95    614.00     85.05      60.47     319.50
includes  582.00    609.00     27.00      83.14     648.17
includes  582.00    588.20      6.20     252.02    1055.00
          614.00                  End of hole

Sample analysis is being performed by Activation Laboratories Ltd. in Ancaster, Ontario. Samples are analyzed for Mo on a Varian Vista Pro ICP using a method to which Activation Laboratories is accredited (ISO 17025 and CAN-P1579) by the Standards Council of Canada. W is analysed using INAA.

The Falls Creek W-Mo mineralization in the drill holes is associated with quartz fracture fillings, zones of diffuse 'interstitial' quartz veins, quartz-fluorite veins, and breccias. Greisen injections and alterations are common. Zones of potassic and propyllytic alteration with varying degrees of silicification and quartz veining are present over intervals ranging from a few centimeters to many meters in association with the W-Mo mineralization.

Different magmatic phases are believed to have evolved during the cooling of the granite, and these appear to have played an important role in concentrating and ultimately depositing W and Mo in potentially economic zones. Multiple pulses of mineralizing fluids are recognized.

Holes 005 and 006 suggest that molybdenite mineralization increases with depth, and the Company is optimistic that geological-analytical results to date, and visible W-Mo mineralization in hole 007, indicate the mineralizing system may be open in all directions. It is apparent that holes 004 and 005 were stopped short of the deeper Mo target. Detailed core re-logging, geological studies, secondary metal investigations, and deposit modeling are on-going.

Peter Gummer, President of First Narrows, commented: "The technical and potential economic importance of the Falls Creek discovery cannot be overstated. It is the Company's first drill-tested grassroot discovery, and the first W-Mo discovery in NB in many years, which underscores the soundness of our early stage prospecting and geological programs. Further, the Falls Creek discovery represents the first ever drill test of an 11 km long corridor of W-Mo-(Cu-Zn) showings in the Dungarvon Granite and its 'roof' rocks. Economically, the discovery represents a well understood ore deposit model that traditionally has a large resource potential. It is easily accessible, occurs in a stable political and mining friendly jurisdiction, and provides solid commodity risk diversification to the Company's mineral asset portfolio."

The seven drill holes completed to date are summarized below:

Hole #      Length (m)     Dip     Azi       UTM Collar Coordinates
   001          13         -45     075      5178660.0N *  689092.3E*
   002          16         -60     075      5178647.2N    689044.2E
   003          18         -60     075      5178615.1N    688981.3E
   004         121         -60     075      5178586.2N    688853.6E
   005         422         -60     255      5178618.5N    688980.6E
   006         614         -60     255      5178623.0N    689006.1E
   007         599         -60     255      5178588.3N    688864.3E

*The UTM coordinates for hole 001 have been calculated; the remaining hole collars have been surveyed.

The Falls Creek property now consists of 543 claims, covering 8,688 hectares, situated 45 kms southwest of the Company's Chester copper-polymetallic project, and 33 kms north of the village of Boiestown in the little explored regions of New Brunswick's Central Highlands. First Narrows owns, or has the right to earn, a 100% interest in the property.

Earnest Brooks, P.Geo., the Company's Qualified Person, has reviewed the contents and verified this press release.

About First Narrows Resources Corp.:

First Narrows Resources Corp. (TSX-V: UNO) is a Canadian-based mineral exploration company whose corporate strategy is to develop overlooked and undervalued mineral properties that offer near term production potential. The Company has active projects in the Province of New Brunswick, Canada and in the State of Sonora, Mexico. The most advanced project is the 100%-owned Chester copper-polymetallic deposit in New Brunswick's Bathurst Mining Camp, which is rapidly moving forward to NI 43-101 mineral resource estimate and conceptual mine design status. For more information visit:


"Peter K. Gummer"

Peter K. Gummer, President

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Contact Information

  • For Corporate, Media, or Investor Communications contact:

    Greg Lytle, Communications Manager
    First Narrows Resources Corp.
    Toll-free: (866) 285-5817
    Int'l. & Vancouver: (604) 839-6946
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    First Narrows Resources Corp.
    Suite 405 - 1228 Hamilton Street
    Vancouver, BC Canada V6B 6L2