Fairmont Resources Inc.

Fairmont Resources Inc.

June 04, 2012 09:15 ET

Fairmont Intersects 2.00 g/t Over 8.00 Meters at Marmion South Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2012) - Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") is pleased to announce results from its spring 2012 drill program on the Marmion South property, located east of Atikokan, Ontario, and contiguous with Osisko Mining Corp.'s Hammond Reef property. Fairmont drilled a total of 1,400m in 10 holes, results of which are tabulated in Table. 1 below.

Highlights Include:
2.00 g/t over 8.00 meters, from 76.00 to 84.00 meters, including 3.27 g/t over 3.00 metres in hole FA-MAR-12-004
1.37 g/t over 10.80 meters from 81.80 meters to 92.60 meters, including 3.10g/t over 1.90 meters in hole FA-MAR-12-002
3.02 g/t over 2.00 meters from 105.00-106.00 meters in hole FA-MAR-12-006

The program focused on the historic Olcott gold occurrence, located in the southern portion of the property, which has returned up to 5.41 g/t gold over 6.16 metres and 1.85 g/t over gold 19.20 metres in historic drilling during the 1980s and 1990s. The greenstone-hosted Olcott occurrence is located at the intersection of an east-west-trending structure parallel to the regional Quetico fault and a northeast-trending structure similar to the one that hosts the Hammond Reef deposit. This occurrence has been the focus of historical trenching and limited drill programs in the 1980s and 1990s and is a classic quartz vein/shear-hosted gold system.

The Olcott occurrence is just one of several gold occurrences hosted within the Sapawe Lake greenstone belt, the most notable of which is the former Sapawe-Atiko mine. The Sapawe-Atiko mine, located less than 300m from the eastern boundary of the Marmion South property, produced 4,900 oz ounces of gold at a grade of 4.56 g/t from 1963 to 1966. These gold occurrences are hosted within an east-west corridor; sub parallel to the Quetico fault, the Marmion South Property covers over 8 km of this highly prospective corridor.

Planning is also underway for an extensive summer prospecting, mapping and soil sampling program to ground truth several key northeast trends and anomalies within the Marmion batholith in the central and northern part of the property identified by the 2011 airborne geophysical survey (see press release March 6th 2012). Osisko's Hammond Reef deposit is controlled by the northeast-trending Marmion shear; numerous historic gold occurrences in the Marmion batholith are associated with similar northeast structures.

Table 1: Drilling Results
Hole ID Zone From
FA-MAR-12-001 Olcott 26.50 32.80 6.30 1.28 Confirmation Hole
FA-MAR-12-002 Olcott 81.80 92.60 10.80 1.37 Confirmation Hole
Including 85.80 91.60 5.80 1.91
Including 86.70 88.60 1.90 3.10
FA-MAR-12-003 Olcott 91.00 92.00 1.0 0.22 Down Plunge
Zone 177.7 178.00 0.30 0.17 Extension Hole
FA-MAR-12-004 Olcott 76.00 84.00 8.00 2.00 Confirmation Hole
Including 81.00 84.00 3.00 3.27
FA-MAR-12-005 Olcott 96.00 101.00 5.00 0.58 Down Plunge
Extension hole
FA-MAR-12-006 Olcott 102.00 115.70 13.70 0.58 Down Plunge
Olcott 105.00 107.00 2.00 3.02 Extension Hole
FA-MAR-12-007 Olcott 150.60 168.00 17.40 0.21 Down Plunge
Including 157.40 159.80 2.40 0.52 Extension hole
FA-MAR-12-008 Olcott 8.40 9.70 1.30 0.95 Northeast
Including 9.00 9.70 0.70 1.58 Extension Hole
FA-MAR-12-009 Regional Target No Significant Assays
FA-MAR-12-010 Regional Target No Significant Assays
Note: Reported widths are drilled core lengths; true widths are unknown at this time. All assays are performed by Accurassay Laboratories of Thunder Bay, Ontario. All assays reported are uncut.

QA/QC Procedures

Fairmont has implemented a rigorous quality assurance / quality control (QA/QC) program to ensure best practices in sampling and analysis of the drill core. Blanks, standards (one high-grade, one mid-grade, and one low-grade), field duplicates (1/4 split cores), and crush duplicates are inserted sequentially at least every 20th sample into the drill core samples before shipment. Standards are from Geostats Pty. Ltd. of Fremantle, Western Australia and blanks from Nelson Granite of Kenora, Ontario.

About Marmion South 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.

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.

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.


Contact Information

  • Rain Communications
    Toll Free: 1-877-614-6113
    Nelson Da Silva Tel: 604-648-0523 (direct)
    Ralph Biggar Tel: 604-306-2525 (direct)