VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2012) - Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont" or the "Company") is pleased to announce that an additional 9 claims have been staked totaling 1,312 hectares surrounding the original Houghton Creek Property (the "Property"), located in Northwestern Ontario (See Press Release July 27th 2012). The property was expanded to encompass prospective geology and several northeast trending structures, parallel to the historic, gold bearing Houghton Creek structure.
The Company has also begun a reconnaissance prospecting, soil and lake sediment sampling program on the Property. This work program will test the newly staked, parallel northeast structures as well as further delineated the historic gold bearing Houghton Creek structure, in preparation for a drill program to be conducted later this fall.
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, which returned 0.51 g/t gold over 13.11 meters. Recent grab samples collected by the Optionor in 2010 returned up to 6.68 g/t gold, 27.1 g/t silver, 0.05% copper, 0.13% lead and 0.98% zinc.
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.
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
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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