Farallon Resources Ltd.

Farallon Resources Ltd.

March 15, 2007 09:01 ET

Farallon Updates Drilling at G-9 Deposit: Significant New High Grade Intersection Made in Southeast Zone

New Zone Intersected North of San Raphael Fault

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2007) - Dick Whittington, President and CEO of Farallon Resources Ltd., (TSX:FAN) ("Farallon" or "the Company") is pleased to provide the latest results of core drilling at the Company's Campo Morado polymetallic (zinc, gold, silver, copper, lead) project in Guerrero State, Mexico. The latest results are all from the G-9 deposit. Significant intersections of high grade mineralization continue to be made. Drilling continues and is focused on G-9 and a new sulphide lens located in the footwall of the San Raphael Fault.

The latest results are from 6 exploration holes. Assays are pending from a further 7 holes and will be released when received. Results from these new holes are included in the attached G-9 Assay Table. Hole locations are shown on the attached G-9 Drill Hole Location Map.

The new drilling results are highlighted below:


Drill Inter- Inter-
Hole From To val val Au Ag Cu Pb Zn
Number Deposit (metres) (metres) (metres) (feet) g/t g/t % % %
596 G9 534.65 542.95 8.30 27.2 2.96 240 0.89 0.91 10.79
598 G9 285.85 294.50 8.65 28.4 2.25 122 1.52 0.84 24.27

Both these holes and those awaiting assay are extremely significant additions to the resource base of G-9. Hole 598 is a 50 metre step-out to the west of the high grade Southeast zone. It is the highest grade intercept at G-9 to date and increases the size and grade of the planned high grade starter mining area, thereby increasing the duration of mining such high grades during the initial years of future mine production.

Hole 596 is potentially more significant as it is the first intersection of G-9 type mineralization north of the San Raphael fault. An additional 50 metre step-out intersections from this "discovery" hole is awaiting assay results and another hole is in progress. It is evident that these holes have opened up the area north of the fault to further G-9 type discoveries. The massive sulphide horizon intersected in Hole 596 is related to a package of felsic volcanic rocks that are stratigraphically below the El Largo, Naranjo and El Rey deposits north of the fault. It opens up the potential for additional mineralization similar to G-9 in a large area north of the San Raphael fault and consequently, offers even further exploration potential to the project.

Dick Whittington said: "The results from Hole 598 are extremely gratifying. To be intersecting our highest grade intercepts at this stage in the project's development is unusual and speaks to the ongoing potential at G-9. We expect to be able to put a robust, high grade starter mining area together.
Hole 596 is also very good news and supports our geologists' patience and persistence in searching for another G-9 deposit. It is early days yet but this discovery has the potential to significantly expand the resource potential in the G-9 area. We are reviewing our drilling plans and will be assessing our priorities over the near term with a view to moving both drills to this new area.

Our objectives for this year's drilling program (News Release dated January 24, 2007) were twofold: first, to add to the high grade Southeast zone of G-9 and secondly, to discover another G-9. We appear to be making good progress toward both these objectives."

The in-house qualified person for the drilling program and selection of samples for metallurgical testwork at Campo Morado is Daniel Kilby, P.Eng. ALS Chemex is the analytical laboratory for the project; sample preparation is done in Guadalajara, Mexico and analysis is done in Vancouver, BC. All samples are assayed for gold by fire assay fusion with a gravimetric or Atomic Absorption (AA) finish. Silver, copper, lead, zinc and 27 to 30 additional elements are determined for all samples by acid digestion, followed by an AA or ICP finish. Duplicates are analyzed by Acme Analytical Laboratories in Vancouver.

For further details on Farallon Resources Ltd. and its Campo Morado property and photographs of the decline development work, please visit the Company's website at www.farallonresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.


J.R.H. (Dick) Whittington, President & CEO

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially form those in the forward-looking statements. The likelihood of future mining at Campo Morado is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including obtaining necessary mining and construction permits, completion of pre-feasibility and final feasibility studies, preparation of all necessary engineering for pits and processing facilities as well as receipt of significant additional financing to fund these objectives as well as funding mine construction. Such funding may not be available to the Company on acceptable terms or on any terms at all. There is no known ore at Campo Morado and there is no assurance that the mineralization at Campo Morado will ever be classified as ore. For more information on the Company and the risk factors inherent in its business, investors should review the Company's Annual Information Form at www.sedar.com.

To view the accompanying table and map please click on the following link: http://www.ccnmatthews.com/docs/FAN_TableandMap.pdf

No regulatory authority has approved or disapproved the information contained in this news release.

Contact Information

  • Farallon Resources Ltd.
    Shawn Wallace
    Investor Services
    (604) 684-6365 or Toll Free within N.A.: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.farallonresources.com