First Gold Exploration Inc.
TSX VENTURE : EFG
FRANKFURT : F12
OTCQX : FGEXF

First Gold Exploration Inc.

September 29, 2010 09:41 ET

First Gold Drills the Best Hole to Date and Receives a Positive 43-101 Property Report

LAVAL, QUEBEC--(Marketwire - Sept. 29, 2010) - First Gold Exploration Inc. (TSX VENTURE:EFG) (FRANKFURT:F12) (OTCQX:FGEXF) is pleased to report the most recent drill results for the Lac Pivert/Rose project. The table below shows the results for holes LR-10-91 to LR-10-104, drilled to test the extension of the zones to the east. All the holes intersected mineralized zones over consistent thicknesses.

The drilling program is still ongoing and continues to intersect the mineralized zones with sustained thickness. 

A map showing the location of the holes is posted under Pivert/Rose Lithium Project in the Projects section of the Company's website, at www.firstgoldexploration.com.

New results are as follows:

HOLE FROM   TO   TRUE WIDTH   Li20   Rb   Ta2O5   Be   Cs   Ga  
# (m ) (m ) (m ) (% ) ppm (g/t ) ppm (g/t ) ppm (g/t ) ppm (g/t ) ppm (g/t )
LR-10-91 68.40   82.15   13.75   1.38   2726   166   166   83   78  
LR-10-92 60.15   65.50   5.35   1.21   3493   202   158   117   79  
LR-10-93 44.70   53.50   8.80   1.07   2394   229   140   111   79  
LR-10-94 24.05   33.40   9.35   1.01   2364   191   136   75   79  
LR-10-95 11.20   16.85   5.65   0.34   3334   209   88   87   53  
LR-10-96 18.75   30.00   11.25   1.28   3638   202   260   126   67  
LR-10-97 75.20   81.40   6.20   1.13   3170   154   167   119   64  
LR-10-98 83.85   97.20   13.35   PENDING                      
LR-10-99 81.00   96.90   15.90   1.64   2540   113   145   75   68  
LR-10-100 78.70   97.50   18.80   1.74   2561   169   141   70   75  
LR-10-101 87.05   103.45   16.40   PENDING                      
LR-10-102 99.70   118.30   18.60   1.70   1973   151   158   65   72  
LR-10-103 123.05   138.00   14.95   1.25   2389   145   117   82   74  
LR-10-104 121.75   140.00   18.25   1.57   2238   152   160   77   79  
* 1 ppm = 1 g/t

All the samples were sent for analysis in sealed containers to the Chemex laboratory in Val-d'Or by employees of the Company. Chemex is the laboratory used for analysis of all samples from programs on the Lac Pivert/Rose property. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75 um. All samples are analyzed using ICP-MS, with full analysis for 47 elements.

"We are very pleased to be receiving up to 1.74% Li2O results from the lab on wider true-width intercepts of up to 18.8 metres for this ongoing drilling, this being nearly twice the width and grade of our first holes," said Eric Leboeuf, President of First Gold.

Highlights Of the 43-101 Property report

InnovExplo, independent consulting firm conclusions:

  • The character of the Pivert/Rose property is of sufficient merit to justify additional exploration works;
  • Consistent results over a very broad area;
  • Possibility of increasing the size of the current structures with more drilling;
  • Possibility of developing and finding other targets on the property;
  • The work that began in November 2009 is very well done and the results are accurate;
  • InnovExplo recommend conducting a pre-feasibility study in order to determine the potential economic viability of the Mineral Resources. The Mineral Resources Estimate is due in November 2010.

43-101 author, Pierre-Luc Richard, P.Geo of InnovExplo, report comments:

The Rose showing is clearly an advanced stage exploration project hosting significant mineralization in lithium and rare-elements.

Out of 65 drill holes, 62 reported significant mineralization in either Li, Ta, Rb, Cs, Ga, Be or, in most of the case, in more than one of these elements.

"The grades versus sample lengths show a very homogeneous distribution for every elements considered (Li, Rb, Cs, Be, Ta, Ga) and no bias is seen due to small sampling interval".

InnovExplo's preliminary data compilation and review of historical reports concerning the Pivert/Rose property revealed significant potential for the discovery of new lithium and rare-elements pegmatites over the entire property. The property is strategically positioned in an area which is known to be associated with such mineralization. The Rose showing is at an advance stage exploration, but considering the size of the mostly unexplored Pivert/Rose property, InnovExplo consider the property to be at an early-stage of exploration and to potential to discover other mineralization remains high.

First Gold exploration works and drilling program conducted since 2009 has added numerous significant drill holes intercepts allowing a better geological interpretation of the Rose showing and confirming the potential of the entire area for new discoveries.

The fact that the pegmatite dykes found at Rose are shallow and sub-parallel to the surface is a significant advantage for this project and should be taking into account when evaluating its further economical potential. 

Although the Rose showing is currently the most advanced area of the property in term of exploration, three other identified showings on Block A (Pivert, JR and Hydro) seem very promising and should be investigated more by either trenching or drilling as they show similarities to the Rose showing in term of mineralogy, grades and thickness (according to surface observations). Surface observations also show that these three showings favorably dip gently sub-parallel to the surface as it is the case for Rose.

The final report will be filed within 40 days.

Also, based on the highlights of this InnovExplo report, First Gold is negotiating the acquisition of the other 15% ownership of Pivert/Rose rare metal property. The negotiations are going well and will be based on the fair market value of Pivert/Rose within First Gold's balance sheet assets and its related stock price. The Company will do an accretive deal for its shareholders.

Jean-Sebastien Lavallee (OGQ #773), a geologist, shareholder and director of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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