SOURCE: FIRST NARROWS RESOURCES CORP.

June 25, 2008 11:12 ET

First Narrows Provides Latest Analytical Data From Falls Creek Project; Significant Bismuth Accompanies Molybdenum and Tungsten

The Next Phase of Exploration to Focus on Tracing the Mineralized System to Surface

VANCOUVER, BC--(Marketwire - June 25, 2008) - First Narrows Resources Corp. (TSX-V: UNO) ("First Narrows" or the "Company") is pleased to report analytical results for drill core samples from Falls Creek drill hole No. 4717-07-007. Hole 007 intersected a 64.15 meter wide Lower Zone of significant molybdenum (Mo), tungsten (W), and bismuth (Bi) mineralization in the Dungarvon Granite. The intersection, which averaged 168 ppm (0.34 lbs/ton) Mo, 156 (0.31 lbs/ton) W, and 76 ppm (0.15 lbs/ton) Bi, included 17.7 meters averaging 388 ppm (0.78 lbs/ton) Mo, 173 ppm (0.35 lbs/ton) W, and 110 ppm (0.22 lbs/ton) Bi.

Open over an apparent horizontal width of more than 120 meters, and on trend in all directions, these latest results confirm that the mineralized structure discovered at Falls Creek is part of a large scale porphyry-style hydrothermal quartz veined and stockwork system with significant Mo, W, Bi, and minor copper (Cu), beryllium (Be), tin (Sn), fluorite (CaF2), lead (Pb), and zinc (Zn) mineralization.

The entire length of drill core from Hole 007 was sampled and assayed, and significant values of Bi were observed to be associated with the Mo and W mineralization.

The Lower Zone in Hole 007 is interpreted to correlate with the lower interval in drill hole No. 4717-07-006 120 meters to the east (see news release of March 18, 2008), which averaged 319 ppm (0.64 lbs/ton) Mo and 60.47 ppm (0.12 lbs/ton) W) over 85 meters, including 27.0 meters averaging 648 ppm (1.3 lbs/ton) Mo and 83 ppm (0.17 lbs/ton) W. Analyses from the Lower Zone in Hole 006 suggest the Mo values increase to the east, an area overlain by well developed fluorite and greisen zones as delineated in the upper parts of Holes 004-006.

The next phase of exploration at the Falls Creek discovery will focus on tracing the Lower Zone mineralized stockwork system to surface through the use of IP geophysical surveys and drilling, completing analyses for Bi, Be, and CaF2, and carrying out preliminary metallurgical investigations. The presence of chalcopyrite, pyrite, and minor pyrrhotite in the hydrothermal alteration zones suggest that an IP geophysical survey would not only delineate the up-dip extension of the discovery, but also define other till-buried W-Mo-Bi +/- Cu-Be-Sn-CaF2 zones along the property's +14 km trend of mineralized boulders and showings.

HOLE 4717-07-007 5,178,588.3N, 688,864.3E (UTM Grid NAD 83, Zone 19), dip -60, 255o az

       From     To  Width    Cu     W    Mo    Bi   Be   Sn

          m      m      m   ppm   ppm   ppm   ppm  ppm  ppm

      13.00  26.95  13.95  36.3   8.4   8.8 11.17 10.0 19.4

      26.95  32.45   5.50  88.8 694.6  51.9 352.1 12.7 43.9

      32.45  52.90  20.45  56.0  45.1  12.4  30.1 41.2 33.8

      52.90  87.90  35.00  10.4  16.2 197.3  25.2 11.3 16.0

incl  52.90  59.50   6.60  10.8  40.7 351.9  60.2  9.7 17.8

      87.90 219.30 130.40  29.5  21.1  13.5  16.5 21.8 27.6

     219.30 275.85  56.55  35.7  67.6  35.3  42.0 43.0 33.4

incl 219.30 226.00   6.70  45.6 378.7  53.4  42.4 63.1 64.8

and  267.75 275.85   8.10  43.1 103.4  91.1 129.4 64.9 18.3

     275.85 368.00  92.15  43.7  23.9  18.3  35.9 34.6 30.3

incl 362.55 368.00   5.45   9.7 223.1  57.6  47.3 11.8 12.8

     368.00 439.13  71.13  35.7  47.3  20.5  34.9 14.2 22.9

     439.13 458.00  18.87 111.3 408.2  95.1 201.2 23.5 36.1

     458.00 499.00  41.00  28.7  42.4  68.3  21.3 13.8 17.5

incl 485.60 487.85   2.25  46.9  19.9 722.6  79.2  9.4 30.7

and  495.75 499.00   3.25  22.4 298.0  79.0  36.8 38.6 17.8

     499.00 530.35  31.35  36.5   7.6  14.6  35.4 16.9 23.6

     530.35 594.50  64.15  38.6 156.8 168.3  76.8 55.6 23.4

incl 530.35 535.90   5.55  35.8 317.0   3.7  36.7  9.7 33.2

and  535.90 545.80   9.90  37.5 330.5 320.9 174.1 27.6 31.2

and  545.80 565.00  19.20  54.1  15.6  15.8  41.7 98.4 27.6

and  565.00 568.20   3.20  34.3 446.6  15.7  14.4  9.7 16.5

and  568.20 576.80   8.60  33.3  27.0  43.4  23.2 29.6 17.1

and  576.80 594.50  17.70  26.7 173.4 388.3 110.4 60.2 15.6

     594.50 599.00   4.50   7.1   7.2  16.9  12.0 18.7 22.1

The values for Mo reported in the tables are the averages of AR-ICP and the TD-MS analytical procedure results; the values for W are the averages of INAA and TD-MS procedures; and the values for Cu and Bi are from the TD-MS procedure; CaF2 has not yet been assayed for.

Metal Prices and Conversions

Price Mo   =  $33.00 / lb
Price W    =   $11.16 / lb ($194 / MTU)
Price Bi   =   $13.75 / lb
Price 1 MTU WO4        =  $194.00/MTU = 10 kg WO = 7.9 kg contained W
1000 ppm               =    0.1%  =          2 lb/ton or 2.2 lb/tonne
10,000 ppm             =    1.0%  =          20 lb/ton or 22.04 lb/tonne

Analytical Investigations

Extensive analytical investigations have been carried out on Hole 007 core. Initially the samples were analyzed using the INAA procedure, which is usually the satisfactory method for W and Mo. The samples were also analyzed by AR-ICP (Aqua Regia Digestion with ICP finish) due to the presence of visible low grade Cu mineralization. A discrepancy was noticed in the Mo results; those by AR-ICP were generally much higher than those of INAA. Subsequently, the bottom 55 samples in the hole were checked using a 4-acid total digestion (TD-ICP) procedure which resulted in the unexpected discovery of Bi and Be, two elements that are not reported by the first two procedures. The entire hole was then analyzed using TD-MS. The upper detection limit for bismuth is 2,000 ppm using TD-MS, and where that value was found, a value of 2,000 ppm was used. Samples with overages (an overage is a result that is greater than the upper detection limit) greater than 400 ppm Mo and W obtained using the INAA and TD-MS procedures were assayed using standard 'mine' assay procedures.

The average value for Mo in Hole 007 using the INAA technique is 42.2 ppm over a length of 586 meters, whereas the value of Mo using the average of the AR-ICP and TD-MS results plus overage assays is 52.0 ppm, an increase of 23.8%. In the reported assays for Hole 006, INAA and overage assaying were used for W, and AR-ICP and overage assaying were used for Mo.

X-Ray Diffraction on Sample 287721:

One sample from Hole 007, submitted to Activation Laboratories Ltd. for mineral identification by X-Ray diffraction, represented a 0.40 meter core interval from 560.10 to 560.50 m (~475m vertically below surface) that assayed as follows:

           Analytical Technique:

      INAA AR-ICP          TD-MS TD-ICP

Metal  ppm    ppm            ppm    ppm

W       nd     nd           24.2     29

Mo     111    149            117    153

Bi      nd     nd            874    855

Be      nd     nd         > 1000   2090

The Geological Setting

Understanding the cooling history of a Mo-Bi-W + Cu-Be-Sn-CaF2 mineralized intrusion, such as the Dungarvon Granite, is important for evaluating the intrusion's mineral potential. A magma's cooling history affects its composition, including its potential economic minerals, among other things. The Falls Creek drill core indicates the cooling of the Dungarvon Granite was characterized by the fractionation and repetitious build-up and release of mineral/metal laden magmatic volatiles producing multiple mineralizing pulses and therefore multiple bathings of various conduits and fracture networks by the mineralizing solutions. Large hydrothermal systems, now defined by alteration zones and several different styles of Mo-Bi-W +/- Cu-Be-Sn-CaF2 mineralization, developed in the granite. Where the density of the mineralized vein networks, greisen zones, and breccias increase, so do the values of W, Mo and Bi and secondary metals. Current observations suggest that the configurations of the Falls Creek Mo-W-Bi mineralized hydrothermal systems are continuous and large scale.

QA/QC

Quality assurance and quality control (QA/QC) of the analytical program was monitored by Earnest Brooks, P.Geo., the Company's Qualified Person on the Falls Creek Project. Approximately 6% of the analytical samples were blanks, coarse duplicates, and pulp duplicates.

Falls Creek W-Mo-Bi Project

The Falls Creek project is located about 30 km south of the Company's Chester Deposit in Central New Brunswick. It has seasonal access by gravel logging roads that are easily upgradable to all season roads. An extensive blanket of till up to 12 meters thick covers much of the property, masking the bedrock sources of wide spread Mo-W mineralized boulders. To date, the Company has tested an area of known mineralized boulders with a single cross section of seven holes, discovering variably altered hydrothermal stockworks of quartz veins, greisen, and wispy 'in-situ' quartz in the Dungarvon Granite, with scheelite, wolframite, molybdenite, beryl, chalcopyrite, and fluorite minerals beneath 12 meters of till. Tin and bismuth analytical results suggest the presence of cassiterite and bismuthinite respectively. The Falls Creek project offers the Company the potential to make a 100% owned major discovery at a low 'finding cost'.

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 feasibility status. For more information visit: www.uno.ca

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
Email: glytle@uno.ca

ON BEHALF OF THE BOARD OF DIRECTORS
"Peter K. Gummer"
Peter K. Gummer, President

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Contact Information

  • First Narrows Resources Corp.
    Suite 405 - 1228 Hamilton Street
    Vancouver, BC Canada V6B 6L2
    Toll free: 866.285.5817
    Tel.: 604.677.5143
    Fax: 604.677.4702
    Website: http://www.uno.ca