Foundation Resources Inc.
TSX VENTURE : FDN

Foundation Resources Inc.

September 08, 2010 09:15 ET

Foundation Reports 3.35 g/t Gold Over 16.85 m Within 34.8 m Zone Averaging 1.84 g/t Gold at Coldstream

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2010) - Foundation Resources Inc. (TSX VENTURE:FDN) ("Foundation" or the "Company") is pleased to announce the assay results from five recently completed drill holes of its 8,000 metre summer drill program on the East Coldstream Deposit (the "Deposit") located within its Coldstream Property in Ontario.

            Key Point Summary:

            * 3.35 g/t gold over 16.85 m within 34.8 metre-wide zone averaging 1.84 g/t gold

            * 7.51 g/t gold over 3.4 m within a 30.4 metre-wide zone averaging 1.31 g/t gold

            * 2.44 g/t gold over 5.25 m within 16.2 metre-wide zone averaging 1.02 g/t gold

Table of Significant Gold Assays

Drill Hole From (metres) To (metres) Width (metres) Gold (grams/tonne)
C-10-26 (Main Zone) 184.90 215.30 30.4 1.31
including 184.90 187.15 2.25 4.20
including 202.50 215.30 12.80 2.29
including 211.90 215.30 3.40 7.51
         
C-10-27 (Main Zone) 8.70 17.80 9.10 0.55
  30.60 34.10 3.50 0.67
         
  182.00 185.25 3.25 1.90
         
C-10-28 (Main Zone) 275.05 283.50 8.45 2.02
  318.85 326.75 7.9 0.57
  355.8 358.4 2.6 3.06
         
C-10-29 (Main Zone) 194.40 210.60 16.20 1.02
including 205.35 210.60 5.25 2.44
         
  368.75 378.00 9.25 1.87
including 368.75 373.50 4.75 3.44
         
  387.95 403.75 15.80 0.93
including 393.10 401.15 8.05 1.39
         
C-10-32 (East Zone) 229.15 263.95 34.80 1.84
including 234.25 251.10 16.85 3.35
including 236.75 242.65 5.90 5.62

Four holes (C-10-26, C-10-27, C-10-28 and C-10-29) were drilled into the Main Zone and one hole (C-10-32) was drilled into the East Zone. The principal purpose of these holes is to continue filling the gaps between well-mineralized historic holes to both confirm and expand the historic resource of the Deposit to NI 43-101 compliant standards.

Drill hole C-10-26 was drilled at 170°/-47° to a depth of 306.8 metres, C-10-27 was drilled at 156°/-47° to a depth of 233.78 metres, C-10-28 was drilled at 156°/-52° to a depth of 377.4 metres, C-10-29 was drilled at 156°/-53° to a depth of 453.24 metres and C-10-32 was drilled at 335°/-50° to a depth of 331.32 metres. All intervals are represented as down hole core lengths. True widths are estimated at 70-75 percent of core length.

Both the Main and East zones were also drilled during Foundation's 2010 winter drill program and results from drilling in these zones were previously reported on March 29, April 6, and 21 2010. Results from the initial three holes of the current program were reported on July 20, 2010. These three holes were drilled into the North (C-10-23) and Main (C-10-24 and 25) zones.

To date, all of the 2010 drill holes contain gold and the majority have intersected wide mineralized zones, and include multiple intersections of high-grade gold mineralization in variable core lengths. Gold is associated with disseminated pyrite and occurs within strongly sheared and hydrothermally altered (silica, albite, sericite, magnetite and hematite) mafic to intermediate metavolcanic and intrusive quartz-feldspar porphyry rocks.

The drill program is continuing and additional results will be released as they become available. Please refer to Foundations July 20, 2010 news release for Quality Assurance and Quality Control procedures.

Foundation has an option to earn up to a 70% interest in the Coldstream property from Alto Ventures Ltd. For more details regarding the Coldstream Property, please visit our website at www.foundationres.com.

Ike Osmani, P.Geo., the President and the Qualified Person for Foundation supervised the drill program, has reviewed and approved this news release.

About Foundation Resources Inc.:

Foundation is a mineral exploration company focused on exploration and development of high potential gold properties in Canada and Mexico. Its Coldstream Property is located in the Western Superior geological province of the Canadian Shield, which is noted for hosting prolific gold deposits in Ontario, Canada. The San Rafael property is located approximately 150km northwest of Durango in the Durango State, Mexico.

On behalf of the board,

Paul Chung, CEO

News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

CUSIP: # 350476107

ISIN CA3504761071

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.

Contact Information

  • Rain Communications
    Nelson Da Silva
    604-648-0523 (direct)
    or
    Rain Communications
    Ralph Biggar
    604-306-2525 (direct)