SOURCE: Ring of Fire Resources, Inc.

Ring of Fire Resources, Inc.

February 10, 2011 13:44 ET

Ring of Fire Resources Inc. Announces Drilling on the McNugget JV Ground and Project Update

TORONTO--(Marketwire - February 10, 2011) - Ring of Fire Resources Inc. (the "Company" or "ROF") (TSX-V: ROF) (FRANKFURT: RG5) (PINKSHEETS: HWKPF) is pleased to announce that it has been advised by its JV partner, MacDonald Mines Exploration Ltd ("MacDonald Mines") that the resumption of drilling on the Nickel target (Butler #5), on the McNugget JV ground (which is situated within MacDonald's larger Butler Property) in the McFauld's Lake Area, James Bay Lowlands, Northern Ontario will commence on or before February 18th, 2011. This is part of a much larger drill program by MacDonald Mines on the Butler Property.

MacDonald Mines over the last few months have undertaken a comprehensive re-evaluation of the McNugget JV Ground that included:

  • Re-logging and selective re-sampling of previously drilled holes with an emphasis on Alteration identification and quantification,
  • Selected whole rock lithogeochemical analysis on representative drill core samples,
  • Anomalous Vanadium identified from whole rock analysis ( > 1.5% V2O5),
  • Anomalous PGE results confirmed,
  • Appointment of a Technical Advisory Committee appointed.

These, together with new targets and the better definition of the known targets that have been highlighted from interpretation of additional ground and airborne Geophysics that have been previously announced, make this new drilling phase very encouraging and exciting.

Anomalous Vanadium Discovered:

Anomalous Vanadium Pentoxide (V2O5) has been identified in drill hole MN07-49 that was drilled in 2007 from the recently completed Whole Rock Analysis. This hole was drilled into VTEM Anomaly N-30 located on the western side of the McNugget JV Ground. This target definitely requires further exploration.

Drill Hole Depth (m) V2O5 (%)
MN07-49 37.6 1.57
MN07-49 62.1 1.39
MN07-49 66.5 1.14

Anomalous PGE Results Confirmed:
Drill hole MN08-56 drilled in 2008 into the Butler #5 nickel anomaly (VTEM Anomaly N-25 located on the McNugget JV Ground boundary) returned assay values of 24 ppb Pt and 177 ppb Pd over a 3.5 metre interval. These results were confirmed by re-sampling of this interval in more detail in 2010. The 2010 analysis, along with the original 2008 analysis, are presented in the table below:

Drill Hole Analysis From To Interval (m) Pt (ppb) Pd (ppb)
MN08-56 2008 66 69.5 3.5 24 177
MN08-56 2010 66.15 66.25 0.1 35 67
MN08-56 2010 68 68.15 0.15 128 946
MN08-56 2010 74 74.16 0.16 42 289

The presence of anomalous platinum and palladium concentrations over 3.5 m and the elevated to high values associated with narrow sulphide enriched fractions within the core indicate that any magmatic sulphide segregations on the property should also be platinum and palladium rich, as are the nickel-copper (Ni-Cu) sulphides from the Eagles Nest ore deposits.

Technical Advisory Committee:
MacDonald has assembled a special technical advisory committee that includes Hadyn Butler P.Geo, James Franklin PhD, P.Geo and Larry Hulbert PhD, P.Geo to oversee the advancement of this project (See MacDonald's news release issued February 09, 2011).

This phase of drilling will utilize a larger drill rig capable of drilling much deeper holes to test these anomalies.

The McNugget JV Property:

The McNugget JV Property lies within the larger Butler Property held by MacDonald Mines and is a joint venture with MacDonald Mines covering 6 contiguous claims (approximately 1,554 hectares), in the James Bay Lowlands, Ring of Fire Area of Northern Ontario. ROF has a 36.75 % interest in this joint venture property, with the remaining interest held by MacDonald Mines, who also acts as operator on the project.

About Ring of Fire Resources Inc.:

Ring of Fire Resources Inc. is a Canadian based junior exploration company with a portfolio of diversified exploration projects at various stages of exploration and drilling for Nickel/Copper/Chromium/PGM in the 'Ring of Fire' McFauld's Lake Area of Northern Ontario, Gold in Northern Ontario, and Uranium in Northern Saskatchewan and Quebec.

Michael Newbury, P. Eng (ON), a "qualified person" as such term is defined by National Instrument 43-101 and a director of ROF has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of ROF. 

More detailed information is available on the website at www.ringoffireresources.com

Cautionary Statement:

Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

The foregoing information may contain forward-looking statements relating to the future performance of Ring of Fire Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Ring of Fire Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contacts:
    Ring of Fire Resources Inc.
    H. Vance White
    President
    Phone: 416-214-2250
    Fax: 416-367-1954

    Corinna de Beer
    Investor Relations
    Phone: 416-792-0343
    eMail: ir@ringoffireresources.com