Vancouver, British Columbia--(Newsfile Corp. - May 7, 2024) - Forge Resources Corp. (CSE: FRG) (OTCQB: BNNHF) (FSE: 5YZ) ("FRG" or the "Company") is pleased to announce the scheduled start of mobilization on May 18, 2024, of equipment and fuels to commence the re-establishment of camps and construction of drill pads. On or about May 24, drill crews will travel to site and commence drill testing of the priority targets.
Lorne Warner P.Geo, President of Forge Resources, states: "We are excited to restart our Phase 1 drilling program. Based on last year's successful results and quality of targets, we have high expectations of further success. I anticipate being in camp for most of the drilling to help guide the program and observe the cores alongside our partnered operators, Archer Cathro."
Drill Plan Recap
The company is proposing to complete up to 5 drill holes for a total of 2,500 metres as part of the continuation of the fall 2023 diamond drilling program that paused in for the winter season.
As announced on April 18, 2024, the proposed holes will focus on several high priority and undrilled tested coincident geochemical/geophysical anomalies along a four-kilometre trend. Archer Cathro has created a preliminary drill plan for the 2024 Alotta field program, to test for porphyry-style mineralization on the property. The plan is designed to test the best drill targets based on merit. The company plans to commence further reconnaissance drill testing on the Payoff and Severance target areas this spring. These areas are situated in closer proximity to the core area of coincident soil and geophysical anomalies with previous rock sampling confirming the occurrence of copper and gold mineralization.
Payout and Severance Zones
The two primary targets on the property are the Payout and Severance Zones, located in the west-central and east-central parts of the property. These two zones have significant surface mineralization, which comprise highly anomalous gold, copper and molybdenum values from rock and soil samples. These targets represent the areas of the property with significant (>1 g/t gold) rock values on surface.
For preliminary drilling, a total of four holes are recommended to test surface mineralization and geophysical anomalies at depth. At both targets, the first hole is designed as a shallow angle hole to test the extent of mineralization directly beneath the prospective area, while the second is steeper to test for deeper mineralization and corresponding chargeability/resistivity anomalies present in the vicinity.
Alimony and Commission Targets
In a later drilling phase, the company has two additional drill targets to test. The Alimony Target is a significant 1200 m by 500 m molybdenum-gold soil anomaly that coincides with overlapping chargeability and resistivity anomalies. In the eastern part of the property, the Commission Target is defined by a 1500 m by 1000 m gold-copper-molybdenum soil anomaly, which corresponds to magnetic low to moderate response. A well constrained resistivity anomaly is present that coincides with strongly anomalous gold and copper soil values.
Fall 2023 Program Results
In November 2023 two drill holes were completed on the property which confirmed the porphyry style nature of mineralization. As announced on February 24, 2024, Hole ALT-23-01 intercepted 211.65 metres of 0.46 grams/tonne gold from the first ever diamond drill hole on the property.
Proximity to Proven Resources
The Alotta property consists of 96 mineral claims that cover approximately 1,926 hectares that is located 50 km south-east of Western Copper and Gold's Casino deposit. The Casino deposit is one of the most economic, greenfield copper-gold mining projects in the world which is ranked as one of the top ten largest, undeveloped, copper-gold porphyry deposits in the world. Western Copper and Gold announced on April 30, 2024, the completion of their bought deal public offering with gross proceeds of $46 million. Subsequently, on May 6, 2024, they announced the completion of a further $5 million financing with Rio Tinto.
Figure 1 outlines the high priority target areas and proposed drilling within the Alotta property with potential gold-copper-molybdenum, porphyry style mineralization.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/208211_b8c8056de45dfa66_001full.jpg
Figure 2 provides an illustration of the Casino Deposit superimposed over the Allotta's molybdenum in soil geochemistry.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8680/208211_b8c8056de45dfa66_002full.jpg
About Forge Resources Corp.
Forge Resources Corp. is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 km south-east of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in the Yukon Territory of Canada.
In addition, the Company holds a 40% interest in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. The project contains eight known seams of metallurgical and thermal coal.
On behalf of the Board of Directors
"Cole McClay", CEO Forge Resources Corp.
info@forgeresources.com
Forward-Looking Statements
Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208211
SOURCE: Forge Resources Corp.
