Fortune Valley Reports Results From Phase 2 Drilling Program at Incahuasi
06 6월 2008 - 1:30AM
Marketwired Canada
Fortune Valley Resources Inc. ("Fortune Valley Resources" or the "Company") (TSX
VENTURE:FVX) reports results from its Phase 2 drilling program completed at the
Incahuasi project in April 2008.
The Incahuasi drilling program comprised a total of 4,010 metres of reverse
circulation drilling. In the Incahuasi Central area, 13 drillholes were drilled
totaling 1,846 metres. In the Incahuasi Este area, 27 drillholes were drilled
totalling 2,164 metres. A listing of the significant results is presented in
Table 1 for the Central target and in Table 2 for the Incahuasi Este area. Two
of the drillholes in the Incahuasi Central area and twelve of the drillholes
from the Incahuasi Este area returned insignificant results and are not reported
below. For a complete listing of the 2007 and 2008 Incahuasi drilling results
and drillhole location maps, please refer to the Company's web site at
www.fortunevalleyresources.com.
Results from the 378 hectare (4km2) historical Incahuasi Central target area
included drill hole RC-IC-036 which cut 31 metres grading 0.522% copper and 1.37
g/t gold. The results suggest the scope of the porphyry target could be of
interest to junior operators in the region and the Company has embarked on
identifying a partner for potential joint venture of the Incahuasi Central area.
Within the Company's extensive 10,543 hectare (105km2) Incahuasi Este (Puma)
target area, a detailed review of copper and gold results supports the geologic
interpretation for medium to large iron-oxide-copper-gold system (IOCG)
potential. The upper level copper-gold-hematite veins intersected in drilling
are similar in character to other known IOCG deposits such as Candelaria in
Chile and Osbourne in Australia. The Incahuasi Este area data will be compiled
and reviewed to define IOCG targets for future drilling.
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TABLE 1: CENTRAL TARGET: 2008 REVERSE CIRCULATION DRILLING PROGRAM
(RC-IC-025 to RC-IC-037)
----------------------------------------------------------------------------
From To Interval Cu Au TD
Drillhole Target metres metres metres % g/tonne metres
----------------------------------------------------------------------------
RC-IC-025 Maria Luisa 47 51 4 0.330 0.165 90.0
----------------------------------------------------------------------------
RC-IC-026 Maria Luisa 66 81 14 0.533 0.235 132.0
----------------------------------------------------------------------------
Including 72 74 2 1.455 0.362
---------------------------------------------
84 91 7 0.551 0.289
---------------------------------------------
Including 86 87 1 1.010 0.479
---------------------------------------------
126 129 3 0.585 0.023
---------------------------------------------
Including 126 127 1 1.540 0.058
----------------------------------------------------------------------------
115 121 6 0.430 0.638
RC-IC-027 Camino --------------------------------------------- 150.0
Including 115 117 2 1.093 1.558
----------------------------------------------------------------------------
83 89 6 0.579 0.726
---------------------------------------------
Including 83 85 2 0.944 1.625
RC-IC-030 Paulina --------------------------------------------- 115.0
96 106 10 1.096 0.549
---------------------------------------------
Including 97 103 6 1.774 0.922
----------------------------------------------------------------------------
RC-IC-031 Camino 14 21 7 0.293 0.372 120.0
----------------------------------------------------------------------------
29 32 3 0.213 0.712
RC-IC-032 Camino --------------------------------------------- 140.0
102 105 3 0.342 0.689
----------------------------------------------------------------------------
157 160 3 0.263 0.143
RC-IC-033 Camino --------------------------------------------- 305.0
265 268 3 0.226 0.082
----------------------------------------------------------------------------
5 14 9 0.350 0.072
---------------------------------------------
24 45 21 0.333 0.035
RC-IC-034 Amigos --------------------------------------------- 150.0
64 73 9 2.155 0.097
---------------------------------------------
Including 64 68 4 4.208 0.126
----------------------------------------------------------------------------
RC-IC-035 San Francisco 52 58 6 0.263 0.604 150.0
----------------------------------------------------------------------------
100 131 31 0.522 1.370
---------------------------------------------
Including 100 103 3 1.075 2.047
RC-IC-036 Maria Luisa --------------------------------------------- 140.0
Including 109 114 5 1.336 3.364
---------------------------------------------
141 149 8 0.215 0.338
----------------------------------------------------------------------------
RC-IC-037 Paulina 60 63 3 0.268 0.245 100.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TABLE 2: INCAHUASI ESTE AREA: 2008 REVERSE CIRCULATION DRILLING PROGRAM
(RC-IE-013 to RC-IE-039)
----------------------------------------------------------------------------
From To Interval Cu Au TD
Drillhole Target metres metres metres % g/tonne metres
----------------------------------------------------------------------------
35 50 15 0.333 0.111
RC-IE-13 Puma Sur --------------------------------------------- 58.0
Including 48 49 1 1.13 0.36
----------------------------------------------------------------------------
46 58 12 0.433 0.053
RC-IE-14 Puma Sur --------------------------------------------- 70.0
Including 55 56 1 4.02 0.034
----------------------------------------------------------------------------
RC-IE-15 Puma Sur 30 36 6 0.407 0.016 80.0
----------------------------------------------------------------------------
38 46 8 0.498 0.420
RC-IE-16 Puma Sur --------------------------------------------- 54.0
Including 43 45 2 1,462 1,258
----------------------------------------------------------------------------
39 43 4 1,241 0.189
RC-IE-17 Puma Sur --------------------------------------------- 48.0
Including 41 42 1 4.24 0.357
----------------------------------------------------------------------------
RC-IE-18 Puma Sur 46 49 3 0.268 0.096 66.0
----------------------------------------------------------------------------
RC-IE-21 Puma Sur 5 24 19 0.272 0.048 36.0
----------------------------------------------------------------------------
14 18 4 0.408 1,013
RC-IE-22 Puma Central--------------------------------------------- 54.0
28 31 3 0.206 0.110
----------------------------------------------------------------------------
10 17 7 0.234 0.311
RC-IE-23 Puma Central--------------------------------------------- 60.0
19 25 6 0.200 0.845
----------------------------------------------------------------------------
17 21 4 0.263 0.015
RC-IE-24 Puma Norte --------------------------------------------- 60.0
43 48 5 0.252 0.061
----------------------------------------------------------------------------
RC-IE-26 Isabela Norte 49 51 2 1,141 0.028 65.0
----------------------------------------------------------------------------
RC-IE-27 Plata 60 63 3 0.727 0.010 90.0
----------------------------------------------------------------------------
36 45 9 0.575 0.006
RC-IE-33 Castillo --------------------------------------------- 110.0
Including 38 40 2 1,453 0.012
----------------------------------------------------------------------------
RC-IE-34 Chanar Sur 75 78 3 0.352 0.008 90.0
----------------------------------------------------------------------------
41 44 3 0.587 0.068
RC-IE-36 Pirquineros --------------------------------------------- 90.0
Including 42 43 1 1.19 0.093
----------------------------------------------------------------------------
Mr. William C. (Bill) Howald, AIPG, Certified Professional Geologist # 11041,
Fortune Valley Resources' VP Exploration & Corporate Development, is the
Qualified Person as defined under National Instrument 43-101 responsible for the
scientific and technical work on the exploration program and is responsible for
reviewing and has approved the technical disclosure in this press release.
ALS Chemex performed all analytical testing using industry-standard analytical
techniques. Gold was analyzed using fire assay on a 50-gram sample with an
atomic absorption finish, and a gravimetric finish on all results greater than
10ppm gold. Silver and Copper determinations were completed using ICP-mass
spectrometry for Silver and copper determination below 50 ppm silver and 1%
copper, and four-acid digestion for values greater than 50 ppm silver and 1%
copper.
Fortune Valley Resources Inc. is a Canadian mining exploration company focused
on creating shareholder wealth through the acquisition, exploration and
development of high quality gold and silver projects in Chile and Argentina. The
Company has assembled a highly experienced Board of Directors and management
team with proven technical and commercial successes at some of the major gold
mines and projects in North and South America, including Yanacocha, Cortez,
Voisey's Bay, Zaldivar, Turquoise Ridge, Fort Knox, La Coipa, Pueblo Viejo and
Cerro Casale. Management has good understanding of how to do business in Latin
America gained from living and working in the region, and extensive skills in
exploration, feasibility work, business and corporate development, gold trading,
finance and executive management of public companies. Fortune Valley holds
ownership interests in approximately 54,000 hectares exploration concessions in
Chile.
On behalf of the Board of Directors
Michael J. Gingles, President and CEO
Fortune Valley Resources Inc. Com Npv (TSXV:FVX)
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