VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2010) - Fortress Minerals Corp. ("Fortress") (TSX VENTURE:FST) is pleased to announce assay results on the final eleven holes from the phase 1 drilling program at its 74-square kilometre Malmyzh licence in eastern Russia. Fortress considers the assay results from all targets to be encouraging and results from the Flats, Valley, and Central prospects to be particularly encouraging given the wide spacing of these drill holes and the thickness and continuity of mineralization. In addition, the drill holes at both the Flats and Valley targets contain significant gold which could further enhance the economics of the project. Please see attached maps, available at http://media3.marketwire.com/docs/2fortmaps52510.pdf.
At the Central prospect, Hole AMM-023 located 400 metres south-west of Hole AMM-012, intersected 414.2 metres grading 0.36% copper and 0.07 grams per tonne (g/t) gold including 102.8 metres (from 96.4 metres to 199.2 metres) grading 0.58% copper and 0.15 g/t gold for a copper equivalent of 0.66%. The Central prospect is constrained only to the northeast by Hole FMCX-2, which intersected 215 metres grading 0.34% copper. Drill results from the Central prospect show strong westward-increasing vectors in copper grade, increasing gold to copper ratios, and overall increasing grade-thickness along a coincident magnetic anomaly. The western extension of this anomaly will be tested during the second round of drilling.
| Hole |
TD (m) |
From (m) |
To (m) |
Width (m) |
Copper Grade(%) |
Gold Grade(g/t) |
Copper Equivalent (%) ** |
| AMM-013 |
235.1 |
3.4 |
94.1 |
90.7 |
0.14 |
0.01 |
0.15 |
| AMM-014 |
162.2 |
1.8 |
32.3 |
30.5 |
0.20 |
0.03 |
0.21 |
| AMM-015 |
229.2 |
108.8 |
134.9 |
26.1 |
0.53 |
0.11 |
0.59 |
| AMM-016 |
265.8 |
17.3 |
265.8 |
248.5 |
0.22 |
0.13 |
0.30 |
| |
Including |
35.5 |
53.5 |
18.0 |
0.56 |
0.24 |
0.69 |
| AMM-017 |
271.1 |
18.6 |
271.1 |
252.5 |
0.34 |
0.14 |
0.42 |
| |
Including |
57.1 |
83.3 |
26.2 |
0.45 |
0.19 |
0.56 |
| |
Including |
151.4 |
271.1 |
119.7 |
0.43 |
0.15 |
0.51 |
| AMM-018 |
No significant intercepts |
| AMM-019 |
265.8 |
25.5 |
95.8 |
70.3 |
0.28 |
0.11 |
0.34 |
| |
Including |
35.8 |
78.1 |
42.3 |
0.34 |
0.15 |
0.43 |
| |
And |
155.9 |
265.8 |
109.9 |
0.19 |
0.03 |
0.20 |
| AMM-020 |
No significant intercepts |
| AMM-021 |
No significant intercepts |
| AMM-022 |
301.2 |
73.9 |
293.2 |
219.3 |
0.23 |
0.03 |
0.25 |
| |
Including |
125.2 |
159.9 |
34.7 |
0.37 |
0.08 |
0.41 |
| AMM-023 |
457.2 |
32.1 |
446.3 |
414.2 |
0.36 |
0.07 |
0.40 |
| |
Including |
54.4 |
308.7 |
254.3 |
0.47 |
0.10 |
0.53 |
| |
Including |
56.2 |
79.6 |
23.4 |
0.53 |
0.14 |
0.60 |
| |
And including |
96.4 |
199.2 |
102.8 |
0.58 |
0.15 |
0.66 |
| |
|
|
|
|
|
|
|
| ** Intercepts are calculated using a copper equivalent cut-off grade and have been calculated using assumed metal prices (US$2.35/pound of copper and US$972/ounce for gold); Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of calculating copper equivalent. Copper equivalent = %Cu + 0.55 x g/t Au. |
Other highlights include Hole AMM-017 drilled into the Valley prospect, which intersected 252.5 metres (from 18.6 metres to the bottom of the hole) grading 0.34% copper and 0.14 g/t gold for a copper equivalent of 0.42% over the entire bedrock length of the hole beneath the upper 18.6 metres of soil cover. Additionally, the hole intersected 119.7 metres (from 151.4 metres to the bottom of the hole) grading 0.43% copper and 0.15 g/t gold for a copper equivalent of 0.51%. The mineralization at the Valley prospect is open at depth and laterally in all directions. The Valley prospect is located 5 kilometres northeast of the Central prospect and 2.5 kilometres east of the Flats Prospect where Hole AMM-002 intersected 474.7 metres grading 0.26% copper and 0.29 g/t gold – (see news release dated March 17, 2010).
The phase 1 drill program included 6,671 metres of drilling in 23 holes and tested ten large geophysical and geochemical targets. Determination of hole locations for the first-pass drilling program was based almost exclusively on soil geochemistry and magnetic anomalies due to the extensive soil and vegetative cover that characterizes the Malmyzh licence. The phase 2 drill program, which is scheduled to commence in November 2010, will concentrate on delineation drilling of higher-priority mineralized targets identified in phase 1 and focused drilling in the priority prospects to identify higher-grade copper-gold feeder zones. Please see below for a summary table of all significant intercepts from the phase 1 drill program.
| Hole |
TD (m) |
From (m) |
To (m) |
Width (m) |
Copper Grade(%) |
Gold Grade(g/t) |
Copper Equivalent (%) ** |
| Flats Prospect |
|
|
|
|
|
|
|
| |
|
| FMXC-08-04 |
197.6 |
0.0 |
197.6 |
197.6 |
0.38 |
0.29 |
0.54 |
| AMM-001 |
300.1 |
1.2 |
300.1 |
298.9 |
0.29 |
0.17 |
0.38 |
| |
Including |
2.7 |
96.7 |
94.0 |
0.33 |
0.18 |
0.43 |
| |
And including |
104.7 |
244.8 |
140.1 |
0.33 |
0.22 |
0.45 |
| AMM-002 |
475.7 |
1.0 |
475.7 |
474.7 |
0.26 |
0.29 |
0.42 |
| |
Including |
56.8 |
74.9 |
18.1 |
0.43 |
1.49 |
1.25 |
| |
And including |
213.3 |
377.9 |
164.6 |
0.33 |
0.41 |
0.56 |
| AMM-003 |
263.1 |
5.8 |
260.0 |
254.2 |
0.20 |
0.07 |
0.24 |
| AMM-004 |
271.9 |
11.3 |
271.9 |
260.6 |
0.23 |
0.19 |
0.34 |
| Central Prospect |
|
|
|
|
|
|
|
| |
| FMXC-08-02 |
223.6 |
0.0 |
215.0 |
215.0 |
0.34 |
0.03 |
0.36 |
| |
Including |
143.0 |
213.0 |
70.0 |
0.49 |
0.04 |
0.50 |
| AMM-009 |
202.3 |
27.5 |
127.6 |
100.1 |
0.15 |
0.05 |
0.18 |
| AMM-010 |
350.4 |
2.6 |
44.3 |
41.7 |
0.15 |
0.02 |
0.16 |
| AMM-011 |
265.3 |
6.0 |
96.8 |
90.8 |
0.19 |
0.01 |
0.20 |
| AMM-012 |
448.5 |
3.8 |
448.5 |
444.7 |
0.36 |
0.09 |
0.41 |
| |
Including |
19.7 |
354.7 |
335.0 |
0.39 |
0.10 |
0.44 |
| AMM-023 |
457.2 |
32.1 |
446.3 |
414.2 |
0.36 |
0.07 |
0.40 |
| |
Including |
54.4 |
308.7 |
254.3 |
0.47 |
0.10 |
0.53 |
| |
Including |
56.2 |
79.6 |
23.4 |
0.53 |
0.14 |
0.60 |
| |
And including |
96.4 |
199.2 |
102.8 |
0.58 |
0.15 |
0.66 |
| Valley Prospect |
|
|
|
|
|
|
|
| |
| AMM-007 |
407.6 |
16.4 |
407.6 |
391.3 |
0.25 |
0.14 |
0.33 |
| |
Including |
47.7 |
114.8 |
67.1 |
0.30 |
0.21 |
0.42 |
| |
And including |
168.9 |
202.5 |
33.6 |
0.34 |
0.20 |
0.45 |
| |
And including |
223.9 |
268.8 |
44.9 |
0.35 |
0.17 |
0.44 |
| AMM-016 |
265.8 |
17.3 |
265.8 |
248.5 |
0.22 |
0.13 |
0.30 |
| |
Including |
35.5 |
53.5 |
18.0 |
0.56 |
0.24 |
0.69 |
| AMM-017 |
271.1 |
18.6 |
271.1 |
252.5 |
0.34 |
0.14 |
0.42 |
| |
Including |
57.1 |
83.3 |
26.2 |
0.45 |
0.19 |
0.56 |
| |
Including |
151.4 |
271.1 |
119.7 |
0.43 |
0.15 |
0.51 |
| West Prospect |
|
|
|
|
|
|
|
| |
| AMM-015 |
229.2 |
108.8 |
134.9 |
26.1 |
0.53 |
0.11 |
0.59 |
| Stockwork Prospect |
|
|
|
|
|
|
|
| |
| AMM-019 |
265.8 |
25.5 |
95.8 |
70.3 |
0.28 |
0.11 |
0.34 |
| |
Including |
35.8 |
78.1 |
42.3 |
0.34 |
0.15 |
0.43 |
| |
And |
155.9 |
265.8 |
109.9 |
0.19 |
0.03 |
0.20 |
| North Prospect |
|
|
|
|
|
|
|
| |
| FMXC-08-05 |
193.7 |
2.0 |
193.7 |
191.7 |
0.29 |
0.07 |
0.32 |
| AMM-022 |
301.2 |
73.9 |
293.2 |
219.3 |
0.23 |
0.03 |
0.25 |
| |
Including |
125.2 |
159.9 |
34.7 |
0.37 |
0.08 |
0.41 |
| |
|
|
|
|
|
|
|
| ** Intercepts are calculated using a copper equivalent cut-off grade and have been calculated using assumed metal prices (US$2.35/pound of copper and US$972/ounce for gold); Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of calculating copper equivalent. Copper equivalent = %Cu + 0.55 x g/t Au. |
Mineralization at Malmyzh is of the copper-gold porphyry style similar to that found at Oyu Tolgoi in Mongolia and Cadia-Ridgeway in New South Wales, Australia. Each of these targets is large enough to contain a significant porphyry deposit.
The Malmyzh Copper-Gold Project is located 215 kilometres northeast of the City of Khabarovsk near well developed infrastructure, including high voltage power lines, the Amur River (a major shipping route in the Russian Far East) and all season roads that connect the project to the regional capital of Khabarovsk City and the seaport City of Nikolaevsk at the northern end of the Sea of Japan. The Malmyzh prospect is held under a 20-year Exploration and Mining Licence.
The terms of Fortress' agreement with Freeport-McMoRan Exploration Corporation ("FMEC") are that Fortress receives a 51% ownership position in Amur Minerals LLC ("Amur") by taking operational control of the Amur Company, complying with licence requirements, and completing, at the company's sole expense, an aggregate of 12,000 metres drilling. FMEC does not retain any clawback provisions under the terms of the Agreement.
Malmyzh is one of three Amur projects located in the Khabarovsk Krai, Far East Russia, the same administrative subdivision in which Fortress's 100% controlled Svetloye Gold project is located.
About Fortress
Fortress is principally engaged in the acquisition, exploration and development of precious and base metal properties located in Russia. The common shares of Fortress are listed for trading on the TSX Venture Exchange under the trading symbol "FST".
The technical information contained in this news release was reviewed by Thomas E. Bowens, Chief of Operations, P. Geo., and a Qualified Person as defined by National Instrument 43-101.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements concerning the Company's plans for its properties. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company's periodic filings with the British Columbia Securities Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.
On behalf of the Board of Directors,
Lukas H. Lundin, President and CEO
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.