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Running Fox Digs up High Grade Gold, 10 feet of .99 oz Au/ton from 38 feet of .303 oz Au
Added: (Tue Nov 02 2004)
News Release
Nov 02, 2004
Running Fox Digs up High Grade Gold, 10 feet of .99 oz Au/ton from 38 feet of .303 oz Au
VANCOUVER, British Columbia, Nov 02, 2004 - Steve Schurman, CEO and Director, reports:
Table 1 shows significant assay results received from the first 6 of 17 diamond drill holes, on the Brett Gold Project, located in the Vernon area of Southwest British Columbia, Canada. These first six drill holes were designed to test the intersection between several flat lying tuffaceous beds containing lower grade (0.03 to 0.07 oz Au/t) gold mineralization and the Main, nearly vertical high grade, gold bearing shear zone. In addition to testing for disseminated gold mineralization in the tuffaceous beds, the drilling was also designed to establish the number of flat lying tuffaceous beds that occur within 600 feet of surface and determine the amount of vertical displacement across the Main shear.
Drill Holes 04-01 and 040-02 were located east and perpendicular to the Main shear. Both holes intercepted several tuffaceous beds with significant intersections of gold mineralization being encountered in the tuffaceous beds adjacent to the main shear.
Drill Hole 04-01 intersected 33.5 feet grading 0.154 oz/t Au including 5.5 feet grading 0.640 oz Au/ton.
Drill Hole 04-02 intersected 38.1 feet grading 0.303 oz Au/ton including 10.2 feet of 0.992 oz Au/ton. In both drill holes high grade intercepts of visible gold were observed and a metallic assay was performed.
Drill Hole 04-03 was collared 35 feet into the hanging wall (west side) of the Main shear zone to determine the stratigraphy, number and thickness of the tuffaceous beds present. This hole encountered several tuff beds and several contained quartz pyrite veins. Three lower grade gold intersections were encountered in the tuff units confirming the presence of anomalous gold mineralization and the decrease in the grade of gold mineralization away from the Main shear.
Drill Holes 04-04 and 04-05 were drilled 75 feet north of holes 04-01 and 04-02. As in holes 04-01 and 04-02, both drill holes intersected tuffaceous beds.
Drill Hole 04-05's best intersection assayed 4.9 feet grading 0.104 oz Au/ton. Geologically, these four drill holes also identified a previously unidentified southeast plunge to the high grade mineralized zone. This information will be extremely useful in locating future drill sites.
Drill Hole 04-06 was collared 20 feet into the footwall (east side) of the Main shear zone to determine the number and thickness of the tuffaceous beds on the footwall side. As in Drill Hole 04-03 several of the tuffaceous beds were intersected but due to drilling problems Hole 04-03 did not reach the planned depth of 650 feet and was terminated just as the high-grade zone was encountered.
Drill Hole 04-03 assayed 4.3 feet grading 0.303 oz/Au/ton. Mosquito (MSQ) and Running Fox (RUN) plan to re-drill this zone from a different angle to determine its true thickness.
The initial six core holes from the 2004 Drill Program have led to a better understanding of the stratigraphic and structural controls involved in the creation of the high grade and disseminated gold mineralization found at the Brett property and indicates:
1. The presence of several tuffaceous beds containing disseminated gold mineralization;
2. The presence of high-grade gold mineralization at the intersection of the tuffaceous beds and the "Main Shear";
3. The existence of a previously unrecognized northeast structural trend. What effect and relationship this new trend has to the high-grade mineralization is still being evaluated;
4. The presence of a previously unrecognized southeast plunge to the high-grade mineralization and;
5. The presence of several additional gold bearing shears on the property that parallel the Main shear.
Drill Holes 04-07 to 04-014 have now been logged and sent for assay. Drill Holes 04-15 and 04-16 are currently being logged and the last drill hole, 04-17, is currently being drilled.
A new gold show located approximately 2 km northeast of the Main area has now been trenched and sampled and geological examination of the trenches indicates the presence of gold mineralization similar to that found in the "Main Shear" and tuffaceous beds that were drill tested by the 2004 Drill Program.
As a result of the 2004 drilling and the discovery of previously unrecogmized types of gold mineralization, the pre 2004 drill holes are being re-examined in light of the new concepts and styles of mineralization identified by the 2004 Drilling Program. All significant intersections of gold mineralization are now being resampled and logged.
In addition to the 2004 Drill Program, the 2004 Exploration Program on the Brett Gold Project included staking 52 additional mining claims, extensive geochemical soil surveys, geological mapping, road construction, trenching and sampling.
Running Fox Resources Corp. has earned a 50% interest in the project by providing the first $500,000.00 in exploration funding and by issuing 200,000 common shares to Mosquito Consolidated Gold Mines.
TABLE 1: BRETT 2004 DIAMOND DRILLING SIGNIFICANT INTERSECTIONS
(Note: intersections are length-weighted averages)
DDH From To Width Au Au
(ft) (ft) (ft) oz/t grams/t
04-01 149.5 183.0 33.5 0.154 5.28
incl.
metallic
assay 149.5 155.0 5.5 0.640 21.96
170.0 183.0 13.0 0.101 3.46
04-02 173.9 178.8 4.90 0.082 2.81
198.5 203.4 4.9 0.063 2.16
208.3 246.4 38.1 0.303 10.39
incl.
metallic
assay 236.2 246.4 10.2 0.992 34.0
273.3 277.2 3.9 0.137 4.70
282.0 297.0 15.0 0.063 2.14
470.8 475.7 4.9 0.037 1.27
04-03 129.6 134.5 4.9 0.030 1.03
228.0 232.9 4.9 0.030 1.03
508.5 513.5 4.9 0.037 1.27
04-04 134.5 139.4 4.9 0.045 1.54
267.4 272.3 4.9 0.035 1.20
04-05 86.9 91.9 4.9 0.104 3.57
04-06 195.0 210.0 15.0 0.076 2.61
352.7 357.0 4.3 0.303 10.40
Further Diamond drill holes # 7 to 17 will be assayed and released
in due course.
Update on Alaska POGO Area Properties held 100% by Running Fox subsidiary GOBI Property Joint Venture
AngloGold is earning-in to a 60% interest in the GOBI Property. AngloGold is a subsidiary of AngloGold-Ashanti which is an international gold mining company with significant gold production and gold reserves on several continents, and a combined market capitalization exceeding US $10 Billion. AngloGold-Ashanti trades on the New York Stock Exchange under the symbol: "AU ".
Upon full earn-in, AngloGold will own 60% and Running Fox will own 40% of the GOBI Property Joint Venture.
The GOBI Property is adjacent to the TeckCominco-Sumitomo POGO Deposit in Alaska, where 5.6 Million ounces of gold have been proven, with a probable resource of 7 Million ounces.
TeckCominco-Sumitomo are building a mine and have built an access road which crosses through and directly opens up the GOBI Property.
Running Fox is a Vancouver, Canada based resource exploration company with four resource properties currently being explored and developed. Other North American projects are being reviewed for their potential to host economic gold.
Running Fox Resources Corp. (TSX VENTURE:RUN)
SOURCE: Running Fox Resources Corp.
Source: Running Fox Resource Corp.
Running Fox Resource Corp. is a Featured Company on www.Gold-MiningStocks.com
Running Fox Resource Corp.
Steve Schurman
CEO, Director
(604) 725-8868
OR
Running Fox Resource Corp
Michael Meyers
President
(604) 725-8868
Website: www.foxgold.ca