[Marinir] {Disarmed} Foundation (TSX-V: FDN) Intersects New High-Grade Gold Mineralization

[Infostock]

 Click here
http://www.actonsoftware.com/acton/ct/1523/s-00d9-1203/Bct/l-0002/l-0002:15bcd/ct0_1/1
 to view this message in a browser window

http://www.foundationres.com/ 

Foundation Intersects New High-Grade Gold Mineralization at Span Lake 
Area of the Coldstream Property 

Drill Program Highlights: 

21.10 g/t gold over 0.50 metres within a 10.00-metre-wide mineralized 
zone averaging 2.22 g/t gold: drill hole SL-11-11 

31.39 g/t gold over 1.30 metres, including 80.30 g/t gold over 0.50 
metre: drill hole SL-11-12 

Span Lake target is located 8.0 km southwest of the Osmani Gold Deposit 
(763,276 ounces gold Inferred and 96,400 ounces of gold Indicated) and 
adjacent to the Moss Lake Gold Deposit (1.63 million ounces gold) 

Foundation Resources Inc. ( FDN 

http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=FDN&region=C&lookup=symbol&snapshot=default 

: TSX-V) is pleased to announce that it has successfully intersected new 
high-grade gold mineralization in two of three holes drilled within the 
Span Lake area of the Coldstream Property ("Property"). These holes were 
drilled in the underexplored southwestern Span Lake claims adjacent to 
the Moss Lake Gold Deposit (1.1 million ounces gold indicated and 0.52 
million ounces gold inferred - Moss Lake Gold Mines news release dated 
July 14, 2010) and is located approximately 8.0 kilometres southwest of 
the Osmani Gold Deposit (763,276 ounces gold from 30.5 million tonnes at 
0.78 g/t gold Inferred and 96,400 ounces gold from 3.5 million tonnes at 
0.85 g/t gold in Indicatedcategories). 

Table of Significant Assays 

Drill Hole From 

(m) To 

(m) Length* 

(m) Silver* 

(g/t) Gold* 

(g/t) 

SL-11-11 98.35 108.4 10.05 4.96 2.22 

Includes 99.95 102.4 2.45 12.92 7.55 

Includes 99.95 100.45 0.5 36.4 21.1 

160.25 160.75 0.5 6.7 21 

SL-11-12 24.35 28 3.65 2.02 0.62 

36 59 23 1.92 0.43 

Includes 49 59 10 3.94 0.57 

115.4 116.7 1.3 3.04 31.39 

Includes 116.2 116.7 0.5 7.5 80.3 

SL-11-13 12.5 14.25 1.75 2.1 1.26 

156 157.5 1.5 5.2 1.59 

187.75 207.8 20.05 1.55 0.45 

Includes 203 207.8 4.8 4.21 1.36 

*Mineralized zones generally start at 0.1 g/t gold and assay averages 
may include minimal intervals of waste material. No top cuts of assays 
were used.All intervals are represented as down-hole core lengths. 

The Span Lake target is one of five areas of interest for the Company to 
host potentially economic gold mineralization. The primary objective for 
drilling the Span Lake target is a two-fold program: 1) test the IP 
chargeability anomaly (IP-1 area) (Figure 1) delineated by Foundation in 
2011 (News Release - August 16, 2011), and 2) test the potential 
extension of the adjacent Moss Lake Gold Deposit onto the southern 
claims of the Property. 

"We are very pleased with the results of the three exploratory drill 
holes, which intersected multiple high-grade gold mineralization within 
relatively broad envelopes of anomalous gold mineralization in an 
underexplored area of the Span Lake. These results not only confirm the 
potential extension of the Moss Lake Gold Deposit (Main Zone) onto these 
claims but have also added substantial blue sky potential to host 
significant gold mineralization within the Coldstream Property," 
commented Ike Osmani, President and Director of Foundation. 

Drilling at Span Lake is part of a 4,000-metre winter exploratory 
program designed to evaluate the economic potential in other areas of 
the Property, such as Goldie and Span lakes targets. Goldie and Span 
Lake are located 1.0 kilometre south and 8.0 kilometres southwest of the 
Osmani Gold Deposit, respectively. Of the 4,000 metre drilling program, 
over 3,000 metres (14-holes) have been completed on the Span Lake target 
while the remaining 1,000 metres have been allocated to the Goldie Lake 
target. The drill results from the Goldie Lake drilling were reported on 
March 02, 2012. 

All three holes tested a strong to weak chargeability anomaly area 
(IP-1) coincident with a weak to medium resistivity anomaly underlying 
the southwestern-most Span Lake claims adjacent to the Moss Lake Gold 
Mines property (Figure 1). This anomalous area has very minimal to no 
bedrock exposure and as a result has been significantly underexplored. 
All three holes drilled in this area intersected anomalous to highly 
anomalous gold and silver mineralization indicating excellent potential 
to host significant precious metal mineralization. The precious metal 
mineralization is associated with 1 to 10% pyrite and less than 1% 
chalcopyrite. The assay results, although based on very limited drilling 
to this date, suggest mineralization is open both on strike 
(north-northeast and east-northeast)and at depth. 

Drill hole SL-11-11, designed to test a medium to weak chargeability 
anomaly, intersected high-grade gold and silver mineralization at two 
locations. The assay results yielded21.10 g/t gold and 36.40 g/t silver 
over 0.50 metre within a 10.05-metre-widezone averaging 2.22g/t gold and 
4.96 g/t silver at the relatively shallow depth of 98.35m to 108.40m. 
The second high-grade mineralized zone occurred 51.85 metres down hole, 
yielding 21.0 g/t gold and 6.70 g/t silver over 0.50metre. 

Drill hole SL-11-12, located 200 metres west of drill hole SL-11-11, 
intersected several anomalous gold values, including one high-grade gold 
intercept. The most significant assay results from this hole include a 
23.0 metre-wide zone averaging 0.43 g/t gold and 1.92 g/t silver 
(including 0.57 g/t gold and 3.94 g/t silver over 10.0 metres), and a 
high-grade intercept of 31.39 g/t gold and 3.04 g/t silver over 1.30 
metres(including 80.30 g/t gold and 7.50 g/t silver over 0.50 metre). 
The high-grade mineralization (80.30 g/t gold) in the hole is confirmed 
bythe presence of visible gold observed in the core at the time of 
sampling. The visible gold sample was subjected to a special pulp 
metallic screening procedure by the ALS ChemexLab to ensure that the 
assay result is an accurate representation of gold content in the core 
sample. 

Drill hole SL-11-13 was collared 100 metres northeast of SL-11-12 and 
was designed to test the lateral northeast extension of gold 
mineralization intersected in drill hole SL-11-12. The best intercept 
from SL-11-13 include 0.45 g/t gold and 1.55 g/t silver within 20.05 
metre-wide zone, including 1.36 g/t gold and 4.21 g/t silver over 4.80 
metres. 

Ike Osmani, M.Sc., P.Geo., the President of Foundation and the Qualified 
Person for the Coldstream Project supervised the drill program, has 
reviewed and approved the technical content of this news release. 

About the Coldstream Property 

There are currently five (5) known significant gold mineralization areas 
occurring within the claim boundaries of the Coldstream Property that 
are currently subject to aggressive exploration and development 
campaigns by the Company. The exploration targets include: Osmani Gold 
Deposit, Iris Zone, Goldie Zone, Span Lake deposit and the Burchell West 
prospect. Of these, the Osmani Gold Deposit is the most advanced of all 
other targets for which a NI 43-101 resource estimate of 763,276 ounces 
gold in the Inferred and 96,400 ounces gold in the Indicated categories 
has been calculated and reported on September 20, 2011. The 
6,410-hectare Property, located along the Trans-Canada Highway 115 km 
west of Thunder Bay in north western Ontario, occurs within the western 
Shebandowan Greenstone Belt of the Wawa Sub-province which is host to 
some of the richest gold mines in Canada (e.g., Hemlo gold camp). 

Gold on the Coldstream Property occurs along 16 kilometres of the 25 
kilometre long, northeast-southwest trending North Coldstream-Moss Lake 
deformation zone which hosts and defines the Coldstream Gold Trend. 

About Foundation Resources Inc. 

Foundation Resources is a mineral exploration company focused on the 
exploration and development of its flagship Coldstream Gold Project 
located in the Shebandowan Greenstone Belt, 115 Km North West of Thunder 
Bay, Ontario and the Mitchell base metal property located within the Red 
Lake Mining District in Ontario. The Company's recently announced 
resource estimate of 863,000 ounces of gold (763,276 ounces gold 
inferred and 96,400 ounces gold indicated) on the Osmani deposit is one 
of five highly prospective gold targets that Foundation controlswithin 
this 16 km long Coldstream Gold Trend. In addition to its Canadian 
projects, the Company is also exploring the San Rafael gold-silver 
property in Mexico which is located approximately 150 km northwest of 
Durango. 

On behalf of the board, 

Ike Osmani, M.Sc., P.Geo. 

President & Director 

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." 
News release contains certain "Forward-Looking Statements" within the 
meaning of Section 21E of the United States Securities Exchange Act of 
1934, as amended. Forward-looking statements are based on numerous 
assumptions and are subject to all of the risks and uncertainties 
inherent in the Company's business, including risks inherent in resource 
exploration and development. As a result, actual results may vary 
materially from those described in the forward-looking statements. 

For more information about this service, please see: 
www.infostockbiz.com 

http://www.infostockbiz.com 

--------------------------------------------------------------------------------
*********************************************************************
Disclaimer: KCrew Communications was paid to distribute this Infostock bulletin.
KCrew Communications may or may not own securities in this particular company.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
You are on this mailing list because you registered for Infostock.
You may opt out at any time using the unsubscribe feature at the bottom of this email.
For more information about this service, please see http://www.infostockbiz.com
http://www.infostockbiz.com

KCrew Communications Inc. at 1.866.465.3616
Suite 1250 - 789 West Pender St., Vancouver, BC Canada V6C1H2.
This email complies with the US Federal CAN-SPAM Act of 2003
*********************************************************************

If you do not wish to receive futher emails Click Here
http://www.actonsoftware.com/acton/rif/1523/s-00d9-1203/-/l-0002:15bcd/l-0002/zout
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://www.polarhome.com/pipermail/munindo/attachments/20120320/2cc0f55e/attachment-0001.html>