Latest Drill Results Add to Potential at Four Corners
The Four Corners Mining Corporation (FCMC) of Stephenville, NL reports that assay results now received for all 7 holes drilled in 2011 provide further evidence of a major iron ore – titanium – vanadium resource on on the Four Corners Project in southwestern Newfoundland.
Hole FC-11-07 drilled at a step-out of 1 km (from hole FC-11-06) now confirms that 2.5 kms of the 6
km long, well defined drill target has been successfully tested. The iron oxide (Fe2O3) – titanium oxide (TiO2) – vanadium oxide (V2O5) mineralization intersected over the entire core length of this hole includes a 200 m section grading 21.85% Fe2O3, 4.71% TiO2 and 0.12% V2O5 highlighted by an enriched section grading 26.65% Fe2O3, 6.35% TiO2 and 0.147% V2O5 over 73.5 m. (Grades reported are weighted averages). These grades are consistent with the results from the 2010 and 2011 drilling. FC-11-06 & 05, drilled 1 km to the southeast, intersected mineralization over their entire core lengths also highlighted by higher grades, e.g. 29.63% Fe2O3, 8.19% TiO2 and 0.16% V2O5 over 57.6 m. All 12 drill holes, 5 in 2010 and 7 in 2011, yielded an average grade of 20.27% Fe2O3, 4.33% TiO2 and 0.10% V2O5 over the 2.5 km section, with the higher grade mineralization extending along the 2.5 km strike length and displaying an average thickness of 100 m grading 27.25% Fe2O3, 7.00% TiO2and 0.145% V2O5.
FCMC Chairman and CEO, Mr. Len Muise advises the company is extremely pleased with these results as they demonstrate the potential for outlining a significant resource containing ore grade values in all 3 metals – iron ore, titanium and vanadium. He notes this road-side project has many favourable features for a mine development and adds these highly positive drill results provide the justification for continued drilling of this target labeled the Keating Hill East Anomaly. Mr. Muise also advises this anomaly is only 1 of 5 highly magnetic anomalies identified during the recently completed Airborne Electromagnetic Survey and now targeted for follow-up exploration (ref. October 31, 2011 Release).
These positive results from the FCP presented at the recent Canadian Institute of Mining Convention in St. John’s, Nov 3 – 5, 2011 were well received and has attracted the interest of several global investment groups to fund the next round of drilling for the purpose of outlining a 43-101 compliant mineral resource. FCMC which is a private mining company with only 6,615,637 shares outstanding at a price of $2.50/share (last private placement), can be regarded as a highly attractive target for a takeover by a major interest.
Victor A. French, P. Geo., VP Exploration and a qualified person as defined by National Instrument 43-101 reviewed the technical information contained in this news release.