Press Release Source: Fischer-Watt Gold Company, Inc.
Fischer-Watt Drilling Four Targets at Cruce, Arizona
Wednesday November 28, 8:30 am ET
DENVER--(BUSINESS WIRE)--Fischer-Watt Gold Company, Inc. (OTCBB: FWGO) is starting its first drill program on its Cruce Gold property in Pinal County, Arizona. The Company will be using an Air-track drill rig to drill a close spaced grid of shallow holes to test four target zones on this 1,200 acre property. The four targets identified to date are surface geochemical anomalies with three of them being areas anomalous in gold and one being anomalous in copper.
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Fischer-Watt plans to drill along a series of east-west oriented lines that are spaced 30 or 60 meters apart with holes along each line being 10 or 20 meters apart. Even closer spaced drilling may be carried out in areas of particular interest. The holes are planned to be about 80 feet in depth with up to 15,000 feet of drilling expected to be completed.
The four target areas are the East, West, South and Copper Oxide anomalies. Preliminary details of two of these, namely the East and West, were outlined in Fischer-Watt’s press release of July 31, 2007.
Surface geochemical sampling has now extended the East Anomaly for up to 450 meters along a south-southeast trend from the Hot Boy shaft. The zone ranges in widths from 30 to 70 meters with the core of this anomaly being identified by five samples exceeding 1 part per million (ppm) gold, with the highest being 1.678 ppm. This is the strongest anomaly defined on the property to date. The drilling will aim to follow the mineralization to the east as the host rock unit extends under a Tertiary age volcanic rock cover.
At the West Anomaly soil geochemistry has encountered gold levels exceeding 0.5 ppm over widths of 50 to 100 meters for a distance of about 200 meters. The zone remains open at both its north and south ends and recent sampling indicates that there may be an extension of the zone lying approximately 100 meters to the north. A total of about 80 holes along 10 lines are planned to test the area.
At the south end of the project area the South Zone has been identified based on the silicification and gossanous textures along contact boundaries of a two meter wide aplite dike for a 200 meter length. Continuing north for a further 300 meters is a 75 to 100 meter wide exposure of sheared and brecciated rocks with a lot of old surface workings and prospect pits. Rock samples assaying up to 0.5 ounces of gold per ton have been collected on the surface. This area presents an immediate drill target.
The fourth area, referred to as the Copper Oxide Zone, is a recently identified area where a series of east and south-east dipping faults have been recognized as potential conduits for mineralizing fluids giving rise to a surface geochemical copper anomaly. Five lines with a total of 30 holes are initially planned for this area.
Cambridge Vein Project, Nevada
Fischer-Watt has completed a four-hole drill program to explore the down-dip potential of the Cambridge vein in Lyon County, Nevada. A total of 1,280 feet of reverse circulation drilling tested a 300 foot length of the vein’s north-east trending strike down to a depth of about 200 feet below its surface outcrop.
Although weak mineralization was encountered in the holes it appears that the vein has low economic potential. Fischer-Watt does not intend to carry out any additional work and will therefore relinquish the property back to the optionor.
Fischer-Watt Gold Company is a junior mining Company traded OTC BB under the symbol of FWGO. The management team of the Company has a very strong background in all facets of the mineral industry, exploration, production (both underground and open pit), and finance. At the present time, the Company’s efforts are directed toward developing its Arizona gold property and in identifying new prospective properties of interest in the Southwestern United States.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those projected in the forward-looking statements.
Contact:
Fischer-Watt Gold Company, Inc.
Mr. Peter Bojtos, 303-232-0292
President and Chief Executive Officer.
info@fischer-watt.com
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Source: Fischer-Watt Gold Company, Inc.
