Press Release Source: Fischer-Watt Gold Company, Inc.
Fischer-Watt Finds Gold Zones at Cruce, Arizona
Friday April 25, 10:42 am ET
DENVER--(BUSINESS WIRE)--Fischer-Watt Gold Company, Inc. (OTCBB: FWGO) has completed its first phase reconnaissance drill program at its Cruce property in Pinal county, Arizona, about 30 miles north of Tucson. A total of 4,946 feet was drilled with an air-track drill in 63 shallow holes. The results indicate that Fischer-Watt has located two zones of pervasive low-grade gold mineralization on its 1,200-acre property. Each of these two zones strikes in a northwest direction, has a true thickness of about 50 foot, lies just below the surface, and dips gently to the east at about 30 degrees. As a result of this success, Fischer-Watt will be drawing up plans to continue with its exploration and evaluation of this property.
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In mid-2007, Fischer-Watt carried out a surface geochemical survey that located four anomalous areas at Cruce. These were named the East, West, South and Copper Oxide zones. This first drill program was carried out on the East, West and Copper Oxide zones with the aim of locating near-surface pods of low-grade gold mineralization that could possibly be open-pit mined and heap leached.
East Zone
A total of 33 vertical holes were drilled along 8 lines for a total footage of 2,574 feet. Gold mineralization is found within a mylonitised series of shear-faults cutting through the pre-Cambrian age granite. The mineralization has been traced by this drilling for a distance of 700 feet along strike, and down-dip for about 250 feet. To the east the zone becomes covered by a layer of Tertiary age volcanics where drilling to test the continuation of the zone has not yet been carried out. Continuity of mineralization was good throughout the zone.
Each of the drill holes was approximately 80 feet deep and samples were taken in each hole over 10-foot intervals along the entire length of each hole. Readers are cautioned that an air-track drill is used solely as a reconnaissance tool since the hole is unlined which may result in some contamination of samples. However, it provides an excellent, low-cost method of collecting indicative samples. Of the 33 holes drilled in this area, 24 of them contained mineralization of at least 0.007 ounce gold per ton (oz.Au/t) over 10 feet. Of these, the following 14 vertical holes returned stronger and longer sections of mineralization:
Hole # oz. Au/t interval ft.
A-5 0.033 70
A-6 0.017 30
A-8 0.015 60
A-9 0.014 70
A-10
0.022 40
B-5 0.011 50
C-4 0.010 80
C-5 0.020 40
D-3 0.023 40
E-4 0.019 60
E-6 0.026 70
E-8 0.020 50
F-1 0.015 40
F-2 0.017 40
West Zone
A total of 23 holes were drilled along 10 lines for a total footage of 1,802 feet. The geological setting, and the strike and dip of the mineralization, is the same as in the East Zone. This drilling has traced the mineralization along strike for about 800 feet and down-dip for about 250 feet. The zone remains open to the northwest where gossanous outcrops can be seen on the surface. Beyond this area there are numerous surface pits that were dug by earlier prospectors giving an indication that the mineralization continues in this direction.
Of the 23 holes drilled in this zone, 21 of them returned assays with at least 0.007 oz.Au/t over 10 feet. The following 12 holes returned stronger and longer sections of mineralization:
Hole # oz. Au/t interval ft. All holes are vertical
unless otherwise noted
M-2 0.014 40
N-1 0.019 50
O-2 0.023 80
O-3 0.036 30
O-4 0.016 60
P-3 0.017 80
R-1 0.015 70 -60 west
S-1 0.027 50 -50 west
T-1 0.018 80
T-2 0.025 80 -60 west
T-3 0.014 40 -60 west
U-1 0.013 70 -65 west
Copper Oxide Zone
A total of 7 holes were drilled along 4 lines for a total of 570 feet in this zone. The continuity of the copper and gold mineralization is good throughout the zone but at sub-economic grades. The highest copper grade encountered was 0.72 % over 10 feet at a depth of 60–70 feet in hole I-1, which was the hole collared furthest to the east. A prospective target therefore remains untested here where mineralization is inferred to continue down-dip along the detachment fault.
All the samples were analyzed at Jacobs Assay Office in Tucson, AZ. The Cruce project currently has no reserves and there is no assurance that the project will advance from its present exploration stage.
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 mining 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.
Peter Bojtos P.Eng., 303-232-0292
President and Chief Executive Officer.
info@fischer-watt.com
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Source: Fischer-Watt Gold Company, Inc.
