First Narrows Cuts More Chester High-Grade

Vancouver — Resource definition drilling by First Narrows Resources (UNO-V, FNRWF-O) on its Chester project in New Brunswick’s Bathurst mining camp continues to deliver wide, high-grade copper intercepts.

The latest trio of holes from the 22-hole program, all collared on the Chester Copper Feeder deposit, continue to define the mineralized zone and returned a high-grade interval of 20.3 metres (from 16 metres depth) averaging 4.37% copper in hole C-06-020. The intercept of stringer chalcopyrite mineralization included a high-grade section of 4 metres grading 6.97% copper.

Data from the increased drill density suggests a northwest-southeast-trending structure that may be a control on the thicker zones of high-grade copper mineralization.

First Narrows interprets the feeder deposit as a “mineralized cigar-like feature” that’s at least 1,000 metres long. The company says there are one or more stacked, westerly inclined, northern-striking, sheet-like zones of higher-grade mineralization that vary in thickness.

The company also points out that the copper zone, which is open to the north, west and east, is readily accessible from historic underground workings on the project.

In addition to the copper-polymetallic feeder structure mineralization on Chester, the project also contains volcanogenic massive sulphide (VMS) potential to host zinc, lead and silver mineralization.

The Chester Feeder deposit extends downdip to the west off of First Narrows’ core claims and onto its surrounding land package, which is subject to a 60% back-in right or 1.5% net smelter return royalty to Teck Cominco (TCK.B-T, TCK-N).

To fund follow-up drilling, First Narrows recently lined up a brokered private placement to raise as much as $1.5 million. Nearly 4.7 million units will be offered at 32 apiece, each comprised of a share and a half-warrant exercisable in full at 45 for 18 months.

Shares of the junior base metals explorer have recently rallied more than 175% since it began delivering the high-grade copper results. The stock has jumped to 47 from 17 on strong volume. With 39 million shares outstanding, the company posts a market capitalization of $18 million. Its 52-week trading range is 10 to 49.