First Narrows proves up Golden Ridge (March 30, 2004)

Vancouver — Drilling by First Narrows Resources (UNO-V) has intersected encouraging gold mineralization at the Golden Ridge property in southern New Brunswick.

The junior tabled results from two of three holes designed to infill and extend the gold zones previously discovered by joint-venture partner Freewest Resources Canada (FWR-V).

Freewest drilled 10 holes and delineated several sub-parallel zones that yielded values of up to 4.4 grams gold per tonne over 6 metres, 4.03 grams gold over 3.7 metres, and 1.13 grams gold over 23 metres. All the zones remain open along strike and at depth.

First Narrows repors that hole 11 intersected 48.9 metres averaging 1.5 grams gold per tonne starting at a down-hole depth of 68.1 metres. This included a 12.5-metre section averaging 2.6 grams gold. Hole 12 cut 26 metres of 1 gram gold starting at 6 metres down-hole and included a 6.7-metre section of 1.98 grams gold. Assay results from holes 14 and 15 are pending.

About 50 metres to the south, holes 14 and 15 tested extensions of the known gold zones. The former tested a 4.6-gram-per-tonne gold basal till anomaly and intersected a 25-metre alteration zone containing arsenopyrite and pyrite, while the latter collared 25 metres to the west and cut the same zone of mineralization at a vertical depth of 25 metres below the hole-14 intersection.

The gold mineralization is hosted in volcanic rocks that would seem to be part of a volcanic dome and collapsed caldera complex. The gold zones, distinguished by finely disseminated arsenopyrite needles and pyrite, have a low sulphide content (less than 2%).

“We have wide mineralization with little quartz veining in places, and it really looks like a major system,” says First Narrows President Peter Gummer. “We’ve traced it along surface through geochemistry for more than 1.5 km in length.”

Five drill holes have been completed, and the the sixth is in progress. The program will continue until after spring breakup.

Freewest owns the Golden Ridge property and First Narrows has an option to earn a half-interest by incurring spending $1 million on exploration over four years, including $250,000 in the first year, and issuing 200,000 shares of First Narrows to Freewest.

The property comprises 27 sq. km and is 80 km west of Fredericton.