Visible tungsten-moly sends First Narrows soaring higher

Vancouver — A 112-metre interval of tungsten and molybdenum-mineralized drill core extracted from First Narrows Resources’ (UNO-V, FNRWF-O) Falls Creek property in central New Brunswick prompted a 76% share price jump on record volume in recent trading.

Located about 40 km south of the company’s Chester copper-polymetallic project, Fall Creek covers an area of tungsten-molybdenum mineralized boulders on thick overburden coincident with soil geochemistry and induced-polarization anomalies.

The final hole of First Narrows’ initial 4-hole program hit 112 metres (from 9-metres down-hole depth) of granite with visible wolframite, scheelite, and molybdenite mineralization plus minor pyrite. The granite is described as fine- to coarse-grained massive to altered facies of biotite and muscovite.

The company also describes larger “splashes” of molybdenite present in the core. Silicic, sericitic and greisen alteration, accompanied by quartz and local fluorite veining, is observed.

Molybdenite and wolframite also occurs in the quartz veins.

The hole ended in similarly mineralized granite, not reaching the granite-basalt contact. The mineralized intercept occurs in a 4-km trend of tungsten-molybdenum mineralized boulders along the eastern margin of the Dungarvan granite.

“Although assays are pending, the discovery is wide, and the boulder trend is very long, indicating large tonnage potential,” said First Narrows’ president Peter Gummer in a release. “The (tungsten-molybdenum) minerals are evident throughout the core as porphyry style mineralization and are not confined to a narrow structure.”

The first three holes were stopped at shallow depths, having hit silicified basalts.

First Narrows optioned the project in mid-2006 from area prospectors Delbert and Anthony Johnston. It can earn 100% of the property for share issuances starting with an initial 90,000 shares, and up to an additional 240,000 shares over six years. The Falls Creek property is subject to a 1.5% net smelter return royalty, half of which can be bought back by the company for $500,000.

Shares of First Narrows shot up 32 on volume of over 17.5 million following the news to close at 74 apiece. The stock has a 52-week trading range of 10-$1.02.