VANCOUVER, BC / ACCESSWIRE / September 12, 2018 / FIORE GOLD LTD. (TSX-V: F) (OTCQB: FIOGF) ("Fiore" or the "Company") wishes to correct an error in its press release of September 12, 2018 entitled "Fiore Gold Provides Baseline Mineral Resource Estimate For Its Gold Rock Project In Nevada". While the information regarding the new Gold Rock resource estimate is fully correct, two tables under the heading 'Fiore's Reserve and Resource Inventory' showed short tons rather than metric tonnes for the reserve and resource figures for Fiore's Pan Mine.
The corrected tables are provided below.
Fiore's Reserve and Resource Inventory
With the newly updated Gold Rock mineral resource estimate, Fiore's Reserve and Resource Inventory now consists of:
Mineral Reserves
Project |
Tonnes |
Gold Grade |
Gold Grade |
Contained Gold |
|
Pan - Proven |
6,740,000 |
0.62 |
0.018 |
137,000 |
|
Pan - Probable |
12,264,000 |
0.45 |
0.013 |
182,000 |
|
Total Proven + Probable |
19,004,000 |
0.51 |
0.015 |
318,000 |
*Reserves at Pan are as at March 16, 2017 and have not been adjusted for mining depletion
*Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
Mineral Resources
Project |
Tonnes |
Gold Grade |
Gold Grade |
Contained Gold |
|
Measured & Indicated |
||||
|
Pan - Measured |
8,184,000 |
0.62 |
0.018 |
159,000 |
|
Pan - Indicated |
19,091,000 |
0.45 |
0.013 |
275,000 |
|
Gold Rock - Indicated |
9,006,900 |
0.82 |
0.024 |
238,700 |
|
Total Measured + Indicated |
36,281,900 |
0.58 |
0.017 |
672,700 |
|
Inferred |
||||
|
Pan |
5,144,000 |
0.45 |
0.013 |
72,000 |
|
Gold Rock |
7,787,500 |
0.72 |
0.021 |
180,900 |
|
Total Inferred |
12,931,500 |
0.61 |
0.018 |
252,900 |
*Resources at Pan are as at February 10, 2017, are inclusive of Pan Mineral Reserves, and have not been adjusted for mining depletion.
*Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
*Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Qualified Persons and Technical Reports
A technical report, which will include the new Gold Rock resource estimate, will be posted on the Company's website at www.fioregold.com and filed on SEDAR at www.sedar.com within 45 days.
Michael B. Dufresne, M.Sc., P.Geol., P.Geo., a Principal in APEX Geoscience Ltd. and a 'Qualified Person' for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators ("NI 43-101") has approved the disclosure of, and is the qualified person responsible for, the scientific and technical information regarding the Gold Rock project in this news release inclusive of the resource estimate information. He has verified the data disclosed.
Other scientific and technical information referred herein has been extracted from and is hereby qualified by reference to the technical reports for our other projects. The technical reports referenced herein are as follows: (1) the report titled " NI 43-101 Updated Technical Report, Pan Gold Project, White Pine County, Nevada", with an effective date of June 30, 2017, which was prepared by J. B. Pennington, M.Sc., C.P.G., Kent Hartley, P.E., Justin Smith, P.E., RM-SME., Deepak Malhotra, RM-SME, Valerie Sawyer, RM-SME, and Brooke J. Miller, M.Sc., C.P.G.; and (2) the report titled "Midway Gold Corp.: Golden Eagle Project, Washington State, USA, Technical Report" with an effective date of August 4, 2009, which was prepared by Eric Chapman, B.Sc. (Geology), M.Sc. (Mining Geology), C.Geol.,Consultant, Snowden Mining Industry Consultants and Dr. Thom Seal, Ph.D., P.E., Principal and Chief Metallurgist, Differential Engineering Inc. Each of the persons named as having prepared the technical reports listed above is a "Qualified Person" under National Instrument 43-101 ("NI 43-101").
Corporate Strategy
Our corporate strategy is to grow Fiore Gold into a 150,000 ounce per year gold producer. To achieve this, we intend to:
- grow gold production at the Pan Mine from a planned 35-40,000 ounces in fiscal 2018
- advance exploration and development of the nearby Gold Rock project
- acquire additional production or near-production assets in Nevada and surrounding states
On behalf of FIORE GOLD LTD.
"Tim Warman"
Chief Executive Officer
Contact Us:
1 (416) 639-1426
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note on Forward Looking Statements
This news release contains "forward-looking statements" and "forward looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions and current expectations. Such statements include but are not limited to, statements with respect to the expected timing of the Record of Decision and completion of the federal permitting process for the Gold Rock Mine project, milestones regarding the Gold Rock Mine project, future technical development of the Gold Rock Mine project, future drilling at the Gold Rock property, prospective geologic characteristics and trends of the Gold Rock property, expectations regarding drilling results and objectives, providing a new Gold Rock resource update, potential to grow resources, potential to convert inferred mineral resources, future metallurgical testing, developing a Preliminary Economic Assessment, all of the future planned development, construction and operations described in the FEIS for the Gold Rock Mine project, expectations to grow gold production at Pan for fiscal 2018 and 2019, goal to become a 150,000 ounce producer, goal to grow production at the Pan Mine, goal to acquire additional production or near production assets, and other statements, estimates or expectations. Often, but not always, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "targets", "forecasts", "intends", "anticipates", "scheduled", "estimates", "aims", "will", "believes", "projects" and similar expressions (including negative variations) which by their nature refer to future events. By their very nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fiore's control. These statements should not be read as guarantees of future performance or results. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, as well as a number of assumptions made by, and information currently available to, the Company concerning, among other things, anticipated geological formations, potential mineralization, future plans for exploration and/or development, potential future production, ability to obtain permits for future operations, drilling exposure, and exploration budgets and timing of expenditures, all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fiore to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to vary materially from results anticipated by such forward looking statements include, but not limited to, risks related to the Pan Mine performance, risks related to the company's limited operating history; risks related to international operations; risks related to general economic conditions, actual results of current or future exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; uncertainties involved in the interpretation of drilling results, test results and the estimation of gold resources and reserves; failure of plant, equipment or processes to operate as anticipated; the possibility that capital and operating costs may be higher than currently estimated; the possibility of cost overruns or unanticipated expenses in the work programs; availability of financing; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities; the possibility that required permits may not be obtained on a timely manner or at all; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Fiore operates, and other factors identified in Fiore's filing with Canadian securities authorities under its profile at www.sedar.com respecting the risks affecting Fiore and its business. Although Fiore has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. Fiore disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.
SOURCE: Fiore Gold, Ltd.