Fiore Gold Continues to Expand Oxide Gold Mineralization at Its Pan Mine, Including 39.6 metres of 0.60 g/t Gold and 16.8 metres of 1.03 g/t Gold

ID: 1560071
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Vancouver, British Columbia - FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (Fiore or the Company - ) is pleased to announce the final results from the recently completed drill program at its Pan Mine in Nevada. This drill program is part of a long-term program aimed at expanding the resource and reserve base and extending the mine life.

The seventy-six holes reported here were drilled at several locations around the main North Pan pit, as well as one hole near the smaller Syncline satellite pit (Figure 1). The holes were aimed at expanding the existing oxide resources and reserves both at depth and laterally beyond the current reserve boundaries. In total, 183 holes for a total of 21,741 m (71,330 ft) were drilled as part of the 2019-2020 Pan resource expansion program and all but the last few of these holes will be incorporated in the upcoming resource and reserve estimate. The most recent Proven and Probable reserve estimate from 2018 shows 275,600 gold ounces at an average grade of 0.51 g/t gold (0.015 oz/ton), with reserve cutoff grades of 0.21 g/t gold for the North and satellite pits and 0.14 g/t gold for the South Pit.

Highlights from these seventy-six holes, all from the North Pan area, include:

- Hole PR20-089 returned 48.8 metres of 0.40 g/t gold
- Hole PR20-092 returned 16.8 metres of 1.03 g/t gold
- Hole PR20-095 returned 54.9 metres of 0.43 g/t gold
- Hole PR20-121 returned 29.0 metres of 0.53 g/t gold
- Hole PR20-132 returned 39.6 metres of 0.60 g/t gold
- Hole PR20-137 returned 30.5 metres of 0.50g/t gold
- Hole PR20-147 returned 38.1 metres of 0.49 g/t gold
- Hole PR20-151 returned 27.4 metres of 0.65 g/t gold

Tim Warman, Fiores CEO commented, These holes represent the last of the 140 holes drilled in late 2019 and early 2020 as part of a resource expansion program, and all but the last few of these holes will be included in the resource and reserve update which we expect to complete before the end of September. The updated model will incorporate several previously unrecognized structures that appear to localize higher-grade zones of gold mineralization. These structures were recognized during detailed geological mapping in and around the North and South pits and have been successfully targeted during this most recent round of drilling. Our geological team is already planning the next phase of drilling at Pan which is intended to continue expanding the resource base, test new targets away from the existing pits, and collect PQ core for confirmatory metallurgical testing in the newly identified areas of mineralization.

An initial eight-hole program (PR20-072 to -079) at the Mustang target, located approximately 1,500 m northwest of the Pan North pit, encountered gold mineralization within a low angle structure at the contact between the Pilot shale and the underlying Devils Gate limestone. Five of the eight holes encountered significant gold mineralization, with the best intercepts in PR20-073 with 13.7 m at 0.48 g/t gold and PR20-074 with 10.7 m at 0.62 g/t gold. The Mustang zone will be targeted for follow-up in the next phase of drilling with the goal of defining a mineable resource.


Significant results for the seventy-six holes reported here are shown in the table below. The holes in numeric sequence not shown in the table below were condemnation holes drilled in support of a waste dump expansion:

Hole From To Length Grade
(m) (m) (m) (g/t Au)
PR20-066 no significant intercepts
PR20-067 79.2 99.1 19.8 0.70
includes 80.8 83.8 3.0 1.46
PR20-068 no significant intercepts
PR20-069 no significant intercepts
PR20-070 13.7 18.3 4.6 0.30
PR20-071 no significant intercepts
PR20-072 45.7 48.8 3.0 1.56
PR20-072 71.6 76.2 4.6 0.41
PR20-073 4.6 18.3 13.7 0.48
PR20-073 27.4 30.5 3.0 0.62
PR20-073 57.9 64.0 6.1 0.28
PR20-074 18.3 19.8 1.5 2.09
PR20-074 56.4 67.1 10.7 0.62
PR20-075 no significant intercepts
PR20-076 73.2 80.8 7.6 0.40
PR20-077 4.6 9.1 4.6 0.50
PR20-077 13.7 16.8 3.0 0.31
PR20-077 29.0 32.0 3.0 1.55
PR20-078 16.8 19.8 3.0 0.44
PR20-079 no significant intercepts
PR20-080 39.6 42.7 3.0 0.44
PR20-081 7.6 12.2 4.6 0.42
PR20-081 21.3 27.4 6.1 0.34
PR20-082 no significant intercepts
PR20-083 no significant intercepts
PR20-084 12.2 19.8 7.6 0.24
PR20-084 25.9 45.7 19.8 0.70
PR20-085 45.7 48.8 3.0 0.24
PR20-086 41.1 45.7 4.6 0.40
PR20-087 35.1 50.3 15.2 0.44
PR20-088 35.1 44.2 9.1 0.24
PR20-089 74.7 96.0 21.3 0.36
PR20-089 111.3 160.0 48.8 0.40
PR20-090 103.6 112.8 9.1 0.28
PR20-090 117.3 125.0 7.6 0.26
PR20-091 44.2 47.2 3.0 0.21
PR20-091 51.8 77.7 25.9 0.34
PR20-092 80.8 102.1 21.3 0.53
PR20-092 114.3 131.1 16.8 1.03
includes 115.8 125.0 9.1 1.48
PR20-093 45.7 50.3 4.6 0.33
PR20-093 80.8 86.9 6.1 0.23
PR20-093 91.4 105.2 13.7 0.27
PR20-094 80.8 106.7 25.9 0.39
PR20-095 0.0 54.9 54.9 0.43
PR20-095 76.2 86.9 10.7 0.36
PR20-096 70.1 85.3 15.2 0.29
PR20-096 94.5 121.9 27.4 0.33
PR20-097 no significant intercepts
PR20-098 53.3 67.1 13.7 0.59
PR20-099 no significant intercepts
PR20-100 no significant intercepts
PR20-103 no significant intercepts
PR20-104 no significant intercepts
PR20-105 no significant intercepts
PR20-106 no significant intercepts
PR20-107 42.7 57.9 15.2 0.99
includes 44.2 50.3 6.1 1.99
PR20-108 no significant intercepts
PR20-109 no significant intercepts
PR20-110 no significant intercepts
PR20-111 no significant intercepts
PR20-112 no significant intercepts
PR20-113 no significant intercepts
PR20-114 no significant intercepts
PR20-115 24.4 30.5 6.1 0.40
PR20-116 no significant intercepts
PR20-117 no significant intercepts
PR20-118 no significant intercepts
PR20-119 no significant intercepts
PR20-120 no significant intercepts
PR20-120 35.1 41.1 6.1 0.72
PR20-121 24.4 53.3 29.0 0.53
includes 30.5 33.5 3.0 1.51
PR20-129 no significant intercepts
PR20-130 39.6 42.7 3.0 0.69
PR20-131 61.0 67.1 6.1 0.67
PR20-131 73.2 93.0 19.8 0.28
PR20-132 42.7 82.3 39.6 0.60
PR20-132 86.9 89.9 3.0 0.23
PR20-132 97.5 109.7 12.2 0.34
PR20-132 155.4 161.5 6.1 0.22
PR20-132 166.1 169.2 3.0 0.25
PR20-133 56.4 86.9 30.5 0.28
PR20-133 91.4 106.7 15.2 0.21
PR20-133 115.8 120.4 4.6 0.36
PR20-134 22.9 56.4 33.5 0.35
PR20-134 74.7 86.9 12.2 0.27
PR20-135 48.8 67.1 18.3 0.35
PR20-136 no significant intercepts
PR20-137 32.0 62.5 30.5 0.50
PR20-138 no significant intercepts
PR20-143 54.9 57.9 3.0 0.56
PR20-144 59.4 65.5 6.1 0.22
PR20-145 no significant intercepts
PR20-146 no significant intercepts
PR20-147 51.8 70.1 18.3 0.34
PR20-147 74.7 112.8 38.1 0.49
PR20-148 56.4 68.6 12.2 0.32
PR20-148 79.2 86.9 7.6 0.61
PR20-149 no significant intercepts
PR20-150 76.2 82.3 6.1 0.45
PR20-150 86.9 94.5 7.6 0.22
PR20-151 48.8 54.9 6.1 0.25
PR20-151 61.0 88.4 27.4 0.65
includes 77.7 82.3 4.6 1.11
PR20-152 65.5 73.2 7.6 0.47
PR20-153 no significant intercepts
PR20-154 47.2 50.3 3.0 0.40

Figure 2 (cross-section 1) is an southwest to northeast cross-section through the North Pan area that highlights a new zone of thick, shallow gold mineralization centred on the Pilot Shale-Devils Gate Limestone contact that was intersected in a zone between holes PR20-081 and PR20-107. This mineralization is well outside the existing pit-constrained reserve envelope and offers potential to add to the existing resource and reserve base at a relatively low stripping ratio. This cross-section also shows several thick intersections immediately below and between the current North Pan and Red Hill pits.

Figure 3 (cross-section 2) is an east-west section in the same general area as Figure 2, which highlights additional intercepts of oxide gold mineralization at the Pilot-Devils Gate contact below the current reserve pits in holes PR20-67, -150 and -051.

Figure 4 (long-section 3) is an approximately north-south oriented long-section through the North Pit area that highlights newly discovered areas of mineralized Jasperoid breccia north of the North Pit (holes PR20-121 and -147 particularly), as well as another thick zone of strong mineralized along the Pilot-Devils Gate contact at the south end of the North Pit, that extends well below the base of the current reserve pit (PR20-095, -134 and -135)

Pan Mine Geology
The Pan Mine is a Carlin-style, sedimentary rock-hosted, gold-only deposit, and is comprised of three main zones of mineralization which has currently been traced for over 1,800 m (6,000 feet) along the north-south trending Branham Fault. The North Zone is composed of a large body of silicified solution breccia along the western margin of the Branham fault. Mineralization extends westward from the breccia body along the relatively flat-lying Pilot Shale-Devils Gate Limestone contact. South Pan is largely hosted in strongly clay altered and mineralized solution breccias within the Branham fault zone, and clay altered sediments along the Pilot Shale-Devils Gate Limestone contact which dip to the southeast away from the Branham Fault. Central Pan consist of several smaller pods of mineralization largely along the Pilot Shale-Devils Gate contact along a series of west-northwest trending open folds and north-south secondary faults.

Technical Disclosure
The scientific and technical information relating to Fiore Golds properties contained in this news release was approved by Paul Noland (AIPG CPG-11293), Fiore Golds VP Exploration and a "Qualified Person" under National Instrument 43-101.

The reverse circulation (RC) drilling at Pan was performed by Boart Longyear of Salt Lake City, Utah. Down holes surveys were completed by Boart drill crews, supervised by Fiore personnel utilizing a REFLEX north seeking gyroscope. Select holes were surveyed additionally by International Directional Services for quality control. Holes are generally inclined to -65 to -90 degrees below horizontal and drill intersections are reported as drilled thicknesses. The irregular shape of the ore body at Pan make estimations of apparent widths difficult, but true widths are generally within 60% to 90% of the reported downhole intercepts.

Sampling is supervised by Fiore Gold geologists, with samples transported directly to ALS Minerals Lab in Reno, Nevada where samples are prepared, and pulps generated. Samples were assayed for gold by Fire Assay of a 30-gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. All drill samples were also subjected to additional cyanide leach analysis where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 48 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited.

Scientific and technical information regarding the Pan Mine resource and reserve estimates referred to herein has been extracted from and is hereby qualified by reference to the technical reports for our 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, and Deepak Malhotra, RM-SME (the Pan Mine 43-101), as updated within the Pan Mine Reserve Statement, with an effective date of September 30, 2018, which was prepared by Kent Hartley, P.E., and Justin Smith, P.E., RM-SME.

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:
- continue to grow gold production at the Pan Mine, while increasing the resource and reserve base
- advance the development of the nearby Gold Rock project
- acquire additional production or near-production assets to complement our existing operations

On behalf of FIORE GOLD LTD.
"Tim Warman"
Chief Executive Officer

Contact Us:

1 (416) 639-1426 Ext. 1

In Europe:
Swiss Resource Capital AG
Jochen Staiger

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 Regarding Forward Looking Statements
This news release contains forward-looking statements and forward looking information (as defined under applicable securities laws), based on managements best estimates, assumptions and current expectations. Such statements include but are not limited to, statements regarding, drilling at the Pan Mine, expectations regarding increasing the mineral resources and reserves at the Pan Mine, extending the Pan mine life, that the gold intercepts from the drill results will lead to updated resources and reserves, release of an updated Pan resource and reserve in scheduled for mid-September 2020, expectations regarding future stripping ratios, plans and timing regarding a Preliminary Economic Assessment for the Gold Rock project, plans of a Feasibility Study for the Gold Rock project, expectations regarding development timeframe for the Gold Rock project, ability to leverage Pan Mine infrastructure to assist in the development of Gold Rock, growing gold production at the Pan Mine, , goal to become a 150,000-ounce producer, 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 Golds 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 Gold 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 COVID-19 pandemic, including government restrictions impacting the Companys operations, risks the pandemic poses to its work-force, impacts the virus may have on the ability to obtain services and materials from its suppliers and contractors; the companys 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; possibility that the Gold Rock Record of Decision will be appealed and that such an appeal may be successful; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Fiore Gold operates, and other factors identified in Fiore Golds filing with Canadian securities authorities under its profile at respecting the risks affecting Fiore Gold and its business. Although Fiore Gold 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.

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Date: 08/12/2020 - 11:04
Language: English
News-ID 1560071
Character count: 3977
Firma: Fiore Gold Ltd.
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Wien


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