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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

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Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/fiore-gold-ltd/ )  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, Fiore’s 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.

Results

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
(m)

To
(m)

Length
(m)

Grade
(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-Devil’s 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 Gold’s properties contained in this news release was approved by Paul Noland (AIPG CPG-11293), Fiore Gold’s 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:
[email protected]

1 (416) 639-1426 Ext. 1
www.fioregold.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
[email protected]
www.resource-capital.ch

 

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 management’s 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 Gold’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 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 Company’s 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 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; 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 Gold’s filing with Canadian securities authorities under its profile at www.sedar.com  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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Always up to date with the newsletter from SRC

Swiss Resource Capital AG will use the information you provide in this form to keep in touch with you and to provide you with updates and marketing information. To receive our news, you still have to give us permission to send you E-Mails below.

You can change your mind at any time by clicking on the Unsubscribe link, which you can find in the footer of every email you receive from us, or by contacting us at [email protected] We will treat your information with care and respect. For more information about our privacy practices, visit our website. By clicking below, you agree that we may process your information in accordance with these Terms.

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