Ring of Fire Resources Inc. Presents Historical Data for ‘Project 81′ Mineral Properties near Timmins, Ontario
TORONTO, July 19, 2011 /PRNewswire/ – Ring of Fire Resources Inc. (the “Company” or “ROF”) (TSX-V: ROF, FRANKFURT: RG5, OTC.PK: HWKPF) announces that it has entered into an agreement in connection with the potential purchase of a 100% title and interest in approximately 60,000 hectares of land in the Smooth Rock Falls, Iroquois Falls and Timmins area of Northern Ontario. The property consists of 2 blocks (Block “A” & Block “B”- collectively named “Project 81″) of prime mineral exploration and productive forestlands in 15 townships in Northern Ontario. Block “A” comprises an area of approximately 58,000 hectares and is one contiguous parcel of land covering 10 townships, adjacent to the Kidd Creek Mine Complex near Timmins, Ontario. Block “B” comprises an area of approximately 2,000 hectares and consists of 35 parcels of land covering 5 townships around Iroquois Falls and Smooth Rock Falls. (See attached maps)
The 2 blocks of lands are all currently freehold patented lands. A significant portion of the project area is considered to be productive forestlands.
Block “A” was the subject of a detailed exploration program between 1961 and 1966 by Canico (formerly Inco and now Vale) consisting of an Airborne Geophysical Survey using the Canico developed 2 frequency EM system, follow up ground prospecting, ground geophysical surveys and diamond drilling. Additional exploration work was also carried out by McIntyre Porcupine Mines (1967- 1973) and by another corporation in 1981. There has been no significant mineral exploration work done in the project area since the 1980s.
Canico flew approximately 2,299 line miles of Airborne EM and Magnetic geophysical surveys and identified 831 anomalies, but only located 273 anomalies on the ground. Canico drilled 154 of these anomalies with 183 drill holes totaling approximately 106,930 feet of BQ diamond drilling. Between 1961 and 1966, Canico spent approximately $1,361,250 on this project.
McIntyre Porcupine Mines Ltd (1967-73) conducted airborne and ground geophysical surveys, prospecting and diamond drilled parts of the project area in 27 drill holes totaling 17,411 feet and spent approximately $577,000 in exploration by 1973.
In its drilling program in the 1960s, Canico drilled through large sequences of serpentinized peridotites and reported the following historical nickel results in drill holes: (* Please note that these results are historical and are not NI43-101 compliant.) ROF believes that the work was done by competent capable companies and that the results although historic are believed to be reliable.
*Historical Drill Results: Nickel: Hole # 27090 0.36%Ni over 1265 feet (Kingsmill Twp) Hole # 25064 0.28%Ni over 624 feet (Kingsmill Twp) Hole # 27082 0.23%Ni over 55 feet (Kingsmill Twp) Hole # 31903 0.23%Ni over 299 feet (Aubin Twp) Hole # 31901 0.24%Ni over 418 feet (Aubin Twp) Hole # 0.23%Ni over 379 feet and 0.28%Ni over 228 feet 25027 (Nesbitt Twp) Hole # 0.28%Ni over 535 feet and 0.25%Ni over 15 feet 27083 (Nesbitt Twp) Hole # 0.27%Ni over 96.5 feet and 0.32%Ni over 49.5 feet 25014 and 0.21%Ni over 416.5 feet (Dargavel Twp)
Canico also drilled through a series of carbonitized, silicified volcanic and iron formations and reported the following historical gold results in drill holes: (* Please note that these results are historical and are not NI 43-101 compliant)
*Historical Drill Results: Gold: Hole # 0.14 oz/t Au over 9.2 feet (4.7 g/t Au/2.8m) 27063 (Lucas Twp) 0.117 oz/t Au over 2.1' (4.0 g/t Au/ 0.6m) and Hole # 0.090 oz/t Au over 4.3' (3.1 g/t Au/1.3m) (Lucas 73-14 Twp) Hole # 0.098 oz/t Au over 4.3 feet (3.3 g/t Au/1.3m) 25013 (Dargavel Twp) Hole # 0.27oz/t Au over 1 foot (9.2 g/t Au/0.3m) and 27089 0.058 oz/t Au over 10 feet (1.9g/t Au/3.1m) (Aubin Twp)
These results although historic indicate that there is significant mineralization on the property and that additional exploration is warranted to assess the extent and economic potential of the property.
Vance White, President & CEO of ROF, said that “This project has the absolute potential to be a company maker…We are basically dealing with virgin, mining friendly, easily accessible territory in a mineral rich area adjacent to mining infrastructure, a mining culture with home grown experienced miners and explorationists. This project area has had no exploration work carried out on it for over 30 years but demonstrates the potential for what would be considered as economic grades and widths in today’s commodities environment and we are optimistic that this property has the potential of becoming a significant new exploration opportunity in this internationally recognized mining district. “
Randy Singh, P.Geo (ON), P.Eng (ON), Exploration Manager of ROF, is quoted as saying “that this land package is like a treasure chest that will now be opened by ROF. Apart from the nickel and gold results already generated from prior exploration, there are also anomalous historical copper, chromium and zinc results reported from drilling in other parts of the project area. With modern state of the art Airborne EM & Mag systems where the GPS is mounted directly on the EM unit, we have every confidence that we will be drilling stronger, deeper, better defined and characterized anomalies that we feel will ultimately result in outlining higher grade mineralization in the nickel and gold targets.”
About Ring of Fire Resources Inc.
Ring of Fire Resources Inc. is a Canadian based junior exploration company which currently has a portfolio of diversified exploration projects at various stages of exploration and drilling for Nickel/Copper/Chromium/PGM in the ‘Ring of Fire’ McFauld’s Lake Area of Northern Ontario, Gold in Northern Ontario, and Uranium in Northern Saskatchewan and Quebec.
Michael Newbury, P. Eng (ON), a “qualified person” as such term is defined by National Instrument 43-101 and a director of ROF has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of ROF.
More detailed information is available on the website at www.ringoffireresources.com
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of Ring of Fire Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Ring of Fire Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Ring of Fire Resources Inc.
H. Vance White, President
Corinna de Beer, Investor Relations
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SOURCE Ring of Fire Resources Inc.