Jump to content

Foundation Resources (FDN:TSXV)


Profhit
 Share

Recommended Posts

http://www.foundationres.com

info@foundationres.com

 

Foundation Resources is an interesting new gold developer in Ontario Canada.

With under 20 million shares and most held by flow through fund Mineral Field, and 1/3 by management, this stock trades very well.

 

The project Coldstream is 70% optioned by FDN, 30% held by Alto.

 

March 2010 - the first current drill program revealed a very high grade interval of the gold deposit. The stock subsequently ran up from $0.15 to $0.92, trading millions of shares a day.

 

March 29, 2010

Foundation Intersects 27.3 metres of 4.88g/tonne gold at Coldstream

Vancouver B.C. March 29, 2010: Foundation Resources Inc. (FDN: TSX-V) is pleased to announce the results from the first two holes of the recently completed 2010 winter drilling program on the East Coldstream Deposit (the "Deposit") located on its Coldstream Property in Ontario. Foundation has an option to earn up to a 70% interest in the Coldstream property from Alto Ventures Ltd.

 

Key points Summary:

 

13.55 g/t gold over 3.0m intersected within a 27.28 m wide zone averaging 4.88 g/t gold

Multiple higher-grade sections: 11.80 g/t gold over 1.20m, within a 47.25 m wide zone averaging 1.30 g/t gold

Results still pending from remaining seven completed drill holes

 

he Coldstream Gold Property:

 

Past producing Cu-Ag-Au mine

A historical gold resource of 234,000oz (non 43-101 compliant) with strong potential for expansion

Potential extension of a 1.5 million ounce inferred resource onto the Property

Large land package, mining friendly region, existing infrastructure, easy access

 

The Coldstream Gold Property contains the past producing North Coldstream Mine and the East Coldstream Deposit. The 1.5 million ounce, 51 million tonne Moss Lake Gold Deposit abuts the southwest boundary of the Property, and this mineralization extends onto the southern portion of the Coldstream Gold Property.

 

The North Coldstream Mine produced 103 million pounds of copper, 440,000 oz of silver, and 22,000 oz of gold while operated by Noranda between 1960 and 1967.

 

In 1990 Noranda calculated a 5.1 million tonne resource of 234,000 oz at the East Coldstream Deposit. This historical estimate was completed prior to NI43-101 standards, therefore it should not be relied upon. Recent work has demonstrated significant potential to expand the East Coldstream Deposit along strike and to depth as infill and confirmation drilling bring it toward 43-101 compliance.

 

More drilling underway - would be a great time to pick up some shares!

 

June 10, 2010

Foundation Resources Commences 8,000 Metre Phase 2 Diamond Drilling Program at Coldstream

Vancouver B.C. June 10, 2010: Foundation Resources Inc. ( (FDN: TSX-V) is pleased to announce the commencement of a minimum 8,000 metre phase 2 diamond drilling program on its Coldstream Property in Ontario. The main objective of the current diamond drilling program is to further define and expand the East Coldstream deposit. Drilling is also planned in the Span Lake area to confirm gold-bearing zones drilled by Inco in the 1980s, and test the potential continuity of the adjacent Moss Lake gold deposit (NI 43-101 compliant inferred resource of 1.5 million ounces contained gold) on to the southern-most claims in the Span Lake area of the property.

 

Foundation has contracted Coast Mountain Geological Ltd of Vancouver B.C. to manage the project.

 

About the Coldstream Property:

 

The East Coldstream Deposit, which occurs within the 5,394 hectare Coldstream Property, is located along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally. Mineralization at the East Coldstream Deposit is hosted in intensely sheared, silicified and iron-carbonate altered mafic to felsic metavolcanics and porphyries in a zone extending northeast over a 1.5 km strike length. Foundation has an option to earn up to a 70% interest in the Coldstream property from Alto Ventures Ltd.

 

For more details regarding the Coldstream Property, please visit our website at www.foundationres.com

 

Ike Osmani, P. Geo., is the Qualified Person for Foundation who has reviewed and approved this news release.

 

About Foundation Resources Inc.:

 

Foundation is a mineral exploration company focused on exploration and development of high potential gold properties in Canada and Mexico. Its Coldstream Property is located in the Western Superior geological province of the Canadian Shield, which is noted for hosting prolific gold deposits in Ontario, Canada. The San Rafael property is located approximately 150km northwest of Durango in the Durango State, Mexico.

 

On behalf of the board,

 

Paul Chung

President

 

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." News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

 

For further information contact:

 

Rain Communications

Nelson Da Silva Tel: 604-648-0523 (direct)

Ralph Biggar Tel: 604-306-2525 (direct)

Link to comment
Share on other sites

  • 11 months later...

This might be a good speculative bet...

 

Mkt Cap- $4.5m

 

Cash - $2.5m

Own 60% of Coldstream property

Mgt seem to know their stuff

NI43-101 due out in the next month- announcement could refer to 800k+ oz

Could be a multi-million oz resource

Recent regular insider buying

Not many shares outstanding

A lot of the warrants o/s are at significantly higher prices

 

http://www.researchfrc.com/research/pdf/fdn/Aug%202011%20-%20FDN%20Initiating.pdf

 

 

Disclaimer: I own some...

Link to comment
Share on other sites

  • 4 weeks later...

Some new notes I've made...

 

- frequency of insider buying has increased to it's highest yet

- photos of visible gold from unreleased drill results displayed on it's website

- still waiting on 43-101

- James West recommended this stock last week

 

I'm also a little annoyed that investor relations haven't replied to my emails..

Link to comment
Share on other sites

  • 1 month later...
  • 1 month later...

Hmm.. This stock seems to be commmitted suicide in buying out ATV's share by diluting shareholders to the extent it has/will. Now they have to bear all exploration costs at a time when cash is tight!

Essentially, they've made themselves a larger candidate for a takeover. You can only hope the price was right. It's possibly something to keep an eye on while this deal is ongoing.

Link to comment
Share on other sites

  • 1 month later...

News out..Stock up 15%.

 

Foundation Resources Discovers Widespread Surface Mineralization; Up to 17.85 g/t Gold on Burchell West in the Coldstream Property

- Widespread gold mineralization up to 17.85 g/t gold in a grab sample discovered during the 2011 Prospecting and sampling program(i) - Over 2.0 km long geophysical IP anomaly correlating with anomalous surface gold mineralization - Burchell West Grid is located 6.0 km west of the Osmani Gold Deposit (763,276 ounces gold Inferred and 96,400 ounces of gold Indicated) on the Coldstream property

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...