COLORADO SPRINGS, CO / ACCESSWIRE / April 22, 2024 / Fortitude Gold Corp. (OTCQB:FTCO) (the "Company") announced an expansion of its County Line East Pit high-grade gold feeder zone with multiple oxide gold drill intercepts at and near surface. Intercepts include 4.57 meters grading 4.77 grams per tonne (g/t) gold within 24.38 meters grading 1.73 g/t gold, 6.10 meters grading 2.10 g/t gold within 33.53 meters grading 0.86 g/t gold, and 6.10 meters grading 1.79 g/t gold. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and dividend yield.
East Pit drill highlights include (m=meters, g/t=grams per tonne) (full drill table below):
Hole# CLRC-292:
- 33.53 m of 0.86 g/t gold
incl.
- 6.10 m of 2.10 g/t gold
Hole# CLRC-293:
- 24.38 m of 1.73 g/t gold
incl.
- 4.57 m of 4.77 g/t gold
Hole# CLRC-294:
- 9.14 m of 1.03 g/t gold
Hole# CLRC-295:
- 30.48 m of 0.81 g/t gold
incl.
- 4.57 m of 1.00 g/t gold, and
- 6.10 m of 1.79 g/t gold
Hole# CLRC-296:
- 19.81 m of 0.89 g/t gold
incl.
- 4.57 m of 1.45 g/t gold, and
- 3.05 m of 2.39 g/t gold
Hole# CLRC-323:
- 15.24 m of 0.95 g/t gold
incl.
- 3.05 m of 2.23 g/t gold
The County Line East Pit reverse circulation drill program builds on the Company's April 4, 2024 press release where it discovered a high-grade gold feeder zone with intercepts including 16.76 meters of 2.19 g/t gold. That drill program returned multiple intervals of oxide gold mineralization grading in excess of 1 gram per tonne at and near surface. This latest drill program focused a portion of the drill holes into the feeder system and intercepted the highest gold grade drilled to date at the East Pit. The East Pit is located approximately 500 meters southeast of the main County Line historic open pit. The Company targets near-term County Line gold production from both pits.
The County Line project is located approximately 26 kilometers northwest of the Company's operating flagship Isabella Pearl Mine via paved Nevada State Route 361. The Company targets County Line ore feed for its Isabella Pearl Mine. The proximity of the two properties is expected to allow the trucking of ore from the County Line property to Isabella Pearl with its existing heap leach pad and gold processing facilities. The Company filed a Plan of Operations with the Bureau of Land Management in 2023 and targets the County Line project as its second Nevada gold mine.
"This latest drill program confirms and expands upon a high-grade gold feeder zone within the East Pit," stated Mr. Allan Turner, Vice President of Exploration for Fortitude Gold. "We plan to continue adding gold ounces to County Line and are excited to drill untested additional targets peripheral to each pit."
"Within an 80-foot-wide zone of 1.73 grams per tonne gold we intercepted a record high gold grade for the East Pit of 4.77 grams per tonne gold over 15 feet," stated Mr. Jason Reid, CEO and President of Fortitude Gold. "These latest wide and high-grade drill results speak to the exciting expansion potential of our County Line's growing mineral endowment."
Mr. Reid continued, "We continue to engage with the regulatory agencies regarding permits while remaining ready to begin construction as an aggregate mine and haul gold to our Isabella Pearl's processing facilities as soon as we are granted permission."
About Fortitude Gold Corp.:
Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company's strategy is to grow organically, remain debt-free and distribute substantial dividends. The Company's Nevada Mining Unit consists of seven high-grade gold properties located in the Walker Lane Mineral Belt and an eighth high-grade gold property in west central Nevada. The Isabella Pearl gold mine, located on the Isabella Pearl mineralized trend, is currently in production. Nevada, U.S.A. is among the world's premier mining friendly jurisdictions.
Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material are forward-looking statements. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release.
Contact:
Greg Patterson
719-717-9825
greg.patterson@fortitudegold.com
www.Fortitudegold.com
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