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Fiore Gold Ltd
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Shares Issued 97,491,928
Close 2018-01-29 C$ 0.75
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Fiore Gold starts exploration drilling at Pan

2018-01-30 09:10 ET - News Release

Mr. Tim Warman reports

EXPLORATION DRILLING COMMENCES AT FIORE GOLD'S PAN MINE IN NEVADA

Fiore Gold Ltd. has started exploration drilling at its Pan mine in Nevada, as part of a longer-term program aimed at expanding the resource and reserve base at Pan. The current program will consist of approximately 11,500 feet of reverse circulation drilling and be focused in the vicinity of the North pit which hosts the majority of the silica-rich rocky ore at Pan. Drilling will also occur in the Central area of the deposit to expand existing resources there as well as test new targets. Mining is currently taking place in both the rocky North Pan zone and the clayey South Pan zone, with the run-of-mine ores blended on the leach pad.

Tim Warman, Fiore's chief executive officer, stated: "Growing the resource and reserve base at the Pan mine is a priority for Fiore. We've put a lot of work into the successful rehabilitation and restart of our Pan operation, and we want to ensure that it continues to run for many years to come."

Pan mine geology

The Pan mine is a Carlin-style, sediment-hosted, gold-only deposit, and consists of three main zones of mineralization which has currently been traced for over 6,000 feet along the north-south 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 contact. South Pan is largely hosted in rocks on the east side of the Branham fault that dip to the northeast between 55 degrees and 65 degrees. Strongly clay altered and mineralized solution breccias are found along the Branham fault and trending southeast away from the Branham fault along the Pilot Shale-Devils Gate limestone contact. Central Pan consist of several smaller pods of mineralization largely along the Pilot Shale-Devils Gate contact along a series of northeast-southwest and north-south secondary faults.

Corporate strategy

Fiore's corporate strategy is to grow Fiore Gold into a 150,000-ounce-per-year gold producer. To achieve this, it intends to:

  • Grow gold production at the Pan mine from a planned 35,000 ounces to 40,000 ounces in fiscal 2018 to between 40,000 ounces to 50,000 ounces per year by fiscal 2019;
  • Advance exploration and development of the nearby Gold Rock project, with a resource update planned for late 2018;
  • Acquire additional production or near-production assets in Nevada and surrounding states.

Qualified person

The scientific and technical information relating to Fiore Gold's properties contained in this press release was approved by Eric LeLacheur, MS (CPG), Fiore Gold's vice-president of exploration, North America, and a qualified person under National Instrument 43-101.

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