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Forge Resources Corp. (CSE: FRG, OTCQB: FRGGF, FSE: 5YZ) announced the extension of its Phase 1 drilling program due to promising visual observations indicating a mineralized porphyry system.
Drill holes ALT-24-003 and ALT-24-004 exhibit intense alteration and mineralization. Hole ALT-24-003 reached a depth of 405 meters, revealing extensive alteration and mineralization.
The company has staked and filed for 29 new claim blocks, totaling 940.9 hectares, expanding its Alotta property to 2,866.9 hectares.
Forge Resources will fund the program through a non-brokered private placement of up to 750,000 units at $0.80 each, aiming to raise $600,000.
Forge Resources announced the completion of their first two 2024 drill holes (ALT-24-001/002) at the Alotta property, confirming porphyry style mineralization. The drilling program is on schedule, with hole ALT-24-003 now testing the Severance Zone. ALT-24-001 showed higher concentrations of pyrite stringers and ALT-24-002 indicated increased alteration and sulphide mineralization at depth.
Previous drilling in November 2023 confirmed porphyry style mineralization, with ALT-23-001 intercepting 211.65 meters of 0.46 g/t gold. The Alotta property has 96 mineral claims covering 1,926 hectares, located 50 km southeast of Western Copper and Gold's Casino deposit. Forge Resources’ President, Lorne Warner, highlighted the significance of these findings in understanding mineralization controls at Alotta.
Western Copper and Gold recently completed significant financings, raising a total of $51 million.
Forge Resources announced the completion of its first 2024 planned drill hole at the Alotta property, showing promising porphyry style mineralization.
The drilling program remains on schedule, with the first hole (ALT-24-001) completed to a depth of 402 meters.
The hole, located in the Payoff Zone, revealed higher concentrations of pyrite stringers compared to previous drill holes.
Initial results indicate continuous mineralization with occurrences of chalcopyrite and molybdenite.
The Alotta property, spanning 1,926 hectares, is situated close to the significant Casino deposit.
Forge Resources aims to validate Alotta's potential to host a significant porphyry deposit through its ongoing exploration efforts.
Forge Resources announced the commencement of comprehensive soil studies and pilot drilling at its fully permitted La Estrella coal project in Santander, Colombia. The initiative aims to characterize the subsoil for exploratory and bulk sampling, involving soil classification and drilling six boreholes. Pilot drilling will begin around May 28, 2024, to assess soil conditions for future development. Geominas SA has completed platform and topography work. Forge has also extended its engagement with Clarkham Capital for investor relations, focusing on the German market, at a cost of €200,000 for two months.
Forge Resources Corp. announces the mobilization date for the Spring Drill Program at the Alotta Project, starting on May 18, 2024. The company plans to complete up to 5 drill holes for a total of 2,500 meters to test high-priority targets for porphyry-style mineralization. The program follows successful fall 2023 drilling results, with significant surface mineralization in the Payout and Severance Zones. In addition, the Alimony and Commission Targets will be tested in a later phase. The Alotta property is located near Western Copper and Gold's Casino deposit, one of the largest undeveloped copper-gold porphyry deposits globally. Western Copper and Gold recently completed a $46 million bought deal public offering and a $5 million financing with Rio Tinto.
Forge Resources Corp. (CSE: FRG) reports financials and milestones for Q2 2024. Key dates include name and ticker symbol change, drill program announcement, new claim blocks, acquisition agreements, private placements, and assay results.
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