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Fort Knox Gold
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4/21/1999 2:12:00 PM
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FORT KNOX GOLD RESOURCES INC. ("FNX-T") NORTHWAY
EXPLORATIONS LTD ("NOW-T;NOWEF-L") - Initial Drill Program Completed
on Twi-Lite Gold Property - in Central Newfoundland
Fort Knox Gold Resources Inc. and Northway Explorations Limited announce the completion of the initial diamond drilling program on their Twi-Lite property located in central Newfoundland approximately 15 kilometres southwest of Grand Falls.
Fort Knox has the right to earn a 100% interest in the 8,250 hectare Twi-Lite property and has entered into a previously announced option/joint venture agreement which grants Northway the right to earn 50% of Fort Knox's interest in the property.
The diamond drill program, which consisted of twelve shallow holes totalling 1310 metres, was designed to test known surface gold showings and coincidental geophysical and geochemical anomalies. All three of the holes drilled to test the Spring Pit occurrence at depths of 15, 25 and 75 metres encountered a 25-metre wide pervasively carbonated deformation zone at the contact area between mafic volcanic and sedimentary rocks. The best drill intercepts from these holes were 10.9 g/t gold over 2.16 metres (15 metre depth), 1.54 g/t gold over 2.0 metres (25 metre depth) and 2.60 g/t gold over 1.20 metres (75 metre depth). The first intercept was obtained from an area with poor core recovery and from a sample with only 20-25% core recovery.
Drilling to test other surface showings and geophysical and geochemical anomalies at depths of less than 100 metres intersected a number of drill intercepts giving intermittent values from 1.0 to 2.65 g/t gold over narrow intervals that range from 1.0 to 1.25 metres.
All of the drill samples where shipped to the Eastern Analytical Limited laboratories in Springdale, Newfoundland where they were analysed using standard fire assay methodology. A number of selected mineralized and non-mineralized drill samples will be sent to an independent laboratory for check assaying.
Future work on the Twi-Lite property will be planned following a complete review of the initial drill program and all other work
carried out on the property to date. TEL: (416) 350-2172 A.T. MacGibbon, President & C.E.O.
Fort Knox Gold Resources Inc. TEL: (416) 947-1087 Donald T. Rankin, Secretary-Treasurer FAX: (416) 366-8179
Northway Explorations Limited e-mail firstname.lastname@example.org
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