VANCOUVER, BC -- 08/20/08 --
First Narrows Resources Corp. (TSX-V: UNO)
(PINKSHEETS: FNRWF) (the "Company") is pleased to announce that a detailed
review of the Chester Project, including the known East Zone, Central Zone,
and shallow and deep extensions of the Feeder Deposit, coupled with
satellitic undrilled airborne geophysical VTEM and geochemical anomalies,
demonstrate a significant potential for a larger mineral resource than
exists in the upper extent of the Feeder Deposit. The VTEM and geochemical
anomalies are underlain by newly identified extensions of the most
productive horizon in the Bathurst Mining Camp. The Company plans on
commencing a preliminary evaluation of the mineral resource potential of
these targets, either alone or in joint venture with an operating mining
company.
CHESTER DEPOSITS
Three known sulfide deposits are present at Chester. Although historical
mineral resources have been reported for the deposits, only the resource
estimate in the upper part of the Feeder Deposit is National Instrument
43-101 (NI 43-101) compliant. Historical resources should not be relied
upon until verified by a Qualified Person.
East Zone:
The East Zone has a historical mineral resource (non NI 43-101 compliant)
of 0.45 million tonnes grading 0.78% copper (Cu), 1.14% zinc (Zn) and 0.36%
lead (Pb). The deposit lies at surface as an up to 15 metre (m) thick
mineralized zone approximately 350 m in length and 100 m in horizontal
width, and is open in several areas. The East Zone would appear to be
ideally suited for a shallow open pit mining operation with as little as a
1:1 stripping ratio. It is overlain by up to 7.5 m of gossan and
unconsolidated glacial till.
Central Zone:
The Central Zone has a historical mineral resource (non NI 43-101
compliant) of 1,100,000 tonnes grading 0.47% Cu, 2.22% Zn, and 0.90% Pb.
The deposit is situated within 5 to 40 m of surface and is also amenable to
an open pit mining operation. Higher grade zones occur within the Central
Zone as demonstrated by confirmatory drill hole C-07-135 which cut 8.55 m
grading 5.525% Zn, 2.382% Pb, 0.40% Cu, and 16.0 g/t silver (Ag), from 5.05
to 13.60 m, including
3.95 m from 5.05 to 9.00 m grading 10.50% Zn, 4.77% Pb, 0.40% Cu, and 24.8
g/t Ag. Drill hole C-07-138, located 60 m west of C-07-135, intersected
15.6 m grading 7.30% Zn, 2.75% Pb, 0.51% Cu and 32.3 g/t Ag from 7.00 m to
22.60 m, including 4.0 m grading 9.78% Zn, 4.64% Pb, 0.25% Cu and 28.5g/t
Ag from 17.00 m to 21.00 m.
Feeder Deposit:
The Feeder Deposit is a large zone of stringer copper (with secondary
metals) mineralization extending for over 1,000 m in length. The deposit
is interpreted as striking N-S and dipping or plunging to the west at 15-20
degrees. The Company has released a NI 43-101 compliant mineral resource
estimate for an upper portion of the deposit as follows:
-***-
--------------------------------------------------------------------------
Cu% cut Breakeven Tonnes** Actual Cu Cu per Total lbs
Off Cu Grade Ton* of Cu
--------------------------------------------------------------------------
Measured &
Indicated 1.5 $2.33 459,000 2.38 % 47.6 lbs 24,083,491
--------------------------------------------------------------------------
2.0 $1.75 284,000 2.78 % 55.6 lbs 17,405,758
--------------------------------------------------------------------------
Inferred 1.5 $2.33 557,000 2.15 % 43.0 lbs 26,401,187
--------------------------------------------------------------------------
2.0 $1.75 298,000 2.51 % 50.2 lbs 16,489,967
--------------------------------------------------------------------------
* 1 ton = 2000 lb (an imperial measurement)
** 1 tonne = 1000 kg or 2204.6 lb (a metric measurement)
-****-
Cross Section 5220062.5N, located within the mineral resource, shows
detailed copper grades of parallel mineralized zones. The in-house
calculated average grade of the samples on the section, using no specific
cut-off grade, is 2.64% Cu which approximates the average NI 43-101
compliant Measured and Indicated mineral resource estimate grade of 2.78%
Cu at a 2% Cu cut-off. Section 5220062.5N may be viewed on the Company's
web site at www.uno.ca.
The historical mineral resource (non-NI 43-101 compliant) for the Feeder
Deposit reported 15,200,000 tonnes grading 0.78% Cu, including higher grade
mineralization of 3,400,000 tonnes averaging 1.58% Cu. A deep Zn-Pb zone
was intersected in historical hole S-436, collared more than 450 m west of
the present calculated resource, suggesting the presence of a blind VMS
deposit or a copper-lead-zinc mineralized stringer zone, at depth.
Hole S-436 averaged 1.53% Cu, 1.55% Pb and 0.94% Zn over 23.2 m including
3.05 m averaging 6.69% combined Zn-Pb and 1.13% Cu at a depth of 324.6 to
347.8 m. Hole
S-435 (collared 67 m west of S-436) intersected 6.47% Cu over 1 m and 4.58%
Cu over 1 m within a 16.5 m interval grading 1.44% Cu. Further down in
hole S-435 (12.2 m), a 3.05 m interval assayed 2.51% Cu. These deep
sulfide zones give weak VTEM responses indicating that any VTEM anomaly,
weak or strong, that is situated within the known favorable stratigraphy is
a potential Cu-Zn-Pb-Ag deposit and therefore a priority drill target.
Only drill hole S-436, of these drill holes in the west end, was assayed
for lead and zinc in addition to copper.
The Company's drill core analytical work has shown that the deposit
contains significant values of cobalt (Co), Ag, bismuth (Bi) and indium
(In) values for which preliminary extractive leach tests have commenced.
Historical results did not include analyses for these secondary metals.
CHESTER FEEDER DEPOSIT METALLURGY
The Research and Productivity Council of New Brunswick (RPC) has been
contracted to carry out metallurgical testing on the Feeder Deposit
mineralization. Results to date are summarized below.
Secondary Metal Tests
Indium has been observed as inclusions of In-rich stannite in sphalerite,
pyrite and pyrrhotite. An
In-bearing sulfide [with Cu, iron (Fe), and Zn] has been observed as thin
rims on sphalerite, and an unidentified In-bearing sulfide has been found
associated with sphalerite and stannite. There is a clear association of
In grades and Cu grades. Bench tests of stringer copper mineralization
showed that it would be difficult to separate the In and Zn from the Cu
circuit. Additional tests for the recovery of In included leaching of the
Cu concentrate. Acid ferric sulfate leach extraction tests indicated that
up to ~70% (44% overall) of the In in Cu concentrate can be extracted with
the addition of a Ag catalyst. Further metallurgical tests focusing on the
recovery of Co, Ag, Bi, and In are planned.
Bulk Sulfide Floatation Tests and Flow Sheet Development
A bulk sample floatation test was evaluated for the development of a
process flow sheet. The bulk sample assayed 2.43% Cu and 12.8 ppm In. The
tests showed that a 28% Cu grade concentrate with an overall recovery of
96% Cu could be achieved. The In recovery was 85% in the bulk sulfide
concentrate grading 59 ppm upgrading to 100 ppm at 62% recovery in the Cu
cleaner 2 concentrate.
The Chester Feeder Deposit Cu Recovery Flow Sheet may be viewed on the web
site at www.uno.ca.
Locked Cycle Tests
Locked cycle tests were carried out to confirm the bulk sample results used
to design the flow sheet. The locked cycle tests simulated a continuous
floatation circuit. The average grade with recycled loads from the locked
cycle tests was 25% Cu with recoveries of 98% Cu. A comparison between the
bulk sulfide float and the locked cycle results demonstrated that high
grade concentrates and high recovery of Cu can be achieved with no
re-circulating loads and no regrind prior to Cu cleaning. Only one stage
of Cu cleaning is necessary to achieve a saleable 25.5% Cu grade product,
and two stages of cleaning will increase the grade to 28% Cu with only a 1%
loss in overall recovery.
Mr. Earnest Brooks, P.Geo., is the Company's Qualified Person on the
Chester Project.
PROPOSED FALL 2008 DRILL PROGRAM
The Company plans on evaluating VTEM targets to establish the Chester
area's potential to support a larger mining operation. The Company's work
has defined priority, drill-ready, VTEM and geochemical anomalies, and
historical copper showings, on trend to the west of the Feeder Deposit on
Teck Cominco Back-in claims. Six holes totaling 2,200 m are proposed to
test four VTEM anomalies interpreted to be underlain by the same favorable
stratigraphic horizon that hosts, and within 400 - 1200 meters of, the wide
Cu-Zn-Pb intersection in historical hole S-436, which is the same horizon
that hosts the Feeder, Central and East Deposits.
A diagram showing the VTEM anomalies and proposed drill holes on the Teck
Cominco Back-in claims lying immediately on-trend to the west of the
Chester Deposits may be viewed at www.uno.ca.
About First Narrows Resources Corp.:
First Narrows Resources Corp. (TSX-V: UNO) is a Canadian-based mineral
exploration company whose corporate strategy is to develop overlooked and
undervalued mineral properties that offer near term production potential.
The Company has active projects in the Province of New Brunswick, Canada
and in the State of Sonora, Mexico. The most advanced are the Susana D'Oro
Cu-Au-Ag deposit, a former high grade producer located in Sonora's Au-Ag
and Cu-Mo mining belts, and the Chester Cu-polymetallic deposit in New
Brunswick's Bathurst Mining Camp, Canada, both 100% owned. For more
information visit: www.uno.ca
ON BEHALF OF THE BOARD OF DIRECTORS
"Peter K. Gummer"
Peter K. Gummer, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents herein. We seek
safe harbor.
Distributed by Filing Services Canada and retransmitted by Marketwire
For Corporate, Media, or Investor Communications contact:
Greg Lytle, Communications Manager
First Narrows Resources Corp.
Toll-free: (866) 285-5817
Int'l. & Vancouver: (604) 839-6946
Email: Email Contact
First Narrows Resources Corp.
Suite 405 - 1228 Hamilton Street,
Vancouver, BC Canada V6B 6L2
