Vancouver, BC (PRWEB) July 12, 2012
(Financial Press) – Ian Lambert has been leading venture-stage projects for decades and only getting more successful with time. From mineral exploration to oil and gas to technology, Lambert has been involved in the leadership of multiple venture-stage companies.
His most recent was a major success. As president of Trade Winds Ventures, Lambert led the development of a 4.65 million ounce gold resource which was successfully bought out by for $84 million by Detour Gold, Canada’s largest gold producer.
The Trade Winds deal was officially announced in September of 2011. Since its completion Lambert has been waiting for the right early-stage opportunity to get deeply involved with.
Lambert recently revealed what he saw as the most compelling opportunity when he officially became the CEO of and a director of Foundation Resources.
Foundation has a lot of qualities which would make it an ideal development project for someone of Lambert’s success. The gold exploration company has secured 100% ownership of a the Coldstream Property, a sizeable gold project in northern Ontario with a confirmed gold resource, five known exploration targets, a significant gold discovery immediately adjacent to the property, surrounded by infrastructure, and a valuation of approximately $4 per ounce of gold in the ground with plenty of growth potential throughout it.
The Coldstream Property is located within a major greenstone belt with multiple gold deposits and mines located throughout the belt and this property is showing the early signs of other successful projects on the same major geological trend.
The image attached is the best representation of the Coldstream Property and the five high-potential gold exploration targets across the project.
The map breaks down the Coldstream Property into five well-defined exploration zones. Each zone has inherent traits signifying gold discoveries and resource expansions to be made on all of them.
The first are of the Coldstream Property and the near-term focus for Foundation is the Osmani Gold Deposit.
This deposit was discovered more than 20 years ago. At the time Noranda officially estimated the deposit to contain 234,000 ounces of gold (note: historical resource estimate not compliant with NI 43-101). But it turns out Noranda was just scratching the surface of the potential of the Osmani deposit.
Foundation saw much more potential in this gold deposit and went to work. The company began drilling it aggressively in 2010 and 2011. Foundation drilled 18,055 meters across 72 holes in all.
The exploration program produced significant results. A 43-101 compliant resource estimate was completed after the drilling program and estimates the Osmani deposit to contain 863,000 ounces of gold. The 268% increase in estimated gold resource is still just the starting point for the Osmani deposit. The last drilling program was still open for expansion in multiple directions.
The metallurgy of Osmani has proven to be consistent with other mining operations in the greenstone belt. Foundation's metallurgical testing found the gold in the Osmani deposit would be recoverable at of 96.1% rate through gravity and leaching processes.
The next significant, high-potential gold zone is the Span Lake area located on the southwest end of the Coldstream Property.
Span Lake is a 1,000 meter long potential anomaly immediately adjacent to the Moss Lake Gold Deposit which has an estimated resource of 1.5 million ounces of gold. The Moss Lake deposit stretches up to the edge of the Span Lake area. Further drilling and exploration will confirm whether the Moss Lake deposit’s gold stops at exactly the border or continues over and into the Coldstream Property’s borders.
There are three more known high-potential gold-bearing zones on Foundation’s 100%-owned Coldstream Property.
Iris Lake – an exploration zone 500 meters wide by 2,100 meters long closest to the Osmani Deposit. The sizeable area has confirmed IP anomalies along the same trend as the Osmani Deposit and consistent mineralization of the same geological structure which hosts the Osmani deposit.
Goldie Zone – is the newest gold discovery on the Coldstream Property. Foundation discovered high-grade gold in the Goldie Zone in 2009. Ten holes were drilled on the Gold Zone since its discovery and the results are consistent with other gold-bearing vein structures in the region.
The highlighted drill results include:
Hole GL 11-03 – 2.2 meters of 1.24 g/t gold
Hole GL 11-06 – 6.0 meters of 0.98 g/t gold
Burchell West Target – is a large anomaly in the center of the Coldstream property in between the two confirmed gold deposits of Osmani and Moss Lake. An IP survey of the target found four strong to moderate chargeability anomalies. Further sampling directly from the Burchell West Target returned grades of 17.85 g/t and 5.86 g/t gold from Zone A and 1.95 g/t, 1.47 g/t, and 1.58 g/t from Zone B.
Foundation has established exploration plans across the Coldstream Property and the multiple developments forming on the property.
The main focus will be further drilling and expansion of the Osmani deposit.
The company also has plans to test IP anomalies located on the Span Lake area to identify drill targets and learn more about the potential expansion of the 1.5 million ounce Moss Lake deposit onto Foundation’s property.
There are also established plans to conduct further geological reconnaissance and testing on the Iris Lake, Goldie Zone, and Burchell West areas of the Coldstream Property.
Finally, Foundation was able to successfully raise additional capital recently in a very challenging market. The company initially announced a $600,000 raise through the issuance of equity. The final proceeds from the financing exceeded expectations and came in at a total of just over $690,000.
Foundation Resources has current market value of $3.3 million. Based on its estimated gold resource in just the Osmani Deposit, the value per ounce of gold in the ground is just under $4.
You can learn more at Foundation Resources’ website http://www.fdnresources.com
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