Forge Resources Announces Completion of First 2024 Planned Drill Hole at Alotta, Showing Porphyry Style Mineralization

June 05, 2024 8:30 AM EDT | Source: Forge Resources Corp.

Vancouver, British Columbia--(Newsfile Corp. - June 5, 2024) - Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) (FSE: 5YZ) ("FRG" or the "Company") is pleased to announce the completion of the first 2024 planned drill hole at Alotta, showing porphyry style mineralization. The continuation of the Phase 1 drilling program is on schedule. Hole ALT-24-001 has now been completed with diamond drilling to a depth of 402 metres. Hole ALT-24-002 is now underway and is also located in the Payoff Zone area.

Hole ALT-24-001 located at proposed drill site PDH-001 and the first hole to drill test the Payoff Zone. The hole azimuth/dip: 135 / -50 degrees and final depth of 402 metres tested underneath Payoff Zone, where strongly anomalous rock samples (up to 8.7 g/t gold) were sampled over a 200 x 300 m area.

Visually, ALT-24-001 appears to have a higher concentration of pyrite stringers than what was observed in two November 2023 drillholes. In November 2023 two drill holes were completed on the property which confirmed the porphyry style nature of mineralization. As announced on February 24, 2024, Hole ALT-23-01 intercepted 211.65 metres of 0.46 grams/tonne gold from the first ever diamond drill hole on the property.

ALT-24-001 Drill collar has been placed near the ridgetop to drill south, below the target. This topography allows the drill hole to maintain a near-surface (~100 metres) path and reach its final depth, approximately 200 metres below surface, giving adequate ability to test near-surface mineralization at the Payoff Zone.

  • Core logging and geotechnical studies to the 200-metre interval indicates the core hosts continuous mineralization consisting of common sulphide stringers with trace occurrences of chalcopyrite and molybdenite.
  • Core is primarily exhibiting pervasive chlorite alteration which overprints red-brown alteration. Several intrusions of the quartz porphyry are observed and generally identified through the concentration of phenocrysts as well as the size and shape of quartz phenocrysts.

Lorne Warner, President, and P.Geo for Forge Resources Corp., comments, " Systematic exploration indicated the Alotta to have the potential to host a large porphyry deposit and our very limited drilling to date is confirming that potential. The spring program is testing never before drilled targets over a large area and if successful, it will prove Alotta's potential to host a large potential deposit in close proximity to one of the largest, undeveloped porphyry deposits in the world, the Casino deposit."

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Figure 1 - ALT-24-001 Drill Platform

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Figure 2 outlines the high priority target areas within the Alotta property with potential gold-copper-molybdenum, porphyry style mineralization. None of these target areas have been drill tested. In November 2023 two drill holes (ALT-23-001 and ALT-23-002) were completed on the property which confirmed the porphyry style nature of mineralization.

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The Alotta property consists of 96 mineral claims that cover approximately 1,926 hectares that is located 50 km south-east of Western Copper and Gold's Casino deposit. The Casino deposit is one of the most economic, greenfield copper-gold mining projects in the world which is ranked as one of the top ten largest, undeveloped, copper-gold porphyry deposits in the world. Western Copper and Gold announced on April 30, 2024, the completion of their bought deal public offering with gross proceeds of $46 million. Subsequently, on May 6, 2024, they announced the completion of a further $5 million financing with Rio Tinto.

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Figure 3 provides an illustration of the Casino Deposit superimposed over unglaciated, anomalous copper in soil geochemistry.

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Figure 4 - Alotta Camp

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Qualified Person

Lorne Warner, P.Geo, and President of Forge Resources Corp. is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.

About Forge Resources Corp.

Forge Resources Corp. is a Canadian-listed junior exploration company focused on exploring and advancing the Alotta project, a prospective porphyry copper-gold-molybdenum project located 50 km south-east of the Casino porphyry deposit in the unglaciated portion of the Dawson Range porphyry/epithermal belt in the Yukon Territory of Canada.

In addition, the Company holds a 40% interest in Aion Mining Corp., a company that is developing the fully permitted La Estrella coal project in Santander, Colombia. The project contains eight known seams of metallurgical and thermal coal.

On behalf of the Board of Directors
"Cole McClay", CEO Forge Resources Corp.

Forward-Looking Statements

Certain of the statements made and information contained herein may contain forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information includes, but is not limited to, information concerning the Company's intentions with respect to the development of its mineral properties. Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. We seek safe harbor.

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