Thursday 8th December 2016

Resource Clips


Posts tagged ‘Foundation Resources Inc (FDN)’

Foundation buys remaining 40% of Ontario Coldstream Gold Project from Alto

November 9th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningFoundation Resources Inc TSXV:FDN will buy the remaining 40% interest in the Coldstream Gold Project in northwestern Ontario from Alto Ventures Ltd TSXV:ATV for $2.5 million in cash and shares. Over an initial six-month period Foundation will pay Alto $1.3 million and issue the company 10 million common shares at $0.12 a share. On the closing date Foundation will pay an additional $350,000 and issue Alto up to 10 million shares. Foundation will pay a further $950,000 and issue the balance of any shares due to Alto within six months of the closing date.

Coldstream hosts a number of gold targets including the East Coldstream Deposit, which has an indicated resource estimated at 3.5 million tonnes grading 0.85 grams per tonne for 96,400 ounces gold and an inferred resource estimated at 30.5 million tonnes grading 0.78 g/t for 763,276 ounces gold.

Foundation President/Director Ike Osmani commented, “We are very pleased to acquire the remaining 40% interest in the Coldstream Property, which is a substantial step forward in the development of the company. This consolidation of ownership enhances Alto as a strategic shareholder and creates additional value for our existing shareholders.”

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Contact:
Foundation Resources Inc
Ike Osmani
President/Director
604.681.0405
800.667.4470

Alto Ventures Ltd
Mike Koziol
President/Director
705.522.6372
or Rick Mazur
CEO/Director
604.689.2599

by Greg Klein

Foundation, Alto report Ontario Gold Assays up to 3.49 g/t over 13m

April 21st, 2011

Foundation Resources Inc TSXV:FDN in joint venture with Alto Ventures Ltd TSXV:ATV announced assays from the East Coldstream Deposit of the Coldstream Property in northwestern Ontario. Results include 0.5 g/t gold over 56 metres (including 1.14 g/t over 10 metres), 0.53 g/t over 44 metres (including 4.7 g/t over 2 metres), 0.93 g/t over 42.6 metres (including 1.29 g/t over 13.1 metres) and 3.45 g/t over 13 metres (including 10 g/t over 4 metres). Foundation is the project operator and owns a 60% interest in the Coldstream Property. Alto owns 40%.

Foundation President/Director Ike Osmani commented, “The management and board of both companies are very pleased to report continued drilling successes at the East Coldstream Deposit. These drill hole results have demonstrated greater strike lengths from the Main and East Zones of the East Coldstream Deposit which should add significant gold resources to the historic resource calculated by Noranda in 1990.”

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Contact:
Foundation Resources Inc
Paul Chung
CEO/Director
604.681.0405

or Ike Osmani
President/Director
604.681.0405

by Ted Niles

Foundation, Alto report Ontario Gold Assays of 3.68 g/t over 26m

March 22nd, 2011

Foundation Resources Inc TSXV:FDN in joint venture with Alto Ventures Ltd TSXV:ATV announced assays from the Iris Lake Area, north of the East Coldstream Deposit on the Coldstream Property in northwestern Ontario. Results include 5.29 g/t gold over 1.6 metres (including 13.55 g/t over 0.6 metres), 3.68 g/t over 26 metres (including 61.7 g/t over 1.2 metres), 1.76 g/t over 8.9 metres and 1.24 g/t over 13 metres.

Foundation is the operator of the joint venture and owns a 60% interest in the Property. Alto has the remaining 40% interest. The East Coldstream Deposit has an historical, non-NI 43-101 compliant resource of 234,000 ounces gold.

View Company Profile

Contact:
Foundation Resources Inc
Paul Chung
CEO, Director
604.681.0405

or Ike Osmani
President, Director
604.681.0405

by Ted Niles