Forest Gate Energy Inc.
Symbol & Exchange: FGE-V
Forest Gate Launches Aeromagnetic Survey at Pershing
CALGARY, Alberta, October 19, 2011 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE) reports
that its mineral exploration group has engaged Prospectair Geosurveys Inc. of Gatineau, Quebec, to fly a heliborne magnetic and time-domain electromagnetic survey over its 100 percent-owned Pershing irongold property in the Abitibi region of Quebec.
The airborne geophysical survey will encompass a total distance of 709 line kilometres. The flight line spacing will be 75 metres with check-tie-lines spaced 750 metres apart perpendicular to the fly lines. The survey is scheduled to begin in the next two weeks. A 20-hole drilling program is expected to follow from the aeromagnetic survey.
Forest Gate has identified three iron-bearing areas on its Pershing property that on the basis of its magnetic signatures are interpreted to host potentially significant quantities of iron.
In addition to completing the aeromagnetic survey, Forest Gate will conduct magnetic susceptibility tests on selected drill core intervals that contain the magnetite bearing formations intersected during the recently completed drilling project and historic drilling programs executed during 1997-98 period and the 2000-2002 period. There are at least 20 drill holes that have intersected the iron formation.
With these two data sets, it will be possible for geophysicists to calculate the approximate geometry of the iron-bearing formations and to estimate its magnetite content. These results in turn will be used to estimate the potential tonnage of iron mineralization within each of the three selected targets. The objective of the planned 20 hole drill program is to verify these estimates.
"The next phase of exploration work planned for the fall and winter programs, should result in a preliminary resource calculation for the selected iron targets on its Pershing property," said Edward Procyshyn, Manager, Mineral Exploration at Forest Gate. "This would be a milestone."
Forest Gate is also in the process of acquiring the Cuff Lake iron property which is expected to close prior to October 31, 2011.
Technical information in this news release was prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and has been reviewed by Edward Procyshyn, Geo, who is the qualified person as defined by NI 43-101.
About Forest Gate Energy
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and production, and non-energy resource company trading on the TSX Venture Exchange under the symbol FGE. The Company is seeking to increase shareholder value through participation and development of energy and other resources in Canada and internationally.
For more information please contact:
Robert Kramberger,
V-P, Investor Relations
1-866-666-3040
rkramberger@forestgate.ca
www.forestgate.ca
FORWARD-LOOKING STATEMENTS
Certain statements regarding Forest Gate, including management's assessments of future plans and operations and Forest Gate's anticipated financial performance, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Forest Gate's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.
Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Forest Gate's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.
