First Narrows finds copper at Chester

Vancouver — Infill drilling by First Narrows Resources (UNO-V) on its Chester property, near Miramichi, N.B., has intersected high-grade copper.

Two holes, testing the centre of the copper-polymetallic feeder structure, have cut significant sulphide mineralization. Hole 16 returned a 3.6-metre intercept (from a depth of 45 metres) averaging 2.9% copper, followed by a 2.1-metre section (at a depth of 74 metres) grading 2.1% copper beneath an old drift.

The second hole, No. 17, cut 60 metres (from 24 metres) of feeder zone grading 0.8% copper, including 5.4 metres of central feeder structure averaging 2.9% copper and 11 metres of lower structure assaying 1.9% copper.

The holes confirm continuity of the system’s copper zone, revealing a high-grade core surrounded by a lower-grade envelope.

The Chester deposit, discovered in 1955, consists of a large copper-mineralized volcanogenic-massive-sulphide (VMS) feeder structure dipping to the west at about 15 with associated copper/lead/zinc/silver-mineralized beds. The structure is up to 180 metres wide, 76 metres thick, more than 900 metres long, and open at depth. The company has been tracing the zone westward using airborne geophysics.

Drilling has also confirmed the presence of a second zinc-lead vent, in the Western Deeps extension of the feeder zone.

The West zone has a historic resource of 15.2 million tonnes grading 0.78% copper, including a higher-grade section of 3.4 million tonnes grading 1.58% copper. The resource calculation predates National Instrument 43-101.

The project is in the Bathurst camp, which hosts numerous large VMS deposits. In the early 1970s, a 500-metre decline was used to test the Chester Feeder zone. Operators extracted and milled 32,000 tonnes, which averaged 2.1% copper, but a production decision was thwarted by low metal prices.

First Narrows is earning a 100% interest in the western downdip extension of the Chester copper feeder zone from Teck Cominco (tek-t) in return for spending $600,000 over six years and issuing 100,000 shares. Teck Cominco retains a 1.5% net smelter return royalty, which it can forfeit in lieu of earning a 60% interest by completing a final feasibility study.

Under a separate agreement, the company optioned the eastern updip portion of the deposit from Earnest Brooks. In return, First Narrows has paid $15,000 and issued 300,000 shares. Further payments of up to 2.3 million shares to Brooks are tied to work commitments of $3.5 million.

In addition to the Chester project, First Narrows holds two gold properties in New Brunswick: Golden Ridge and Middle River.

The company has 15.3 million shares outstanding and recently traded at 24.