First Narrows busy in New Brunswick

After topping up its coffers with a recent $829,000 financing, First Narrows Resources (UNO-V) has focused its efforts on exploring its three New Brunswick properties — Chester, Middle River and Golden Ridge.

At the Chester polymetallic project, situated in the prolific Bathurst mining camp about 30 km west of the community of Sunny Corner, First Narrows has kicked off a confirmation drill program at the Chester Feeder zone.

Hole C-03-01 reportedly cut the zone as historical records predicted, and assays are pending. The core was sampled and forwarded to ACME Analytical Laboratories and has also been sent for microscopy studies.

First Narrows has increased the drill program by 1,500 metres and a second drill, now being mobilized to the site, will target the Western Deeps extension, which is the down-dip extension of the better-known West Zone.

In March, the junior inked a deal with to acquire a 100% interest in the West zone (Chester Feeder Zone) of the Chester property, subject to a 1% NSR. To earn its interest, First Narrows must spend $3.5 million on exploration and make staged cash payments totalling $100,000 by 2008 as well as issue up to 2.2 million shares.

Earlier, First Narrows signed a deal with Teck Cominco (TEK-T) to earn a 100% interest subject to a 1.5% net smelter return royalty on the Western Deeps portion of Chester. To earn its interest, First Narrows must spend $600,000 on exploration before March 2009 and at least $50,000 before March 30, 2004. In addition, the junior must issue 100,000 shares in four stages before March 2006. Teck retains a 60% back-in right interest in return for preparing and delivering a final feasibility study and extinguishing the 1.5% NSR.

The Feeder zone is interpreted to be a sub-volcanic structural conduit along which mineralizing hydrothermal solutions moved. The zone extends along a strike length of over 900 metres. It dips gently to the west and is estimated to be about 180 metres wide and 60 metres thick. About 426 metres of strike length are on the Brooks option, 487 metres lie on the Teck Cominco option.

Copper mineralization at Chester was discovered in 1955 by Kennco Explorations through an airborne electromagnetic survey. Kennco subsequently drilled 100 holes on the property. The claims were sold to Chesterville Mines in 1959 and optioned to Newmont Mining in 1963. Newmont drilled three holes north of the deposit. In 1966, Sullivan Mining Group optioned the property and formed Sullico Mines. Sullico drilled over 400 holes and delineated a massive sulphide zone as well as a copper stringer zone to the west.

Historical resources reported by Sullico (not instrument 43-101 compliant) measured 15.2 million tonnes averaging 0.78% copper in the Copper Stringer Zone (West Zone). This included a higher grade zone weighing in at 3.4 million tonnes averaging 1.58% copper.

In 1974, Sullico drove a 470-metre decline in order to explore the Copper Stringer Zone as well as confirm grade and tonnages. Low copper prices forced Sullico to abandon further development. The claims were allowed to lapse in 1987.

Since that time, exploration work has targeted the massive sulphide zones for high-grade lenses and the overlying gossan for gold and silver enrichment as well as the surrounding area for more deposits.

The Chester mineralized horizon can be traced by weak VLF-EM and local IP anomalies outside the deposit area, however, only limited trenching and drilling was performed.

First Narrows was attracted to the property due to the economic potential of the Copper Stringer Zone. Historical drill hole S-436 was collared about 700 metres west of the end of the decline and cut 0.9 metre averaging 2.30% copper, 1.40% lead and 1.11% zinc, starting 315 metres down-hole. This was followed by 23.2 metres averaging 1.53% copper, 1.55% lead and 0.94% zinc, starting 324 metres down-hole. In addition, 5 samples taken from a muck pile near the portal of the decline averaged 4.82% copper and contained anomalous concentrations of magnesium, gallium, lead, zinc, cobalt, silver, gold and bismuth.

First Narrows believes that the presence of these additional metals will increase the value of the feeder zone mineralization.

Mineralization is described as relatively coarse grained (in comparison to pyritic, fine-grained VMS deposits) and generally non-pyritic. The main sulphides are chalcopyrite and pyrrhotite.

Meanwhile, prospecting at First Narrow’s Middle River gold project, has identified rusty quartz-arsenopyrite boulders 2.3 km east and along the trend of the 12 East gold zone. The boulders were exposed by recent logging operations and are coincident with one of several gold-arsenic soil geochemical anomalies.

As a result, First Narrows staked another 40 claims to cover other soil geochemical anomalies. An induced polarization (IP) survey is now in progress and initial results indicate that the boulder showing is also coincident with a strong IP anomaly. First Narrows reports that the Middle River project has a potential strike length of 2.8 km. The junior plans to drill test the 12 East gold zone in early September.

At the Golden Ridge gold project, First Narrows has finished compiling data and is preparing for geochemical, geological, geophysical and diamond-drilling programs. The junior plans to focus on several priority gold-antimony targets as well as locate the source of high-grade VMS boulders. Drilling is expected to begin this fall.

“I am confident that our exploration strategy of finding and developing undervalued mineral assets will be well rewarded,” says Peter Gummer, First Narrows president.