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Thursday, February 24, 2011

Gold Stocks News; Running Fox Resource (TSX.V: RUN) Reports Toronto Stock Exchange - Venture approval for Agreement to Acquire Remaining 50% of the its High Grade Brett Gold Project

VANCOUVER, BRITISH COLUMBIA - February 23, 2011 (Investorideas.com newswire) Steven Schurman, P. Geol (US), CEO, Director, reports:
Mining company Running Fox Resources (TSX VENTURE:RUN; PINK SHEETS:RFXRF; FRANKFURT:C8Q),reports it has received formal Toronto Stock Exchange - Venture approval for its agreement to acquire the remaining 50% of the its high grade Brett Gold Project, Running Fox will then own 100%.
The Teck Cominco smelter receipts for the net recovered grades for the whole bulk sample proved ore averaged 28 grams per tonne gold plus 64 grams per tonne silver.
A review of drilling results at the Brett Gold Project includes 16 metres of 35 grams per ton gold.
Brett Gold Property - from 43-101 Technical Report Table of Significant Intersections selected intercepts all over minimum width/grade, Gold values only, Silver To Be Determined
Hole #
number
Grade
oz Au/t
from
feet
to
feet
length
feet
from
meters
to
meters
length
in meters
Gold
grade
gms
Au/mt
--------------------------------------------------------------------------------------------------------------------------------
86-04 0.253 34.51 39.01 4.49 10.52 11.89 1.37 8.66
--------------------------------------------------------------------------------------------------------------------------------
86-09 0.290 154.99 160.01 5.02 47.24 48.77 1.53 9.93
--------------------------------------------------------------------------------------------------------------------------------
86-10 0.125 146.00 150.98 4.99 44.50 46.02 1.52 4.28
--------------------------------------------------------------------------------------------------------------------------------
86-15 0.284 135.01 141.01 6.00 41.15 42.98 1.83 9.73
--------------------------------------------------------------------------------------------------------------------------------
86-16 0.175 185.99 197.01 11.02 56.69 60.05 3.36 5.99
--------------------------------------------------------------------------------------------------------------------------------
87-29 0.166 137.80 141.08 3.28 42.00 43.00 1.00 5.68
--------------------------------------------------------------------------------------------------------------------------------
87-29 0.737 149.77 178.05 28.28 45.65 54.27 8.62 25.24
--------------------------------------------------------------------------------------------------------------------------------
87-29 0.274 170.90 178.00 7.10 52.09 54.25 2.16 9.38
--------------------------------------------------------------------------------------------------------------------------------
87-30 0.144 263.00 273.00 10.00 80.16 83.21 3.05 4.93
--------------------------------------------------------------------------------------------------------------------------------
87-30 0.127 296.26 301.51 5.25 90.30 91.90 1.60 4.35
--------------------------------------------------------------------------------------------------------------------------------
87-30 0.092 311.90 329.00 17.10 95.07 100.28 5.21 3.15
--------------------------------------------------------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------------------------------------------------------
87-36 0.063 149.93 175.03 25.10 45.70 53.35 7.65 2.16
--------------------------------------------------------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------------------------------------------------------
87-37 0.104 212.90 234.60 21.70 64.89 71.51 6.61 3.56
--------------------------------------------------------------------------------------------------------------------------------
87-42 0.991 256.70 265.70 9.00 78.24 80.99 2.74 33.94
--------------------------------------------------------------------------------------------------------------------------------
87-45 0.169 216.50 221.50 5.00 65.99 67.51 1.52 5.79
--------------------------------------------------------------------------------------------------------------------------------
87-45 0.125 226.40 232.90 6.50 69.01 70.99 1.98 4.28
--------------------------------------------------------------------------------------------------------------------------------
7-46 0.119 93.40 98.10 4.70 28.47 29.90 1.43 4.08
--------------------------------------------------------------------------------------------------------------------------------
87-46 0.107 105.00 119.80 14.80 32.00 36.52 4.51 3.66
--------------------------------------------------------------------------------------------------------------------------------
87-46 0.074 137.96 188.98 51.02 42.05 57.60 15.55 2.53
--------------------------------------------------------------------------------------------------------------------------------
87-46 0.111 170.90 186.00 15.10 52.09 56.69 4.60 3.80
--------------------------------------------------------------------------------------------------------------------------------
87-46 0.133 259.19 279.04 19.85 79.00 85.05 6.05 4.55
--------------------------------------------------------------------------------------------------------------------------------
87-47 0.110 221.10 226.70 5.60 67.39 69.10 1.71 3.77
--------------------------------------------------------------------------------------------------------------------------------
87-47 0.980 245.10 248.10 3.00 74.71 75.62 0.91 33.56
--------------------------------------------------------------------------------------------------------------------------------
88-51 0.540 125.00 132.20 7.20 38.10 40.29 2.19 18.49
--------------------------------------------------------------------------------------------------------------------------------
88-61 0.082 148.29 153.22 4.92 45.20 46.70 1.50 2.81
--------------------------------------------------------------------------------------------------------------------------------
88-61 0.278 233.90 236.90 3.00 71.29 72.21 0.91 9.52
--------------------------------------------------------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------------------------------------------------------
88-62 0.119 356.60 366.50 9.90 108.69 111.71 3.02 4.08
--------------------------------------------------------------------------------------------------------------------------------
88-67 0.091 332.19 337.11 4.92 101.25 102.75 1.50 3.12
--------------------------------------------------------------------------------------------------------------------------------
88-69 0.107 373.40 378.80 5.40 113.81 115.46 1.65 3.66
--------------------------------------------------------------------------------------------------------------------------------
88-73 0.168 505.25 509.84 4.59 154.00 155.40 1.40 5.75
--------------------------------------------------------------------------------------------------------------------------------
89-76 0.118 395.01 401.05 6.04 120.40 122.24 1.84 4.04
--------------------------------------------------------------------------------------------------------------------------------
89-78 0.041 235.89 257.48 21.59 71.90 78.48 6.58 1.40
--------------------------------------------------------------------------------------------------------------------------------
89-80 0.211 262.93 268.01 5.09 80.14 81.69 1.55 7.23
--------------------------------------------------------------------------------------------------------------------------------
89-80 0.197 322.87 325.69 2.82 98.41 99.27 0.86 6.75
--------------------------------------------------------------------------------------------------------------------------------
89-80 0.202 343.34 347.83 4.49 104.65 106.02 1.37 6.92
--------------------------------------------------------------------------------------------------------------------------------
89-82 0.185 323.00 332.41 9.42 98.45 101.32 2.87 6.34
--------------------------------------------------------------------------------------------------------------------------------
89-89 0.720 615.72 618.01 2.30 187.67 188.37 0.70 24.66
--------------------------------------------------------------------------------------------------------------------------------
89-89 0.280 611.61 618.01 6.40 186.42 188.37 1.95 9.59
--------------------------------------------------------------------------------------------------------------------------------
89-91 1.256 441.31 445.41 4.10 134.51 135.76 1.25 43.01
--------------------------------------------------------------------------------------------------------------------------------
89-91 0.726 441.31 450.66 9.35 134.51 137.36 2.85 24.86
--------------------------------------------------------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------------------------------------------------------
89-92 1.590 427.00 430.74 3.74 130.15 131.29 1.14 54.45
--------------------------------------------------------------------------------------------------------------------------------
89-97 0.224 462.60 470.90 8.30 141.00 143.53 2.53 7.67
--------------------------------------------------------------------------------------------------------------------------------
R88-02 0.076 102.03 136.98 34.94 31.10 41.75 10.65 2.60
--------------------------------------------------------------------------------------------------------------------------------
R88-02 0.049 247.00 332.00 85.00 75.29 101.19 25.91 1.68
--------------------------------------------------------------------------------------------------------------------------------
R88-03 0.100 73.00 77.92 4.92 22.25 23.75 1.50 3.42
--------------------------------------------------------------------------------------------------------------------------------
R88-04 0.027 19.72 34.94 15.22 6.01 10.65 4.64 0.92
--------------------------------------------------------------------------------------------------------------------------------
R88-07 0.503 88.90 104.00 15.10 27.10 31.70 4.60 17.23
--------------------------------------------------------------------------------------------------------------------------------
R88-09 0.089 52.99 58.07 5.09 16.15 17.70 1.55 3.05
--------------------------------------------------------------------------------------------------------------------------------
R88-15 0.100 145.01 155.02 10.01 44.20 47.25 3.05 3.42
--------------------------------------------------------------------------------------------------------------------------------
R88-15 0.101 149.93 155.02 5.09 45.70 47.25 1.55 3.46
--------------------------------------------------------------------------------------------------------------------------------
R88-15 0.108 274.93 284.94 10.01 83.80 86.85 3.05 3.70
--------------------------------------------------------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------------------------------------------------------
R88-17 0.224 55.00 80.00 25.00 16.76 24.38 7.62 7.67
--------------------------------------------------------------------------------------------------------------------------------
R88-17 0.462 385.01 405.02 20.01 117.35 123.45 6.10 15.82
--------------------------------------------------------------------------------------------------------------------------------
R88-16 0.074 75.00 185.00 110.00 22.86 56.39 33.53 2.53
--------------------------------------------------------------------------------------------------------------------------------
R88-18 0.165 221.46 225.07 3.61 67.50 68.60 1.10 5.65
--------------------------------------------------------------------------------------------------------------------------------
R88-18 0.228 245.08 254.92 9.84 74.70 77.70 3.00 7.81
--------------------------------------------------------------------------------------------------------------------------------
R88-18 0.088 294.95 304.95 10.01 89.90 92.95 3.05 3.01
--------------------------------------------------------------------------------------------------------------------------------
R88-19 0.270 135.00 140.00 5.00 41.15 42.67 1.52 9.25
--------------------------------------------------------------------------------------------------------------------------------
R88-19 0.113 135.01 149.93 14.93 41.15 45.70 4.55 3.87
--------------------------------------------------------------------------------------------------------------------------------
R88-19 0.110 195.05 199.97 4.92 59.45 60.95 1.50 3.77
--------------------------------------------------------------------------------------------------------------------------------
R88-21 0.124 50.03 54.95 4.92 15.25 16.75 1.50 4.25
--------------------------------------------------------------------------------------------------------------------------------
R88-22 0.244 314.96 330.05 15.09 96.00 100.60 4.60 8.36
--------------------------------------------------------------------------------------------------------------------------------
R88-22 0.084 315.00 406.00 91.00 96.01 123.75 27.74 2.88
--------------------------------------------------------------------------------------------------------------------------------
R88-22 0.106 364.17 383.86 19.69 111.00 117.00 6.00 3.63
--------------------------------------------------------------------------------------------------------------------------------
R88-23 0.042 183.73 209.97 26.25 56.00 64.00 8.00 1.44
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.097 34.94 40.03 5.09 10.65 12.20 1.55 3.32
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.087 60.04 64.96 4.92 18.30 19.80 1.50 2.98
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.030 98.43 144.36 45.93 30.00 44.00 14.00 1.03
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.054 225.00 320.00 95.00 68.58 97.54 28.96 1.85
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.102 260.01 264.93 4.92 79.25 80.75 1.50 3.49
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.072 274.93 280.02 5.09 83.80 85.35 1.55 2.47
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.089 280.02 284.94 4.92 85.35 86.85 1.50 3.05
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.227 288.71 291.99 3.28 88.00 89.00 1.00 7.77
--------------------------------------------------------------------------------------------------------------------------------
R88-24 0.112 305.12 310.04 4.92 93.00 94.50 1.50 3.84
--------------------------------------------------------------------------------------------------------------------------------
R88-25 0.050 324.80 360.89 36.09 99.00 110.00 11.00 1.71
--------------------------------------------------------------------------------------------------------------------------------
R88-30 0.124 80.05 84.97 4.92 24.40 25.90 1.50 4.25
--------------------------------------------------------------------------------------------------------------------------------
R88-31 0.058 62.34 101.71 39.37 19.00 31.00 12.00 1.99
--------------------------------------------------------------------------------------------------------------------------------
R88-32 0.136 65.00 120.00 55.00 19.81 36.58 16.76 4.66
--------------------------------------------------------------------------------------------------------------------------------
R88-32 0.171 70.05 74.97 4.92 21.35 22.85 1.50 5.86
--------------------------------------------------------------------------------------------------------------------------------
R88-33 0.113 20.01 24.93 4.92 6.10 7.60 1.50 3.87
--------------------------------------------------------------------------------------------------------------------------------
R88-33 0.050 104.99 129.92 24.93 32.00 39.60 7.60 1.71
--------------------------------------------------------------------------------------------------------------------------------
R88-33 0.088 399.93 405.02 5.09 121.9 123.45 1.55 3.01
--------------------------------------------------------------------------------------------------------------------------------
R88-34 0.083 400.26 410.10 9.84 122.00 125.00 3.00 2.84
--------------------------------------------------------------------------------------------------------------------------------
R93-11 0.197 130.00 140.00 10.00 39.62 42.67 3.05 6.75
--------------------------------------------------------------------------------------------------------------------------------
R93-12 1.840 115.00 120.00 5.00 35.05 36.58 1.52 63.01
--------------------------------------------------------------------------------------------------------------------------------
R93-12 1.210 140.00 145.00 5.00 42.67 44.20 1.52 41.44
--------------------------------------------------------------------------------------------------------------------------------
R93-12 0.382 130.00 150.00 20.00 39.62 45.72 6.10 13.09
--------------------------------------------------------------------------------------------------------------------------------
R93-12 0.208 200.00 210.00 10.00 60.96 64.01 3.05 7.12
--------------------------------------------------------------------------------------------------------------------------------
R93-12 0.113 175.00 210.00 35.00 53.34 64.01 10.67 3.87
--------------------------------------------------------------------------------------------------------------------------------
R93-16 0.692 120.00 125.00 5.00 36.58 38.10 1.52 23.70
--------------------------------------------------------------------------------------------------------------------------------
R93-17 0.408 105.00 110.00 5.00 32.00 33.53 1.52 13.97
--------------------------------------------------------------------------------------------------------------------------------
R93-17 2.750 125.00 130.00 5.00 38.10 39.62 1.52 94.18
--------------------------------------------------------------------------------------------------------------------------------
R93-17 1.640 125.00 135.00 10.00 38.10 41.15 3.05 56.16
--------------------------------------------------------------------------------------------------------------------------------
R93-19 1.045 100.00 155.00 55.00 30.48 47.24 16.76 35.79
--------------------------------------------------------------------------------------------------------------------------------
R93-19 0.283 175.00 180.00 5.00 53.34 54.86 1.52 9.69
--------------------------------------------------------------------------------------------------------------------------------
 
--------------------------------------------------------------------------------------------------------------------------------
87-TR4 1.840 6.40 10.99 4.59 1.95 3.35 1.40 63.01
--------------------------------------------------------------------------------------------------------------------------------
87-TR21 2.052 0.00 7.87 7.87 0.00 2.40 2.40 70.27
--------------------------------------------------------------------------------------------------------------------------------
87-TR21 0.372 0.00 7.87 7.87 0.00 2.40 2.40 12.74
--------------------------------------------------------------------------------------------------------------------------------
87-TR22 0.110 37.07 54.13 17.06 11.30 16.50 5.20 3.77
--------------------------------------------------------------------------------------------------------------------------------
93-TR770 0.370 0.00 18.24 18.24 0.00 5.56 5.56 12.67
--------------------------------------------------------------------------------------------------------------------------------
93-TR946 0.980 10.89 13.52 2.62 3.32 4.12 0.80 33.56
--------------------------------------------------------------------------------------------------------------------------------
93-TR957 2.650 19.23 20.77 1.54 5.86 6.33 0.47 90.75
--------------------------------------------------------------------------------------------------------------------------------
93-TR957 0.696 18.57 24.70 6.14 5.66 7.53 1.87 23.84
--------------------------------------------------------------------------------------------------------------------------------
93-TR988 0.549 54.49 57.28 2.79 16.61 17.46 0.85 18.80
--------------------------------------------------------------------------------------------------------------------------------
2004 Program
In addition to the intercepts in the table above, the 2004 drilling program intersected significant gold bearing intersections in 15 of the 17 holes drilled, notably:
DDH# 04-01 intersected 10.2 meters grading 5.28 grams per ton including 1.6 meters grading 29.6 grams per ton gold, and,
DDH# 04-02 intersected 11.6 meters grading 10.39 grams gold per ton including 3.1 meters grading 34.02 grams per ton gold; and,
Importantly, DDH# 04-12 intercepted 1.3 meters grading 176 grams per ton gold in a new shear zone.
This new zone, located on a tuffaceous bed, is located 53 metres east of the main shear zone and represents a totally new zone as none of the previous drill holes went as far east as this hole. The zone is cut off by several postmineral dikes in the core, possibly indicating the presence of a second parallel shear structure. If so, this would be the first confirmation of bonanza high-grade gold values (greater than one ounce per ton gold) on a parallel shear structure, opening the possibility that similar high-grade zones may be present, along the numerous other shears identified during surface work. The entire strike length of the new shear structure is unexplored as none of the previous drill holes were near its projection.
Also See "Top 40 Gold Intercepts" at http://www.foxgold.ca/images/40holes.jpg
The 2004 soil geochemical survey identified numerous and as yet untested gold in soil anomalies as much as 2,000 meters north of the Main Shear Zone drilling which appear to trend in the same northeast and northwest direction as the gold mineralization found in the shear zones around the Main Shear Zone. Gold mineralization found in a road cut 3,000 meters north of the Main Shear Zone drilling assayed 9.5 grams per ton gold.
Running Fox believes that these untested soil anomalies represent significant exploration targets that are similar in geology and grade of gold mineralization to that found around the Main Shear Zone.
Post transaction, Running Fox will have approx. 49 million shares outstanding.
The Company has recurring cash flow and after recent progress, very little debt.
In addition, the Company owns other assets.
Running Fox will be planning a 2011 exploration campaign at the Brett property that will also include drilling and trenching of soil anomalies, as the prior program opened up large areas for exploration and the development of additional gold bearing zones.
Complete maps, geochem, and drilling history are available for review/download on the Running Fox website.
The project has significant early stage block calculations on a small portion of one shear zone - and there are numerous shear zones, running under large undrilled geochem zones with good gold values over large areas, (see Geochem in Assessment Report).
Following further drilling a new 43-101 Technical Report will be requested that will include all drilling and a qualifying resource calculation.
See the brief 3D Geological and drillhole movie on website www.foxgold.ca.
To view the, 3D image of footwall, please click on the following link: http://media3.marketwire.com/docs/0221run.jpg
Steven Schurman, CEO, Professional Geologist (US), is the named Qualified Person for the technical contents of this news release.
Note: Source for all intercepts are 43-101 Technical Report, and Brett Gold Assessment Report available at www.foxgold.ca and on SEDAR.
On behalf of the Board of Directors: Steven Schurman, P. Geol (US), CEO, Director
The Company relies on legislation applicable to forward looking statements, seeking safe harbour.
Contact:
Steven Schurman, P. Geol (US)
Running Fox Resource Corp.
CEO, Director
1 303 619 5234 or 604 725 8868
www.foxgold.ca
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