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News: First Lithium drills 1.8 g/t Au from nine m at Mollie

News bei First Lithium Resources Inc.: Bohrergebnisse vom Mollie River Projekt

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First Lithium drills 1.8 g/t Au from nine m at Mollie

First Lithium Resources Inc (C:MCI)
Shares Issued 56,433,002
Last Close 3/1/2011 $0.115

Wednesday March 02 2011 – News Release

Mr. Craig Naughty reports

FIRST LITHIUM REPORTS DRILL AND ASSAY RESULTS FROM ITS MOLLIE RIVER PROJECT, TIMMINS AREA

First Lithium Resources Inc. has completed an approximately 2,000-metre 10-drill-hole program that tested geophysical anomalies on two of its three Mollie River claims, approximately four kilometres east of Trelawney’s Chester township gold deposits.

DDH MR-10-10 intersected a 9 m zone between 185 m and the bottom of the hole at 194 m with a range in gold values from less than 5 ppb to 1830 ppb (1.8 g/t Au) including single sample analyses of 346 ppb and 96 ppb. This zone is encapsulated by a broader zone of elevated copper with a range in concentration of 92 ppm to 1510 ppm (0.15% Cu). Mineralization is present as 1 mm blebs, wisps and fracture fillings of pyrrhotite, chalcopyrite and pyrite hosted by chloritic and silicified gabbro.

It is the Company’s interpretation that this gold-mineralized zone was not truncated by DDH MR-10-10 and as such, is open at depth. The association of gold mineralization in altered mafic to intermediate intrusions is strongly suggestive of the geologic setting of the Trelawney gold deposits. Other drill targets did not reveal significant gold values at depths attained.

President, Craig Naughty, stated: „The mineralization that was intersected in the last 9m of DDH MR-10-10 appears to be of the type that the Company had hoped to encounter. The Company intends to perform additional drilling in the immediate proximity of this hole to further determine the extent of gold mineralization.“ Arrangements have already been made with the drill contractor to return to the site within the next few weeks.

Program Details:

The First Lithium Mollie River drill program was designed to test magnetic and induced polarization anomalies. Drill holes intersected massive, fine- to coarse-grained gabbro, granite and granodiorite that are locally chloritic, silicified and carbonate-altered along narrow late shears and fractures. Mineralization consists of trace to 5% pyrite, pyrrhotite and chalcopyrite over core intervals of up to 14 m. Magnetite was observed as disseminations and wispy laminae in all lithologies. Pervasive fronts of alteration, including silicification and chloritization, were limited but not uncommon in gabbroic lithologies.

Drill core was generally sampled at 1 m intervals where sulphide mineralization was observed. Six hundred and ninety-eight core samples were split and one-half of the sample interval sent to Activation Laboratories for analysis. Assays included gold by fire assay on a 30 g sample and multi-element ICP subsequent to an aqua-regia digest.

Analytical accuracy and reproducibility was assessed for the gold assays by submitting a suite of samples originally assayed by Activation Laboratories to Swastika Laboratories (near Timmins, Ontario). Excellent comparability between laboratories is noted and the result for the high-grade gold assay is summarized in Table form below.

———————————————————————————————————————
Sample        Laboratory                            Fire Assay-AAS Finish      Fire Assay-Gravimetry
———————————————————————————————————————

———————————————————————————————————————
2600            Activation Labratories         1830 parts per billion
———————————————————————————————————————

———————————————————————————————————————
2600            Swastika Labratories           2105 parts per billion      1988 parts per billion
———————————————————————————————————————

The contents of this release have been reviewed and approved by Mark Fedikow, Ph.D., P.Eng., P.Geo., C.P.G., a qualified person as defined by National Instrument 43-101.

Unsere Einschätzung:

Der Aktienkurs von First Lithium scheint auf dem aktuellen Niveau charttechnisch eine Unterstützung zu bilden. Bereits im Vorfeld der gestrigen News stieg die Aktie um +13 Prozent an – wusste hier eventuell schon jemand „vorab“ mehr? Wir würden aktuell raten die Aktie weiter zu beobachten.

Beachten Sie unbedingt unseren Disclaimer sowie unseren Hinweis zum “Interessenkonflikt bei First Lithium Resources Inc.“.

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