Golden Fame Resources Corp. (TSX VENTURE:GFA) (the "Company")
reports that as a result of a review by the BC Securities
Commission, the Company is issuing this news release to clarify
previous technical disclosure.
Algun Dia Project - Technical Report
The technical report dated June 24, 2011 concerning the
Company's Algun Dia property, located east of Guanajuato, Mexico
was not filed on SEDAR until October 13, 2011. It is being revised
by the report author, Caracle Creek International Consulting, of
Sudbury Ontario, to comply with the current Form 43-101F1 which
became effective on June 30, 2011, and will be filed on SEDAR once
available. Accordingly, investors should not rely upon the report
filed on SEDAR on October 13, 2011.
Clarifications
The Company has replaced its Fact Sheet dated September 21, 2011
and its Investor Presentation dated October 2011 and revised its
website and other marketing documents as those documents and the
Company's news release of May 18, 2011 (collectively, the
"Documents") contained statements that did not comply with NI
43-101. The Company retracts the disclosure, which was contrary to
section 2.3(1) of NI 43-101, of the grade of a deposit that has not
been classified as a mineral resource and which was not based on a
sufficient number of drill holes to determine a meaningful average
grade of vein material. The Company also retracts:
1. the comment in the Investor Presentation attributed to Larry Dick that
refers to the Algun Dia project as a potential near-term production
scenario, which is premature given that the Company has not established
mineral resources or mineral reserves and which did not adequately
disclose the risk that further exploration work may not establish
mineral resources or support a production decision;
2. statements made in the Documents as to the economics of its properties,
including projected extraction costs and profits, which were contrary to
section 2.3(1) of NI 43-101; and
3. references in the Documents to "ore" and "ore body" as these terms
indicate economic viability which can only be demonstrated by
establishing mineral reserves.
With respect to statements in the Documents as to historical
resource estimates pertaining to the Gold Ridge property, reference
should have been made to the technical report entitled "Technical
Report Gold Ridge Project" dated effective July 31, 2010 which was
filed on SEDAR on October 15, 2010.
Effective December 1986, Queenstake Resources, the then operator
of the Gold Ridge Mine, calculated a reserve estimate for the Gold
Ridge mine using a combination of drill hole data, underground
sampling data and mining experience in the Gold Ridge vein. They
plotted the drill holes and sample data on a longitudinal section
of the vein and divided the vein into blocks with each block
assigned a tonnage based on the dimensions of the block and average
thickness of the vein in the block and the average of the grades of
the drill hole information and any vein sampling.
The historical Queenstake reserve estimate used categories,
including "proven and probable reserves" and "possible reserves",
which were common terminology used in 1986 in classifying resources
but are different than the categories set out in sections 1.2 and
1.3 of NI 43-101. Based on the categories set out in NI 43-101, all
of the historical Queeenstake estimate would be classified as a
potential mineralization.
The Company believes that the Queenstake reserve estimate was
made by qualified mining professionals who were familiar with the
Gold Ridge mine. However, a qualified person has not done
sufficient work to classify the historical estimates as current
mineral resources or mineral reserves and the Company is not
treating the historical estimate as current mineral resources or
mineral reserves.
The Company has continued to interpret historical maps and
reports, historical and the Company's drill hole results and have
held discussions with people who were familiar with the history of
the project prior to its acquisition by the Company. Based on this
work and the various discussions, the Company has so far been
unable to substantiate that all or any part of the historical
reserve is still present in the mine.
The Company believes that the most efficient approach to
determine a resource at the Gold Ridge mine will be to do
sufficient rehabilitation of the Gold Prince tunnel to allow for
new underground drilling to test the vein both above and below the
main Level 6 access tunnel.
Supplemental Information
The Company provides the following information to supplement the
disclosure regarding its Algun Dia project contained in the
Company's May 18, 2011 news release which did not provide the level
of detail required by sections 3.2 and 3.3 of NI 43-101. Reference
should be made to the amended and restated technical report
concerning the Algun Dia property that will be filed on SEDAR from
which the technical information below is taken.
Prior to the Company's involvement, only sporadic exploration
work has been conducted on the Algun Dia property by the concession
holder since 1987 as well as minimal exploration work in the form
of small mining operations carried out by local prospectors. From
2002 to 2007, approximately 900 meters of underground workings were
constructed on several prospects within the project area, among
which Santa Cecilia, in the San Cayetano structure, is the most
significant in terms of size. Historical reports indicate that in
this same period, the property produced approximately 15,000 tonnes
of ore that was processed at a mill in Guanajuato owned by Penoles
Mining Company of Mexico.
In 1997 and 1998, 9 diamond core holes totaling approximately
2,000 meters were drilled on the property. Two of the drill holes
(AD-08-97 and AD-10-97) were drilled at angles of -75 degrees and
both intersected the Santa Cecilia vein at approximately 140 meters
down-dip from the underground workings. These holes are collared to
the west of the Santa Cecilia portal and are located respectively
at UTM 240111E, 2338200N and 240059E, 2338187N (zone 14, datum
WGS84). Records indicate that both holes encountered gold, silver
and copper mineralization at grades and over widths similar to what
was mined in the overlying workings. Drill hole number AD-08-97
encountered 14 meters from 128 - 142 meters depth, assaying 2.34
ppm Au, 120.3 ppm Ag and 1.88% Cu. Hole AD-10-97 intersected 16
meters from 146 - 160 meters depth assaying 1.71 ppm Au, 104 ppm Ag
and 1.51% Cu. Both holes were drilled to the east northeast with
the intention of crossing the northwest trending and southwest
dipping structure at angles that would approach true width
according to the interpretation of the geology. Further work is
required to define the true thickness of this mineralization.
A third drill hole AD-11-97 was drilled east northeast from the
same location as AD-08-97 at an inclination of -45 degrees, to test
the up dip extension of the mineralized zone intersected at depth.
AD-11-97 intersected anomalous gold, silver and copper values over
shorter intervals indicating that the mineralized zone continues
up-dip.
Drill hole AD-06-97 was drilled east northeast at an angle of
-70 degrees and was collared approximately 30 meters to the
southwest of AD-11-97, along strike of the San Cayetano structure.
This hole intersected primarily anomalous copper values with minor
silver. AD-09-97 was drilled approximately 60 meters to the
northeast of drill holes AD-08-97 and AD-10-97 in an east
northeasterly direction at angle of -75 degrees but did not
intersect any significant mineralization. This may indicate a
heterogeneous distribution of high grade gold and silver
mineralization along the San Cayetano vein structure both along
strike and at depth.
Results for the above holes are historic data and the Company is
unable to verify their accuracy. However, drill core for some of
the holes was available for inspection by the Company's technical
team. Details of drill hole sample sizes, analytical methods used
and names/locations of assay laboratories are not known.
The Company has completed an initial round of geological due
diligence analysis and sampling of both surface mineralization and
underground workings on the Algun Dia property. The Company's
sampling confirmed significant gold, silver and copper
mineralization including an underground channel sample across a
portion of the vein in the Santa Cecilia drift, located
approximately 125 meters northwest of the Santa Cecilia main
portal, with 3 meters grading 9.93 ppm gold, 74.1 ppm silver, and
6890 ppm copper (sample no. 66696).
As noted above, an amended and restated technical report
concerning the Algun Dia property will be filed on SEDAR, and
investors are referred to this document for full assay results of
the 2011 underground sampling program. Samples from the 2011
sampling program were prepared and analyzed using conventional
methods by ALS-Chemex at their laboratory in Vancouver, BC. Full
details of sample preparation and assay procedures are given in the
technical report mentioned above.
Lawrence Dick, a director of the Company, is the qualified
person (as defined in NI 43-101) who supervised the preparation of,
and approved, the technical information in this news release.
On Behalf of the Board of Directors,
Golden Fame Resources Corp.
Graham Clark, President, CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Golden Fame Resources Corp. Savio Chiu CFO 604 688
9588
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