Fortitude Gold Intercepts 6.10 Meters Grading 3.11 g/t Gold Within 16.76 Meters Grading 1.60 g/t Gold at County Line
Colorado Springs, Colorado – January 10, 2023 – Fortitude Gold Corp. (OTCQB: FTCO) (the “Company”) announced additional wide, high-grade County Line gold intervals. Intercepts include 6.10 meters grading 3.11 grams per tonne gold (g/t) within 16.76 meters grading 1.60 g/t gold, and 3.05 meters grading 3.29 g/t gold within 19.81 meters grading 1.38 g/t gold. Fortitude Gold is a gold producer, developer, and explorer with operations in Nevada, U.S.A. offering investors exposure to both gold production and dividend yield.
County Line drill highlights include (m=meters, g/t=grams per tonne) (full drill table below):
The recent drill program completed during the fourth quarter of 2022 focused on the historic County Line open pit floor and periphery. These sixteen holes build on the August and November 2022 County Line drill results which intercepts included 15.24 meters grading 7.66 g/t gold and 7.62 meters grading 10.71 g/t gold (click here to view the August 2022 press release and here to view the November 2022 press release).
County Line is located approximately 26 kilometers northwest of the Company’s operating flagship Isabella Pearl gold mine via paved Nevada State Route 361. The Company targets delineation of sufficient mineralization to justify potential ore feed for its Isabella Pearl operation. The proximity of the two properties could enable trucking ore from the County Line property to the Isabella Pearl Project’s heap leach pad for gold processing.
“These latest drill results continue to demonstrate thick intervals of gold mineralization near surface at County Line,” stated Mr. Barry Devlin, Vice President of Exploration for Fortitude Gold. “We are currently modeling the mineralization for tons, grade and mineral resource delineation and expect to produce a maiden resource estimate during the first quarter of 2023. These drill results focused on the northern and eastern portions of the historic County Line open pit. We plan additional drilling at County Line for the first quarter of 2023, as we see potential to expand and extend mineralization to the north, east and southern directions.”
“2022 County Line drill results have exceeded our expectations,” stated Mr. Jason Reid, CEO and President of Fortitude Gold. “We are eyeing our first resource estimate so that we are better positioned to move towards a County Line production decision in the shortest timeframe possible.”
About the County Line Project
The County Line property land package is 2,401 acres consisting of 116 unpatented lode mining claims and 6 unpatented placer mining claims located in Mineral and Nye counties, Nevada. The property is part of the Paradise Peak collection cluster of high sulfidation epithermal deposits. The district historically produced a total of 1.5 million ounces of gold and 38.9 million ounces of silver. The County Line open pit historically produced a total of 81,000 ounces of gold and 760,000 ounces silver. The Porphyry (East) Pit, located approximately 762 meters (2,500 feet) southeast of the County Line pit, produced approximately 7,400 ounces of gold and 8,000 ounces silver. In addition to the County Line and Porphyry (East) pit targets, other targets include “Newman Ridge” and the “Jackpot Zone”.
About Fortitude Gold Corp.:
Fortitude Gold is a U.S. based gold producer targeting projects with low operating costs, high margins, and strong returns on capital. The Company’s strategy is to grow organically, remain debt-free and distribute substantial dividends. The Company’s Nevada Mining Unit consists of five high-grade gold properties located in the Walker Lane Mineral Belt and a sixth high-grade gold property in west central Nevada. The Isabella Pearl gold mine, located on the Isabella Pearl mineralized trend, is currently in production. Nevada, U.S.A. is among the world’s premier mining friendly jurisdictions.
Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. If you are risk-averse you should NOT buy shares in Fortitude Gold Corp. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words “plan”, “target”, "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding the Company’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material are forward-looking statements. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements.
Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, the scope, duration, and impact of the COVID-19 pandemic on mining operations, Company employees, and supply chains as well as the scope, duration and impact of government action aimed at mitigating the pandemic may cause future actual results to differ materially from those expressed or implied by any forward-looking statements. Also, there can be no assurance that production will continue at any specific rate.