DENVER, Oct. 29, 2009 (GLOBE NEWSWIRE) -- Fischer-Watt Gold Company, Inc. (OTCBB:FWGO) has focused its exploration priority on its Cyclone Rim uranium properties in Wyoming's Great Divide Basin. A recent, and ongoing, reassessment of past exploration results encourages management to continue exploration in this area with a view to delineating a deposit that could be amenable to being recovered by low-cost and environmentally preferable In-Situ Recovery methods. Considerable potential is indicated by the widespread occurrence of mineralization throughout the property.
Fischer-Watt now controls almost 22,500 acres at Cyclone Rim. The property is made up of 7 adjoining claim groups containing 1,056 Federal lode mining claims and 1 State lease. These claims, extending in a generally east-west direction for an approximately 20 mile extent of the north-central Great Divide Basin, covers an estimated 26 miles of the projected favorable, sinuous, trace of the roll front. Dissolved uranium, along with other metals, precipitates out of the groundwater at the oxidation/reduction interface known as the roll front within the porous sandstone host rocks.
The area was the focus of several large exploration programs in the 1970s and early 1980s by major energy companies at which time the trace of the roll front was identified. Since 2007, and prior to Fischer-Watt acquiring the property earlier this year, 83 vertical rotary drill holes, totaling over 43,500 feet of drilling, were completed, sampled and radiometrically logged. Additionally, 7 core holes were drilled alongside the rotary holes containing the most significant mineralization in order to check and calibrate the initial readings.
Of 49 holes drilled on 400 foot spaced centers at the west end of the property, 15 encountered significant mineralization at relatively shallow depths of between 170 feet and 300 feet below the surface.
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Drill Hole From To Thickness Average Grade
(ft.) (ft.) (ft.) (% eU3O8)
UT-001 242 245 3.0 0.047%
283.5 287 3.5 0.054%
Incl'd 286 287 1.0 0.113%
UT-002 169.5 171.5 2.0 0.032%
UT-008 195.2 205.2 10.0 0.076%
UT-009 205 207 2.0 0.038%
UT-018 219 225 6.0 0.040%
Incl'd 220.5 224.5 4.0 0.056%
UT-019 215.5 225 9.5 0.028%
Incl'd 217 222 5.0 0.043%
Incl'd 217.5 220.5 3.0 0.059%
UT-020 207.5 218.5 11.0 0.050%
Incl'd 216.5 218.5 2.0 0.125%
UT-024 243.5 245.1 2.5 0.025%
UT-027 167.7 169.6 2 0.024%
UT-031 210.6 213.6 3 0.029%
UT-034 278.6 284.1 5.5 0.030%
290.4 293 2.5 0.020%
UT-039 270.4 273 2.5 0.023%
UT-042 243.5 247.1 3.5 0.030%
UT-044 177.5 187.7 10 0.067%
UT-049 163.1 166 3.5 0.027%
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Note: The uranium grades are reported as % eU3O8 as determined by
downhole radiometric logging equipment. A number of the rotary holes
that had the most significant intercepts were twinned with core
holes, which were then sampled, analyzed and calibrated with the
gamma log readings in order to increase the accuracy of the
disequilibrium coefficient. This is a mathematical means of equating
gamma log readings to actual % U3O8.
A further 34 rotary drill holes were drilled along a series of section lines towards the east. Nine section lines, spaced about 2.5 miles apart had several holes drilled on each line with the holes set 400 foot apart. These holes were designed to test for uranium mineralization along the 26-mile trace of the roll front. Significant uranium mineralization was found in 5 of the holes on three of the section lines. The mineralization was encountered at depths ranging from 50 feet to 750 feet below the surface with the mineralization plunging towards the east.
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Drill Section From To Thickness
Hole Line (ft) (ft) (ft) % eU3O8 Comment
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CR-010 Line 2 137.5 143.5 6.0 0.018 incl 3.0ft 0.024%
137.5 155.5 18.0 0.016 incl 1.0ft 0.035%
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CR-014 Line 2 208.0 234.0 26.0 0.059 incl 2.5ft 0.15%
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CR-029 Line 3 413.0 415.0 2.0 0.026
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CR-032 Line 9 54.0 60.5 6.5 0.030
502.5 509.5 7.0 0.044
595.0 607.0 12.0 0.020
675.5 684.0 8.5 0.023
704.5 708.5 4.0 0.021
791.0 793.0 2.0 0.024
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CR-033 Line 9 59.5 65.5 6.0 0.030
548.5 557.0 8.5 0.020
694.0 698.0 4.0 0.022
699.5 706.0 6.5 0.022
710.0 723.0 13.0 0.023
727.5 733.0 5.5 0.035
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From these results it has been determined that uranium mineralization is present along a significant portion of the roll front trace. Furthermore, the mineralized intercepts appear to represent portions of a series of roll fronts stacked one on top of the other.
With this data Fischer-Watt has now started a preliminary calculation of the quantity and grade of mineralized material within the Cyclone Rim property. The results of this calculation will help guide the detailed planning of subsequent drill programs.
The Chicago Resource Expo.
On November 6 and 7, 2009, Fischer-Watt will be presenting and exhibiting at the Chicago Resource Expo in Rolling Meadows, IL. This conference is held twice a year and offers opportunities for individual retail investors to learn about companies in the natural resources sector. The Expo is open Friday from 2:30pm to 9pm and Saturday from 8am to 5pm. Admission is free to the investing public. For more information about the conference please visit www.chicagoresourceexpo.com or call 317-490-8217.
About Fischer-Watt.
Fischer-Watt is a U.S. junior mine exploration company traded on the OTCBB under the symbol of FWGO. The Company's management team has a strong background in all facets of the mineral industry, especially in exploration, production and financing.
The Company's focus is directed at advancing its newly acquired suite of uranium exploration properties. This portfolio of mineral claims and leases on over 50,000 acres in Wyoming, South Dakota and Arizona covers some of the most prospective uranium-bearing geology in the United States.
Nuclear energy generation and the demand for uranium is expected to continue to increase over the coming years as countries strive to generate large-scale, stable and economical power with a low carbon footprint. Fischer-Watt aims to be a future provider to power utilities of the basic mined source of their needed fuel, a non-enriched product known as yellowcake.
The Fischer-Watt Gold Company, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6051
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those projected in the forward-looking statements.