Vancouver B.C. November 24, 2009: Foundation Resources Inc. (FDN: TSX-V) is pleased to announce the results of the summer field program at the Goldie Zone on the Coldstream Property, Ontario. Trenching and channel sampling has succeeded in developing a historic gold showing into a drill ready target. This is the third in a series of news releases presenting the results of the recently completed 2009 summer field program on the Property. This news release presents the results for the Goldie Zone only. Further news releases providing results for the Coldstream Property are planned in coming weeks.
Highlights of the Goldie Zone:
Some of the most significant gold assays obtained from 2009 channel sampling include:
The Goldie Zone is located on the 5,394 hectare Coldstream Property. The Goldie Zone is easily accessed by logging and drill roads from the nearby Trans Canada highway.
The 2009 trenching program at the Goldie Zone has exposed significant gold mineralization over more than 300 metres of strike length. Detailed trench mapping has shown the Goldie Zone mineralization to be hosted in intensely silicified shear zones. These shear zones trend east-northeast, sub-parallel to the steep shearing that hosts the East Coldstream Deposit only 850 m to the north.
A historical non 43-101 compliant resource of 5.1 million tonnes grading 1.43 g/t Au, with 234,000 contained ounces gold was calculated for the East Coldstream Deposit by Noranda in 1990. The Company is not treating the historical estimate as a current mineral resource, as defined in NI 43-101. Therefore, the resource estimate should not be relied upon. Please see Foundation's November 16th news release for further details on the East Coldstream Deposit.
Like the East Coldstream Deposit, the Goldie Zone mineralization is coincident with an IP chargeability anomaly, and gold is associated with pyrite and strong silicification in zones of intense shearing. The Goldie Zone was noted as an occurrence during Noranda's late 1980's work in the area, but no drilling has been completed.
Foundation considers the Goldie Zone to represent a potential satellite deposit to the East Coldstream Deposit. 2009 channel sampling returned very encouraging results across a strike length of over 300m. Topographic lows prevent further trenching exploration along strike, leaving the zone open both to the east and west. Foundation plans to complete drilling to test beneath this very encouraging surface mineralization.
About the Coldstream Project
The Coldstream Property includes 5,394 hectares of staked and patented mining claims along the Trans Canada Highway 115 km west of the City of Thunder Bay, Ontario. The area is road accessible and has excellent infrastructure with a major power line and CN rail line passing just north of the property. Skilled labour is readily available locally.
For more details regarding the Coldstream Property, please visit our website at www.foundationres.com
Channel samples were cut approximately 5 cm wide perpendicular to the strike of the sampled material (foliated/sheared rock units). The channels were cut continuously across the desired width of the sample with a diamond-blade rock saw to an approximate depth of 10 cm and then the cut rock was chipped out with hammer and chisel. Geologists described the samples, such as rock type and mineralization, and then bagged the samples and brought them to the campsite where blanks and standards were inserted into every 20 sample series. The bagged samples were then placed into large rice bags and marked for delivery to the assay lab for analyses of gold and other selected elements. The staff of the Coast Mountain Geological Ltd, the contractor for Foundation, delivered the samples to certified ALS Laboratory (ISO 9001:2000 and ISO 17025:2005) in Thunder Bay, Ontario. The samples were weighed, crushed (70% - <2mm), pulverized (split to better than 85% passing 75 microns), and then analyzed for gold and other trace elements by the lab. Gold is analyzed by the lab for up to lOppm upper detection limit using the fire assay procedure on a 30g sample with ICP finish. Any sample exceeding this upper limit value was then re-analyzed by the same fire assay method but with gravimetric finish.
Ike Osmani, P. Geo., is the Qualified Person who has reviewed and approved this news release.
About Foundation Resources Inc..
Foundation is a mineral exploration company focused on exploration and development of high potential gold zones on the Coldstream Property. The Property is located in the Western Superior geological province of the Canadian Shield which is noted for hosting prolific gold deposits in Ontario, Canada.
On behalf of the board,
John E. Hiner
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies oj the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. " News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development As a result, actual results may vary materially from those described in the forward-looking statements.