Forest Gate Energy Inc. (FGE.V), which had been trading near a
year low of 4 cents, is up 110% today and is closing in on a year
high 12.5 cents after reporting that its mineral exploration group
has intersected significant iron grades in the banded iron
formation at its 100%-owned Pershing gold property located near Val
D'Or, Quebec. It has touched 11.5 cents today.
Forest Gate said it sampled magnetite-rich intervals within a
banded iron formation (
) unit that was intersected with drill hole FG11-03. These
magnetite intervals on average were found to contain 29.3% iron.
The company considers these average grades to be high. Forest Gate
said it believes that the discovery is of such importance that it
decided to release the news in advance of releasing the results of
its gold assays. The company says its expects to have a news
release relating to the gold assays to the market within the next
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