UPDATE: Forest Gate Energy Up 110%; Goes From Near Yr Lows To Shy of Yr Highs

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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 ( BIF ) 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 24 hours.



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This article appears in: Investing , Commodities

Referenced Stocks: BIF

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