UPDATE: Forest Gate Energy Up 40% as Discovers Significant Iron Grades in the Banded Iron Formation at its Pershing Gold Property

By MidnightTrader.com Staff,

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Forest Gate Energy Inc. (FGE.V), which has been trading near a year low of 4 cents, reported 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. 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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