TORONTO, ONTARIO–(Marketwire – Oct. 6, 2011) – Forrester Resources Corp. (“Forrester”) is pleased to announce that it has completed a Controlled Source Audio-magnetotellurics (“CSAMT”) geophysical survey and ground magnetic survey across the Las Princesas Project, Peru. The Las Princesas Project lies between the Quiruvilca silver mine owned by Pan American Silver Corporation and Barrick Gold Corporation’s Lagunas Norte Gold Mine. The mineral concessions comprise of 1,050 hectares located in La Libertad Department, Santiago de Chuco Province in Perú. Quantec Geoscience (Peru) S.A.C. (“Quantec”) was commissioned to carry out the 52 line kilometre survey, with fieldwork completed on the 26th of July 2011.
CSAMT surveying is a geophysical technique that provides deep geologic information based on lateral and vertical resistivity contrasts. Anomalously high and low resistivity values measured are associated with underlying rocks that have undergone silicification and argillization, respectively.
The Forrester CSAMT results are highly encouraging for Las Princesas, as the survey has outlined a broad, deep linear resistivity low feature trending east-southeasterly across the southern part of the property. Compilation of past geological work is showing that the resistivity low feature correlates well with local Au and Ag geochem anomalies, and as well that the small past shallow (deepest hole was 198m) drilling program has not tested the feature. Despite this, there were some very significant past drilling results, including holes RC-98-3 which intersected 98m grading 38.4g/t Ag, 0.14g/t Au and 0.21% Cu, and hole RC-98-7 which intersected 27.5g/t Ag, 0.17g/t Au, 0.122% Cu and 0.278% Zn. The past drilling program now appears to have been located along to the north of the main SSE-trending resistivity structure. Forrester is planning an aggressive drilling program for early 2012.
These surveys form part of Forrester’s ongoing exploration program at the Las Princesas Project, associated with the Joint Venture Agreement (the “Agreement”) with Vena Resources Inc. (“Vena”). Under the Agreement, Forrester is required to spend US$2,000,000 on the Properties within the first three years to earn the initial 51% interest. Forrester can earn up to 85% by completing a further US$5,000,000 of expenditures in the first six years, including the completion of a feasibility study and bringing the Project into commercial production. Vena was also issued 325,500 common shares of the Company, and a cash payment of US$50,000.
About Forrester
Forrester Resources Corp. is a Toronto-based private company. It is focused on the exploration and development of precious metals projects. The Company is active in Peru and is continually looking for near-term production opportunities within the Americas.
Contact Information
Forrester Resources Corp.
The Exchange Tower, 130 King Street West
Suite 3680, PO Box 99
Toronto, ON, M5X 1B1 Canada
+1 416.214.0442
Forrester Resources Corp.
Martin Walter
President & CEO
+1 416.214.0442
Forrester Resources Corp.
Ashley Martin
Corporate Development
+1 416.214.0442
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