First Narrows drills 85.05 m of 319.50 ppm Mo

2008-03-18 10:50 ET - News Release

Mr. Peter Gummer reports

DRILL RESULTS CONFIRM DISCOVERY OF NEW WIDE ZONE OF TUNGSTEN-MOLYBDENUM MINERALIZATION ON FIRST NARROWS' FALLS CREEK PROPERTY

First Narrows Resources Corp. has provided partial results from the latest drill program on the Falls Creek tungsten-molybdenum (W-Mo) property located in the central highlands of New Brunswick. Three holes (holes 005-007) totalling 1,635 metres were drilled in late fall to further evaluate the W-Mo potential of the Dungarvon granite on the same section as the four holes drilled last summer (see news in Stockwatch on Nov. 1, 2007, for previously reported results). Drill core analytical results for holes 005 and 006 confirm a wide zone of W-Mo mineralization has been intersected immediately west of, and below, the previous drilling.

Hole 005, collared at a dip of 60 degrees and bearing 255 azimuth, intersected spotty anomalous W-Mo mineralization from surface down to 344 metres (best intersection was a narrow zone from 48.00 to 51.2 metres averaging 8.82 parts per million (ppm) W and 693.44 parts per million (ppm) Mo). From 344 metres to 422 metres, the end of the hole, both W and Mo values show a broad increase, with one 20-metre interval averaging 151.9 ppm W and 169.1 ppm Mo, and a 7.5-metre interval averaging 479.8 ppm W and 148.4 ppm Mo. The hole ended in mineralization averaging 19.3 ppm W and 141.0 Mo over nine metres.

Hole 006 was drilled parallel to, and approximately 26 metres horizontally behind, or 45 metres vertically beneath, hole 005 intersecting generally low but anomalous values of W and Mo from surface to 410.75 metres except for one interval of 13.3 metres that averaged 545.6 ppm W and 22.0 ppm Mo. Mo values increase substantially below a core depth of 410.75 metres, including an 85-metre interval averaging 60.47 ppm W and 319.5 ppm Mo, and a 27-metre section averaging 83.14 ppm W and 648.17 ppm Mo. The latter interval includes a 6.2-metre-wide zone averaging 252.02 ppm W and 1,056.00 ppm Mo.

Hole 007, drilled parallel to hole 006 and in the same section, was collared approximately 140 metres grid west of 006. Analytical results are pending.

               From       To      Length     W ppm     Mo ppm
Hole No.         m        m          m        INAA       ICP

4717-07-005    48.00     51.20     3.20        8.82     693.44
              249.00    344.00     95.00      56.96      37.98
              344.00    364.00     20.00     151.87     169.07
              371.00    378.50      7.50     479.81     148.36
              413.00    422.00      9.00      19.33     141.02
              422.00               End of hole
4717-07-006   410.75    485.95     75.20     161.20      76.46
includes      410.75    412.75      2.00    2894.50     221.70
includes      450.85    485.95     35.60     146.69     101.64
              528.95    614.00     85.05      60.47     319.50
includes      582.00    609.00     27.00      83.14     648.17
includes      582.00    588.20      6.20     252.02    1055.00
              614.00                End of hole

Sample analysis is being performed by Activation Laboratories Ltd. in Ancaster, Ont. Samples are analyzed for Mo on a Varian Vista Pro ICP using a method to which Activation Laboratories is accredited (ISO 17025 and CAN-P1579) by the Standards Council of Canada. W is analyzed using INAA.

The Falls Creek W-Mo mineralization in the drill holes is associated with quartz fracture fillings, zones of diffuse interstitial quartz veins, quartz-fluorite veins and breccias. Greisen injections and alterations are common. Zones of potassic and propyllytic alteration with varying degrees of silicification and quartz veining are present over intervals ranging from a few centimetres to many metres in association with the W-Mo mineralization.

Different magmatic phases are believed to have evolved during the cooling of the granite and these appear to have played an important role in concentrating and ultimately depositing W and Mo in potentially economic zones. Multiple pulses of mineralizing fluids are recognized.

Holes 005 and 006 suggest that molybdenite mineralization increases with depth and the company is optimistic that geological-analytical results to date, and visible W-Mo mineralization in hole 007, indicate the mineralizing system may be open in all directions. It is apparent that holes 004 and 005 were stopped short of the deeper Mo target. Detailed core relogging, geological studies, secondary metal investigations and deposit modelling are continuing.

Peter Gummer, president of First Narrows, commented: "The technical and potential economic importance of the Falls Creek discovery cannot be overstated. It is the company's first drill tested grassroot discovery and the first W-Mo discovery in NB in many years, which underscores the soundness of our early stage prospecting and geological programs. Further, the Falls Creek discovery represents the first-ever drill test of an 11 km long corridor of W-Mo-(Cu-Zn) showings in the Dungarvon granite and its 'roof' rocks. Economically, the discovery represents a well-understood ore deposit model that traditionally has a large resource potential. It is easily accessible, occurs in a stable political and mining friendly jurisdiction, and provides solid commodity risk diversification to the company's mineral asset portfolio."

* The UTM co-ordinates for hole 001 have been calculated; the remaining hole collars have been surveyed.

The Falls Creek property now consists of 543 claims, covering 8,688 hectares, situated 45 km southwest of the company's Chester copper-polymetallic project, and 33 km north of the village of Boiestown in the little explored regions of New Brunswick's central highlands. First Narrows owns, or has the right to earn, a 100-per-cent interest in the property.

Earnest Brooks, PGeo, the company's qualified person, has reviewed the contents and verified this press release.