Underground Drilling Continues to Expand and Upgrade Precious Metals-Enriched VMS Mineralization at Niblack
10 November 2010 - 1:30PM
Marketwired Canada
Niblack Mineral Development Inc. (TSX VENTURE:NIB) ("Niblack" or the "Company")
and joint venture partner Heatherdale Resources today announced new drill
results from 22 underground holes completed at the Niblack volcanogenic massive
sulphide (VMS) project in southeast Alaska. Two underground drill rigs are
currently working in the Lookout Zone to expand the precious metals-enriched
mineralized body to the south and southwest. The Lookout Zone is one of six
known VMS deposits within the 10 square mile Niblack property. Drilling
continues to intersect enhanced grades of precious and base metals. Important
intersections from these 22 new holes are presented in the Niblack Assay Table
below. Assays from the first 34 holes drilled (released previously) and a drill
hole location section are available on the Niblack's website at www.niblack.com.
"These new results continue to validate the geological team's understanding of
the nature of this strongly mineralized precious metals enhanced system and
strengthen our belief that Niblack, with its stacked sulphide horizons, will
support a high-grade underground mine in future," stated John Williamson,
President and CEO of Niblack Mineral Development Inc. "Since October 2009 the
joint venture has completed 62,500 feet of drilling in 56 drill holes, and done
extensive re-evaluation of the historic drilling and surface data at the
project. This work has resulted in the expansion of the Lookout precious
metals-enhanced mineralized body and has demonstrated the strength and
continuity of the stacked sequences of sub-seafloor replacement and massive
sulphide seafloor accumulation style mineralization. More importantly the joint
venture has clearly improved its confidence in the geology which has led to the
development of a new geological model and targeting strategy for the project
which will provide a platform for the rapid exploration and development of the
project through 2011," added Mr. Williamson.
NIBLACK ASSAY TABLE
----------------------------------------------------------------------------
Drill Hole From To Intercept Cu Au Zn Ag
Number (feet) (feet) (feet) % g/t % g/t
----------------------------------------------------------------------------
U063 200.0 202.2 2.2 1.52 0.90 1.82 16
----------------------------------------------------------------------------
U064 181.1 209.5 28.4 2.12 1.49 2.01 30
U064 incl. 189.8 199.1 9.3 4.69 2.92 5.15 60
----------------------------------------------------------------------------
U067 331.0 335.0 4.0 1.66 0.24 0.01 10
U067 465.0 468.0 3.0 2.93 0.52 0.12 19
----------------------------------------------------------------------------
U069 287.0 299.0 12 0.46 0.42 1.58 6
U069 516.5 530.9 14.4 0.56 0.37 2.31 4
U069 incl. 524.0 530.9 6.9 0.80 0.48 3.51 7
----------------------------------------------------------------------------
U072 217.9 230.7 12.8 2.64 4.51 2.95 43
U072 incl. 219.2 226.2 7.0 3.28 5.20 4.83 55
----------------------------------------------------------------------------
U074 1008.4 1013.2 4.8 2.04 3.25 23.30 90
----------------------------------------------------------------------------
U075 899.3 905.0 5.7 0.22 2.05 0.98 11
----------------------------------------------------------------------------
U077 778.8 795.0 16.2 1.60 0.29 0.03 3
U077 incl. 784.8 786.9 2.1 4.75 0.52 0.03 6
----------------------------------------------------------------------------
U078 815.0 821.6 6.6 2.36 5.88 1.29 83
U078 910.0 932.3 22.3 1.61 0.53 0.02 7
----------------------------------------------------------------------------
U080 534.0 537.9 3.9 7.34 4.80 7.61 115
U080 795.0 799.7 4.7 2.43 1.69 3.24 28
----------------------------------------------------------------------------
U081 766.4 775.4 9.0 0.93 1.89 1.20 43
U081 790.0 850.8 60.8 1.26 1.94 1.28 38
U081 incl. 790.0 820.0 30.0 1.84 2.54 1.09 51
----------------------------------------------------------------------------
U083 660.0 725.9 65.9 1.47 2.98 1.89 60
U083 incl. 663.0 710.0 47.0 1.74 3.73 2.47 75
U083 or 666.1 670.0 3.9 1.70 13.54 5.24 193
U083 or 693.1 710.0 16.9 3.28 3.20 3.18 81
----------------------------------------------------------------------------
U084 635.0 660.9 25.9 1.62 2.47 1.61 52
U084 incl. 640.0 659.5 19.5 1.91 2.94 1.94 62
----------------------------------------------------------------------------
No significant results in holes U065, U066, U068, U070, U071, U073, U076,
U079 and U082
----------------------------------------------------------------------------
Niblack's location at tidewater on Prince of Wales Island in southeast Alaska
presents a number of project benefits, including year-round marine access, a
well-trained labour force, a mature supply and service sector, proximity to
Asian markets, and the support of community and Alaska Native corporation
partners. The project is located 27 miles (44 kilometres) from Ketchikan, a
community of 8,000 people with important services to support project
development, including a deep water port and international airport. The State's
burgeoning minerals industry also enjoys a competitive tax regime and stable,
predictable permitting and regulatory oversight coordinated by the Alaska
Department of Natural Resources' 'Large Mine Permitting Team'. For reference,
Hecla's Greens Creek, a 2,100-ton per day underground massive sulphide mine,
operates 225 miles (370 kilometres) to the northwest of Niblack on Admiralty
Island.
Peter Kleespies, P.Geol., a Qualified Person as defined under National
Instrument 43-101, is supervising the exploration and quality assurance and
quality control programs on behalf of Niblack and has reviewed the content of
this release.
About Niblack Mineral Development Inc.
Niblack Mineral Development Inc. (TSX VENTURE:NIB) is an exploration and
development company with a number of mineral rich assets in South East Alaska.
The Corporation's principal asset is the Niblack advanced stage
copper-gold-zinc-silver project. This project is currently joint ventured to and
operated by Heatherdale Resources Limited (a Hunter Dickinson Company) which has
the right to earn up to a 70% interest in the project.
Niblack Mineral Development Inc. is a member of the Discovery Group of
companies, for more information on the group visit www.discoveryexp.com.
On behalf of the Board
Niblack Mineral Development Inc.
John Williamson, President, CEO & Director
Sample preparation and analysis for the Niblack project is done at ISO 9001
accredited ALS Chemex laboratories in Vancouver, BC. All samples are assayed for
gold by 30 g fire assay fusion with Atomic Absorption Spectroscopy (AAS) finish.
Copper, silver, zinc, lead and 29 additional elements are determined for all
samples by four acid digestion, followed by ICP-AES finish. All over-limit
copper, zinc or lead results (greater than 10%) and all over-limit silver
results (greater than 200 grams per tonne) are re-assayed by high grade single
element four acid digestion ICP-AES or AAS analysis. As part of a comprehensive
QA/QC program, one standard is inserted into the sample stream in each group of
20 samples, as well as one or more field blanks in each analytical batch. One
sample in each group of 20 is a duplicate, which is analyzed by Acme Analytical
Laboratories in Vancouver.
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address exploration drilling, exploitation activities and events or
developments that the company expects are forward looking statements. Although
the company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party opposition,
changes in government policies regarding mining and natural resource exploration
and exploitation, and continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, investors
should review the Company's continuous disclosure filings that are available at
www.sedar.com.
Niblack Mineral Development (TSXV:NIB)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Niblack Mineral Development (TSXV:NIB)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
