Val-d'Or, Quebec - July 3, 2013 -
NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold")
is pleased to announce an updated mineral resource estimate for the
Marban deposit. The Marban deposit, together with the Norlartic and
Kierens deposits, are all located on NioGold's Marban Block
property in the Malartic gold camp, Abitibi region of Quebec, and
collectively host an estimated measured and indicated resource of
32,127,000 tonnes grading 1.48 g/t gold totalling 1,531,000 oz gold, plus an estimated
Inferred resource of 16,478,000 tonnes grading 1.13 g/t gold
totalling 599,000 oz gold.
The Marban Block property is currently under option to Aurizon
Mines Ltd. ("Aurizon"), now a wholly owned subsidiary of Hecla
Mining Company ("Hecla"), who can earn up to a 65% interest.
The updated mineral resource
estimate was prepared by Mine Development Associates ("MDA") based
in Reno, Nevada. MDA previously estimated the Marban deposit
resources in 2010; the 2010 resource estimate has been updated to
include the results of the Phase 1 and 2 drilling campaigns
completed since under the Aurizon option, which comprised an
aggregate 68,860 meters of core drilling.
The following table summarizes the
June 1, 2013 updated total mineral resource estimate for the Marban
Block property.
Table 1: Marban
Block property - Mineral Resource Summary
--------------------------------------------------------------
|Deposit |Cut-off Grade|Category |Tonnes 1 |Grade|Gold 1 |
| | | | |(g/t | Ounces |
| | (Au | | |Au) | |
| |g/t) | | | | |
| | | | | | |
|------------------------------------------------------------|
|Marban 2 |0.35 / In-pit|Measured |24,617,000|1.31 |1,035,000|
| | |and | | | |
| | |Indicated| | | |
| | |------------------------------------|
| | |Inferred |10,921,000|0.81 |284,000 |
| |--------------------------------------------------|
| |2.0 / |Measured |656,000 |3.73 |79,000 |
| |Out-of-pit |and | | | |
| | |Indicated| | | |
| | |------------------------------------|
| | |Inferred |578,000 |3.69 |68,000 |
|------------------------------------------------------------|
|Norlartic|0.5 / 2.5 4 |Measured |5,417,000 |1.82 |316,000 |
|3 | |and | | | |
| | |Indicated| | | |
| | |------------------------------------|
| | |Inferred |3,199,000 |1.44 |148,000 |
|------------------------------------------------------------|
|Kierens 3|0.5 / 2.5 4 |Measured |1,437,000 |2.19 |101,000 |
| | |and | | | |
| | |Indicated| | | |
| | |------------------------------------|
| | |Inferred |1,780,000 |1.73 |99,000 |
|------------------------------------------------------------|
|Total | |Measured |32,127,000|1.48 |1,531,000|
| | |and | | | |
| | |Indicated| | | |
| | |------------------------------------|
| | |Inferred |16,478,000|1.13 |599,000 |
--------------------------------------------------------------
The mineral resource estimate has
been calculated using the Canadian Institute of Mining, Metallurgy
and Petroleum ("CIM") Definitions Standards for mineral resources
in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects. Mineral resources are not mineral
reserves and do not have demonstrated economic
viability.
1: Rounded to nearest 1
thousand, which may cause apparent discrepancies.
2: Updated mineral resource
estimate by MDA June 1, 2013.
3:
Mineral resource estimate reported by MDA March 11, 2010.
4: 0.5 g/t Au cut-off on resources
from surface to 200 metres vertically and 2.5 g/t Au cut-off below
200 metres.
Mike Iverson, NioGold's President
and CEO, states "We are pleased with the growth in the resource
base and especially pleased with the new model, which has given us
a stronger understanding of the Marban deposit's characteristics.
Since we started assembling the Marban Block in 2006, we have
established a strong resource estimate and the possibility of open
pit development. The Marban deposit, along with the Norlartic and
Kierens deposits and the satellite zones near them, make the Marban
Block a very attractive property. The property's central location
in the active Malartic/Val-d'Or gold camps, with established
infrastructure, suppliers and personnel, is another plus. We look
forward to continuing our efforts to grow the currently defined
zones, test new prospective targets and progressing to economic
studies based on our currently defined resource base."
Marban Deposit Updated Resource
Estimate Details
This updated mineral resource
estimate integrates the results of NioGold's Phase 1 and 2 drill
programs at the Marban deposit, conducted under the earn-in option
funded by Aurizon, into the previous mineral resource estimate
published by MDA on March 11, 2010. During Phase 1 (from August 30,
2010 to August 9, 2011) drilling at the Marban deposit totalled
41,270 metres distributed in 131 new holes and 8 extensions of
previous holes. During Phase 2 (from December 13, 2011 to May 31,
2012) drilling on the deposit totalled 27,590 metres distributed in
77 new holes and 9 extensions of previous holes. The main focus of
the two drilling campaigns was to increase the gold content in the
first 250 vertical metres, but also to add resources at depth.
Based on a cut-off grade of 0.35
grams of gold per tonne, the in-pit fully block-diluted mineral
resource is estimated at 24,617,000 tonnes at 1.31 grams of gold
per tonne (1,035,000 ounces of gold) in the measured and indicated
category, plus 10,921,000 tonnes at 0.81 grams of gold per tonne
(284,000 ounces of gold) in the inferred category. The undiluted
resource outside of the pit shell, tabulated using a cut-off grade
of 2.0 grams of gold per tonne, is estimated at 656,000 tonnes at
3.73 grams of gold per tonne (79,000 ounces of gold) in the
measured and indicated category plus 578,000 tonnes at 3.69 grams
of gold per tonne (68,000 ounces of gold) in the inferred
category.
Table 2: Marban Deposit Updated Gold Resources
(MDA June 1, 2013)
-------------------------------------------------------------
| |Cutoff |Category |Tonnes 1 |Grade (g|Gold 1 |
| |(g Au/t)| | |Au/t) |(oz Au) |
| | | | | | |
|-----------------------------------------------------------|
|In-Pit |0.35 |Measured |24,617,000|1.31 |1,035,000|
| | |and | | | |
| | |Indicated| | | |
| | |---------------------------------------|
| | |Inferred |10,921,000|0.81 |284,000 |
|-----------------------------------------------------------|
|Out-of-Pit|2.00 |Measured |656,000 |3.73 |79,000 |
| | |and | | | |
| | |Indicated| | | |
| | |---------------------------------------|
| | |Inferred |578,000 |3.69 |68,000 |
|-----------------------------------------------------------|
|Total | |Measured |25,273,000|1.37 |1,114,000|
| | |and | | | |
| | |Indicated| | | |
| | |---------------------------------------|
| | |Inferred |11,499,000|0.95 |352,000 |
-------------------------------------------------------------
The mineral resource estimate has
been calculated using the Canadian Institute of Mining, Metallurgy
and Petroleum ("CIM") Definitions Standards for mineral resources
in accordance with National Instrument 43-101 - Standards of
Disclosure for Mineral Projects. Mineral resources are not mineral
reserves and do not have demonstrated economic
viability.
1: Rounded to nearest 1
thousand, which may cause apparent discrepancies.
The in-pit
and out-of-pit resources have been estimated based on the following
parameters:
-Two
distinct scenarios were considered in reporting the resources: open
pit and underground;
-The
in-pit resource is based on a Whittle pit shell calculated at a
gold price of US$1,540 per ounce of gold, which is the approximate
three-year moving average gold price;
-The
resource model is controlled explicitly by three gold mineral
domains that were interpreted on a set of 6-metre spaced vertical
cross sections;
-The
mineral domains were interpreted so as to respect geological
interpretations, including lithologies, folds and mineralized
shears, from cross-sections at 12.5-metre intervals;
-Three
mineral domains were interpreted, including a low-grade domain
(~0.3 to ~0.8 g/t), a medium-grade domain (~0.8 to ~4.0 g/t), and a
high-grade domain (above ~4.0 g/t);
-Assays
lying within each of the domains were capped, with a cap of 15 g/t
for the low-grade domain, 25 g/t for the medium-grade domain, and
135 g/t for the high-grade domain;
-The
capped assays were composited at 2-metre intervals;
-Interpolation was done by inverse distance to the
third power into model blocks that are 3 metres wide, 3 metres high
and 6 metres long along the strike of the deposit;
-In
addition to the assay capping, restrictions were placed during
grade interpolation on the influence of high-grade composites in
each of the three mineral domains;
-The
densities used for tonnage are 2.80 t/m3 for the basalt
(the principal ore host), 2.85 t/m3 for ultramafic
rocks, and 2.75 t/m3
for granodiorite;
-The
ounces estimated into the modeled workings of the past-producing
Marban mine were removed from the mineral resources, and
-The
modeling and estimation of the mineral resources was done using
Gemcom Surpac(R) mining software.
The
sensitivity of the in-pit and out-of-pit resources to cut-off grade
is show in the two following tables.
Table3: Marban Deposit -
Sensitivity of In-Pit Mineral Resource
-------------------------------------------------------------------------------------
|Cutoff| |Measured | |Indicated | |Inferred |
|(g | | | | | | |
|Au/t) | | | | | | |
| |----------------------------------------------------------------------------|
| | |Tonnes |g |oz Au | |Tonnes |g |oz Au | |Tonnes |g |oz Au |
| | | |Au/t| | | |Au/t| | | |Au/t| |
|-----------------------------------------------------------------------------------|
|0.35 | |6,404,000|1.33|275,000| |18,213,000|1.30|760,000| |10,921,000|0.81|284,000|
|-----------------------------------------------------------------------------------|
|0.50 | |5,045,000|1.58|256,000| |14,924,000|1.49|715,000| |6,362,000 |1.09|223,000|
|-----------------------------------------------------------------------------------|
|0.70 | |3,745,000|1.92|231,000| |11,717,000|1.74|654,000| |3,531,000 |1.50|170,000|
|-----------------------------------------------------------------------------------|
|1.00 | |2,495,000|2.46|198,000| |8,234,000 |2.11|560,000| |2,011,000 |2.00|129,000|
|-----------------------------------------------------------------------------------|
|2.00 | |912,000 |4.36|128,000| |2,462,000 |3.81|301,000| |495,000 |3.99|63,000 |
|-----------------------------------------------------------------------------------|
|2.50 | |635,000 |5.29|108,000| |1,545,000 |4.75|236,000| |311,000 |5.03|50,000 |
|-----------------------------------------------------------------------------------|
|5.00 | |208,000 |9.26|62,000 | |385,000 |8.95|111,000| | |9.38|27,000 |
| | | | | | | | | | | 88,000 | | |
-------------------------------------------------------------------------------------
Table 4: Marban Deposit - Sensitivity of
Out-of-Pit Shell Resource
---------------------------------------------------------------------------------
|Cutoff| |Measured | |Indicated | |Inferred |
|(g | | | | | | |
|Au/t) | | | | | | |
| |------------------------------------------------------------------------|
| | |Tonnes |g |oz Au | |Tonnes |g |oz Au | |Tonnes |g |oz Au |
| | | |Au/t| | | |Au/t| | | |Au/t | |
|-------------------------------------------------------------------------------|
|0.35 | |941,000|1.43|43,000| |3,650,000|1.28|150,000| |9,187,000|0.890|264,000|
|-------------------------------------------------------------------------------|
|0.50 | |785,000|1.63|41,000| |3,003,000|1.46|141,000| |6,036,000|1.140|221,000|
|-------------------------------------------------------------------------------|
|0.70 | |590,000|1.97|37,000| |2,342,000|1.70|128,000| |3,403,000|1.560|171,000|
|-------------------------------------------------------------------------------|
|1.00 | |407,000|2.48|32,000| |1,681,000|2.04|110,000| |2,110,000|2.010|136,000|
|-------------------------------------------------------------------------------|
|2.00 | |156,000|4.20|21,000| |500,000 |3.59|58,000 | |578,000 |3.690|68,000 |
|-------------------------------------------------------------------------------|
|2.50 | |113,000|4.96|18,000| |309,000 |4.43|44,000 | |375,000 |4.480|54,000 |
|-------------------------------------------------------------------------------|
|5.00 | |33,000 |8.76|9,000 | |71,000 |8.16|19,000 | |85,000 |8.240|23,000 |
---------------------------------------------------------------------------------
Aurizon (Hecla) Option
Aurizon can earn up to a 65%
interest the Marban Block property under the terms of an option and
joint venture agreement dated July 5, 2010, between NioGold and
Aurizon. The initial 50% interest can be earned by incurring
expenditures of $20 million over three years, completing an updated
NI 43-101 compliant mineral resource estimate, and by making a
resource payment for 50% of the total gold ounces defined by the
mineral resource estimate. NioGold remains the project operator
during the initial earn-in period (see news release dated July 6,
2010).
Approximately $9.0 million in
expenditures remain to be incurred as part of Aurizon's earn-in for
the initial 50% interest.
Scientific/Technical Info, Qualified
Persons and QA/QC
This news release was prepared by
and under the supervision of Yan Ducharme, M.Sc, P. Geo (OGQ),
NioGold's Vice-president Exploration and a Qualified Person as
defined by National Instrument 43-101. The current mineral resource
estimate on the Marban deposit was completed under the supervision
of Michael Gustin, Ph.D., CPG of Mine Development Associates of
Reno Nevada, an independent Qualified Person under NI 43-101
guidelines, using the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Standards on
Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by the CIM Council on June 30, 2011. The effective date of
the estimate is June 1, 2013.
Additional
Information
Below are hyper-links (right-click
then open hyperlink, or cut and paste the URL below) to 2 sketches
showing the Marban Block plan and the longitudinal sections view of
the Marban Gold deposit with the outline of the in-pit and
underground resources:
Marban Block
Geology
http://www.niogold.com/news/2013/july03/Marban-Block-Geology.jpg
Marban Deposit
Longitudinal Section
http://www.niogold.com/news/2013/july03/Marban-Deposit-Longitudinal-Section.jpg
All other information previously
released on Marban is also available on NioGold's website at
www.niogold.com
NioGold Mining Corporation - << On Canada's Golden Highway
>>
NioGold Mining Corporation is a
mineral exploration company focused on gold. The Company's flagship
projects are located in the Cadillac - Malartic - Val-d'Or region
of the prolific Abitibi gold mining district, Quebec. The Cadillac,
Malartic and Val-d'Or mining camps have produced over 45 million
ounces of gold since the 1930's and presently encompasses six
producing gold mines including Osisko Mining's new Canadian
Malartic operations. NioGold's land holdings within the Abitibi
presently cover 130km2 and encompass four
former gold producers, namely the Norlartic, Kierens (First
Canadian), Marban and Malartic Hygrade mines that collectively
produced 640,000 ounces of gold.
NioGold's experienced and qualified
technical team are overseeing the advancement of these projects,
targeting expansion of the resource base.
NioGold invites you to visit the
company website at www.niogold.com.
For information on NioGold Mining
Corporation contact:
Michael A. Iverson, Chairman &
CEODale Paruk, Vice-President
miverson@niogold.com dparuk@niogold.com
Tel: (604) 856-9887Tel: (604) 662-4505
Toll-free: (877)
642-6200
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news
release.
FORWARD-LOOKING STATEMENTS
This news release includes
"forward looking statements", as that term is defined in Section
27A of the Unites States Securities Act of 1933, as amended, and
Section 21E of the United States Exchange Act of 1934, as amended,
that are subject to assumptions, risks and uncertainties.
Statements in this news release which are not purely historical are
forward looking statements, including without limitation any
statements concerning the Company's intentions, plans, estimates,
expectations or beliefs regarding the future. Although the Company
believes that any forward looking statements in this news release
are reasonable, there can be no assurance that any such forward
looking statements will prove to be accurate. The Company cautions
readers that all forward looking statements, including without
limitation those relating to the Company's future operations and
business prospects, are based on
assumptions none of which can be assured, and
are subject to
certain risks and uncertainties that could cause actual events or
results to differ materially from those indicated in the forward
looking statements. Readers are advised to rely on their own
evaluation of such risks and uncertainties and should not place
undue reliance on forward looking statements.
Any forward looking
statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward looking
statements, or to update the reasons why actual events or results
could or do differ from those projected in the forward looking
statements. Except as required by law, the Company assumes no
obligation to update any forward looking statements, whether as a
result of new information, future events or otherwise.
CAUTIONARY NOTE
TO U.S. INVESTORS
The
United States Securities and Exchange Commission (the "SEC")
permits U.S. mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We may use certain
terms in this news release, such as 'measured resources',
'indicated resources' and 'inferred resources', which the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. The news release may
contain information about adjacent properties on which we have no
right to explore or mine. U.S. investors are cautioned that mineral
deposits on adjacent properties may not be indicative of mineral
deposits on our properties.
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