Knight Resources Ltd.: Multiple New Drill Targets Defined on Results of 2009 Field Season
06 Novembre 2009 - 12:44AM
Marketwired
Mr. Harvey Keats, Chief Executive Officer of Knight Resources Ltd.
(TSX VENTURE: KNP)(FRANKFURT: KRL), reports that the 2009 West
Raglan program has identified eighteen primary drill targets in
five new prospective areas that are characterized by strongly
positive indications of nickel mineralization along the Raglan
Horizon and within the Povungnituk Group. The summer field program
was designed to investigate the 710 square kilometre property for
drill targets in addition to those identified from drilling
conducted in 2008 at the Frontier area. These target areas were
identified by prospecting, mapping, ground TDEM surveys and
airborne V-TEM. On these results, the joint venture technical
committee is recommending a $5,000,000 summer program for 2010 that
will focus on drill follow-up of the new targets. No drilling was
conducted in 2009; however two rigs remain on site.
The West Raglan Project, located in the Cape Smith Belt of
northern Quebec, is a joint venture between Anglo American
Exploration (Canada) Ltd. ("AAEC") and Knight. The Cape Smith Belt
is host to in excess of 35 million tonnes grading 2.9% nickel in
140 mineralized zones in 10 distinct areas on Xstrata's Raglan
property located 90 kilometres east of the West Raglan property.
Exploration work carried out by Anglo and Knight over the past
seven years, including 173 drill holes, has been successful in
discovering 12 mineralized zones in just one area, known as
Frontier. The objective of the West Raglan Project has always been
to identify sufficient resources to justify a stand-alone mine and
mill operation. The 2009 program has been successful in identifying
5 new target areas in addition to Frontier, increasing the
probability of meeting the project objectives.
Raglan Horizon:
A portion of the 2009 program was focused on prospective areas
along the 65 kilometres of strike length of the Raglan Horizon that
occurs on the West Raglan Property. Mineralization along this
horizon is characterized by magmatic sulphide mineralization that
typically exhibits Raglan-type nickel tenors of between 3% and 15%
nickel based on a calculation for 100% sulphides. The Raglan
Horizon hosts all of Xstrata's resources.
Frontier Area Extension:
The Frontier area is characterized by a cluster of ultramafic
intrusions which host 12 known mineralized zones at the base of 3
distinct ultramafic units. These units have been extended at least
1 kilometre to the west on the basis of TDEM, detailed magnetic
surveys and 3D magnetic inversion modeling. Three primary drill
targets have been chosen on discrete TDEM/magnetic responses. In
addition, follow-up of the results of the 2008 drill program that
returned 2.66% nickel, 1.10% copper over 36.43 metres in drill hole
WR-08-164; (see news release dated November 24, 2008) is also under
consideration.
Terrace:
Three drill targets have been defined on the basis of
TDEM/magnetic responses supported by newly discovered anomalous
sulphide mineralization in out-cropping ultramafic rocks (0.16%
nickel with 0.37% sulphur, and 0.25% nickel with 0.49% sulphur).
The targets are in the vicinity of a boulder found in 2007 that
assayed 1.61% nickel and 0.77% copper and 2.03 g/t platinum group
elements.
CDC Area:
The CDC area is located 11 kilometres east of the Frontier area
along the Raglan Horizon where two target areas have been defined.
Drill targets have been chosen at six locations based on isolated
TDEM/magnetic anomalies at CDC and CDC southeast extension. All
targets are associated with ultramafic rocks mapped on surface, or
where there is a strong probability of ultramafic rocks in areas
covered by glacial till. Weakly disseminated nickeliferous
mineralization (0.11% and 0.26% nickel with 1.9 and 1.6% sulphur
respectively) in out-cropping ultramafic rock was noted in the
vicinity of two targets.
POV Region:
The POV region is a roughly 400 square kilometre region of
Povungnituk Group stratigraphy that occurs south of, and
stratigraphically below, the Raglan Horizon. Outcrop in this region
is limited due to extensive glacial till cover. Many airborne
Spectrem (2004) and V-TEM anomalies with high magnetic features
remain unexplained. Ultramafic rocks in the POV region can
potentially host mineralization similar to Mezamax, Expo Ungava,
Ivakkak, Delta, Bravo and Getty, among others. Nickel
mineralization associated with this trend generally differs from
mineralization in the Raglan Horizon by somewhat lower nickel
tenors (2% to 7% nickel, calculated for 100% sulphides) and higher
copper and platinum group element concentrations related to
sulphide mineralization.
East Potato area:
In follow-up of a massive sulphide boulder (2.54% nickel, 0.35%
copper and 2.15 g/t platinum group elements with 34.20% sulphur)
found in 2005 and located 10 kilometres south of the Frontier area,
a 432 line kilometre V-TEM survey was completed and investigated
with prospecting. Ground follow-up identified mineralized
nickeliferous ultramafic rocks at two locations that graded 0.25%
nickel, 0.15% copper, 0.14 g/t platinum group elements with 1.88%
sulphur; and 0.23% nickel, 0.05% copper with 1.63% sulphur
respectively. On the basis of coincident V-TEM and magnetic
anomalies with supporting mineralization, six drill targets have
been identified within an 8 square kilometre area.
Boomerang:
Results from till geochemistry returned two clusters of
anomalous nickel and copper, up to three times background, 1.8
kilometres from the Boomerang showing (0.79% nickel and 0.32%
copper grab sample on surface and 0.54% nickel, 0.11% copper, with
7.45% sulphur over 0.45 metres). Follow-up of these anomalies with
ground TDEM surveys is proposed during the first part of the 2010
field program.
General Information:
The West Raglan Project is a joint venture between Anglo
American Exploration (Canada) Ltd. ("AAEC") (53.46%) and Knight
(46.54%). The West Raglan Project in Quebec covers over 710 square
kilometres and includes approximately 65 kilometres of the Raglan
Horizon along which extensive ultramafic rocks typically occur.
AAEC is the operator of the West Raglan Project and is responsible
for the sampling, submittal of samples for assay and QA/QC.
Standards and blanks were added to each sample batch under
supervision of AAEC staff. The samples were shipped in secure
containers to ALS Chemex in Vancouver, British Columbia. Assaying
of samples reported in this news release was carried out and
certified by ALS Chemex (nickel, copper, cobalt and sulphur by
sodium peroxide fusion followed by ICP-AES) (Pb-FA for platinum,
palladium and gold). Sample preparation was done by ALS Chemex.
Robin Adair, VP of Exploration, is the Qualified Person responsible
for the technical information in this news release.
Corporate Matters:
The Company has granted 8,550,000 incentive stock options to
certain of its directors, officers, employees, and consultants
exercisable at a price of $0.10 per share for a period of one year.
The Company has also engaged Syndicated Capital Corp. ("SCC") of
Vancouver, British Columbia, to provide investor relations services
to the Company. The Company has agreed to pay SCC $5,000 per month,
for an initial term of 6 months. Mr. A. Salman Jamal of Vancouver,
British Columbia is the principal of SCC. The Company has granted
500,000 incentive stock options to SCC exercisable at a price of
$0.10 per common share for a period of one year. The agreement is
subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.
Harvey Keats, CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Knight Resources Ltd. Harvey Keats CEO (604) 684-6535
(604) 602-9311 (FAX) knight@bed-rock.com www.knightresources.ca
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