Underground Drilling Continues to Expand and Upgrade Precious Metals-Enriched VMS Mineralization at Niblack
10 Novembre 2010 - 2:30PM
Marketwired
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.
"Neither 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 release."
Contacts: Niblack Mineral Development Inc. Brian Budd Director
of Corp. Development 604-646-4525 or Toll Free: 1-888-331-2269
brianb@niblack.com www.niblack.com or Mobile URL: m.niblack.com
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