High Grade Results Continue To Expand And Upgrade Lookout Zone At Niblack
Edmonton, AB – Niblack Mineral Development Inc. (“Niblack” or the “Company”) (TSXV: NIB) and joint venture partner Heatherdale Resources are pleased to announce assay results from 10 additional holes completed at the Niblack volcanogenic massive sulphide (VMS) project in southeast Alaska. Two underground drill rigs are currently working to expand the precious metals-enriched mineralized body located adjacent to the Lookout Zone. The Lookout Zone is one of six known VMS deposits within the 10 square mile Niblack property.
To date 45,000 feet of drilling has been completed on the project. Assays from the first 24 holes drilled by the joint venture were released previously and are reported on the Niblack website. Important intersections from the next 10 holes are presented in the Niblack Assay Table below. A drill hole location section is available at www.niblack.com.
NIBLACK ASSAY TABLE
Drill Hole Number From
(feet) Intercept (feet) Cu
g/t U053A 618.4 653.6 35.2 2.36 2.71 4.24 70 U053A incl. 638.3 653.6 15.3 3.39 3.41 6.68 93 U053A 785.6 799.1 13.5 0.74 2.08 4.61 40 U053A incl. 797.7 799.1 1.4 1.96 2.03 36.17 83 U054 621.8 644.0 22.2 1.67 5.70 5.07 51 U054 662.3 690.7 28.4 2.88 3.64 2.81 73 U054 incl. 680.0 688.4 8.4 5.19 6.55 5.62 134 U054 707.9 715.7 7.8 2.88 4.35 1.73 86 U054 724.4 733.2 8.8 2.11 3.09 1.98 69 U054 863.0 876.2 13.2 2.82 1.78 2.00 64 U055B 844.7 855.0 10.3 1.74 3.85 0.49 57 U056 898.1 900.1 2.0 1.20 2.99 3.65 49 U057 530.0 532.0 2.0 6.14 2.13 4.90 185 U057 811.7 812.9 1.2 4.72 10.40 15.95 131 U058 210.0 226.9 16.9 2.36 2.65 1.38 33 U058 incl. 221.0 223.5 2.5 3.89 8.38 1.27 78 U059 No Significant Results U060 215.6 216.9 1.3 0.98 6.73 20.60 67 U061 189.0 193.5 4.5 1.67 1.66 5.84 23 U061 202.0 206.9 4.9 1.34 4.86 3.02 32 U062 240.9 250.8 9.9 5.32 1.54 3.23 41
“In addition to expanding and upgrading areas of known mineralization at Niblack, the significance of these results is that we’ve now extended the Lookout Zone to both the south and southwest and connected it to the high-grade VMS core that the joint venture discovered earlier this year,” stated Heatherdale President & CEO Dave Copeland.
“Our drill program continues to progress methodically and efficiently, and we continue to target and successfully intersect VMS mineralization that is strongly enriched with precious metals. All of these results validate our geological teams’ growing understanding of this system, and all of them strengthen our belief that Niblack will support a high-grade underground mine in future.”
The 34 drill holes that the joint venture has completed at Niblack since October 2009 were achieved from seven underground drill stations. A fan pattern, designed to cross-cut the mineralized target zone, was initiated from each of the stations to test the area southwest and south of the Lookout deposit. To date, the true widths of the intersections have not been accurately established. Systematic, step-out drilling continues to expand the dimensions of the precious metals-enhanced mineralized body and is demonstrating the strength and continuity of the sub seafloor replacement and massive sulphide seafloor accumulation style mineralization.
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.
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.
About Niblack Mineral Development Inc.
Niblack Mineral Development Inc. (NIB: TSX-V) is an exploration and development company with a number of mineral rich assets in South East Alaska. The company’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, (Hunter Dickinson Company) which has the right to earn 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.
President, CEO & Director
"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."
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.
Posted: October 6, 2010