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NioGold Mining Corporation (TSX-V:NOX - News) ("NioGold")
and Aurizon Mines Ltd. ("Aurizon") are pleased to report on the
latest drilling results at the Marban Block property, located in the Malartic
gold camp, Abitibi region of Quebec.
Assay results were received for 21 drill
holes. Significant intersections include:
- 20.90 grams of gold per tonne over 1.2 metre (MB-07-005 extension),
- 3.98 grams of gold per tonne over 7.5 metres (MB-10-119),
- 9.06 grams of gold per tonne over 7.3 metres (MB-10-120),
- 66.00 grams of gold per tonne over 1.2 metre (MB-10-121),
- 43.6 metres averaging 0.87 gram of gold per
tonne, including 7.22 grams of gold per tonne over 2.1 metres (MB-10-122),
- 5.74 grams of gold per tonne over 4.2 metres (MB-10-124),
- 15.40 grams of gold per tonne over 1.2 metre (MB-10-126),
- 35.20 grams of gold per tonne over 1.2 metre (MB-10-129),
- 22.10 grams of gold per tonne over 1.1 metre (MB-10-131),
- 4.00 grams of gold per tonne over 10.2 metres (MB-10-132).
The first year program under the terms
of the Aurizon option agreement includes 50,000 metres of diamond drilling
mainly directed at better defining and increasing the near surface mineral
resources at the Marban and Norlartic gold deposits.
Two drill rigs are in operation at the
Marban deposit since August 30. Fifty-three (53) drill holes and two (2)
extensions of previous holes were completed, for a total 15,275 metres. The
drilling conducted to date is confirming the geological and structural model
and the continuity to the gold mineralised zones. Results for 21 holes are
tabled below. Results for the remaining 18 completed drill holes are pending.
A third drill rig is planned to be added
by month's end to carry out 5,800 metres of shallow drilling at the Norlartic
deposit. As well, 16 drill holes, for a total of 3,200 metres, are planned to
test the area between the Marban and Norlartic deposits.
Marban Drill Results
------------------------------------------------------------------------
Hole Line Station Az Dip Depth (m) From (m) To (m)
------------------------------------------------------------------------
MB-06-002 5+00 E 0+48 S N180° -70° 498.0 274.3 289.4
extension 313.4 333.2
including 330.8 332.0
346.3 370.4
including 346.3 350.3
------------------------------------------------------------------------
MB-07-005 4+50 E 0+50 S N180° -60° 398.0 270.0 314.6
extension including 302.7 314.6
331.2 332.4
356.4 357.6
------------------------------------------------------------------------
MB-10-118 0+05 W 0+05 N N180° -50° 290.0 238.0 240.0
------------------------------------------------------------------------
MB-10-119 0+00 1+35 N N180° -48° 381.0 278.4 316.2
329.9 363.8
including 353.9 361.4
------------------------------------------------------------------------
MB-10-120 0+47 E 1+75 N N180° -55° 448.0 199.2 242.4
242.4 249.7
293.8 321.8
including 293.8 294.3
357.4 370.4
378.3 399.2
404.1 412.8
------------------------------------------------------------------------
MB-10-121 1+50 W 1+00 S N180° -45° 171.0 65.0 66.2
90.0 96.0
------------------------------------------------------------------------
MB-10-122 1+00 E 1+75 N N180° -60° 465.0 200.2 226.9
including 226.4 226.9
244.1 253.5
255.3 255.8
288.4 332.0
including 289.4 291.5
384.0 402.0
409.0 427.0
------------------------------------------------------------------------
MB-10-123 1+00 E 1+35 N N180° -55° 272.0 170.3 179.6
194.6 200.6
------------------------------------------------------------------------
MB-10-124 0+50 W 2+90 N N180° -45° 504.0 33.3 34.5
254.6 257.0
315.9 339.2
366.5 387.0
including 368.5 370.5
409.9 428.7
including 414.8 415.8
including 423.8 428.0
440.2 474.5
including 440.2 441.4
------------------------------------------------------------------------
MB-10-125 2+00 W 0+55 S N180° -45° 185.0 114.1 126.5
------------------------------------------------------------------------
---------------------------------------------
Length Grade
Hole (m) (g/t Au) Zone(s)
---------------------------------------------
MB-06-002 15.1 0.87 A
extension 19.8 1.23 P-M-V
1.2 8.33 V
24.1 1.37 W
4.0 3.99 W
---------------------------------------------
MB-07-005 44.6 0.51 P-M
extension 11.9 1.02 M
1.2 5.60 V
1.2 20.90 H
---------------------------------------------
MB-10-118 2.0 3.11 T
---------------------------------------------
MB-10-119 37.8 0.60 B-C1-C2
33.9 1.23 T
7.5 3.98 T
---------------------------------------------
MB-10-120 43.2 0.60 Y-Z-2
7.3 9.06 X
28.0 0.88 B-D1
0.5 31.40 D1
13.0 0.94 C1
20.9 0.54 A
8.7 0.71 T
---------------------------------------------
MB-10-121 1.2 66.00 E
6.0 3.16 D1
---------------------------------------------
MB-10-122 26.7 0.66 2-Y
0.5 7.43 Y
9.4 0.70 X
0.5 6.64 E
43.6 0.87 B-D1
2.1 7.22 D1
18.0 0.99 A
18.0 0.99 T
---------------------------------------------
MB-10-123 9.3 0.54 2
6.0 0.99 Y
---------------------------------------------
MB-10-124 1.2 6.89
2.4 5.02 2
23.3 0.63 E
20.5 0.88 D1
2.0 4.47 D1
18.8 1.80 C1
1.0 5.89 C1
4.2 5.74 C1
34.3 0.57 A-T
1.2 5.29 A
---------------------------------------------
MB-10-125 12.4 1.50 B-D1-E
---------------------------------------------
------------------------------------------------------------------------
Hole Line Station Az Dip Depth (m) From (m) To (m)
------------------------------------------------------------------------
MB-10-126 2+50 W 0+65 N N180° -45° 263.0 98.6 99.8
117.7 118.5
142.2 155.2
including 148.5 149.7
175.8 177.0
193.0 244.8
256.0 262.0
------------------------------------------------------------------------
MB-10-127 2+50 W 1+35 N N180° -45° 332.0 200.7 205.5
------------------------------------------------------------------------
MB-10-128 3+00 W 0+50 S N180° -45° 194.0 87.0 87.7
112.2 126.7
------------------------------------------------------------------------
MB-10-129 3+00 W 1+05 S N180° -45° 152.0 63.9 65.1
------------------------------------------------------------------------
MB-10-130 2+50 E 0+05 S N180° -55° 227.0 127.8 129.0
194.7 195.7
198.8 204.4
------------------------------------------------------------------------
MB-10-131 2+50 E 0+65 S N180° -55° 354.0 71.9 73.0
239.9 240.5
264.6 269.4
------------------------------------------------------------------------
MB-10-132 3+00 E 1+10 S N180° -45° 299.0 152.4 185.8
227.6 237.8
256.1 258.9
269.7 270.9
------------------------------------------------------------------------
MB-10-133 5+00 E 2+00 S N180° -50° 269.0 31.4 42.0
------------------------------------------------------------------------
MB-10-134 4+00 E 1+40 S N180° -45° 293.0 36.0 47.6
58.3 59.0
89.5 94.1
208.2 209.0
------------------------------------------------------------------------
MB-10-135 3+50 E 1+00 S N180° -65° 169.1 92.8 93.6
------------------------------------------------------------------------
MB-10-136 3+00 E 1+80 S N180° -45° 257.0 84.2 85.4
------------------------------------------------------------------------
---------------------------------------------
Length Grade
Hole (m) (g/t Au) Zone(s)
---------------------------------------------
MB-10-126 1.2 7.81
0.8 10.35 2
13.0 1.98 Z
1.2 15.40 Z
1.2 8.21 E
51.8 0.57 D1-B-C1-A-T
6.0 0.82
---------------------------------------------
MB-10-127 4.8 2.18 Z
---------------------------------------------
MB-10-128 0.7 6.76 Z
14.5 0.93 D1
---------------------------------------------
MB-10-129 1.2 35.20 D1
---------------------------------------------
MB-10-130 1.2 4.39 Z
1.0 7.23 D
5.6 0.93 D
---------------------------------------------
MB-10-131 1.1 22.10 Y
0.6 8.76 A
4.8 2.78 T
---------------------------------------------
MB-10-132 33.4 0.49 B
10.2 4.00 P
2.8 4.29 T
1.2 5.59 T
---------------------------------------------
MB-10-133 10.6 1.21 E
---------------------------------------------
MB-10-134 11.6 0.73 E
0.7 7.72
4.6 1.65 D3
0.8 14.65 P
---------------------------------------------
MB-10-135 0.8 3.78 E
---------------------------------------------
MB-10-136 1.2 4.57
---------------------------------------------
Note: Complete assay results for hole
MB-10-119 are pending.
Marban deposit drilling
The initial phase of the program is intended to complete the drill hole
pattern at 50-metre spacing to a vertical depth of 300 metres. Select in-fill
drilling at 25-metre spacing will be conducted around intersections of
economic interest.
During the months of September and
October, drilling was carried out over a 250-metre strike extent within the
central portion of the deposit, more specifically between lines/sections 1+00E
to 1+50W. The drill holes tested the entire width of the Marban Mine Sequence
from surface to a vertical depth of about 350 metres. The Mine Sequence,
consisting of deformed mafic volcanic rocks, is approximately 250 metres wide
in this area and hosts several important sub-parallel sulphide and gold
mineralised shear zones.
In November, December and January
drilling extended over a one-kilometre strike extent of the Marban gold
system, from lines/sections 5+00E to 5+00W. One drill rig was assigned to holes
that required traversing the Marban mine (1961-74) underground workings,
located between 150 and 250 metres vertical depth, in order to investigate
the prospective shear zone located along the footwall (south) contact of the
Mine Sequence.
General remarks from results received to
date at Marban include:
- Important gold mineralised intervals were intersected along the
lateral and depth extents of the mined out ores in Zones B and D1.
- Several important mineralised zones are now recognised within the
broad footwall shear, namely Zones T, A, C, C1 and C2. The footwall is
characterised by wide low grade sulphide and gold mineralised envelops
with higher grade gold intervals over a few metres. The footwall shear
remains partially tested over the 1.3-kilometre extent of the Marban
gold system and is a priority target for resource development.
- The narrower Zones 2 and E, located near the folded hanging wall
(north) contact, previously referred to as the Wedge Zones, were traced
over a one-kilometre strike extent and returned some high-grade gold
intervals.
Aurizon 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 C$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
is the project operator during the initial earn-in period (see news release
dated July 6, 2010).
Technical Info, QA/QC and Qualified
Persons
Reported intervals are in core lengths but are anticipated to approximate
true width, except where structural complexities occur, as the holes were
drilled near perpendicular to the principal local structural orientation.
Diamond drill holes were drilled with
NQ-size core in order to obtain larger sample volumes of the mineralised
zones, except for holes that traversed underground workings which were
completed using BQ-size core. The core was sealed delivered by the drilling
contractor to NioGold's facilities located at the Norlartic mine site. The
core was photographed for reference, logged and mineralised sections were
sawed in half. Sample lengths vary between 0.5 to 1.5 metres. Half core
samples were bagged, sealed and delivered to ALS Chemex in Val-d'Or, Quebec,
an accredited laboratory. The remaining core is stored on site for reference.
Samples were assayed by the fire-assay method using an atomic absorption
finish on a 50-gram pulp split. A quality assurance and quality control
program (QA/QC) was implemented by NioGold and the laboratory to insure the
precision and reproducibility of the analytical method and results. The QA/QC
program includes the insertion of standards, blanks and field duplicates in
the sample batches sent to the laboratory and a systematic re-assaying of
samples returning values above 2 g/t Au by the fire-assay method using a
gravimetric finish. As well, pulps grading above 0.5 g/t Au are sent to
Bourlamaque Assay Laboratories Ltd. in Val-d'Or for check assaying.
The drilling program was conducted under
the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), a Qualified Person as
defined by National Instrument 43-101. This news release was prepared by Rock
Lefrançois, P.Geo. (OGQ), the Company's President and a Qualified
Person as defined by National Instrument 43-101.
version française à http://niogold.com/category/news-french
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 stretch of the prolific
Abitibi gold mining district, Province of Quebec, Canada. The Cadillac,
Malartic and Val-d'Or mining camps have produced over 45 million ounces of
gold since the 1930's and presently encompasses seven producing gold mines
and a major mine development project (Canadian Malartic, Osisko Mining).
NioGold's land holdings within the Abitibi presently cover 125 km(2) and
encompass three former gold producers, namely the Norlartic, Kierens (First
Canadian), and Marban mines that collectively produced 600,000 ounces of
gold. NioGold has outlined Indicated resources of 598,000 ounces gold and
Inferred resources of 361,000 ounces gold in and around these deposits.
NioGold's experienced and qualified
technical team will ensure the successful advancement of the Company's
projects towards the highest quality mineral resources. NioGold invites you
to visit the company website at www.niogold.com.
FOWARD-LOOKING STATEMENTS
This news release includes
forward-looking statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to be
considered forward looking. There can be no assurances that such statements
will prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. The TSX Venture Exchange did not approve
nor do not accept responsibility for the adequacy or accuracy of this news
release.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and
Exchange Commission 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 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. U.S. investors are urged to consider
closely the disclosure in our Form 20-F. The news release contains
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.
Contact:
For information on NioGold Mining Corporation contact:
Michael A. Iverson
Chairman & CEO
miverson@niogold.com
Tel: (604) 856-9887
Dale Paruk
Vice-President
dparuk@niogold.com
Tel: (604) 662-4505
Toll-free: (877) 642-6200
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