VANCOUVER, June 2, 2011 /CNW/ - Nanika Resources Inc. (TSXV:NKA) and (FSE:C7X) is pleased to announce that it will proceed with an exploration program on its 100 per cent owned Rivett Lake gold property in the Northwest Territories.
A crew will be onsite within the next month for mapping, grab sampling, channel sampling, and prospecting. The proposed exploration program for the Rivett Lake claims includes: compilation of the known mineral occurrences onto maps, systematic sampling using gps locations, plotting of sampling results and an evaluation of targets for further exploration by trenching and drilling. At the present time it is expected an additional 2011 work program will commence as soon as the results of phase one have been evaluated for favourable outcomes.
Nanika's Rivett Lake property consists of 30 claims totaling 59,714.59 acres (24,165.72 hectares) and is approximately 30 kilometres southwest of the operating Snap Lake Diamond Mine and approximately 200 kilometers northeast of Yellowknife.
Previous samples from historical reports in the Rivett Lake area have documented assays up to 85 grams per ton gold. Nanika is interested in the property as a result of historic work near Rivett Lake which is potentially prospective for gold, silver, nickel, and zinc as well as the proven Diamond potential in the area. However, it must be noted that at this time there is no certainty that mineralization with the above reported grades will be found on Nanika's Rivett Lake claims.
In 2010, Nanika completed a Rivett Lake airborne survey which involved low-level, high-resolution airborne magnetic surveys. These surveys were completed on 50 meter-spaced lines with a total survey distance flown of 5,800 line kilometers by Special Projects Inc., a Calgary-based geophysical company. A report on the airborne magnetic survey was completed by Martin St. Pierre, Professional Geophysicist of Coquitlam, British Columbia.
Lou Covello, B.Sc. and Gary Vivian, M.Sc., both P. Geols. from Aurora Geosciences Ltd in Yellowknife, are qualified persons under National Instrument 43-101 and will supervise the current project and have reviewed and approved the technical disclosure in this news release.
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and development company focusing on the advancement of its mineral properties, all of which are located within Canada.
On Behalf of the Board,
James D. Jacuta,
Chairman, President and CEO.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
