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Niblack Mineral Development Expands Precious
Metals-Enriched VMS Deposit
July
13, 2010, Edmonton, AB � Niblack Mineral Development Inc. (�Niblack�
or the �Company�) (TSXV: NIB) announces that delineation drilling at the
Niblack gold-copper-silver-zinc project in southeast Alaska continues to
deliver superb and improving results, further expanding a newly discovered
polymetallic volcanogenic massive sulphide (VMS) deposit on the
Niblack property.
Niblack�s
joint venture has completed 35,000 feet of drilling in 23 holes from six underground
drill stations. Assay results from the last 14 of these holes, released
today, indicate that the precious metals-enriched system located southwest of
the known Lookout deposit continues to expand and remains open in several
directions.
�The assay results
released today confirm the continuity of high-grade VMS mineralization at
Niblack, and reflect a consistently strong and improving grade profile and
growing resource base,� said Heatherdale President & CEO Dave Copeland.
�The findings validate our geological team�s growing knowledge of the
precious metals-enriched system we�re seeking to delineate, and enhance our
confidence that we will define a polymetallic VMS deposit with the grades,
volume and other characteristics necessary to support an economically robust
underground mining operation in future.�
The
Drill Program:
Important
intersections from the 14 drill holes (U039-U052) released today are
presented in the �Niblack Assay Table� at the end of this release. Assay
results from the first nine holes drilled, representing 15,000 feet of
drilling, were released previously (see March 19, 2010 news release). A drill
hole location section is available at www.niblack.com.
The initial
25,000 foot drill program is complete and the second phase of the program is
well underway. Two underground drill rigs are currently working to further
expand the strike length of the newly discovered gold-copper-silver-zinc
system located adjacent to the Lookout zone. The Lookout zone is one of six
known VMS deposits within the 10 square mile Niblack property.
The 23 holes
drilled at Niblack since fall 2009 were collared at six underground drill
stations utilizing a fan pattern designed to cross cut the mineralized target
horizon southwest of the Lookout deposit. To date, the true widths of the
intersections have not been firmly established. Systematic, step-out drilling
will continue for the balance of 2010 to expand the dimensions of the
high-grade VMS deposit and demonstrate the strength and continuity of the
gold-copper-silver-zinc mineralization.
�We fully
intend to continue our investment at Niblack to move the project forward in a
timely and efficient way. Over the next several months, two underground
drills will complete an additional 50,000 feet of underground drilling for
the purpose of further developing the geological model for the project� said
Heatherdale President & CEO Dave Copeland.
Niblack�s
location at tidewater on Prince of Wales Island in southeast Alaska presents
a number of compelling 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 of
Alaska�s burgeoning minerals industry also enjoys a competitive tax regime
and stable, predictable permitting and regulatory oversight coordinated by
the 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. (NIB:TSXV) is a Tier 1 Canadian exploration and
development company whose principal asset is a 100% owned, advanced-stage,
gold-rich VMS deposit containing gold, silver, copper and zinc. This project
is currently joint ventured to and operated by Heatherdale
Resources Limited, (Hunter Dickinson Company) which has the right to earn a
51% interest in the Niblack project by investing US$15 million over three
years, and an option to acquire up to a 60% interest from Niblack Mineral
Development Inc. (formerly CBR Gold Corp.) by investing an additional US$10
million and 70% by completing a bankable feasibility study. The Company also
owns the Khayyam and Ruby Tuesday Properties, which are within 18 miles (30
kilometres) of the Niblack 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.
/s/�John Williamson�
President, CEO & Director
For further information about Niblack Mineral Development Inc. or this news
release, please contact:
Brian Budd
Director of Corp. Development
Email: brianb@niblack.com
Tel. 604-646-4525 or toll-free 1-888-331-2269
Website: www.niblack.com
NIBLACK ASSAY TABLE
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Drill Hole Number
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From (feet)
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To (feet)
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Intercept (feet)
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Cu %
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Au g/t
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Zn %
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Ag g/t
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U039
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Niblack Mineral Development Inc.
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PRODUCER |
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CODE : NIB.V |
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ISIN : CA65365X1096 |
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ProfileMarket
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releasesAnnual
reportRISK :
Asset profileContact Cpy |
Niblack Mineral is a zinc and gold producing company based in Canada. Niblack Mineral holds various exploration projects in Australia and in Canada. Its main assets in production are 3 BLUFFS in Canada and JAURDI HILLS in Australia and its main exploration properties are BORDEN and NIBLACK in Canada and JAURDI HILLS (BLACK CAT) in Australia. Niblack Mineral is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.5 millions as of today (US$ 15.5 millions, € 11.6 millions). Its stock quote reached its highest recent level on January 23, 2004 at CA$ 9.95, and its lowest recent point on December 23, 2011 at CA$ 0.16. Niblack Mineral has 35 977 000 shares outstanding. |
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