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NioGold Mining Latest News
March 18 2010
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Exploration Drilling at Malartic Returns Values Up to 31 Grams Per
Tonne Gold
Press Release Source: NioGold
Mining Corporation On Thursday March 18, 2010, 10:38 am EDT
VAL-D'OR, Quebec, March
18, 2010 (GLOBE NEWSWIRE) -- NioGold
Mining Corporation (TSX-V:NOX - News)
(Frankfurt:NG1 - News) (Other OTC:NOXGF - News) is pleased to
provide updates on exploration drilling in the Malartic
gold camp, Abitibi, Quebec.
The
on-going program is intended to locate and investigate the main
strands of the Norbenite-Marbanite
deformation corridor on trend to the east and west of the known
gold deposits. Three major shears zones are recognized in the
southeast part of the Company's Malartic
property. These structures are the main controls on gold
mineralization as they host the current NI 43-101 compliant
resources defined at the Marban and Norlartic-Kierens deposits (News Release:
January 28, 2010) and the North Zone.
Summary of results of economic interest are
provided:
- Hole MB-10-101
returned an intersection of 31.2 g/t Au over 1.3 m and 5.2 g/t
Au over 1.2 m at the Marban NE
target, located one km northeast of the Marban
deposit. The hole was drilled as a follow-up to holes
MB-07-021 and MB-07-022, drilled in 2007, which returned
intersections of 6.2 g/t Au over 1.2 m and 4.4 g/t Au over 1.1
m, and 4.1 g/t Au over 1.0 m and 20.7 g/t Au over 1.0 m,
respectively. Gold values of economic interest at Marban NE are found in sheared or
fractured mafic volcanics
close to altered and mineralized porphyry intrusions. The
occurrence is interpreted to represent the east extension of
the North shear where limited past drilling was conducted
outside the North Zone.
- Hole MB-10-098
tested the extension of the Marbanite
shear zone, 450 meters to the east of NioGold's
previous drilling on the Marban
deposit. The hole returned a best intersection of 23.2 g/t Au
over 1.2 m, opening up the potential to the east to increase
the Marban resources.
- Drilling identified
three important shear zones containing sections of sulphide
mineralization to the northwest and on trend with the Norlartic-Kierens deposits and the North
and North-North Zones. Best results include: 12.4 g/t Au over
1.8 m (MH-09-014), 5.5 g/t Au over 1.0 m (MH-09-016) and 6.9
g/t Au over 1.1 m (MH-09-018).
"Our initial exploration targeting was markedly
accurate in tracing the main strands of the Norbenite-Marbanite
away from the known gold deposits despite local structural
complexities. These structures remain strong to the east and west
and generally enclose zones of alteration, vein stockwork,
sulphide mineralization, and locally intruded by swarms of porphyry
intrusions, characteristic of productive segments along the major
deformation corridors in the district. Results to date returned
thick sections of anomalous gold mineralization and some higher
grade intersections of economic interest," comments Rock Lefrancois, NioGold
President & COO. "We have budgeted for 20,000 meters of
drilling for 2010 as a first pass exploration program along this
prospective deformation zone."
Technical
Info, QA/QC and Qualified Persons
Reported
intervals are in core lengths but are inferred to be close to true
width (except where structural complexities occurred) 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 mineralized zones. The core was sealed
and delivered by the drilling contractor to NioGold's
facilities located at the Norlartic mine
site. The core was photographed for reference, logged and
mineralized sections were sawed in half. Sample lengths vary
between 0.5 to 1.5 meters. 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 ensure 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 programs are being conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), also a Qualified Person as
defined by National Instrument 43-101.
NioGold Mining Corporation -
On Canada's Golden Highway
FORWARD-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 or the Frankfurt Stock 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.
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NioGold Mining Corporation (TSX-V: NOX)
(OTC: NOXGF.pk) is a gold exploration
company with extensive land holdings in Northern Quebec's most
prominent gold mining region adjacent to 8 producing gold mines. The
Malartic project holds NI 43-101
compliant Indicated resources of 600,000 ounces gold in addition to
Inferred resources of 360,000 ounces gold. The gold resources are
defined along a three-kilometre segment of a regional gold
mineralised fault zone, in and around the former Marban, Norlartic and
Kierens gold mines, which collectively
produced 600,000 ounces gold. NioGold
controls a 20 km (12.5 miles) segment of this prospective fault
zone. The Company plans continued aggressive drilling on its land
holdings to expand the current resources and for new discoveries.
24549 53rd Avenue
Langley, British Columbia V2Z 1H6
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The Company's near term objective is to outline resources/reserves of
several million ounces of gold through the generation of new
geological concept models, focused exploration and definition
drilling. The exploration programs are managed by an
experienced and highly qualified technical team, who meticulously
supervise every aspect of day-to-day operations. In addition, Quebec
supports the mining industry by maintaining a stimulating mining tax
system. From the Quebec Government, the Company receives, in some
cases, up to 38% in tax credits for work performed in the field,
allowing the company to use tax credits for refinancing with no
dilution to the share structure. The projects are located in
proximity to the full-service mining towns of Val-d'Or and Malartic with access to gold milling facilities,
a provincial highway, railroad, power lines, telecommunication
systems and experienced labor force, which
facilitates cost effective exploration and development.
Reasons to invest . . .
- Explorer
in Canada's premier gold mining district
- Cadillac,
Malartic and Val-d'Or mining camps,
Quebec
- 115
km2 (45 mi2) land holdings covering 20 km (12.5 miles) of gold
mineralized fault
- Surrounded by 8 operating gold mines
- Adjoining
one of Canada's largest developing gold project (Osisko Mining 11.2M ounces gold)
- Over
60,000 m (200,000 ft) of drilling completed
- 960,000
ounces gold resources defined and growing
- 100,000
m (300,000 feet) of drilling planned for the next two years
- Giant
land package in elephant country
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