Goldbrook Intersects Massive Sulphides
at Delta Northeast and
Expands Size Potential of Bravo B4 Deposit
DDH DNE10-003 intersects 2.70 metres
3.49%Ni, 0.25%Cu and 2.82 g/t PGE+Au
Vancouver,
British Columbia - Goldbrook Ventures Inc.
("Goldbrook",
TSX-V: GBK) is pleased to announce
results from its 2010 Raglan project diamond drilling program. The Raglan
Project located in Ungava, northern Quebec, is an Option-Joint Venture
Agreement with Jilin Jien Nickel Industry Co.,
Ltd. of Panshi, Jilin, China. This release
reports results from 2010 drilling at the Delta Northeast prospect and the
Bravo B4 deposit.
Delta Northeast Prospect
Goldbrook has discovered a high grade nickel sulphide system at the Delta Northeast prospect located
10 kilometres northeast of Goldbrook's
Bravo B4 Deposit (NI43-101
compliant resource estimate, press release dated November 4, 2010)
and, immediately along strike from Xstrata Nickel's Delta 8 and Delta 9
deposits. The Delta 8 and Delta 9 ore bodies were reported in a 1988
Falconbridge assessment report (GM48413,
Gurgurewicz - Luck and Hassard)
to contain a non-NI43-101 compliant historical resource estimate of a
combined 741,714 tonnes of 3.05% Ni, 1.27% Cu,
1.01 g/t Pt,1.65 g/t Pd).
The Delta
Complex was identified as an under-explored and high
priority target during Goldbrook's 2010
pre-season targeting. Initial drilling by Goldbrook
in 2009 had intersected disseminated zones of high tenor Ni-Cu-Pd sulphides, geochemically similar to the Delta 8 and 9
ores. The 2010 program was designed to follow up on the disseminated
mineralization intersected during the 2009 drill program and by a shallow
hole drilled by Phelps Dodge in 1989.
Late in the 2010 drilling campaign, Goldbrook completed 4 diamond drill holes totalling 881 metres on the
Delta Northeast prospect. These holes were drilled on sections along the
strike of the Delta Complex between 250 and 450 metres
from the Delta 9 ore body. Composited assay results of the Delta
Northeast drilling are listed in Table 1.
See link to Goldbrook
website for map http://www.goldbrookventures.com/EN/delta/
Drilling to date demonstrates potential for both
broad zones of mineralization and that the geological processes necessary
for forming massive Ni-Cu-PGE sulphide
mineralization are present at Delta Northeast. High resolution ground EM is
required to advance this prospect to the next stage of drilling and the
drill has been winterized on the site in preparation for a follow-up drill
program in 2011.
Table 1. Composited assay
results 2010 - Delta Northeast Prospect
|
Hole
ID
|
Interval
|
From
|
To
|
Interval
|
Ni
|
Cu
|
Co
|
Pt
|
Pd
|
Au
|
PGE+Au
|
metres
|
percent
|
grams per tonne
|
g/t
|
DNE10-001
|
No Significant Results
|
|
|
|
|
|
|
|
DNE10-002
|
1
|
163.00
|
181.40
|
18.40
|
0.42
|
0.12
|
0.02
|
0.12
|
0.28
|
0.03
|
0.43
|
DNE10-002
|
2
|
183.00
|
188.30
|
5.30
|
0.49
|
0.15
|
0.02
|
0.22
|
0.50
|
0.03
|
0.75
|
DNE10-003
|
1
|
195.40
|
198.10
|
2.70
|
3.49
|
0.25
|
0.08
|
0.83
|
1.96
|
0.03
|
2.82
|
DNE10-004
|
1
|
201.00
|
208.10
|
7.10
|
0.62
|
0.18
|
0.02
|
0.23
|
0.52
|
0.03
|
0.78
|
NOTE: intersections are reported as
actual core lengths, true widths may be less than core widths depending
on the angle of the hole and orientation of the intersection
|
Table 2. Drillholes
collar coordinates and details 2010 - Delta Northeast Prospect
|
HOLE ID
|
Datum
|
UTM Zone
|
Easting
|
Northing
|
Elevation
|
Length (m)
|
Dip
|
Azimuth
|
DNE10-001
|
NAD1983
|
18
|
530125.9
|
6817031.2
|
479.9
|
137.00
|
-50
|
160
|
DNE10-002
|
NAD1983
|
18
|
529965.7
|
6817365.2
|
443.9
|
248.00
|
-75
|
180
|
DNE10-003
|
NAD1983
|
18
|
529995.4
|
6817403.8
|
435.5
|
257.00
|
-75
|
180
|
DNE10-004
|
NAD1983
|
18
|
529966.0
|
6817436.0
|
433.7
|
239.00
|
-75
|
180
|
Bravo
B4 Deposit
The Bravo B4 Deposit contains approximately
325,000 tonnes of 0.81% Ni, 0.94% Cu, 0.04% Co,
0.06 g/t Au, 0.29 g/t Pt, 1.45 g/t Pd. A NI43-101 compliant resource
estimate was recently completed by P & E Mining Consultants Inc. (Goldbrook November
4, 2010 press release). The Bravo B4 Deposit forms a part of the Bravo Ultramafic Complex and is located between the Delta
Complex to the east and the Echo Complex to the west.
Goldbrook completed five diamond drill holes totalling 1298 metres near
the Bravo B4 Deposit in 2010. These holes were drilled at depth beneath and
to the north of the existing deposit and have resulted in an extension of
the known mineralization down-dip to the north. One of these holes was
drilled along strike to test a borehole EM anomaly identified from previous
work. Composited assay results of the Bravo B4 drilling are listed in Table
3.
Drilling to date demonstrates potential for
further expansion of the mineralization at Bravo B4 in the down-dip
direction. The dip of the ore body appears to be becoming increasingly
shallow at depth. Further drilling is required to explore this deeper
zone. Bravo B4 remains open along strike to the West and at
depth.
Table 3. Composited assay results 2010 -
Bravo B4 Deposit
|
Hole ID
|
Interval
|
From
|
To
|
Interval
|
Ni
|
Cu
|
Co
|
Pt
|
Pd
|
Au
|
PGE+Au
|
metres
|
percent
|
grams
per tonne
|
g/t
|
BRA10-012
|
1
|
163.20
|
164.50
|
1.30
|
0.44
|
0.05
|
0.02
|
0.10
|
0.88
|
0.00
|
0.98
|
BRA10-012
|
2
|
226.20
|
229.80
|
3.60
|
1.32
|
0.84
|
0.06
|
0.63
|
3.47
|
0.05
|
4.15
|
BRA10-015
|
No Significant
Results
|
|
|
|
|
|
|
|
BRA10-016
|
1
|
222.70
|
223.80
|
1.10
|
0.62
|
1.42
|
0.04
|
0.52
|
3.05
|
0.05
|
3.62
|
BRA10-017
|
1
|
181.00
|
182.00
|
1.00
|
0.43
|
0.23
|
0.02
|
0.21
|
0.54
|
0.01
|
0.76
|
BRA10-018
|
1
|
125.10
|
125.95
|
0.85
|
0.13
|
0.26
|
0.01
|
0.24
|
0.63
|
0.04
|
0.91
|
NOTE:
intersections are reported as actual core lengths, true widths may be
less than core widths depending on the angle of the hole and orientation
of the intersection
|
Table 4. Drillholes
collar coordinates and details 2010 - Bravo B4 Deposit
|
HOLE ID
|
Datum
|
UTM Zone
|
Easting
|
Northing
|
Elevation
|
Length (m)
|
Dip
|
Azimuth
|
BRA10-012
|
NAD1983
|
18
|
519450.6
|
6814000.7
|
456.0
|
253.64
|
-55
|
180
|
BRA10-015
|
NAD1983
|
18
|
519450.6
|
6814001.1
|
456.0
|
354.17
|
-65
|
180
|
BRA10-016
|
NAD1983
|
18
|
519591.0
|
6813988.5
|
446.7
|
245.00
|
-50
|
180
|
BRA10-017
|
NAD1983
|
18
|
519590.7
|
6813989.3
|
446.7
|
296.00
|
-65
|
180
|
BRA10-018
|
NAD1983
|
18
|
519710.8
|
6813929.5
|
438.5
|
149.00
|
-45
|
180
|
Analyses
Drillcore samples from the 2010 drill
program were assayed by ALS Chemex Laboratories
in Vancouver, BC [ISO 17025:2005 certified]. Sample preparation was
completed at the ALS Sudbury facility. Assay results for nickel, copper and
cobalt were determined by 4-acid digestion and ICP-AES finish and report
total nickel. Platinum, palladium and gold were determined by fire assay
fusion and ICP-AES finish. In addition to the ALS Chemex
quality control procedures, Goldbrook inserts
Certified Reference Materials, blanks and duplicates into the sample
batches for independent quality control.
Mr. Kevin W. Wells, P.Geo.,
(Quebec SA# 155), General Manager, Goldbrook
Ventures is a qualified person as defined by National Instrument
43-101 and has reviewed and verified the information contained and is
responsible for the technical content of this press release.
About Goldbrook
Goldbrook Ventures
is engaged in the exploration and development of Nickel-Copper-Platinum
Group Element sulphide deposits - a class of
mineral deposit that, due to its polymetallic
nature, has an advantage of protection against individual metal price
cycles and has strong long term supply-demand fundamentals. Goldbrook's quest for discovery is focused in the
Raglan District of Northern Quebec, a district that hosts Xstrata's Raglan
operations, arguably one of the world's most profitable nickel-copper-PGE
mines. Goldbrook is the District's single largest
holder of mineral rights, with a 100% interest in 861,000 acres.
Goldbrook's Raglan project is in the third year of an
option-joint venture agreement with Jilin Jien
Nickel Industry Co., Ltd. ("Jilin Jien")
under which they can earn a fifty percent interest in the Goldbrook properties by funding minimum exploration
expenditures of $45 million plus reinvestment of Quebec government rebates.Goldbrook is a shareholder of Jien Canada Mining Ltd. ("Jien
Canada") (which successfully acquired Canadian Royalties Inc.), the
owner of the nickel-copper-cobalt-platinum-palladium-gold deposits in the
Raglan mining district which collectively form the Nunavik
Nickel Project. The board of Jien Canada has
recently purported to approve an issuance of voting common shares of Jien Canada that would reduce Goldbrook's
percentage of voting shares, and consequently Goldbrook's
interest in the project, from 25% to 4.21%. Goldbrook
has commenced arbitration proceedings against Jilin Jien
and others seeking remedies, includi ng declarations that the share issuance violated the
terms of the Shareholder Agreement between the parties and that Goldbrook continues to hold 25% of the voting shares of
Jien Canada.
ON BEHALF OF THE BOARD:
(signed)
"Brian Grant, PGeo.," President and Director
For further information please
contact:
Telephone: 604-683-8083
Website: http://www.goldbrookventures.com/
Cautionary
Note Regarding Forward-Looking Statements
Certain of the statements
made herein may contain forward-looking statements or information within
the meaning of Canadian securities laws and the applicable securities laws
of the United States. Such forward looking statements or information
include, but are not limited to, statements or information with respect to Goldbrook's plan for future exploration and development
of its properties and the results of any arbitration proceedings against
Jilin Jien and others.
Forward-looking statements or information are
based on a number of estimates and assumptions and are subject to a variety,
of risks and uncertainties, which could cause actual events or results to
differ from those reflected in the forward-looking statements or
information. Should one or more of these risks and uncertainties
materialize, or should underlying estimates and assumptions prove
incorrect, actual results may vary materially from those described in
forward looking statements or information. Factors related to such risks
and uncertainties, and underlying estimates and assumptions include, among
others, the following: the ability of Goldbrook
to advance development of its properties; price volatility of nickel and
other metals; impact of any hedging activities, including margin limits and
margin calls; discrepa ncies
between actual and estimated production, between actual and estimated
resources, and between actual and estimated metallurgical recoveries;
mining operational risk; regulatory restrictions, including environmental
regulatory restrictions and liability; risks of sovereign investment;
speculative nature of mineral exploration; defective title to mineral
claims or property, litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments; technological
or operational difficulties or inability to obtain permits encountered in
connection with exploration activities; and labour
relations matters. Accordingly, undue reliance should not be placed on
forward looking statements or information. We do not expect to update
forward-looking statements or information continually as conditions change,
except as may be required by law.
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.
|