NioGold Mining Corporation
TSX-V
Symbol: NOX
Frankfurt Symbol: NG1
Investor
Update
Dear Shareholders,
With the
year ending, the Company would like to take this opportunity to provide you with
some updates on exploration activities in the Malartic Gold Camp and on the
recently acquired Pump Lake project located in the Province of
Quebec.
Malartic Gold Camp
Projects
During the fourth quarter, the Phase II 40,000-metre
drilling program progressed on the advanced-stage Marban Block property. Since
the start of the program in late April a total of 12,890 metres were completed
in 34 holes. The geological models for the main target areas were considerably
advanced in the past months therefore the program is scheduled to proceed with
two drill rigs during the first quarter of 2008.
Marban Mine
Target
In 2007, 10,600 metres of drilling in 26 holes were
completed around the former Marban Mine testing a 750-metre strike extent of the
gold mineralized system. All holes intersected mineralised zones within the
favourable units hosting the Marban Mine ores. New gold mineralisation is being
outlined near surface as well as at depth below the mine workings. Assays
received from the first 16 holes returned excellent results such as; 5.4 g/t Au
over 4.0 m, 4.4 g/t Au over 7.0 m, 6.2 g/t Au over 3.0 m, 15.5 g/t Au over 1.8
m, 13.7 g/t Au over 1.0 m, 6.5 g/t Au over 3.0 m, 8.3 g/t over 1.5 m, 6.5 g/t Au
over 2.4 m, 6.1 g/t Au over 6.5 m. Results for the remaining 10 holes are
pending and will be released during the month of January.
Work completed
to date over the sector has highlighted the robust nature of the Marban gold
mineralised system and the Company believes that the target offers excellent
potential to outline high-quality resources. An additional 10,000 metres of
drilling will be carried out during the first half of 2008 mainly to investigate
the west strike extent of the system where limited drilling was conducted in the
past.
Norbenite Shear Target
The Norbenite Shear
deformation zone, traversing the northern portion of the Marban Block, is host
to the former Norlartic and Kierens Mines and the presently defined NI 43-101
compliant resources (see News Release dated June 28, 2007). A 10,000-metre
drilling program was initiated in the fall to expand the resources laterally and
at depth. To date, 6 holes, for 1,600metres, tested the west extent of the
Norlartic Main Zone and the west extent of the Kierens Zone. Complete assay
results for these holes are pending and will be released during the month of
January.
Large gold mineralised systems in the Malartic and adjoining
Val-d'Or mining camps typically extend to depth of over 1,000 metres. Deep
investigation of Norbenite Shear will be carried out to vertical depths of up to
1,000 metres where no drilling has been attempted in the past. The Company
believes that a hit at these depths would provide significant upside to enlarge
the resources.
Pump Lake Project
The Pump Lake
project was acquired in early 2007 for its potential to host mineralisation
comparable to the iron oxide-copper-gold (IOCG) type of mineral deposits. IOCG's
are typically large 100 Mt to >1,000 Mt intrusive-related polymetallic
systems hosting ores of iron, copper, gold, silver, uranium, niobium, and rare
earth elements. The northeast portion of the Pump Lake project encompasses
several recently uncovered occurrences of iron oxide, copper-gold-silver and
uranium closely associated with an alkaline intrusive complex.
The 2007
summer-fall field program provided exciting results that further confirmed the
presence of an IOCG-type mineralised system over the project area. Field work
conducted from July to September resulted in the discovery of a radioactive
intrusive dyke swarm presently traced over a strike extent of 2.3 kilometres.
The intrusives and surrounding rocks are found to be enriched in uranium,
niobium and rare earth elements with significant values of up to 0.20% U3O8,
1.20% Nb2O5 and 0.69% REE obtained from surface rock chip
samples.
Mechanical stripping and blasting of six uranium and iron oxide
prospects was conducted during the months of October and November. A total of
120 channel and rock blast samples were collected. Results will be released as
soon as they are made available.
During the past year, NioGold's team has
worked hard to reach its exploration objectives. The coming year will definitely
be very exciting as we pursue our goal of proving up a large gold resource in
the Malartic Gold Camp and advance the Pump Lake project into a major play.
NioGold would like to thank all of its shareholders for their continued trust
and support.
Season's Greetings,
Michael A. Iverson, President
& CEO
ROCK LEFRAN�OIS, P.GEO., VICE-PRESIDENT
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Niogold Mining Corp
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EXPLORATION STAGE |
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CODE : NOX.V |
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ISIN : CA6544851018 |
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Niogold is a gold exploration company based in Canada. Niogold holds various exploration projects in Canada. Its main exploration properties are MALARTIC BLOCK, CAMFLO WEST, KIERENS, LE TAC, MARBAN MINE, BLONDEAU-GUILLET, BOYVINET and PUMP LAKE in Canada. Niogold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 56.3 millions as of today (US$ 42.5 millions, € 38.0 millions). Its stock quote reached its highest recent level on December 29, 2003 at CA$ 0.74, and its lowest recent point on December 19, 2008 at CA$ 0.04. Niogold has 130 820 008 shares outstanding. |