NioGold Mining Corporation
TSX-V Symbol:
NOX
Frankfurt Symbol: NG1
News
Release
WEST EXTENSION TARGET AT MARBAN
RETURNS 9.45 G/T GOLD OVER 2.3 METRES, 7.63 G/T GOLD OVER 4.0 METRES, AND 23.40
G/T GOLD OVER 1.1 METRES
Val-d'Or, Quebec, May 13, 2008: NioGold
Mining Corporation (TSX-V:NOX) (Frankfurt: NG1) ("NioGold") is pleased
to announce that on-going drilling on the Marban Block property is proving up
the presence of a large gold mineralised system to the west of the former Marban
Mine.
Assay results were received for 3 drill holes
(MB-08-037 to MB-08-039) completed on line 100W aimed at testing the west strike
extent of the favourable units hosting the former Marban Mine gold ores (Mine
Sequence). To date, NioGold has completed 21 holes up to a distance of 600
metres to the west of the mine shaft. Initial testing of the West
Extension target is being conducted at 100-metre drill section spacing,
presently covering lines 100W to 600W.
Best gold mineralised intervals from holes
MB-08-037 to MB 08 039 include:
Mine Zone:
. MB-08-037: 9.45 g/t Au
over 2.3 m
. MB-08-039: 5.66 g/t Au over 2.8 m
Footwall
Zone:
. MB-08-037: 5.55 g/t Au over 1.1 m within 0.69 g/t Au over
20.4 m
. MB-08-038: 7.63 g/t Au over 4.0 m within 0.88 g/t Au over
67.8 m
. MB-08-039: 23.40 g/t Au over 1.1 m within 0.94 g/t Au over
69.7 m
Results from holes MB-08-037 to MB-08-039 bolster
the previously released results of hole MB 08 035 on line 300W (see News Release
dated April 1, 2008) that returned a notable gold mineralised interval averaging
6.46 g/t Au over 7.0 metres. Holes MB-08-037 and MB-08-039 returned gold
mineralised intervals within the heart of the Mine Sequence that correlate with
the updip and strike projection of the Mine Zone. The Mine Zone, where
most of the past production was carried out during 1961 to 1974, is located
between 150 and 250 metres vertical depth at a fold of the upper
contact of the Mine Sequence. The Footwall Zone, a major fault localised
at the lower contact of the Mine Sequence, is proving to be a very promising
target, returning thick low grade gold mineralised sections that include higher
grade intervals.
Drilling to date was successful in extending sulphide
mineralised zones typical of the former Marban Mine ores up to 600 metres west
of the mine shaft. Results are pending for 11 of the 21 holes completed to
date over the target.
Wedge Zone
A second drill rig was mobilised in late March to
the Marban Mine area for definition drilling of the promising Wedge Zone
discovered in late 2006. The Wedge Zone is located near surface, above the
mined out orebodies. The Wedge Zone is planned to be initially defined at
50 metre drill hole spacing between lines 0W and 600E in order to conduct a
first resource estimate. Results are pending for the 10 holes completed
since late March on the target.
Best results for holes MB-08-037 to MB 08 039 are
tabled below. Reported intervals are in core lengths but are inferred to
be close to true width as the holes were drilled perpendicular to the general
structural trend. Readers are invited to review previously reported
results for holes MB 06 001 to MB 08 036 at Marban as well as the drilling
surface plan and schematic cross-section available at www.niogold.com/marban.
Quality Assurance / Quality Control and Qualified
Persons
Diamond drill holes were drilled with NQ-size core
in order to obtain larger sample volumes for the mineralised zones. The
core was delivered by the drilling contractor to NioGold's facilities located at
the Norlartic Mine site. The core was photographed for reference, logged
and mineralised sections were sawed in half. Sample lengths varied between
0.5 to 1.5 metres. The half core samples were bagged, sealed and trucked
to Activation Laboratories Limited ("Actlabs") in Ancaster, Ontario, an
accredited laboratory. 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 insure the precision
and reproducibility of the analytical method and results. The QA/QC
program includes the insertion of standards and blanks in the sample batches
sent to the laboratory and a systematic re-assaying of samples retuning values
above 2 g/t Au. As well, 10% of the pulps are sent to Bourlamaque Assay
Laboratories Ltd. in Val-d'Or for check assaying.
This news release was prepared by Rock Lefran�ois,
P.Geo. (OGQ), the Company's Vice-President and Qualified Person as defined by
National Instrument 43-101. The drilling is 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 - � The Golden
Highway Runs Through NioGold �
NioGold Mining Corporation is a junior exploration
company primarily focused on GOLD. The Company's main properties are the
Camflo West and the Marban Block located in the Malartic and Val-d'Or Mining
Camps, Abitibi, Quebec, with a historic production of over 27 million ounces of
gold. The camps presently encompass several active advanced exploration
and mine development projects such as Canadian Malartic (Osisko Exploration),
Kiena (Wesdome), Midway (Northern Star Mining), Goldex (Agnico-Eagle) and Lac
Herbin (Alexis Minerals). The Marban Block encompasses three former gold
producers, namely the Norlartic, Kierens (First Canadian), and Marban mines that
collectively produced over 590,000 ounces of gold.
NioGold's experienced and qualified technical team
will ensure the successful advancement of the Company's projects towards the
highest quality mineral resources. NioGold invites you to visit the
company website at www.niogold.com.
For information on NioGold Mining Corporation contact:
This Press 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.
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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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ProfileMarket
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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, PUMP LAKE, BLONDEAU-GUILLET and BOYVINET 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. |