NioGold Mining Corp. Ludovick Zone Extended Over A Length Of 1.3 KM
06.11.2012 | Presse Minen
Val-d'Or, Quebec - November 06, 2012 -- NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold") is pleased to announce the results of its exploration drilling program in the southern part of the Malartic Block (100% owned by NioGold). This property is adjacent to the Marban Block property where the Norlartic, Kierens and Marban deposits have a collective resource estimate of 1.56 M ounces in the measured and indicated categories and 0.51 M ounces in the inferred category (see news release of September 7, 2012).The results of the campaign show that the south-western part of the Malartic Block property, which is contiguous to Osisko's Canadian Malartic property, has occurrences of gold in every area that was investigated, indicating strong exploration potential for this underexplored part of the property.
The Ludovick zone was identified in 2011 with holes CW-11-016 (3.15 g/t Au over 6.5 m) and CW-11-021 (8.17 g/t Au over 3.1 m). The 2012 drilling campaign confirmed that this zone is an auriferous trend that extends over at least 1.3 km.
The highlights on the Ludovick zone are:
- 23.40 g/t Au over 1.0 m in hole CW-12-083 at a vertical depth of 115 m.
- 6.25 g/t Au over 0.7 m in hole CW-12-091 at a vertical depth of 170 m.
These intercepts are within a lower grade interval of mineralization. A parallel zone was also intersected 70 metres to the north with results of:
- 9.55 g/t Au over 1.1 m in hole CW-12-090 at a vertical depth of 22 m.
350 metres to the south of the Ludovick trend, within a lower grade interval of 0.58 g/t Au over 49.1 m, the following higher grade interval was encountered, demonstrating the potential similarity with Osisko's ground:
- 9.06 g/t Au over 2.0 m in hole CW-12-075 at a vertical depth of 115 m.
On the southern fence, near Osisko's Canadian Malartic property, each hole drilled returned anomalous gold values, sometimes over large widths. The best result was:
- 22.20 g/t Au over 1.0 m in hole CW-12-087 at a vertical depth of 85 m. This result was obtained on the field duplicate sample (one quarter split of the core), showing a probable nugget effect (the original sample yield 0.16 g/t Au).
The best result on the Western Fence is:
- 6.82 g/t Au over 1.0 m in hole CW-12-080 at a vertical depth of 110 m
Drill holes results:
Hole Easting1 Northing1 Azimuth Dip Hole Length (m) From (m) To (m) Length (m) Grade (g/t Au) Zones
Central Fence
CW-12-073 716852 5337845 N205° -42° 264.0 113.7 116.4 2.7 0.54
CW-12-074 716915 5337490 N207° -44° 85.0 Nothing above 50 ppb
CW-12-075 716893 5337440 N205° -45° 165.0 112.9 162.0 49.1 0.58
incl 158.8 161.0 2.2 9.06
Ludovick Zone
CW-12-076 717642 5337420 N205° -45° 252.0 99.5 100.6 1.1 1.56 Ludovick
CW-12-083 716955 5337821 N203° -45° 594.0 156.6 167.1 10.5 0.20 Ludovick
incl 167.1 168.1 1.0 23.40 Ludovick
CW-12-089 717246 5337578 N205° -45° 258.0 43.8 45.0 1.2 1.12 Ludovick
CW-12-090 717795 5337348 N205° -45° 201.0 29.3 30.4 1.1 9.55
102.6 106.2 3.6 0.22 Ludovick
CW-12-091 717909 5337370 N204° -55° 306.0 215.2 215.9 0.7 6.25 Ludovick
CW-12-092 718032 5337399 N203° -70° 504.0 347.4 348.6 1.2 1.06 Ludovick
CW-12-093 718067 5337234 N208° -45° 210.0 51 51.5 0.5 3.10
99.5 106.2 6.7 0.41 Ludovick
Western Fence
CW-12-077 715892 5336910 N181° -45° 255.0 119.8 121.1 1.3 0.26
CW-12-078 715906 5336550 N180° -45° 276.0 268.5 271.1 2.6 0.20
CW-12-079 715897 5336720 N182° -45° 249.0 89.3 90.5 1.2 0.25
CW-12-080 715879 5337064 N183° -45° 285.0 158.5 159.5 1.0 6.82
CW-12-081 715876 5337312 N183° -45° 321.0 311.2 313.6 2.4 0.22
CW-12-082 715866 5337527 N184° -45° 258.0 47.1 48.2 1.1 1.15
151.4 153.9 2.5 0.83
Southern Fence
CW-12-084 716720 5336330 N205° -45° 198.0 Nothing above 63 ppb
CW-12-085 716503 5335774 N206° -45° 198.0 28.9 30.0 1.1 0.59
CW-12-086 716554 5335908 N204° -45° 249.0 156.2 174.4 18.2 0.16
193.2 200.3 7.1 0.14
CW-12-087 716611 5336046 N205° -45° 213.0 122.1 123.1 1.0 22.202
CW-12-088 716806 5336146 N203° -45° 207.0 27.4 31.5 4.1 0.24
133.3 134.3 1.0 3.20
143.4 144.5 1.1 1.13
157.5 160.0 2.5 0.25
1: UTM Nad 83 Zone 17
2: Value obtained on the field duplicate sample (1/4 of the core)
Based on these very promising results on the Malartic Block and other targets also present, a follow-up drilling program is being designed, targeting the following areas:
1. The Ludovick zone auriferous trend which is now 1.3 km long, might be extended to as much as 2.8 km since some holes drilled in 2011 (MB-11-029 and 030) intersected low grade intervals in the same geological context 1.5 km further to the northwest.
2. The Audet zone where there is a historical resource.
3. The southern part of the Malartic Block property which is adjacent to Osisko's property and where almost all the holes were gold bearing.
4. The Malartic Hygrade mine zones and the Camflo mine extension at depth.
5. The H zone where in 2009 and 2010 NioGold intercepted very interesting intervals near surface (5.42 g/t Au over 5.7 m in MH-10-078 and 0.90 g/t Au over 54.5 m in MH-10-033).
6. Test the north-western extension of Marban Block's Kierens mine, the North and the North-North zones.
7. Several additional showings need to be assessed to verify if a follow up is warranted.
A figure is illustrating the southern part of the Malartic Block. (click here)
Malartic Block drilling
The drilling campaign was conducted in the spring and totalled 5,548 metres in 21 holes. The program was performed in the southwestern part of the property. Seven (7) holes for 2,325 m investigated the extensions of the Ludovick zone. A central fence of three (3) holes for 514 m explored just south of the Ludovick zone. A western fence of six (6) holes for 1,644 m tested numerous geophysical anomalies which have been identified during the property compilation work. The southern fence consisted of five (5) holes for 1,065 m targeting the southern geological units from the Cadillac Group and directed at understanding the context and comparison to Osisko's Canadian Malartic property which is contiguous.
Marban Block drilling
Aurizon can earn up to a 65% interest the Marban Block property under the terms of an option and joint venture agreement dated July 5, 2010, between NioGold and Aurizon. The initial 50% interest can be earned by incurring expenditures of $20 million over three years, completing an updated NI 43-101 compliant mineral resource estimate, and by making a resource payment for 50% of the total gold ounces defined by the mineral resource estimate. NioGold remains the project operator during the initial earn-in period (see news release dated July 6, 2010).
After $6M (Phase 1) of exploration expenditure, the resource estimate for the property is now at 1.56 M ounces in the measured and indicated categories and 0.51 M ounces in the inferred category, representing an increase of 260% and 141% respectively.
A $5M (Phase 2) exploration program is currently being integrated in an update of the resource estimate.
For the remaining $9M (Phase 3) exploration program, several targets are under consideration:
- Extend the resource of the Norlartic and Kierens deposits and investigate further their open pit potential.
- Increase the amount of ounces inside the Marban deposit pit shell.
- Test and expand the North, North-North and Gold Hawk zones to integrate them in a 43-101 compliant resource estimate.
- Extend the Eastern Down Dip zone of the Marban deposit.
- Investigate the new discovery made during Phase 2, the southeast extension of the Norlartic system, the felsic intrusion in the hanging wall of the Marban deposit and two gold bearing areas which seem to be the north extension of the Marban deposit.
Technical Info, QA/QC and Qualified Persons
Reported intervals are in core lengths but are anticipated to approximate true width, except where structural complexities occur, 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 mineralised zones, except for holes that traversed underground workings which were completed using BQ-size core. The core was sealed 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 vary between 0.5 to 1.5 metres. Half core samples were bagged, sealed and delivered to ALS Chemex in Val-d'Or, Quebec, which is 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 insure 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 program is conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), the NioGold's Vice-president Exploration and a Qualified Person as defined by National Instrument 43-101. This news release was prepared by Mr. Ducharme
NioGold Mining Corporation - « On Canada’s Golden Highway »
NioGold Mining Corporation is a mineral exploration company focused on gold. The Company's flagship projects are located in the Cadillac - Malartic - Val-d'Or region of the prolific Abitibi gold mining district Quebec. The Cadillac, Malartic and Val-d'Or mining camps have produced over 45 million ounces of gold since the 1930's and presently encompass six producing gold mines including Osisko Mining's new Canadian Malartic operations. NioGold's land holdings within the Abitibi presently cover 130km2 and encompass four former gold producers, namely the Norlartic, Kierens (First Canadian), Marban and Malartic Hygrade mines that collectively produced 640,000 ounces of gold.
NioGold's experienced and qualified technical team are overseeing the advancement of these projects, with current drill programs underway targeting expansion of the resource base.
NioGold invites you to visit the company website at www.niogold.com.
For information on NioGold Mining Corporation contact:
Michael A. Iverson, Chairman & CEO
miverson@niogold.com
Tel: (604) 856-9887
Dale Paruk, Vice-President
dparuk@niogold.com
Tel: (604) 662-4505
Toll-free: (877) 642-6200
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FORWARD-LOOKING STATEMENTS
This news release includes "forward looking statements", as that term is defined in Section 27A of the Unites States Securities Act of 1933, as amended, and Section 21E of the United States Exchange Act of 1934, as amended, that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.
Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. Except as required by law, the Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission (the "SEC") 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 may 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. The news release may contain 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.
