Blackstone Completes First Phase Drilling at Its Norbotten Copper-Gold Project in Sweden
17 September 2009 - 4:56AM
Marketwired
Blackstone Ventures Inc. (TSX VENTURE: BLV) is pleased to announce
that it has completed seven diamond drill holes totaling 895 metres
at its Norbotten Iron Oxide-Copper-Gold (IOCG) project in northern
Sweden. Drilling has identified IOCG alteration and copper
mineralization in a highly under-explored area of the world-class
Kiruna District. The Company also announces that it has staked
additional ground along strike of its findings and now holds close
to 30 kilometres of the Kolari Trend (eastern part of the Kiruna
District) host to IOCG deposits in Finland.
This initial phase drill program tested two adjacent Induced
Polarization (IP) geophysical anomalies covering a strike length of
3 kilometres. The first IP anomaly which extends 1.4 kilometres and
is coincident with the recently discovered Vesa copper gold showing
(2.4% Cu, 0.63 g/t Au) was tested with four drill holes. Drill
holes cut disseminated pyrite, lesser disseminated and veined
chalcopyrite and magnetite hosted by strong K-Feldspar altered
rocks with surrounding muscovite-biotite-scapolite-hematite
alteration. Alteration zones intersected in these drill holes
ranged from core lengths of less than 20 to 80 metres. The second
anomaly measuring 1.6 kilometres and located immediately northwest
was tested with three short, broadly spaced drill holes but
intersected mainly disseminated magnetite. All assays are
pending.
CEO for Blackstone, Dean MacEachern comments, "The results of
our first phase drill program are encouraging. We have confirmed
that we are in the right alteration system with copper
mineralization and we've only covered a small fraction of our
landholdings. Our newly staked claims provide us with a more
significant land position to explore this virtually uncharted part
of a world-class ore district. We are awaiting assays and will plan
our next steps after receiving those results."
The project is located just 70 kilometres east of Boliden's
giant Aitik Cu-Au Mine (proven reserves at January 1, 2007 of 526
million tonnes @ 0.28% Cu, 0.2g/t Au, 2 g/t Ag). The Aitik Cu-Au
mine is one of the largest copper producers in Europe having
produced 173,000 tonnes of copper in 2008. The Aitik deposit and
the Kolari district deposits in Finland display similar alteration
associated with copper mineralization.
Exploration programs are being carried out under the direction
of Jari Paakki, P. Geo., Vice President of Exploration and Project
Development for Blackstone and a qualified person as defined by
National Instrument (NI) 43-101. The information in this release
was prepared under the direction of Dean MacEachern, P.Geo.,
President and Chief Executive Officer for Blackstone, a qualified
person as defined by NI 43-101.
About Blackstone
Blackstone is a mineral exploration company currently focused on
base and precious metals in Scandinavia. In addition to the
Norbotten project, the Company plans exploration programs at the
high grade Cu-Zn-Pb Uma discovery in northwestern Sweden.
Blackstone's primary assets are extensive nickel-copper holdings in
Sweden and Norway including six deposits with current NI
43-101-compliant resources.
On behalf of Blackstone Ventures Inc.
Dean MacEachern, President
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward looking statements, oral or written, made by
itself or on its behalf.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Blackstone Ventures Inc. Investor Relations
604-687-3929 www.blv.ca
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