Heatherdale Earns 51% Interest in Niblack Project; Confirms Election to Spend $10Million
17 December 2010 - 12:30AM
Marketwired
Niblack Mineral Development Inc. ("Niblack" or the "Company") (TSX
VENTURE: NIB) and joint venture partner Heatherdale Resources Ltd.
(Heatherdale) (TSXV: HTR) announces today that the initial
contribution required by Heathdale to retain its 51% interest in
the Niblack Project in southeast Alaska has been completed.
Pursuant to the June 2009 agreement (the "Agreement") with
Niblack Mineral Development Inc. (formerly CBR Gold Corp.),
Heatherdale was required to spend US$15 million on exploration
activities within three years to retain a 51% interest. The joint
venture rapidly advanced drilling and site investigations of the
precious metals-enriched volcanogenic massive sulphide ("VMS")
project to achieve this milestone in approximately 17 months. Two
underground diamond drill rigs have been focused on delineating the
copper-gold-silver-zinc mineral body at the Lookout Zone, one of
six known VMS deposits within the 10 square mile Niblack Project.
Results for the well over 60,000 feet drilled have been released to
date.
Niblack Mineral Development Inc. has also been notified by
Heatherdale of its election to spend an additional US$10 million to
earn an additional 9% ownership interest (resulting in a total
ownership Interest of 60%). Additional underground drilling,
engineering and environmental studies are planned for 2011, which
are designed to advance the project toward feasibility. Existing
underground development at Niblack will facilitate the program of
expanding and upgrading areas of known mineralization, as well as
testing several new targets.
"Recent work demonstrates that the system has both size and
grade potential. We are increasingly confident that Niblack will
support a high-grade underground mining operation in the medium
term," said Heatherdale President and CEO Patrick Smith. "Beyond
significant new mineral resources indicated by our work at Lookout,
the information derived from drilling and other investigations has
advanced our understanding and geological modeling of the overall
Niblack system. Our geological team is applying this new
understanding to develop targeting strategies for other deposits,
with the expectation that near-term exploration and development
programs will identify additional high-grade resources."
Niblack's location at tidewater on Prince of Wales Island in
southeast Alaska presents a number of project benefits, including
year-round marine access, a well-trained labour force, a mature
supply and service sector, proximity to Asian markets, and the
support of community and Alaska Native corporation partners. The
project is located 27 miles (44 kilometres) from Ketchikan, a
community of 8,000 people with important services to support
project development, including a deep water port and international
airport. The State's burgeoning minerals industry also enjoys a
competitive tax regime and stable, predictable permitting and
regulatory oversight coordinated by the Alaska Department of
Natural Resources' 'Large Mine Permitting Team'. For reference,
Hecla's Greens Creek, a 2,100-ton per day underground massive
sulphide mine, operates 225 miles (370 kilometres) to the northwest
of Niblack on Admiralty Island.
Peter Kleespies, P.Geol., a Qualified Person as defined under
National Instrument 43-101, is supervising the exploration and
quality assurance and quality control programs on behalf of Niblack
and has reviewed the content of this release.
About Niblack Mineral Development Inc.
Niblack Mineral Development Inc. (TSX VENTURE: NIB) is an
exploration and development company with a number of mineral rich
assets in South East Alaska. The Corporation's principal asset is
the Niblack advanced stage copper-gold-zinc-silver project. This
project is currently joint ventured to and operated by Heatherdale
Resources Limited (a Hunter Dickinson Company) which has the right
to earn up to a 70% interest in the project.
Niblack Mineral Development Inc. is a member of the Discovery
Group of companies, for more information on the group visit
www.discoveryexp.com.
On behalf of the Board
Niblack Mineral Development Inc.
John Williamson, President, CEO & Director
Sample preparation and analysis for the Niblack project is done
at ISO 9001 accredited ALS Chemex laboratories in Vancouver, BC.
All samples are assayed for gold by 30 g fire assay fusion with
Atomic Absorption Spectroscopy (AAS) finish. Copper, silver, zinc,
lead and 29 additional elements are determined for all samples by
four acid digestion, followed by ICP-AES finish. All over-limit
copper, zinc or lead results (greater than 10%) and all over-limit
silver results (greater than 200 grams per tonne) are re-assayed by
high grade single element four acid digestion ICP-AES or AAS
analysis. As part of a comprehensive QA/QC program, one standard is
inserted into the sample stream in each group of 20 samples, as
well as one or more field blanks in each analytical batch. One
sample in each group of 20 is a duplicate, which is analyzed by
Acme Analytical Laboratories in Vancouver.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration
drilling, exploitation activities and events or developments that
the company expects are forward looking statements. Although the
company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability
to obtain necessary permits, licenses and title and delays due to
third party opposition, changes in government policies regarding
mining and natural resource exploration and exploitation, and
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. For more information
on the Company, investors should review the Company's continuous
disclosure filings that are available at www.sedar.com.
"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."
Contacts: Niblack Mineral Development Inc. Brian Budd Director
of Corp. Development 604-646-4525 or Toll-Free: 1-888-331-2269
brianb@niblack.com www.niblack.com or Mobile URL: m.niblack.com
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