NioCorp Drills 73m Grading 0.68% Nb2O5
June 26, 2014 (Source: Marketwired) — NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX VENTURE:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to announce initial results from the first phase drilling program currently underway at the Elk Creek Carbonatite project, located in southeast Nebraska.
A total of 752 samples from hole NEC14-006 were delivered to Activation Laboratories Ltd. (Act Labs), Ancaster, Ontario Canada, from which Nb2O5 analytical results from the first 230 samples have been received by the Company.
Highlights of these results include:
- 309 to 382 m (73 m interval) 0.68% Nb2O5 weighted averaged
- Including 343 – 371 m (28 m interval) 0.789% Nb2O5
- 343 – 358 m (15 m interval) 0.937% Nb2O5
- 343 – 364 m (21 m interval) 0.864% Nb2O5
- 352 – 359 m (7 m interval) greater than 1% Nb2O5
“We are extremely pleased with the progress of drilling and the results to date, as they are directly in line with our expectations and goals to enhance the classification of this resource in line with our corporate objectives,” stated Mark Smith, CEO of NioCorp.
Drilling continues on the site with two drill rigs, and the Company anticipates receiving and disseminating results from further drilling activities to be received on a steady basis over the next couple of months. Results from analytical analysis for the final 390 m of hole NEC14-006 are expected shortly.
Sampling was continuously collected from the base of the limestone-carbonatite contact to the end of the drillhole (230 m to 772.67 m). The Carbonatite continued at depth and remains open in that direction. HQ diameter core was sawn into half-core samples, and control samples were inserted into each batch. NEC14-006 was oriented at an azimuth of 030 (NE) degrees, with a -70 degree dip.
Qualified Persons: Mr. Brad Ulry, P.Geo is the qualified person responsible for the Elk Creek Carbonatite drilling operations and has read and approved the technical disclosure contained in this news release.
About the Company: NioCorp are developing the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, located near Elk Creek, Nebraska. The Company has published an NI 43-101 resource of 19.3 Million tonnes grading 0.67% Indicated, containing over 129,182 tonnes of Nb2O5, and 83.3 Mt grading 0.63% Inferred, containing over 523,844 tonnes of Nb2O5). Niobium is mainly used in the form of Ferro-Niobium to produce HSLA (High Strength, Low Alloy) steel, to produce lighter, stronger steel for use in automotive, structural and pipeline industries. The U.S. imports 100% of its niobium needs.
ON BEHALF OF THE BOARD
Peter Dickie, Director, President and Corporate Secretary
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.
Certain statements contained in this press release may constitute forward-looking statements. Such forward-looking statements are based upon NioCorp’s reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp’s plans or prospects to change include changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Raj Shah has been a member of the InvestorIntel.com team for the last nearly 9 years. Recruited from Merrill Lynch, he has over 13 years’ ... <Read more about Raj Shah>