NioGold: North Zone Drilling Expands Satellite Zone Near Norlartic Deposit
April 4, 2013 (Source: NioGold Mining) Val-d’Or, QC — NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) (“NioGold”) is pleased to announce the results of its 18 hole, 4,395 meter exploration drilling program of the North zone on the Marban Block (100% owned by NioGold and under option to Aurizon).
The Marban Block contains the Kierens, Norlartic and Marban deposits which have a collective resource estimate of 1.56 M ounces (28.5 millions of tonnes at 1.70 g/t) in the measured and indicated categories and 0.51 M ounces (9.6 millions of tonnes at 1.66 g/t) in the inferred category (see news release of September 7th, 2012).
The North zone is a satellite zone to the Norlartic deposit, located 200-300 metres northeast and parallel to Norlartic and consists of three sub-zones named A (north-easternmost), B (centermost) and C (south-westernmost).
Highlights from the North zone drill program include:
- 4.47 g/t Au over 3.4 m in hole NL-13-074 at a vertical depth of 40 m.
- 3.75 g/t Au over 4.8 m and 2.93 g/t Au over 5.3 m in hole NL-13-078 at a vertical depth of 35 m and 45 m respectively.
- 15.41 g/t Au over 2.8 m in hole NL-13-080 at a vertical depth of 80 m.
- 1.45 g/t Au over 23.4 m in hole NL-12-066 at a vertical depth of 205 m.
- 1.81 g/t Au over 7.6 m in hole NL-13-071 at a vertical depth of 130 m.
Two holes that were drilled to test the North zone were extended to a depth that also intersected the adjacent Norlartic trend with the following results:
- 84.10 g/t Au over 1.2 m in hole NL-13-073 at a vertical depth of 215 m. For technical reasons, this hole was abandoned before crossing the entire Norlartic structure.
- 2.18 g/t Au over 24.7 m in hole NL-13-075 at a vertical depth of 260 m.
“We are very pleased with these results, they are in line with what we expected in the North zone” said Michael Iverson, President and CEO of NioGold. He added, “Our investigation of this satellite zone of the Norlartic deposit is part of our goal to develop the huge potential of the Marban Block. The results to date indicate that the North zone as well as the Norlartic and Kierens deposits may be amendable to open pit mining, as widths and grades are similar to the Marban deposit which has been modeled for open pit extraction”.
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The North zone was drilled between December 7th, 2012 and February 21st, 2013 with one drill. Drilling comprised 4,394.6 meters in 18 holes (one an extension of a 2006 hole). The campaign then continued on the Kierens deposit which was completed March 22nd, 2013. This program utilized up to four drills operating on ice bridges. Results from this program will be reported when received and compiled.
This Marban Block drilling is part of the $1.6 million program funded by NioGold. In the event of Aurizon’s decision to proceed with the Phase III program, Aurizon will immediately reimburse Niogold for the costs of the exploration program and such amount will then be applied to Aurizon’s earn-in requirement. Aurizon has $9.0 million of spending commitments remaining on the project as part of the Phase III program.
For drill results please click here
A map showing the location of the new holes is available by clicking here
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).
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 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 seven 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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.
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