NioCorp Announces Final Phase II Drilling Results
December 11, 2014 (Source: Marketwired) — Over 700 Meters Grading 0.85% Nb2O5
NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX VENTURE:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to announce additional assay results to complete its Phase II drilling program and advancement operations in Elk Creek, Nebraska.
The final analytical results have been received from drillholes NEC14-016 and NEC14-Met-03. NEC14-016 was drilled along a northeast to southwest trending section line through the resource, and NEC14-Met-03 was a vertical hole drilled through the approximate center of the defined Niobium resource. NEC14-Met-03 was drilled along with two other holes for the specific purpose of generating a bulk sample of the resource for pilot-scale testing, and was quartered and assayed due to its location. These results, in addition to drillholes NEC14-011, NEC14-012, NEC14-013, NEC14-014, and NEC14-015 continue to support niobium mineralization in the area of the defined resource and its continuation at depth, and together complete NioCorp’s Phase II drilling program.
The final analytical highlights for NEC14-016 and NEC14-Met-03 appear below: (Please note that due to the angle of the drilling and other factors, these results do not represent the true thickness of the Niobium resource.)
NEC14-016 Final Results
- 37 m interval between 253 – 290 m at 0.61% Nb2O5
- 10 m interval between 581 – 591 m at 0.68% Nb2O5
- 276 m interval between 638 – 914 m (open at depth) at 0.95% Nb2O5
- 22 m (650 – 672 m) at 1.18 % Nb2O5
- 68 m (715 -783 m) at 1.49 % Nb2O5
- 10 m (766 – 776 m) at 2.02 % Nb2O5
- 28 m (806 -834 m) at 1.12 % Nb2O5
- 47 m (867 -914 m) at 1.01 % Nb2O5
NEC14-MET-03 Final Results
- 716 m interval between 197 – 913 m (open at depth) at 0.85% Nb2O5
- 8 m (289 – 297 m) at 1.24 % Nb2O5
- 12 m (328 -340 m) at 1.14 % Nb2O5
- 135 m (396 – 531 m) at 1.02 % Nb2O5
- 171 m (645 – 816 m) at 1.12 % Nb2O5
- 83 m (830 – 913 m) at 1.00 % Nb205
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The collected core samples from drillhole NEC14-016 and NEC14-Met-03 were systematically processed and shipped for certified analytical analysis at Actlabs in Ancaster, Ontario to support NioCorp’s corporate objectives for the project.
“The final Phase II drilling results continue to be extremely encouraging and supportive of our project,” said Mark Smith, CEO of NioCorp. “I could not be more pleased with the overall high-grade assay results that have been delivered from both our Phase I and Phase II drilling program at our Elk Creek deposit,” continued Smith. “Third Phase drilling will be completed by mid-December 2014, and we are anxiously awaiting the upcoming analytical results.”
Review by Qualified Person and Quality Control:
Brad Ulry, B.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, is responsible for the Elk Creek drilling operations and has read and approved the technical information contained in this news release.
Samples for both NEC14-016 and NEC14-Met-03 were continuously collected from the carbonatite’s upper contact at the base of the overlying limestone to the end of the drillhole. Samples were submitted to Activation Laboratories Ltd. (ActLabs) of Ancaster, Ontario. HQ diameter core (NEC14-016) was split into half-core samples and PQ diameter core (NEC14-MET-03) was split into quarter-core samples. Approximately 25% of the submitted core samples consist of quality control and quality assurance samples. Both drillholes ended in carbonatite.
About the Company:
NioCorp is developing the only primary niobium deposit known to be under development in the United States, and the highest grade undeveloped niobium deposit in North America, located near Elk Creek, Nebraska. The Company has completed an updated NI43-101 compliant resource report, available on SEDAR, reporting an Indicated resource of 28.2 Million Tonnes grading 0.63% Nb2O5, containing 177 Million Kg’s of Nb2O5, and an Inferred resource of 132.8 Million Tonnes grading 0.55% Nb2O5, containing 733.7 Million Kg’s of Nb2O5, (at a 0.3% Nb2O5 cutoff grade). 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.
Peter Dickie, President, Corporate Secretary and Director
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.
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