NioCorp Drilling Continues to Return High-Grade Niobium Assays
September 10, 2014 (Source: Marketwired) — NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX VENTURE:NB) (OTCQX:NIOBF) (FRANKFURT:BR3) is pleased to announce receipt of additional assays from the ongoing drilling and advancement operations at Elk Creek, Nebraska.
Drillholes NEC14-011 and NEC14-012, two of six drillholes comprising the Phase II drilling program at the project site, have been completed. These drillholes define a north-west to south-east drill section through defined resource, and the holes are oriented at right angles to the 5 holes drilled during the Phase I drilling program. The results are supporting niobium mineralization around the outer edges of the defined Resource.
The collected core samples have been systematically processed and shipped for certified analytical assaying and physical rock property test work at Actlabs in Ancaster, Ontario to support NioCorp’s corporate objectives for the project.
Analytical highlights for the top 344 meters of NEC14-011 and top 555 meters of NEC14-012 appear below. Note that due to the angle of the drilling and other factors, these do not represent the true thickness of the Niobium Resource:
NEC14-011 Initial Results
- 101 m interval between 223 – 324 m (open) at 1.00% Nb2O5
NEC14-012 Initial Results
- 208.8 m interval between 251 – 459.80 m (open) at 0.95% Nb2O5, including
- 84 m (251 – 335 m) at 1.00 % Nb2O5
- 56 m (352 – 408 m) at 0.95 % Nb2O5
- 46 m (414 – 460 m) at 1.15 % Nb2O5
- 79 m (476 – 555 m) at 0.52 % Nb2O5
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At the same time, the company is pleased to announce the addition of a metallurgical drilling component to the Phase II program. Metallurgical drilling will provide quantities of PQ and HQ drill core to support the needs of the company’s ongoing metallurgical development program. The collection of drill core from the carbonatite in the first metallurgical hole began on September 8, and 90 meters of PQ core has been collected to date. This material will support additional hydromet and initial flotation pilot plant testing.
“Yet again, our drilling program at Elk Creek continues to deliver impressive Niobium assays” said Mark Smith, CEO of Niocorp. “In previous releases, we have been able to announce intervals with the highest grade results to date, some in excess of 3% and 4% grade material. These latest results show the extensive continuity of material in excess of 1% grade, furthering our commitment to confirming this deposit as truly world class in grade and size. It is important to note that the focus of this drilling campaign has been targeted infill drilling for resource classification, in addition to geotechnical, hydrogeological and metallurgical purposes. The deposit remains open to the southeast, northwest and at depth. In the future, we intend to do additional drilling to expand on the known orebody, in particular at depth, where the highest grades to date have been recorded.”
Quality Control: Samples for NEC14-011 and NEC14-012 were continuously collected from the carbonatite’s upper contact at the base of the overlying limestone to the end of the drillholes, 190 to 843 m and 222 to 900 m, respectively. Samples were submitted to Activation Laboratories Ltd. (ActLabs) of Ancaster, Ontario. HQ diameter core was split into half-core samples and approximately 25% of the submitted core samples consist of quality control and quality assurance samples. Both NEC14-011 and NEC14-012 ended in carbonatite and remain open at depth.
Qualified Persons: 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.
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
Director, President and Corporate Secretary
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.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>