NioCorp Drilling Continues to Return High-Grade Niobium Assays
October 2, 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 and its continuation at depth.
The collected core samples have been systematically processed and shipped for certified analytical analysis at Actlabs in Ancaster, Ontario to support NioCorp’s corporate objectives for the project.
Finalized analytical highlights for NEC14-011 and 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 Final Results
- 678 m interval between 222 – 900 m (open at depth) at 0.71% Nb2O5
- 108 m (356 – 464 m) at 0.85 % Nb2O5
- 22 m (477 – 499 m) at 1.11 % Nb2O5
- 54 m (579 – 633 m) at 0.95 % Nb2O5
- 134 m (693 – 827 m) at 0.96 % Nb2O5
- 16 m (884 – 900 m) at 0.63 % Nb2O5 (open)
NEC14-012 Final Results
- 592 m interval between 251 – 843.23 m (open at depth) at 0.69% 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
- 47 m (560 – 607 m) at 0.88 % Nb2O5
- 26 m (644 – 670 m) at 1.05 % Nb2O5
- 32 m (810 – 843 m) at 0.76 % Nb2O5 (open)
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At the same time, the company is pleased to announce the completion of its first metallurgical drillhole and advancement of its second. A third large diameter core rig, operated by IDEA Drilling, was mobilized to site on September 18th to expedite the additional metallurgical drill program. The project continues to perform advanced hydrogeological and Geotechnical test work, collecting additional information from the metallurgical drillholes.
A specialized geotechnical Sigra IST In-Situ Stress test, was successfully performed by Agapito Associates, Inc. on drillhole NEC14-013.
“We are very pleased to continue to report these impressive niobium results from our drilling program at Elk Creek,” said Mark Smith, CEO of Niocorp. “Our recently announced resource update, which only contained results from our phase 1 drilling operations, will be updated later this year to reflect Phase 1 and 2 results. When we combine results like we are reporting today together with the tremendous advancements we are seeing in our metallurgical program, we will continue to advance the technical knowledge of the Elk Creek niobium deposit, so it will be recognized as the truly world class asset we have always believed it to be.”
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 filed an NI43-101 compliant resource report, available on SEDAR, and is in the process of filing an updated NI43-101 compliant resource estimate 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.
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.
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