NioCorp Phase II Drilling Complete, Phase III Commences
November 12, 2014 (Source: Marketwired) — NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX VENTURE:NB) (OTCQX:NIOBF) (FRANKFURT:BR3) is pleased to announce completion of the Phase II and the Metallurgical drilling programs. NioCorp is in receipt of additional assays from completed drilling at Elk Creek, Nebraska, which are detailed below.
Final analytical results have been received for Drillholes NEC14-013 and NEC14-015. NEC14-013 is a vertical hole drilled through the center of the resource, which provided data for both resource and geotechnical purposes. NEC14-015 was drilled on a southwest to northeast section line. Along with previously reported holes NEC14-012 and NEC14-011, 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 NEC14-013 and NEC14-015 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:
NEC14-013 Final Results
- 685.04 m interval between 195.22 – 880.26 m (open at depth) at 0.74% Nb2O5
- 53 m (222.00 – 533.00 m) at 0.55 % Nb2O5
- 48 m (533.00 – 581.00 m) at 1.08 % Nb2O5
- 41 m (582.00 – 623.00 m) at 0.72 % Nb2O5
- 22 m (623.00 – 645.00 m) at 1.01 % Nb2O5
- 46 m (704.00 – 750.00 m) at 1.00 % Nb2O5
- 109 m (763.00 – 872.00 m) at 1.16 % Nb2O5
- 8 m (819.00 – 827.00 m) at 2.12 % Nb2O5
NEC14-015 Final Results
- 291.64 m interval between 536.20 – 827.84 m (open at depth) at 0.72% Nb2O5, including
- 77.80 m (536.20 – 614 m) at 1.06 % Nb2O5
- 62.00 m (653.00 – 715.00) at 1.02 % Nb2O5
- 4.56 m (674.44 – 679.00 m) at 2.10 % Nb2O5
- 5.09 m (687.24 – 692.33 m) at 2.23 % Nb2O5
- 22.23 m (715 – 737.23 m) at 0.50 % Nb2O5
- 16.84 m (811 – 827.84 m) at 0.52 % Nb2O5
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At the same time, the company is pleased to announce the initiation of Phase III drilling, which is the final Phase planned for 2014. Phase III drilling will include four new core holes, which will be drilled on southwest to northeast section lines through the resource.
“We continue to be extremely pleased with the results from the 2014 drilling program” said Mark Smith, CEO of NioCorp. “The drilling program along with the other technical work programs continue to advance at an impressive rate”
Quality Control: Samples for NEC14-013 and NEC14-015 were continuously collected from the carbonatite’s upper contact at the base of the overlying limestone to the end of the drillholes, 195.22 to 880.26 m and 196.55 to 827.84 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 NEC14-013 and NEC14-015 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 resourced report providing an Indicated resource of 28.2 Million Tonnes grading 0.63% Nb2O5, containing 177 Million Kg’s of Nb2O5, and an Inferred resource of 132,800 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
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 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>