NioCorp Receives Additional High-Grade Niobium Assays in Excess of 3% Nb205
August 25, 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 NEC14-009 and NEC14-010 were drilled along a North-East to South-West section line designed to drill across the previously defined Niobium Resource. These drillholes were drilled towards each other from opposing sides of the defined Resource; drillholes NEC14-009 and 010 were completed along a parallel section line to the south-east of drill holes NEC14-006, 007 and 008. Together, these five holes make up Phase I of NioCorp’s 2014 drilling program. Phase II drilling at the project has commenced, which will consist of an additional 6 holes.
The collected core samples have been systematically processed and shipped for certified analytical assaying and physical rock property test work to support NioCorp’s corporate objectives for the project.
Analytical highlights for NEC14-009 and NEC14-010 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:
NEC14-009 Final Results
- 183 m interval between 218 – 402 m (open) at 0.55 % Nb2O5, including
- 29 m (218 – 247 m) at 0.76 % Nb2O5
- 11 m (271 – 282 m) at 1.06 % Nb2O5
- 11 m (302 – 313 m) at 1.01 % Nb2O5
- 252 m interval between 629 – 881 m at 0.73 % Nb2O5
- 70 m (788 – 859 m) at 1.10 % Nb2O5
NEC14-010 Final Results
- 311 m interval between 311 – 722 m at 0.64 % Nb2O5
- 26 m (442 – 468 m) at 0.72 % Nb2O5
- 14 m (537 – 551 m) at 0.86 % Nb2O5
- 7 m (537 – 544 m) at 1.25 % Nb2O5
- 10 m (538 – 548 m) at 1.0 % Nb2O5
- 30 m (611- 641 m) at 0.96 % Nb2O5
- 24 m (678- 700 m) at 1.42 % Nb2O5
- 6 m (716.5 – 722.5 m) at 2.47 % Nb2O5
- 3.5 m (716.5 – 720 m) at 3.09 % Nb2O5 (including individual assay samples in excess of 4.06%)
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“Yet again, our drilling program at Elk Creek continues to deliver impressive Niobium assays” said Mark Smith, CEO of Niocorp. “In our last release, we announced for the first time, results in excess of 3% material, and now we have found increased levels over 4%, confirming our belief that this truly is a world class deposit. Our continued parallel work with metallurgy has now completed in excess of 300 bench scale tests, and contracts are being negotiated for pilot plant work to commence as soon as possible”.
Quality Control: Sampling for NEC14-009 and 010 was continuously collected from the carbonatite’s upper contact at the base of the overlying limestone to the end of the drillholes, 196 to 897 m and 200 to 796 m, respectively. Samples were submitted to Activation Laboratories Ltd. (ActLabs) of Ancaster, Ontario. HQ diameter core was sawn into half-core samples and approximately 25% of the submitted core samples consist of quality control and quality assurance samples. NEC14-009 and NEC14-010 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>