NioCorp Receives High Grade Assays Results-Also Provides Metallurgical Update
July 9, 2014 (Source: Marketwired) — NioCorp Developments Ltd. (“NioCorp” or the “Company“) (TSX VENTURE:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to announce further results from the first phase of the ongoing drilling operations at the Elk Creek Carbonatite project, located in southeast, Nebraska.
Drilling update: A total of 752 samples from hole NEC14-006 were delivered to Activation Laboratories Ltd. (ActLabs), Ancaster, Ontario. Of the 752 samples submitted, 522 samples are core sections while the remainder are control samples. The Company has now received all of the sample assays for drill hole NEC14-006.
Highlights of these results include:
309 – 440 m (131 meter interval) grading 0.61% Nb2O5
590 – 771 m (181 meter interval) grading 0.52% Nb2O5
- Including: 698 – 732 m (34 meter interval) grading 0.91% Nb2O5
In addition, there were multiple samples in excess of 1% N2O5 with individual results over 2% Nb2O5.
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Assay results from NEC14-006 include some of the highest grade sample results ever obtained on the project, including past results obtained from over 20,000 meters of drilling completed on the deposit by the Company a previous operator.
Previously issued results from the top one-third of NEC14-006 (see press release dated June 26, 2014) intersected niobium mineralization in untested areas of the Elk Creek carbonatite. These results support niobium mineralization in previously undefined areas, and will be included in an updated NI43-101 report to be produced upon completion of the full multi-phase drill program.
A total of three holes are now complete at the Elk Creek Carbonatite project. Each of the first three drill holes was drilled beyond the targeted depth, with each hole ending in the geologically and field XRF supported mineralized material.
Metallurgical update: Metallurgical studies on behalf of the Company is proceeding, with over 100 bench scale tests now completed at SGS Canada Inc., at Lakefield, Ontario, and Hazen Research Inc., at Golden, Colorado. Significant progress has been made towards developing an economic process flowsheet for Niobium recovery from the Elk Creek deposit. This work is ongoing and the company plans to initiate pilot plant testing immediately following the completion of bench scale testing. Results to date include recoveries of 75% of the Niobium while rejecting 75% of the mass of the ore without the use of de-sliming operations currently practiced at other niobium processing facilities (which results in significant Niobium losses to the slime fraction).
“We are extremely pleased with the work completed to date, on both the drilling and metallurgical aspects of this technical phase of development,” stated Mark A. Smith, Chief Executive Officer of NioCorp. “With current drill results exceeding expectations and significant, positive results from metallurgical research, we will continue to expedite the work required to advance this project along corporate objectives.”
Quality Control: Sampling for NEC14-006 was continuously collected from the base of the limestone-carbonatite contact to the end of the drillhole (230 m to 772.67 m). A total of 752 samples from drill hole NEC14-006 were delivered to Activation Laboratories Ltd. (ActLabs), Ancaster, Ontario. Of the 752 samples submitted, 522 samples are core sections while the remainder are control samples. The Carbonatite continued at depth and remains open in that direction. HQ diameter core was sawn into half-core samples, and control samples were inserted into each batch. NEC14-006 was oriented at an azimuth of 030 (NE) degrees, with a -70 degree dip.
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
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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