Blackstone Receives NI 43-101 Resource Estimates for Norway Nickel-Copper Deposits
January 13 2009 - 6:00AM
Marketwired Canada
Blackstone Ventures Inc. (TSX:BLV) is pleased to announce it has received NI
43-101 compliant mineral resource estimates from Reddick Consulting Inc. on its
Ertelien, Stormyra and Dalen Nickel-Copper Deposits in Norway.
Highlights of the new resource estimate include:
- Total Inferred Resources of 9.1 million tonnes with 103.3 million lbs of
contained nickel and 65.2 million lbs of contained copper
- Indicated Resources of 4.6 million tonnes with 30.0 million lbs of contained
nickel and 12.1 million lbs of contained copper
- Significant room for expanding the Dalen deposit along a 2 kilometre trend
- Down plunge potential to expand Ertelien deposit
"These resource calculations are the first ever completed on any of these
projects and confirm that there is considerable nickel potential in Norway. All
the deposits are extremely well positioned relative to infrastructure, including
power, roads and workforce," says Blackstone's president and chief executive
officer, Dean MacEachern. "Given the positive results we've received from our
drilling in Norway we will be reviewing the potential of expanding the size and
increasing the grade of the Norway deposits. Of particular interest is the
recognition of the large tonnage potential for Dalen type mineralization on the
Espedalen project. We will be developing a preliminary assessment to evaluate
the economic viability of mining the deposits. We still have many other nickel
targets which will require additional drilling in Norway, many of which are on
these specific projects. Our near term focus is complete similar resource
calculations on three (3) of our key nickel deposits in Sweden, namely the ROR,
Lappvattnet and Lainejuar deposits, which we expect in the first quarter of
2009."
The detail for mineral resource estimates for the Norway deposits are outlined
in the tables below. Location maps for the deposits are appended to this press
release.
Norway Projects - Inferred Resources
Deposit Tonnes Ni% Cu% Co%
(i) Ertelien 2,697,000 0.83 0.69 0.06
(i) Stormyra 1,013,000 1.09 0.48 0.04
(ii) Dalen 5,438,000 0.25 0.11 0.02
-----------------------------------------------
(iii) Total 9,148,000 0.51 0.32 0.03
Norway Projects - Indicated Resources
Deposit Tonnes Ni% Cu% Co%
(ii) Dalen 4,625,000 0.29 0.12 0.02
(i) Resources estimated using a US$100 gross metal value (GMV) cut off
using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00
for cobalt.
(ii) Resources estimated using a US$40 gross metal value (GMV) cut off
using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00
for cobalt.
(ii) Weighted average grades for nickel, copper and cobalt.
Norway Projects - Contained Metal in Inferred Resources
Deposit Ni (kg) Cu (kg) Co (kg) Ni (lbs) Cu (lbs) Co (lbs)
Ertelien 22.4 18.5 1.6 49.3 40.8 3.4
million million million million million million
Stormyra 11.0 4.9 0.4 24.3 10.8 0.9
million million million million million million
Dalen 13.5 6.2 1.0 29.7 13.6 2.3
million million million million million million
------------------------------------------------------------
Total 46.9 29.6 3.0 103.3 65.2 6.6
million million million million million million
Norway Projects - Contained Metal in Indicated Resources
Deposit Ni (kg) Cu (kg) Co (kg) Ni (lbs) Cu (lbs) Co (lbs)
Dalen 13.6 5.5 1.1 30.0 12.1 2.5
million million million million million million
(1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category.
(3) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council December 11, 2005.
Ertelien Deposit
The Ertelien deposit is situated 40 kilometres northwest of Oslo. The deposit
was originally discovered in the late 1840's and was a producing mine
intermittently until 1920's. The current resource is below historic workings,
and is contained within the previously undiscovered depth extension of the
Ertelien deposit. The deposit extends 700 metres down-plunge and remains open to
depth.
Stormyra and Dalen Deposits
The Stormyra and Dalen deposits are part of the Espedalen project which is
located 170 kilometres north of Oslo and 50 kilometres north of Lillehammer. The
project hosts 12 past producing nickel sulphide mines and 24 nickel sulphide
occurrences. The Stormyra and Dalen deposits are new discoveries. Stormyra is a
shallow deposit potentially amenable to underground mining whereas Dalen is a
bulk tonnage target potentially amenable to open pit mining with considerable
room to expand.
Resource Statement
Mineral resources estimates were defined using polygonal estimation methods on
vertical cross-sections for the Ertelien and Stormyra Projects and by block
model estimation methods within constraining wireframes for the Dalen Project.
The estimates incorporate minimum estimated cut-off grades that are project
specific and assume metal prices slightly below the three year average. Detailed
cut-off grades and estimation method parameters for each deposit are described
below.
(i) Ertelien: A total of 43 intervals from an assay database of 2,739 samples in
70 drill holes, representing approximately 16,941 metres of drilling were used
for the estimate. All the drilling was done in the period 2006-2008. Of these,
52 drill holes totalling 15,097 were completed by the Company. Earlier holes
were drilled by Falconbridge Limited (now Xstrata Nickel). Mineralized outlines
were defined on 50 metre sections using a US$100 gross metal value (GMV) cut off
using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for
cobalt. Platinum, palladium, gold and silver values were included in some of the
assayed values but not included in the estimates. Polygonal outlines were
required to contain a composited interval of greater than or equal to 2.0m core
length and a GMV greater than or equal to US$100/T over the composited interval.
Polygons were extended half way to adjacent drillholes on a section, to a
maximum of 50m from a qualifying intercept. Several intervals of internal
dilution with a greater than or equal to 2.0m core length and a GMV greater than
or equal to US$90/T were incorporated into the estimate where continuity from
adjacent holes on the same or adjacent sections was evident. Specific Gravity
(SG) used in these calculations was 3.60. The resources fall in a zone that has
multiple drillholes on all sections over a strike length of 700m. GMV cut off
values for Ertelien are based on the assumption that the deposit is of a
potential size and nature to allow for possible underground mining methods. GMV
cut off values of greater than or equal to US$100/T were derived from recent
technical reports filed on SEDAR for similar deposit types. All mineral
resources for Ertelien were classified as Inferred Mineral Resources.
(ii) Stormyra: A total of 31 intervals from an assay database of 584 samples in
54 drill holes, representing approximately 8,609 metres of drilling were used
for the estimate. All the drilling was done in the period 2005-2008. Of these,
34 drill holes totalling 5,818 were completed by the Company. Earlier holes were
drilled by Falconbridge Limited (now Xstrata Nickel). Mineralized outlines were
defined on 50 metre sections using a US$100 gross metal value (GMV) cut off
using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for
cobalt. Platinum, palladium, gold and silver values were included in some of the
assayed values but not included in the estimates. Polygonal outlines were
required to contain a composited interval of greater than or equal to 2.0m core
length and a GMV greater than or equal to US$100/T over the composited interval.
Several intervals of internal dilution with a greater than or equal to 2.0m core
length and a GMV greater than or equal to US$90/T were incorporated into the
estimate where continuity from adjacent holes on the same or adjacent sections
was evident. Polygons were extended half way to adjacent drillholes on a
section, to a maximum of 50m from a qualifying intercept. Specific Gravity (SG)
used in these calculations was 3.60. The resources fall in a zone that has
multiple drillholes on most sections over a strike length of 1,000m. GMV cut off
values of greater than or equal to US$100/T were derived from recent technical
reports filed on SEDAR for similar deposit types. All mineral resources for
Stormyra were classified as Inferred Mineral Resources.
(iii) Dalen: A total of 1,046 samples in 33 drill holes, representing
approximately 4,924 metres of drilling were used for the estimate. All the
drilling was done in the period 2004-2008. Of these, 29 drill holes totalling
4,673 were completed by the Company. Earlier holes were drilled by Falconbridge
Limited (now Xstrata Nickel). The resource is constrained by a wireframes of the
favourable host lithologies. Metal grades were interpolated into 10 by 10 by 5
metre blocks using inverse distance squared methods (ID2). Metal prices of
US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt were used to estimate
GMV values for blocks using the interpolated metal values. Platinum, palladium,
gold and silver values were included in some of the assayed values but not
included in the estimates. Mineral resources were classified as Indicated
Mineral Resources if at least six composites from at least two drill holes and
in three different octants were found within a spherical search ellipse
measuring 75 metres in all directions and constrained by the wireframe. Mineral
resources were classified as Inferred Mineral Resources if at least two
composites were found within a spherical search ellipse measuring 100 metres in
all directions and constrained by the wireframe. Assay grades were composited to
two metre lengths prior to resource estimation. GMV cut off values, at US$40/T
for Dalen, are lower than those at Ertelien and Stormyra based on the assumption
that the deposit is of a potential size and nature to allow for possible bulk
mining methods, including open pit mining. SG used in these calculations was
3.05. GMV cut off values of US$40/T were derived from recent technical reports
filed on SEDAR for similar deposit types.
A copy of the full resource calculation report will be available on the SEDAR
website within 45 days of this press release. The mineral resource estimates
which are effective today were completed by John Reddick, M.Sc., P. Geo., of
Reddick Consulting Inc., Inverary, Ontario, and are based on geological
interpretations supplied by the Company to Reddick Consulting Inc. and modified
by Reddick Consulting Inc. John Reddick is an 'independent qualified person' for
the purposes of National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators and has verified the data
disclosed in this release. Tracy Armstrong, B.Sc., P. Geo., of TJ Armstrong
Geological Consulting Inc. and also an 'independent qualified person' for the
purposes of National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators, has verified the sampling
procedures and QA/QC data delivered to Reddick Consulting Inc. and is of the
opinion that the data are of good quality and suitable for use in the resource
estimates.
Exploration programs are being carried out under the direction of Jari Paakki,
P. Geo., Vice President of Exploration and Project Development for Blackstone
and a qualified person as defined by NI 43-101. The information in this release
was prepared under the direction of Dean MacEachern, P.Geo., President and Chief
Executive Officer for Blackstone, a qualified person as defined by NI 43-101.
About Blackstone
Blackstone is a mineral exploration company focused on nickel and other base
metals. In addition to the Norway nickel projects, the Company expects to
complete NI 43-101 resource estimates on its Swedish nickel deposits
Lappvattnet, ROR and Lainejaur. Work programs are being planned at the high
grade Cu-Zn-Pb Uma discovery and the newly acquired Norbotten Cu-Au project in
Sweden.
On behalf of Blackstone Ventures Inc.
Dean MacEachern, President
Caution Regarding Forward-Looking Statements - This news release contains
certain forward looking statements, including statements regarding the business
and anticipated financial performance of the Company. These statements are
subject to a number of risks and uncertainties. Actual results may differ
materially from results contemplated by the forward looking statements. When
relying on forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other uncertainties and
should not place undue reliance on such forward-looking statements. The Company
does not undertake to update any forward looking statements, oral or written,
made by itself or on its behalf.
To view the maps associated with this press release please click on the
following link: http://media3.marketwire.com/docs/blv112.pdf