Niblack Joint Venture Partner Completes Requirements to Secure 60% Interest in Niblack Project
August 31 2011 - 4:28PM
Marketwired
Niblack Mineral Development Inc. ("Niblack" or the "Company") (TSX
VENTURE: NIB) is pleased to announce that joint venture partner
Heatherdale Resources Ltd. ("Heatherdale") (TSX VENTURE: HTR) has
satisfied requirements to earn an additional 9% ownership interest
(resulting in a total ownership Interest of 60%) in the Niblack
Project as contemplated by the June 2009 LLC Agreement of the
Niblack Project LLC (the "Agreement").
"We look forward to working with Heatherdale and utilizing the
resources of both groups to expedite the advancement of the Niblack
Project toward the prefeasibility stage," stated Niblack's
President and CEO, John Williamson.
Heatherdale has advised Niblack that it has elected to pursue
the property development under a 60/40 joint venture rather than
continue to earn a larger percentage interest at this time.
Heatherdale and Niblack have approved a budget going forward and
Heatherdale has agreed to sole fund operations for a 60 day period
to facilitate the uninterrupted continuation of the current
exploration program.
Since its formation in June 2009, the joint venture has
completed some 130,000 feet of underground drilling at the Niblack
Project and work programs have been very successful. Earlier this
year, the joint venture announced a 54% increase in mineral
resources in the Lookout and Trio deposit over those known to exist
in 2009. At a US$50 NSR cut off(1), the March 2011 estimate
comprises 4.1 million tonnes of Indicated resources grading 1.13%
copper, 2.32 g/t gold, 2.27% zinc and 38.70 g/t silver and 2.5
million tonnes of Inferred resources grading 1.21% copper, 1.77 g/t
gold, 2.29% zinc and 25.90 g/t silver. A continuous 1.5
million-tonne high-grade zone occurs within the indicated resource,
grading 1.73% copper, 3.50 g/t gold, 3.84% zinc and 61.60 g/t
silver at US$150 NSR cutoff (see March 7, 2011 news release).
These resources laid the foundation for advancing the project to
the next stage of engineering and scoping studies, which are a part
of the 2011 program. Further, recent results from drilling have
confirmed that the geological model for the project is robust and
successfully targeting new mineralization. In particular, a new
zone has been intersected in drilling (see July 28, 2011 news
release) that is expected to add to the mineral resources. As only
approximately 1/4 of the six miles of prospective horizon that
hosts the Niblack deposits has been tested by drilling, there is
significant additional resource potential on the property.
The location of the Niblack Project at tidewater on Prince of
Wales Island in southeast Alaska presents a number of project
benefits, including year-round marine access, a well-trained labour
force, a mature supply and service sector, proximity to Asian
markets, and the support of community and Alaska Native corporation
partners. The project is located 27 miles (44 km) from Ketchikan, a
community of 8000 people with important services to support project
development, including a deep water port and international airport.
The State's burgeoning minerals industry also enjoys a competitive
tax regime and stable, predictable permitting and regulatory
oversight coordinated by the Alaska Department of Natural
Resources' 'Large Mine Permitting Team'. For reference, Hecla's
Greens Creek, a 2,100-ton per day underground massive sulphide
mine, operates 225 miles (370 km) to the northwest of Niblack on
Admirality Island.
Peter Kleespies, P.Geol., a Qualified Person as defined under
National Instrument 43-101, is supervising the exploration and
quality assurance and quality control programs on behalf of Niblack
and has reviewed the content of this release.
About Niblack Mineral Development Inc.
Niblack Mineral Development Inc. (TSX VENTURE: NIB) is an
exploration and development company with a number of mineral rich
assets in South East Alaska. The Corporation's principal asset is
the Niblack advanced stage copper-gold-zinc-silver project. This
project is currently a joint venture operated by Heatherdale
Resources Ltd. (part of the Hunter Dickinson group of companies)
which has earned a 60% interest in the project.
Niblack Mineral Development Inc. is a member of the Discovery
Group of companies, for more information on the group visit
www.discoveryexp.com.
On behalf of the Board
Niblack Mineral Development Inc.
John Williamson, President, CEO & Director
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address exploration
drilling, exploitation activities and events or developments that
the company expects are forward looking statements. Although the
company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continuity of mineralization, uncertainties related to the ability
to obtain necessary permits, licenses and title and delays due to
third party opposition, changes in government policies regarding
mining and natural resource exploration and exploitation, and
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. For more information
on the Company, investors should review the Company's continuous
disclosure filings that are available at www.sedar.com.
"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."
Contacts: Niblack Mineral Development Inc. Brian Budd Director
of Corp. Development 604-697-2861 or Toll Free: 1-888-331-2269
brianb@niblack.com www.niblack.com / Mobile URL: m.niblack.com
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