Val d'Or, Quebec - January 27, 2014 - NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold") is pleased to provide initial details of its exploration program, which will include 10,000 metres of core drilling and over 2,000 metres of core re-sampling. The Company has now completed its analysis and interpretation incorporating the 2013 exploration results (including more than 13,000 metres of drilling) and has identified multiple new target areas for the 2014 program.
The current Marban Block gold resource is estimated at:
Measured & Indicated: 1.53 million oz (32.1 million tonnes at 1.48 g/t), plus
Inferred: 599,000 oz (16.5 million tonnes at 1.13 g/t)
The exploration program is designed to aggressively pursue the expansion of this resource by bringing some satellite zones to readiness for a mineral resource estimate. A detailed analysis of the recent exploration results, in the context of historical exploration and production data on the Company's properties, has identified multiple additional high priority targets on the Marban Block, Malartic Block, and the Malartic H properties. As part of the 2014 program the Company is planning an initial program of core drilling, core re-sampling, and other work to test these target areas, including:
-The Gold Hawk Zone (on the Marban Block). This zone is part of a northwest-southeast oriented auriferous trend of 2.3 km which is the extension of the Marban deposit. More than 50 historical holes in this zone have been selected for re-sampling to validate and fill in gaps in the original sampling, with the aim of producing a resource estimate for this zone.
-The Norlartic Zone Southeast Extension (on the Marban Block). To date, the southeastern extension of the Norlartic deposit has been drill tested over a strike length of 1.2 km. The 2014 program will continue to test the extension within the hanging wall of the Marban deposit.
-The Audet Zone (on the Malartic Block). Historical work on this zone has revealed several gold intercepts. It is part of a gold bearing trend of about 900 metres which coincides with a 1.8 km linear magnetic high anomaly. Two hundred metres to the northeast of this target area, another linear magnetic high trend of almost 4 km strike length has been identified and is coincident with a number of gold showings. The drill program will test near surface mineralization on these trends and also the surrounding area for parallel structures. A goal of the 2014 program is to produce a 43-101 compliant resource estimate for a portion of the Audet Zone.
-The past producing Malartic Hygrade mine (on the Malartic Block). The mine is surrounded by several showings at shallow depth multiple different orientations. Recent re-sampling of 10 holes drilled by the previous owner returned positive results including 3.98 g/t Au over 7.2 m and 78.44 g/t Au over 0.7 m (see Company's news release dated December 4, 2013). The 2014 drill program will test these target areas with core drilling.
-The H Zone (straddling the Malartic Block and Malartic H). NioGold's 2009-2010 exploration program (see news release dated October 7, 2010) included drill intersections of 12.39 g/t Au over 1.8 m (MH-09-014), 0.90 g/t Au over 54.5 m (MH-10-033) and 5.42 g/t Au over 5.7 m (MH-10-078). The H Zone mineralization appears concentrated in the hinge of a fold and the 2014 drill program is designed in part to provide a better understanding of the geometry of this zone.
The exploration and compilation program is being conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), NioGold's Vice-President, Exploration and a Qualified Person as defined by National Instrument 43-101. This news release was prepared by Mr. Ducharme.
The Company's properties encompass a strategic land position on one of the world's most historic and prolific gold districts. Work to date has defined a significant resource on the Marban Block and numerous additional prospective areas have been identified and advanced to the drill ready stage. The Company believes there is high potential that the 2014 exploration will continue to expand the resource base and to build shareholder value.
NioGold Mining Corporation - << On Canada's Golden Highway >>
NioGold Mining Corporation is a mineral exploration company focused on gold. The Company's flagship projects are located in the Cadillac - Malartic - Val-d'Or region of the prolific Abitibi gold mining district, Quebec. The Cadillac, Malartic and Val-d'Or mining camps have produced over 45 million ounces of gold since the 1930's and presently encompasses six producing gold mines including Osisko Mining's new Canadian Malartic operations. NioGold's land holdings within the Abitibi presently cover 130km2 and encompass four former gold producers, namely the Norlartic, Kierens (First Canadian), Marban and Malartic Hygrade mines that collectively produced 640,000 ounces of gold.
NioGold's experienced and qualified technical team are overseeing the advancement of these projects, targeting expansion of the resource base.
NioGold invites you to visit the company website at www.niogold.com.
For information on NioGold Mining Corporation contact:
Michael A. Iverson Dale Paruk
President & CEO Vice-President Corporate Development
Tel: (604) 856-9887 Tel: (604) 662-4505
Toll-free: (877) 642-6200
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release includes "forward looking statements", as that term is defined in Section 27A of the Unites States Securities Act of 1933, as amended, and Section 21E of the United States Exchange Act of 1934, as amended, that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.
Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. Except as required by law, the Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.
CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission (the "SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this news release, such as 'measured resources', 'indicated resources' and 'inferred resources', which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. The news release may contain information about adjacent properties on which we have no right to explore or mine. U.S. investors are cautioned that mineral deposits on adjacent properties may not be indicative of mineral deposits on our properties.
Leave a comment...