Val d'Or, Quebec / ACCESSWIRE / May 13, 2014 / NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold") is pleased to announce that it has consolidated 100% ownership of the Malartic H property ("the Property"). NioGold originally acquired a 60% interest in the Property from Breakwater Resources Ltd ("Breakwater") - see NioGold's news release dated October 7, 2010. NioGold has acquired the remaining 40% from Breakwater for a cash payment of $100,000 CAN.
"The Malartic H purchase completes our 100% ownership of an important property package in our Marban-Malartic holdings," said Michael Iverson, President and CEO of NioGold. "Our mandate has been to control 100% of the properties we acquire, and this is a continuation of that strategy that we have employed over the past 8 years. This property is north and west of our Marban resources at Kierens, Norlartic and Marban and could be developed as part of an overall mine plan. The excellent intersections previously drilled at Malartic H confirm that NioGold's properties are part of a growing mining camp in the world-class Abitibi greenstone belt. We will be implementing a drill program on the Malartic H property."
The Property consists of 18 claims for a total surface of 7.3 square kilometres and is located 7.5 kilometres northeast Osisko's Canadian Malartic mine (over 9 million ounces gold). The Malartic H property adjoins NioGold's 100% owned Malartic Block and will be amalgamated into this property. For future reference the entire land package will be referred to as the Malartic Block property.
The link below shows the location of the Malartic H property adjoining the Malartic Block. The Malartic H property has been highlighted in 'dark brown'.
Malartic H property location
The Property contains a 700 metres strike of the gold bearing H trend which extend over a length of 1000 metres and contains up to four parallel zones. This trend extends on NioGold's fully owned Malartic Block property. The southeastern projection of the trend leads to the Kierens deposit at about 2 km on NioGold's fully owned Marban Block. The H zone is open in both directions and at depth.
The results of some historical holes on the H zone inside the Malartic H and on the Malartic Block are indicating a strong potential near surface:
-4.09 g/t Au over 12.3 m in hole MH-89-09 at a vertical depth of 11 m.
-4.43 g/t Au over 3.9 m and 3.94 g/t Au over 7.3 m in hole 54-31 at a vertical depth of 20 and 69 m respectively.
-1.85 g/t Au over 13.8 m in hole MH-89-12 at a vertical depth of 28 m.
-19.46 g/t Au over 1.0 m in hole 54-17 at a vertical depth of 41 m.
During the earn-in 2009-2010 drilling campaign on the H trend NioGold intersected:
-12.39 g/t Au over 1.8 m in hole MH-09-014 at a vertical depth of 7 m.
-0.90 g/t Au over 54.5 m in hole MH-10-033 at a vertical depth of 26 m.
-1.63 g/t Au over 10.4 m in hole MH-10-076 at a vertical depth of 63 m.
-5.42 g/t Au over 5.7 m in hole MH-10-078 at a vertical depth of 182 m.
These intercepts are confirming the strong potential at surface with low grade mineralization with higher grade shoots, but also that the potential is continuing at depth with high grade mineralization.
A map showing the geology and drill hole locations of the Malartic H zones is available on the website at the following link:
Malartic H geology and drill hole locations
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.
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
[email protected] [email protected]
Tel: (604) 856-9887 Tel: (604) 510-4505
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.
SOURCE: NioGold Mining Corporation