Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

January 24, 2008 08:00 ET

Blackstone Continues to Drill Massive Nickel Sulphides in Norway

Assays Up to 5.93% Ni at Espedalen

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2008) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to announce that recently completed diamond drilling at the Espedalen project in Norway has intersected massive and semi-massive sulphide mineralization at shallow depths assaying up to 5.93% Ni.

The Espedalen project hosts 12 past producing nickel sulphide mines and 24 nickel sulphide occurrences including the Stormyra deposit, a recent nickel sulphide discovery which hosts high-grade intersections up to 7.76% Ni (Press Release March 31, 2005).

Results of ten recently completed drill holes continue to demonstrate continuity of high-grade nickel mineralization at the Stormyra deposit where the deposit now extends for one kilometre along strike. On-going drilling continues to test areas along strike and down-plunge.

The following table contains recent mineralized intervals at Stormyra.



Hole Number From To L (m) % Ni % Cu Mineralization
----------- ----- ------ ---- ---- ---- --------------
ES07-110 35.27 35.57 0.30 3.06 1.02 80% Sulphides
ES07-113 58.25 60.65 2.4 2.86 1.18 40% Sulphides
Incl. 58.25 58.95 0.70 5.93 2.49
ES07-114 33.33 33.62 0.29 3.83 1.21 70% Sulphides
ES07-115 60.62 68.60 7.98 0.64 0.40 20% Sulphides
Incl. 60.62 62.3 1.68 1.61 0.57
ES07-120 54.74 56.00 1.26 Assays pending 75% Sulphides
ES07-121 63.75 64.06 0.31 Assays pending 30% Sulphides
ES07-122 87.17 90.62 3.45 Assays pending 10% Sulphides
ES07-123 51.90 53.30 1.40 Assays pending 40% Sulphides
ES07-125 63.50 66.10 2.60 Assays pending 30% Sulphides
ES07-126 99.50 102.80 3.30 Assays pending 25% Sulphides


In addition to massive sulphides intersected at the Stormyra deposit, additional sulphides have been intersected at the Andreasburg, Storgruva, and Trona nickel occurrences in the Espedalen Project area. A table of results is attached including previously released intersections up to Hole 58 and previously unreported intersections up to Hole 89. A map showing the project area is also attached (to see this map please click on: http://www.ccnmatthews.com/docs/blv0124map.jpg).

Dean MacEachern, COO of Blackstone, comments, "These results provide strong encouragement for continuity of the high grade nickel mineralization. We will take advantage of the winter conditions to accelerate our drill program at Stormyra. The Stormyra deposit contains a non-compliant NI 43-101 resource of (i)312,000 tonnes grading 2.37% Ni which we hope to add to significantly. We will continue to test the best targets at Espedalen to define further resources. Currently two diamond drill rigs are on site."

(i) This resource estimate has been obtained from a report by Falconbridge Limited (now Xstrata Nickel) dated December 7, 2005 and is non-compliant with NI 43-101. Blackstone is not treating the historical estimate as a current mineral resource or reserve. Blackstone reasonably believes that this estimate is relevant, but Blackstone has not undertaken an independent investigation of the resource estimate nor has it independently analyzed the results of the previous exploration work in order to verify the resource, and therefore the historical estimate should not be relied upon.

Blackstone offers a district scale project portfolio in Sweden and Norway with advanced exploration programs at Espedalen and Ertelien in Norway and Lainjaur in Sweden. Seven drills are currently operating. The exploration program is being carried out under the direction of Jari Paakki, P. Geo., Vice President of Project Development for Blackstone and a qualified person as defined by National Instrument (NI) 43-101. The information in this release was prepared under the direction of Dean MacEachern, P. Geo., Chief Operating Officer for Blackstone, a qualified person as defined by National Instrument 43-101.

On behalf of Blackstone Ventures Inc.

Donald A. McInnes, 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.



Hole
Target Number From To L (m) % Ni % Cu % Co
----------- ---------- ------ ------ ----- ---- ---- ----
Andreasburg ES2004-02A 35.19 36.27 1.08 0.17 0.05 0.04
Andreasburg ES07-68 40.50 45.50 5.00 0.94 0.73 0.04
includes 42.10 44.95 2.85 1.30 1.06 0.05
Andreasburg ES07-69 30.00 38.65 8.65 0.51 0.29 0.03
includes 31.20 34.70 3.50 0.93 0.39 0.04
Andreasburg ES07-70 12.30 12.60 0.30 0.74 0.29 0.05
Andreasburg ES07-71 31.00 32.75 1.75 0.71 0.28 0.03
Andreasburg ES07-78 58.90 59.20 0.30 0.89 0.27 0.04
Andreasburg ES07-79 38.50 40.15 1.65 0.52 0.23 0.02
Dalen ES2004-05 8.80 40.00 31.20 0.45 0.19 0.03
Dalen ES2004-06 39.00 41.00 2.00 0.38 0.17 0.03
Jorstad ES2004-14 79.60 81.60 2.00 0.57 0.26 0.05
Jorstad ES2004-15 49.85 54.80 4.95 0.44 0.21 0.04
Jorstad ES2005-41 141.00 152.00 11.00 0.43 0.18 0.03
Stang ES2004-11 52.10 54.75 2.65 0.46 0.25 0.03
Storgruva ES2005-37 130.50 136.90 6.40 0.95 0.38 0.08
includes 136.00 136.90 0.90 2.48 0.98 0.16
Storgruva ES2005-38 49.07 72.75 23.68 0.39 0.16 0.03
Storgruva ES07-89 98.00 107.50 9.50 0.52 0.34 0.03
Stormyra ES2004-08 55.80 59.50 3.70 1.60 0.91 0.06
Stormyra ES2004-09 80.40 95.00 14.60 1.74 0.79 0.06
includes 93.10 95.00 1.90 6.91 2.05 0.21
Stormyra ES2005-19 65.10 67.27 2.17 1.15 0.70 0.03
also 95.15 95.35 0.20 4.12 0.6 0.13
Stormyra ES2005-20 64.00 85.06 21.06 1.75 0.66 0.06
includes 73.44 75.60 2.16 7.76 2.29 0.21
includes 83.95 85.06 1.11 6.72 1.87 0.20
Stormyra ES2005-21 51.65 63.45 11.80 0.67 0.39 0.03
includes 57.60 63.45 5.85 1.09 0.63 0.04
Stormyra ES2005-22 29.35 36.50 7.15 2.68 1.27 0.08
includes 31.35 35.02 3.67 3.85 1.95 0.12
Stormyra ES2005-23 26.77 27.27 0.50 2.28 0.86 0.06
Stormyra ES2005-24 104.76 106.44 1.68 4.30 1.29 0.13
also 110.84 113.67 2.83 0.98 0.34 0.04
Stormyra ES2005-25 106.45 110.60 4.15 0.97 0.25 0.03
includes 109.60 109.85 0.25 6.64 0.33 0.20
Stormyra ES2005-26 104.34 105.29 0.95 1.20 0.88 0.04
also 100.68 100.99 0.31 2.13 1.51 0.08
Stormyra ES2005-27 93.15 98.24 5.09 0.71 0.42 0.02
includes 93.15 94.21 1.06 2.36 1.01 0.08
Stormyra ES2005-28 71.45 74.83 3.38 0.63 0.37 0.02
Stormyra ES2005-29 57.60 57.90 0.30 0.94 0.44 0.07
Stormyra ES2005-30 47.35 49.97 2.62 0.93 0.33 0.04
includes 48.40 48.70 0.30 3.68 0.58 0.11
Stormyra ES2005-31 92.70 95.91 3.21 0.59 0.36 0.02
Stormyra ES2005-32 121.25 124.51 3.26 0.60 0.19 0.02
Stormyra ES2005-33 86.20 86.87 0.67 1.09 0.37 0.03
Stormyra ES2006-51 105.09 105.39 0.30 2.32 0.58 0.07
Stormyra ES2006-52 80.41 84.98 4.57 1.46 0.38 0.06
includes 80.41 80.92 0.51 6.86 1.31 0.19
Stormyra ES2006-55 55.57 56.35 0.78 2.24 0.92 0.05
includes 55.57 55.90 0.33 4.36 1.44 0.11
Stormyra ES07-56 85.50 87.00 1.50 0.63 0.23 0.03
includes 86.40 86.70 0.30 1.64 0.30 0.07
Stormyra ES07-58 47.10 55.90 8.80 0.50 0.13 0.02
includes 47.10 47.53 0.43 6.08 1.47 0.18
Trona ES2005-35 14.65 16.18 1.53 1.73 0.29 0.09
Trona ES07-60 30.00 41.00 11.00 0.21 0.06 0.01
Trona ES07-61 97.65 98.20 0.55 0.23 0.12 0.05
Trona ES07-65 21.55 21.95 0.40 0.24 0.46 0.06
Trona ES07-66 48.10 51.12 3.02 0.24 0.19 0.04
Trona ES07-67 50.20 51.60 1.40 0.29 0.21 0.06
Vesle ES2004-10 65.00 81.00 16.00 0.31 0.19 0.02
Vesle ES2005-42 2.55 10.35 7.80 1.00 0.44 0.06

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Blackstone Ventures Inc.
    Troy Winsor
    1-800-663-8072
    or
    Blackstone Ventures Inc.
    Robert Carriere
    (604) 687-3929
    Website: www.blv.ca