Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

January 07, 2008 08:30 ET

Blackstone Expands Copper-Zinc Efforts in Northern Sweden

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 7, 2008) - Blackstone Ventures Inc. (TSX VENTURE:BLV) announced today that it has been granted an exploration licence and 100% interest in the Jervas base metal property located 70 kilometres north along the same trend as the Company's high-grade Uma Cu-Zn-Pb project in northern Sweden. Jervas was identified as a key property after encouraging results at the Uma project prompted a complete evaluation of volcanogenic massive sulphide (VMS) targets in the district.

Property History

The Jervas property hosts base metal sulphide mineralization that according to Swedish Geological Survey records contains a historic resource(i) estimate of approximately 10 Mt grading 0.46% Cu with minor Zn, Pb, Ag and Au based on diamond drilling of mainly disseminated and stringer sulphide mineralization during the 1950's and 1960's. Examination of this archived drill core indicates that the style of mineralization may represent a previously unrecognized alteration zone possibly related to undiscovered VMS deposits.

(i) The estimate of historic resource predates and is non-compliant with NI 43-101. Blackstone is not treating the historical estimate as a current mineral resource or reserve. 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.

Recent Exploration

In an attempt to identify potential massive sulphide bodies, the Company contracted a 400 line-kilometre airborne electromagnetic (EM) geophysical survey over the area. The survey was successful in outlining several EM anomalies, including a 1.4 kilometre strike length EM conductor north of historic drill holes. Blackstone has applied for an additional surrounding mineral exploration licence to cover several EM conductors at the edges of the survey block. A map of the geophysical survey is provided in an appendix to this release (to view the appendix please click on: http://www.ccnmatthews.com/docs/blv0107.pdf).

Blackstone management is excited about this acquisition and plans to evaluate targets on Jervas in conjunction with exploration on the Uma project in 2008. 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.

Blackstone currently has seven drills operating in Norway and Sweden, all currently directed at the Company's nickel exploration projects. Four drills will be focused at the high priority Ertelia (Norway) and Lainjaur (Sweden) projects where results continue to provide encouragement for the presence of an economic deposit. All drilling activity was suspended during the Christmas holiday break with resumption of drilling to begin in mid-January, 2008.

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.

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