Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

January 24, 2007 16:30 ET

Blackstone Launches $4 Million Norwegian Exploration Campaign

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 24, 2007) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to announce a 2007 $4 million exploration and development budget and goals for Norway in 2007. Blackstone has been exploring in Norway since 2003 and has recently negotiated to purchase a 100% interest in seven distinct project areas that are highly prospective for the discovery of sulphide nickel deposits. The 2007 exploration campaign will be overseen by newly appointed country manager Rob Foy, P. Geo. A 20-25,000 metre drill program has commenced and an additional two diamond drills are expected to be operational by the end of the first quarter.

The Norway projects comprise seven large land positions within prospective nickel belts in southern and central Norway. The Company holds a total of 1,418 preclaims which cover a strike length of in excess of 225 kilometres of prospective terrain for nickel sulphide deposits. In excess of 50 historical nickel mine workings are present on the property package. Since the inception of the projects in 2003, Blackstone has funded a total of 18,332 line km of airborne magnetics and EM which has been flown at the Espedalen, Vakkerlien, Bamble, Ertelien, Skjaekerdalen and Evje project areas. Several hundred line kilometres of ground geophysics has been completed on several of the project areas. A total of 77 drill holes have been completed on the Espedalen and Ertelien Projects resulting in two new nickel zones and several prospective nickel intersections having been discovered on the properties. The initial pass of drilling completed to date has been completed on targets covered by approximately 10% of the currently held property position. The Stormyra zone on the Espedalen project and the Ertelia zone on the South Norway project both require additional drilling to fully evaluate the extent of the mineralized systems. It is the Company's intention in 2007 to not only further test these zones, but to also drill test all the currently identified targets on the remaining project areas.

One drill is currently operating at the Ertelia Mine target area testing underneath a previously unmapped sulphide bearing trench located approximately 250m west of the recently drilled Ertelia Zone. The new trench is oriented roughly north-south, is approximately 100m in length and is associated with a 400m long magnetic high. After drill testing this sulphide showing, the drill will move to the Langdalen target where at least four drill holes are planned to test underneath and along strike of the historical Langdalen Nickel Mine (historical production of 250,000 tonnes grading 2.5 to 3.5% Ni).

A second drill rig is currently being secured and will be mobilized to the Bamble project area approximately 130 kilometres to the south of the Ertelien project. The objective for that drill rig will be to test underneath and along strike of historical nickel mine workings at Nystein-Vissestad, Meinkjaer and Seljason with a minimum of four to eight holes per target area.

The Company also intends to complete additional drilling on the Espedalen project in 2007. A third drill rig will be mobilized to the Espedalen project once it is secured. The objective at Espedalen is to expand on the drilling completed in 2005 which was designed as a first pass testing on several conductors. Many of the target areas on the Espedalen project were only tested with one or two holes at shallow levels. It is thought that mineralized zones such as Trona (ES2005-35: 1.73% Ni, 0.29% Cu, 0.09% Co / 1.53m), Storgruva Extension (ES2005-37: 0.96% Ni, 0.39% Cu, 0.08% Co / 6.4m) and Vesle (ER2005-42: 1.05% Ni, 0.46% Cu, 0.06% Co / 7.2m) have significant potential to be expanded. The Company also intends to drill additional holes at the Stormyra Zone where a small resource was established and the Company feels there is room to expand the zone both along strike and down dip.

Donald McInnes states, "Having now secured an agreement to purchase a 100% interest in the Norway Projects Blackstone will embark on its busiest year ever. Exploration work over the last three years has set the stage and readied numerous drill targets. With a three drill 20 to 25,000 metre diamond drilling campaign now underway we hope to as quickly as possible drill test and evaluate as many targets and conductors as possible. At Ertelien we have over 34 anomalies to test many of which are coincident with historical mine workings, none of which have been ever subjected to modern exploration. We hope to build on the early successes we have had and to build on this as quickly as possible."

The Company wishes to announce the appointment of Mr. Robert Foy, P.Geo. as the Exploration Manager for Norway, and he will oversee the management and execution of the Company's 2007 exploration program. Mr. Foy has recently resigned from Xstrata Nickel where he was the Senior Geologist for the Nickel Rim South Deposit in the Sudbury Basin, currently under development and scheduled for full production in 2010. Mr. Foy brings over 20 years of nickel sulphide exploration experience to the Company including extensive work searching for nickel and platinum group metals in North America and Africa. Mr. Foy's immediate task will be to rapidly advance our exploration programs to test the numerous nickel targets within the Company's extensive property holdings with diamond drilling. To that extent, drilling and access permits have been obtained for the Langdalen, Nystein, Meikjaer and Seljason targets where the presence of numerous historical nickel sulphide mine workings provide a strong indication for the potential of further discoveries. The Company's strategy will be to begin drilling underneath and adjacent to historical mine workings for extensions to the historical deposits.

A synopsis of each project area is appended to this release including final results from the 2006 Ertelien drilling campaign.

For further information on each project area visit the Blackstone website at http://blv.ca where a series of maps, photographs and images have been posted under Espedalen and South Norway Projects.

On behalf of Blackstone Ventures Inc.

Donald A. McInnes, President

Backgrounder to Blackstone's January 24, 2007 Norway Exploration Campaign

A large airborne geophysical survey covering 18,182 line kilometres was completed over many of the Norway project areas in 2006 and resulted in the identification of numerous conductors and magnetic features warranting additional follow up work on the ground. Many of these anomalies were found to be coincident with known historical mine workings, particularly in the Ertelien and Bamble project areas. However only 3 targets within the Ertelia Project area were drill tested, several others remain untested, and all targets within the Bamble Project have yet to be drill tested.

Review of Ertelien Project in 2006

During 2006 a total of 17 holes were drilled at Ertelia. The fifteen drill holes reported here are a final compilation of all remaining holes drilled by the previous operator of the project, Sulfidmalm A/S (a wholly owned subsidiary of Xstrata Nickel). Eleven of the drill holes reported here are drilled on the Ertelia Mine target where previous holes had intersected significant nickel sulphide mineralization, for example in hole ER2006-06B which intersected 1.46% Ni, 1.32% Cu, 0.08% Co over 28.07m from 281.78m to 309.85m including 1.90% Ni, 1.76% Cu, 0.11% Co over 19.9m. Of the remaining four holes reported here, two holes were drilled on the Sigdal target and two holes were drilled on the Baksjo target. The first six holes (not including three drill holes which were lost in bad ground) were reported in an earlier press release (dated August 9, 2006).

New highlights from the recent drilling at the Ertelia target include:

ER2006-10: 0.99% Ni, 0.32% Cu & 0.06% Co / 9.60m

ER2006-17: 1.43% Ni, 0.99% Cu & 0.09% Co / 2.48m

ER2006-18: 1.05% Ni, 0.76% Cu & 0.09% Co / 9.80m

ER2006-19: 1.18% Ni, 0.13% Cu & 0.06% Co / 1.05m

A synopsis of each project area is appended to this release including final results from Ertelien drilling.

Donald McInnes, President of Blackstone, stated, "A total of seventeen (17) drill holes have been completed at Ertelia by Xstrata Nickel. Of these, thirteen (13) have intersected nickel mineralization, of which eight (8) intersected greater than 1.00% Ni over a minimum of 2.0m drill length. Our next objective for the Ertelia Mine target is to step away from the currently drilled zone which covers an area of approximately 300 metres strike length and 300 metres dip length to see if there is a larger zone. Our field crew has recently mapped a historical sulphide bearing trench (the Northwest Trench) which is located approximately 250 metres to the west of the current Ertelia zone and is associated with a 400m long magnetic anomaly. The proximity of this area to a large power line prevented the effective use of ground EM surveying. We have however moved the drill to test under the new showing to evaluate the nickel potential of this target.

Significant nickel sulphide mineralization was intersected early in the drill program (ER2006-06B intersected 1.46% Ni, 1.32% Cu, 0.08% Co over 28.07m including 1.90% Ni, 1.76% Cu, 0.11% Co over 19.9m) at the Ertelia target and it quickly became the focus of the drilling in 2006 in Norway. A listing of drill hole locations and significant nickel sulphide intersections are presented in the tables below. An updated geological interpretation is forthcoming and will incorporate all new and existing results with particular emphasis on the multiple mineralized intervals. There appears to be at least two mineralized horizons hosted within the gabbronorite and immediate footwall gneiss. The new model will serve as a basis for the next phase of the program.



Hole Number Northing Easting Elevation Depth Azimuth Dip

ER2006-01B 6659672 558151 176 134 53 -60
ER2006-02 6659654 558127 174 214 53 -75
ER2006-03 6659590 558208 171 224 53 -50
ER2006-04 6659589 558208 171 224 53 -80
ER2006-05 6659742 558077 180 240 53 -50
ER2006-06B 6659737 558070 181 345 53 -83
ER2006-09 6659711 558045 174 339 53 -67
ER2006-10 6659675 558072 177 343 53 -68
ER2006-11 6659730 557979 172 300 53 -60
ER2006-12 6659837 557875 199 245 53 -54
ER2006-15 6659545 558149 170 252 53 -88
ER2006-16 6659604 558061 168 382 53 -73
ER2006-17 6659716 558127 183 177 53 -62
ER2006-18 6659589 558127 173 349 53 -73
ER2006-19 6659674 558074 177 452 53 -80
ER2006-20 6659693 558013 162 107 53 -79
ER2006-21 6659711 558045 174 416 53 -86


Ni Cu Co Pt Pd Au Ag
Hole # From To Length (%) (%) (%) (g/t) (g/t) (g/t) (g/t)

ER2006-01B 39.82 41.14 1.32 2.25 0.62 0.13 0.02 0.1 0.04 3.4
64.40 71.44 7.04 1.12 0.67 0.07 0.02 0.07 0.09 6.3
116.70 121.68 4.98 0.79 0.86 0.05 0.02 0.04 0.11 7.5
ER2006-02 185.46 189.70 4.24 1.25 0.55 0.06 0.02 0.07 0.09 5.8
ER2006-03 185.65 187.95 2.30 1.29 0.22 0.10 less 0.08 0.02 2.2
than
0.02
ER2006-04 181.85 183.09 1.24 1.47 0.98 0.10 0.06 0.1 0.09 11.4
192.45 193.05 0.60 1.07 1.32 0.08 less 0.04 0.19 18.2
than
0.02
ER2006-05 44.94 46.26 1.32 1.10 0.37 0.09 less 0.08 0.05 2.7
than
0.02
97.92 106.78 8.86 1.08 0.64 0.08 0.02 0.06 0.13 5.9
incl 103.70 106.78 3.08 1.69 0.59 0.11 0.02 0.08 0.08 5.1
199.70 201.00 1.30 0.71 1.37 0.05 less 0.02 0.45 24.3
than
0.02
207.36 208.70 1.34 1.03 2.31 0.08 0.14 0.05 0.38 21.0
ER2006-06B 26.03 26.78 0.75 1.82 2.06 0.14 less 0.05 0.1 8.6
than
0.02
281.78 309.85 28.07 1.46 1.32 0.08 0.04 0.1 0.13 8.1
incl 289.95 309.85 19.90 1.90 1.76 0.11 0.05 0.13 0.17 10.5
ER2006-09 251.16 254.70 3.54 0.72 1.30 0.06 less 0.03 0.20 10.9
than
0.02
incl 253.40 254.00 0.6 1.28 0.88 0.08 0.01 0.04 0.03 9.2
ER2006-10 217.00 217.60 0.60 1.25 0.88 0.10 0.03 0.09 0.32 7.1
223.10 223.85 0.75 1.02 0.90 0.05 0.03 0.07 0.29 11.2
230.05 242.60 12.55 0.89 0.30 0.05 0.08 0.07 0.05 2.5
incl 236.70 239.60 2.90 1.67 0.54 0.09 0.03 0.07 0.07 2.9
incl 233.00 242.60 9.60 0.99 0.32 0.06 0.09 0.06 0.06 2.5
ER2006-11 No significant results returned
ER2006-12 177.10 177.40 0.30 0.65 0.85 0.05 less 0.12 0.05 4.1
than
0.02
ER2006-15 No significant results returned
ER2006-16 No significant results returned
ER2006-17 21.78 23.20 1.42 0.93 0.11 0.06 0.02 0.05 0.03 1.7
132.70 133.43 0.73 2.02 0.74 0.12 0.02 0.15 0.10 6.1
172.18 174.66 2.48 1.43 0.99 0.09 0.10 0.06 0.11 7.3
ER2006-18 142.55 152.35 9.80 1.05 0.76 0.09 0.02 0.09 0.06 7.6
238.13 241.78 3.65 0.90 0.76 0.05 0.01 0.06 0.10 8.0
incl 240.18 241.78 1.60 1.63 1.50 0.10 less 0.11 0.19 15.1
than
0.02
ER2006-19 281.70 282.75 1.05 1.18 0.13 0.06 0.27 0.19 0.11 0.8
345.30 345.77 0.47 1.40 3.02 0.10 0.49 0.35 0.48 33.4
349.68 350.55 0.87 1.41 0.38 0.08 less 0.12 0.08 5.6
than
0.02
379.05 379.45 0.40 1.57 0.53 0.10 less 0.07 0.05 9.7
than
0.02
ER2006-20 No samples taken
ER2006-21 337.2 337.65 0.45 0.38 1.42 0.07 less 0.05 0.12 15.3
than
0.02


Sigdal Target

The Sigdal target is located approximately 25 kilometres to the west of the Ertelia target. A total of two short drill holes were completed adjacent to historical mine workings at opposite ends of a geophysical conductor associated with these historical workings. Hole ER2006-13 drilled on the north side of the workings returned highly anomalous assays values for Ni, Cu, Co and significant Au at drill depths of 24 metres and 36 metres as follows.



Ni Cu Co Pt Pd Au Ag
Hole # From To Length (%) (%) (%) (g/t) (g/t) (g/t) (g/t)

ER2006-13 22.62 24.10 1.48 0.36 0.43 0.04 0.06 0.05 10.1 2.9
incl 23.44 23.44 0.82 0.15 0.24 0.02 0.07 0.06 15.4 2.4
35.55 36.00 0.45 0.94 0.88 0.04 less less 0.05 4.0
than than
0.02 0.02
ER2006-14 No significant results returned


The geophysical conductor is coincidental with old Mine working and the mineralized horizon that hosts these shallow, anomalous Ni-Cu and the significant Au results. Based on these encouraging results, planned drilling will test the centre of the conductor as well as determine the extent of the mineralized horizon downdip and along strike.

Baksjo Target

The Baksjo target is located approximately 9 kilometres to the north of the Ertelia target area. Two drill holes, ER2006-7 and 8 were completed on the Baksjo target where a high conductance (7900 siemen) UTEM anomaly was identified however no mineralization was intersected in either hole. The Company is currently reviewing the target to determine if additional work is warranted to assess the cause of the geophysical anomaly.



Hole #

ER2006-07 No samples taken
ER2006-08 No samples taken


Drill core is logged and mineralized intervals are split on site in Norway, with split samples being shipped to SGS Lakefield Research in Ontario. A system of using check assays, duplicates and standards has been implemented for quality control purposes. The exploration program is carried out under the direction of Paul Nagerl, P. Geo., Vice President of Exploration for Blackstone and a qualified person as defined by National Instrument 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.

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

Contact Information

  • Blackstone Ventures Inc.
    Troy Winsor
    Manager Investor Relations
    (604) 687-3929 or 1-800-753-0885
    Website: www.blv.ca