Blackstone Ventures Inc.

Blackstone Ventures Inc.

October 20, 2009 08:00 ET

Blackstone Ventures Updates Q3 Exploration Activities in Scandinavia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2009) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is providing an update on its Scandinavian projects including a new airborne geophysical survey at Uma Volcanogenic Massive Sulphide (VMS) Cu-Zn-Pb-Au project and diamond drill results at the Norbotten Cu-Au project.


- Completed airborne EM and Magnetic survey covering a 20 kilometre by 5 kilometre area in southern portion of Uma Project in northwestern Sweden. Numerous conductors associated with identified high grade massive sulphide showings

- Assay result of 4.26% Cu and 1.88 gpt Au over 1.4 metres was returned in hole NOR-001 at Norbotten Cu-Au Project in northeastern Sweden

Uma Cu-Zn Project:

Preliminary results have been received for a 750 line-kilometre airborne time domain electromagnetic (EM) and magnetic survey covering a 20 x 5 kilometre area in the southern part of the Uma project, "Uma South". The survey outlines numerous new EM targets including conductors extending along strike of high-grade massive sulphide surface showings. Drilling by Boliden in the 1950/60's in the immediate area of three surface showings includes up to 10.1% Cu, 21.7% Zn, 8.2% Pb and 12 gpt Au over 0.82 metres. A map showing the location of the airborne survey and outlined targets for drill testing and location of high grade showings is appended to this release.

"Although we are still attempting to begin an initial helicopter supported program of diamond drilling on the Suitcase and Uma#1 Cu-Zn-Pb-Au showings in the northern part of the Uma Project, local weather conditions and diminishing day light hours are hampering our efforts. Drilling logistics are somewhat easier in the southern Uma area. With the completion of this airborne survey we now know we have similar high grade Cu-Zn-Pb-Au showings which also have a corresponding geophysical response. A total of 11 high priority targets have been selected for drill testing. The targets in south Uma will be much more accessible for drilling during the fall and winter months" commented Dean MacEachern, CEO and President.

Blackstone's 235,000 hectare Uma project covers boulders and outcrops of high-grade massive sulphide mineralization extending over a distance of 70 kilometres. This includes Uma South, as well as Cu-rich boulders in the central claims and recently uncovered outcrops and boulders assaying as high as 6.64% Cu, 20.9% Zn, 16.75% Pb, 87gpt Ag and 0.54 gpt Au with new, untested EM conductors in the northern part of the project. Drilling is being scheduled with input from local Saami villages and the Swedish Mining Inspectorate.

Norbotten Cu-Au Project:

Assays results from 7 diamond drill holes totaling 895 metres completed last month at its Norbotten Iron Oxide-Copper-Gold (IOCG) project in northeast Sweden have been received. A zone of strong potassic alteration was intersected which contained narrow zones of anomalous copper- gold mineralization. The 7 drill holes were completed over a 3 kilometre long identified Induced Polarization anomaly (IP) in order to determine if any portions of the IP anomaly contained significant copper-gold mineralization. Holes NOR-001 and NOR-007 were drilled on the northeastern portion of the defined anomaly and returned the best assay values over narrow drill core intervals. The best result of 4.26% Cu and 1.88 gpt Au over 1.4 metres was returned in hole NOR-001 at a drill depth of 158.8 metres. Hole NOR-007 intersected 1.5m of 0.55 gpt Au at a depth of 38 metres and 0.46% Cu and 0.28 gpt Au over 3 metres at a depth of 150.5 metres. Assay results of the more anomalous mineralization is tabled below along with associated alteration which is characteristic and important at all IOCG deposits in the region. No other holes returned any significant assay values.

Hole # Cu % Au g/t metres Alteration Zone
NOR-001 4.26 1.88 1.40 80m: Kf, Bi, Sc, Ht, Py, Mt, Cp, To
NOR-007 0.09 0.55 1.50 50m: Ht, Kf, Mt, Bi, To, Py, Cp
and 0.46 0.28 3.00
Abbreviations: Kf equals K Feldspar, Bi equals Biotite, Sc equals
Scapolite, Ht equals Hematite, Py equals Pyrite, Mt
equals Magnetite, Cp equals Chalcopyrite, To equals

MacEachern stated "Mineralization and alteration intersected from this phase of drilling suggests that the Norbotten project has some merit to host an IOCG type of deposit. A northeast trending structural zone was identified from a review of the regional magnetic survey and has now been verified in the recent diamond drilling. IOCG type deposits typically form in association with large scale regional structures in zones of strong iron oxide and potassic alteration. Blackstone controls approximately 30 kilometres of this structure. To date Blackstone has explored less than 10% of its land holdings at Norbotten and is currently prioritizing its exploration efforts."

Norbotten is a newly discovered IOCG prospect located in the eastern part of the world-class Kiruna Iron-Ore district of northern Sweden. The project area is within 70 kilometres of Boliden's Aitik Cu-Au Mine (proven reserves at January 1, 2007 of 526 million tonnes @ 0.28% Cu, 0.2gpt Au, 2gpt Ag) and covers the southern extension of the Kolari IOCG district of Finland. This is the first ever diamond drill program in the area which remains highly under-explored.

Exploration programs are being carried out under the direction of Jari Paakki, P. Geo., Vice President of Exploration and 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., President and Chief Executive Officer for Blackstone, a qualified person as defined by NI 43-101.

About Blackstone

Blackstone is a mineral exploration company focused on base and precious metals in Scandinavia. Blackstone's primary assets are extensive nickel-copper holdings in Sweden and Norway including six deposits with current NI 43-101-compliant resources.

To view the maps accompanying this release please click on the following link:

On behalf of Blackstone Ventures Inc.

Dean MacEachern, 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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