Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

October 06, 2009 14:07 ET

Goldbrook Discovers Deep Extension to Ni-Cu-PGE Sulphides at TIMTU TIM09-003 Cuts 35.40 metres of 0.86% Ni, 0.67% Cu and 1.81 g/t PGE+Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) -

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Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) is pleased to announce the additional results from its 2009 Raglan project diamond drilling program. This program is carried out under an Option-Joint Venture agreement with Jilin Jien Nickel Industry Co., Ltd. of China. Goldbrook contracted four drill rigs from Bradley-Nuvumiut (Rouyn-Noranda) for a minimum of 15,000 metres of BQ-size core. The exploration program also includes geological mapping, prospecting and an extensive airborne VTEM geophysical survey. Field crews mobilized to the Belanger base camp in mid June. As of early September a total of 87 holes totaling over 16,000 meters had been completed.

Timtu zone– Section 508015 East

Drilling at Timtu in 2009 was designed to test the potential of nickel sulphides discovered in 2007. This release reports results for the first three Timtu drillholes on section 508015 East. As a result of this program Goldbrook has discovered Ni-Cu-PGE mineralization at vertical depths greater than 200 metres which is interpreted as a folded, down-dip extension of the Timtu mineralization previously intersected near surface, and this release also documents the discovery of a Copper zone in the footwall sediments adjacent to the ultramafic Ni-Cu-PGE mineralization. The depth extension and copper zone discoveries highlight the significance of Timtu.

The drilling extended the known Timtu zone within the ultramafic rocks and also discovered in drillhole TIM09-003 what is termed the "Copper" zone of about 8 to 10 metres (core intersection) within the sediments adjacent to the ultramafic footwall. TIM09-003 also intersected the Timtu zone at depth which was previously identified near surface in 2007. The copper rich zone is characterized by very low nickel and PGE values and is considered a zone of remobilized copper sulphides.

Intersections on section 508015 East tripled the known vertical extent of the Timtu mineralized zone, and confirmed a vertical depth in excess of 200 metres. Mineralization appears continuous from surface along both limbs of an S-folded peridotite and remains open to depth. Drilling east and west of this section also intersected Ni-Cu-PGE mineralization, extending the zones to the east and west. Results for these adjacent drillholes are pending.

The highlights of these drilling results are as follows:

  • Drillhole TIM09-001 (-90 degrees) intersected (1) the main South zone mineralization as expected, with 5.10 metres from 93.30 to 98.40 metres downhole averaging 0.96% Ni, 0.77% Cu, 0.05% Co and 4.08 g/t PGE+Au.
  • Drillhole TIM09-002 (-65 degrees) intersected (1) the northern contact twice and contains within the ultramafic hangingwall about 61.3 metres of continuous mineralization from 96.0 to 157.30 metres averaging 0.25% Ni, 0.25% Cu and 0.75 g/t PGE+Au. This repetition of the contacts caused the re-evaluation of the Timtu geological model and provided evidence to support deeper drilling in search for a continuation of sulphides at depth.
  • Drillhole TIM09-003 (-79 degrees) intersected both the Timtu and copper zones with multiple significant nickel, copper and PGE intersections. The first intersection (1) includes 6.0 metres from 94.0 to 100.0 metres downhole, averaging 0.53% Ni, 0.51% Cu and 1.56 g/t PGE+Au;
  • Drillhole TIM09-003: A second intersection (2) includes 35.40 metres from 150.6 to 186.0 metres downhole of 0.86% Ni, 0.67% Cu, and 1.81 g/t PGE+Au; and additionally, intersection 3 confirms sulphides between 195.0 and 211.0 metres downhole, for a total of 16 metres averaging 0.43% Ni, 0.61% Cu and 1.88 g/t PGE+Au, but including three higher grade intersections.
  • Drillhole TIM09-003 also intersected a Copper zone (intersection 4 and 5) within the footwall metasediments immediately adjacent to the Ni-Cu-PGE zone in the ultramafic rocks. The drill intersections of this zone are from 8 to 10 metres (not true thickness) with copper in the range of 1.13 to 1.21 percent but with no other economic metals associated.
  Table 1. Composited Assay Results 2009 - Timtu Prospect
  Hole ID  Intersection  From  To  Interval  Ni  Cu  Co  Pt  Pd  Au  PGE+Au
    metres  percent  grams/tonne
  Timtu Main zone          
  TIM09-001  1  93.30  98.40  5.10  0.96  0.77  0.05  0.54  3.44  0.10  4.08
  TIM09-002  1  96.00  157.30  61.30  0.25  0.25  0.02  0.13  0.57  0.05  0.75
  TIM09-003  1  94.00  100.00  6.00  0.53  0.51  0.03  0.29  1.23  0.04  1.56
   2  150.60  186.00  35.40  0.86  0.67  0.03  0.38  1.37  0.06  1.81
   3  195.00  211.00  16.00  0.43  0.61  0.03  0.31  1.51  0.06  1.88
   incl 5a  195.00  198.20  3.20  0.83  0.31  0.03  0.94  1.50  0.04  2.48
   incl 5b  198.70  198.90  0.20  1.63  0.10  0.68  0.03  25.90  0.15  26.08
   incl 5c  201.70  204.20  2.50  0.38  0.76  0.06  0.03  1.49  0.10  1.62
   incl 5d  206.60  211.00  4.40  0.64  1.23  0.03  0.38  1.75  0.09  2.22
  Copper Zone          
  TIM09-003  4  103.0  111.0  8.0  0.06  1.21  0.01  0.03  0.33  0.07  0.43
   5  131.0  141.0  10.0  0.02  1.13  0  0.03  0.03  0.03  0.09
  NOTE: Intersections are reported as actual core lengths, true widths may be less than core widths depending on drillhole angle and orientation of the intersected mineralized zone
 
   Table 2. Timtu Prospect Drillhole Collar Coordinates and Details 2009
   
   Hole ID  Datum  UTM  Easting  Northing  Elevation  Length  Dip  Azimuth 
     Zone     (m)   
   TIM09-001  NAD83  18  508015  6810700  389.32  127.0  -90  360 
   TIM09-002  NAD83  18  508015  6810700  389.32  180.0  -65  360 
   TIM09-003  NAD83  18  508015  6810700  389.32  243.0  -79  360 
   Explanatory notes: Elevation and length are in metres; dip & azimuth are in degrees  
                      

Other Exploration

In addition, up until early September Goldbrook drilled over 87 holes on targets along the Belanger trend totaling over 16,000 metres. Samples from these holes have been submitted to ALS Chemex in Vancouver and results are pending.

Summary

The 2009 exploration program is focused on developing new Ni-Cu-PGE sulphide targets, particularly along the Belanger and related trends, as part of Goldbrook's longer term exploration objectives for the company. In addition to testing new targets and the known Timtu and Pad zones, continued drilling around the Mystery zone has been a very high priority for the 2009 drilling season. Further assay results will be released as they become available.

Analyses

Drillcore samples from the 2009 drill program were assayed by ALS Chemex Laboratories in Vancouver, BC [ISO 9001:2000 certified]. Sample preparation was completed at the ALS Yellowknife facility. Assay results for nickel, copper and cobalt were determined by HNO3-HCL digestion and ICP-AES finish and report nickel in sulphides. Platinum, palladium and gold were determined by fire assay fusion and ICP-AES finish. In addition to the ALS Chemex quality control procedures, Goldbrook inserts Certified Reference Materials, blanks and duplicates into the sample batches for independent quality control.

Jamie Pardy, PGeo, (Quebec SA# 121) and G. Carter, PGeo, (Quebec Special SA# 122) Vancouver, are qualified persons as defined by National Instrument 43-101 and have reviewed and verified the information contained and are responsible for the technical content of this press release.

ON BEHALF OF THE BOARD:

Brian Grant, PGeo, President and COO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This press release contains "forward-looking information" that is based on Goldbrook's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Goldbrook's mineral discoveries, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Goldbrook's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for Goldbrook's mineral products or increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Goldbrook disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.

Contact Information

  • Goldbrook Ventures Inc.
    Brian Grant, PGeo
    President and COO
    (604) 683-8083 or Toll Free: 1-888-488-9884
    (604) 683-8087 (FAX)
    www.goldbrookventures.com