Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

October 29, 2009 15:32 ET

Goldbrook Expands Pad Zone, Including 6.0 Metres Averaging 1.14% Ni, 0.63% Cu and 1.56 g/t PGE+Au; and Also Confirms Potential at the Delta Northeast and Dragon Prospects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) is pleased to announce 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 included extensive geological mapping, prospecting and airborne VTEM geophysical surveys in three large target areas. Field crews mobilized to the Belanger base camp in mid June and by late September completed a total of 87 holes totaling over 16,180 metres.

The 2009 drilling program along the Belanger trend consisted of 1) further testing of known Ni-Cu-PGE zones with high potential for expansion including the Mystery, Timtu and Pad zones, and 2) testing at underexplored prospects and new targets as part of longer-term exploration objectives.

Goldbrook announced on October 6th the discovery of a deep extension to Ni-Cu-PGE sulphides at the Timtu zone and then on October 19th reported on the remaining 2009 drillholes at Timtu with additional significant intersections, delineation of a copper zone and further expansion of the zone, as well as confirmation of significant new potential for additional sulphides both down dip and along strike. The Timtu zone has become a very important resource along the Belanger trend of Ni-Cu-PGE deposits and further drilling is planned in 2010.

The 2009 drilling results from Mystery zone were reported September 10th with a 95.4 m intersection on the Mystery Main deposit and discovery of the Mystery North zone. A news release dated September 21 announced more intersections on the Mystery Main and Mystery North zones. Additional results are pending on the Mystery prospect.

This news release reports drilling results for the Pad zone, Delta Northeast and Dragon prospects.

PAD ZONE:

Drilling at Pad consisted of 4 drillholes at the mid and western portion of the zone which have better defined the sulphide potential, provide needed information for additional exploration of the zone next year, and include the following highlights:

- Drillhole PDR09-001 (Easting 511650; azimuth 180; -45 dip) intersected 6.0 metres of sulphides from 61.0 to 67.0 metres downhole averaging 1.14% Ni, 0.63% Cu, 0.04% Co and 1.56 g/t PGE+Au.

- Drillhole PDR09-002 (Easting 511650; azimuth 180; -60 dip) intersected 4.60 metres from 112.0 to 116.6 metres downhole averaging 1.53% Ni, 0.92% Cu, 0.06% Co and 1.69 g/t PGE+Au; and 0.40 metres from 119 to 119.40 metres downhole averaging 1.54% Ni, 8.00% Cu, 0.06% Co and 1.93 g/t PGE+Au.

- Drillhole PDR09-004 (Easting 511565; azimuth 180; -71 dip) intersected 1.0 metre from 179.8 to 180.8 metres downhole averaging 1.55% Ni, 0.57% Cu, 0.06% Co and 1.44 g/t PGE+Au.

DELTA NORTHEAST PROSPECT:

Historical drillhole data, surface mineralization and potential for additional sulphides at the Delta Northeast prospect were confirmed by 2009 drilling. All 3 drillholes encountered Ni-Cu-PGE mineralization with 2 holes having intercepts of significant width and grade, including the following:

- Drillhole DNE09-001 (Easting 530068; azimuth 230; -45 dip) had 3 intersections consisting of: 4.3 metres from 176.2 to 180.50 metres downhole averaging 0.60% Ni, 0.17% Cu, 0.02% Co and 0.93 g/t PGE+Au; 3.90 metres from 183.10 to 187.00 metres downhole averaging 0.74% Ni, 0.17% Cu, 0.03% Co and 0.88 g/t PGE+Au; and 3.55 metres from 196.35 to 199.90 metres downhole averaging 0.63% Ni, 0.15% Cu, 0.03% Co and 0.80 g/t PGE+Au.

- Drillhole DNE09-002 (Easting 530068; azimuth 230; -65 dip) also had 3 intersections: 1.5 metres from 135.80 to 137.30 metres downhole averaging 0.51% Ni, 0.08% Cu. 0.03% Co and 0.60 g/t PGE+Au; followed by 3.2 metres from 145.70 to 148.90 metres downhole averaging 0.80% Ni, 0.53% Cu, 0.04% Co and 1.20 g/t PGE+Au; and 2.9 metres from 158.50 to 161.40 metres downhole averaging 0.63%Ni, 0.15% Cu, 0.03% Co and 0.62g/t PGE+Au.

Geological mapping, on-site analysis of rock samples with a portable XRF analyzer and rock sampling were also conducted at the Delta Northeast site to assist with planning for the 2010 exploration season.

DRAGON PROSPECT:

Two holes were drilled at the Dragon prospect to test a surface showing and follow-up encouraging results in a historical drillhole. The results were two short intersections of good grade nickel sulphides which indicate sulphide potential in the immediate area which will be further tested in 2010:

- Drillhole DRG09-001 (Easting 530540; azimuth 165; -45 dip) intersected 0.88 metres from 63.00 to 63.88 metres downhole averaging 0.73% Ni, 3.32% Cu, 0.06% Co and 4.81 g/t PGE+Au.

- Drillhole DRG09-002 (Easting 530540; azimuth 165; -65 dip) intersected 0.67 metres from 85.13 to 85.80 metres downhole averaging 1.92% Ni, 0.93% Cu, 0.08% Co and 2.06 g/t PGE+Au.



Table 1. Composited Assay Results 2009 - Pad zone - Delta Northeast -
Dragon prospects
---------------------------------------------------------------------------
Inter- PGE+
From To val Ni Cu Co Pt Pd Au Au
Hole Inter- ----------------- ---------------- --------------------
ID section metres percent grams/tonne
---------------------------------------------------------------------------
Pad zone
---------------------------------------------------------------------------
PDR09-001 1 61.00 67.00 6.00 1.14 0.63 0.04 0.35 1.18 0.03 1.56

PDR09-002 1 112.00 116.60 4.60 1.53 0.92 0.06 0.39 1.27 0.03 1.69
PDR09-002 2 119.00 119.40 0.40 1.54 8.00 0.06 0.12 1.52 0.29 1.93

PDR09-004 1 179.80 180.80 1.00 1.55 0.57 0.06 0.25 1.12 0.07 1.44
---------------------------------------------------------------------------
Delta Northeast
---------------------------------------------------------------------------
DNE09-001 1 176.20 180.50 4.30 0.60 0.17 0.02 0.25 0.61 0.07 0.93
DNE09-001 2 183.10 187.00 3.90 0.74 0.17 0.03 0.22 0.63 0.03 0.88
DNE09-001 3 196.35 199.90 3.55 0.63 0.15 0.03 0.22 0.55 0.03 0.80

DNE09-002 1 135.80 137.30 1.50 0.51 0.08 0.03 0.16 0.41 0.03 0.60
DNE09-002 2 145.70 148.90 3.20 0.80 0.53 0.04 0.33 0.78 0.09 1.20
DNE09-002 3 158.50 161.40 2.90 0.63 0.15 0.03 0.16 0.43 0.03 0.62
---------------------------------------------------------------------------
Dragon
---------------------------------------------------------------------------
DRG09-001 1 63.00 63.88 0.88 0.73 3.32 0.06 0.49 4.21 0.11 4.81

DRG09-002 1 85.13 85.80 0.67 1.92 0.93 0.08 0.48 1.50 0.08 2.06
---------------------------------------------------------------------------
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. Drillhole Collar Coordinates and Details 2009
---------------------------------------------------------------------------
Hole UTM East- North- Eleva- Length
ID Datum Zone ing ing tion (m) Dip Azimuth
---------------------------------------------------------------------------
PDR09-001 NAD83 18 511650 6809970 422 179.0 -45 180
PDR09-002 NAD83 18 511650 6809970 422 130.0 -60 180
PDR09-004 NAD83 18 511563 6809965 432 197.0 -71 180
DNE09-001 NAD83 18 530068 6817342 444 229.0 -45 230
DNE09-002 NAD83 18 530068 6817342 444 213.5 -65 230
DRG09-001 NAD83 18 532540 6811900 465 139.0 -45 165
DRG09-002 NAD83 18 532540 6811900 465 167.0 -65 165
---------------------------------------------------------------------------
Explanatory notes: Elevation and length are in metres; dip & azimuth are in
degrees


Summary

The 2009 exploration program 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. Until mid September Goldbrook drilled over 87 holes on targets along the Belanger trend totaling over 16,180 metres. Samples from this drilling have been submitted to ALS Chemex in Vancouver and further results will be released as they become available. In addition to testing new targets and the known Timtu and Pad zones, continued drilling around the Mystery zone was a very high priority for the 2009 drilling season. Goldbrook will soon start preparation work for its 2010 exploration season.

Maps and sections of results at the Pad zone and Delta Northeast and Dragons prospects are posted on the Goldbrook website at: www.goldbrookventures.com. The Company will release additional drilling assay results as the information becomes available and is reviewed for accuracy.

Goldbrook will also be reviewing data from the 2009 season including results of geological mapping, on-site XRF analysis, rock geochemistry, an airborne VTEM geophysical survey and drilling as part of preparation for its 2010 exploration program.

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 Ginette 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