Atlantic Industrial Minerals Inc.

January 09, 2013 09:34 ET

Atlantic Industrial Minerals Exploration Update on the Reefton Gold Project

HALIFAX, NOVA SCOTIA--(Marketwire - Jan. 9, 2013) - Atlantic Industrial Minerals ("ANL" or "the Company") (TSX VENTURE:ANL.H) is pleased to provide an exploration update on the Reefton Gold Project located in the Reefton Goldfield on the West Coast of New Zealand (see news release dated September 27, 2012). The project is located west of Oceana's Globe Progress mine area and is in the same sequence of rocks. Old gold workings in the area, including the Morning Star workings which are located on the ANL holdings, demonstrate the potential of the project.

During December 2012, a field team was assembled for a field inspection of the Reefton Gold Project. The entrance to the 300 metre Morning Star adit was located and an access team was organized. The adit, which had not been entered since the 1920s, was entered successfully and the initial inspection of the first 200 metres of the adit identified sulfides, including arsenopyrite, and quartz veining and alteration in the stratigraphy. The inspection was halted at the 200 metre point due to an old roof collapse blocking the adit. An inspection of the final 100 metres of the adit including the main vein system will be conducted after clearing and re-timbering the fall area. No detailed sampling was completed during the initial inspection.

The geology and mineralization is extremely encouraging. Generally, within the Reefton Goldfield, the type of veining identified and presence of sulphides is indicative of the presence of gold mineralization. Other than the collapsed area, the adit conditions appear to be excellent and the next phase of work will be to refurbish the workings which will allow for mapping, sampling, assaying and spot locations for underground drilling.

The Company has assembled a team of consultants familiar with the area and is well-positioned to move to the next phase of exploration early this year.

About Atlantic Industrial Minerals

ANL wholly owns Glencoe Resources Inc. which holds the 1425 hectares Glencoe carbonate property, and directly owns the 448 hectares Kewstoke carbonate property, both located in Cape Breton, Nova Scotia.

ANL holds under option a 100% interest in the 14,000 hectares Reefton Gold Project in South Island, New Zealand.

On behalf of the Board

Colin J. MacDonald

President & CEO

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

Neither the NEX 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.

Contact Information

  • Atlantic Industrial Minerals Inc.
    Colin J. MacDonald
    President & CEO
    (902) 832-5424