Blackstone Ventures Inc.

Blackstone Ventures Inc.

June 23, 2008 08:00 ET

Blackstone Drills 125 Metres Grading 0.39% Nickel Including High-Grade at Ror Nickel Project, Sweden

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to report additional assay results from diamond drilling at the "Ror" (Rormyrberget) nickel target in the Vasterbotten nickel district in Sweden. New results include long core lengths of nickel mineralization up to 125 metres grading 0.39% Ni with high-grade sections assaying 3.73% Ni over 2.9 metres.

Recent Results

Assay results have now been received for six drill holes which tested historic grades at the Ror nickel target. Drill holes ROR-08 and ROR-09 tested the eastern part of the Ror deposit where the host pyroxenite attains thicknesses in excess of 300 metres. Drill holes ROR-10, 11 and 12 tested shallow nickel sulphide mineralization at the west end of the deposit, approximately 600 metres northwest of holes 08 and 09. A drill plan map and drill sections are appended to this release (to view please click on:

Recent assay results from Ror:

Hole No. From To Length (m) Ni % Cu % Co %
ROR-08 122.0 163.0 41.0 0.52 0.09 0.02
includes (i) 140.5 163.0 22.5 0.87 0.16 0.03
includes (i) 146.0 163.0 17.0 1.01 0.18 0.03
includes (i) 150.3 155.3 5.0 1.59 0.27 0.04
and 200.0 254.5 54.5 0.44 0.04 0.01
ROR-09 151.0 276.0 125.0 0.39 0.05 0.02
includes 151.0 181.4 30.4 0.82 0.12 0.03
includes 157.9 177.5 19.6 1.16 0.16 0.04
includes 159.9 164.5 4.6 2.80 0.26 0.10
includes 159.9 162.8 2.9 3.73 0.27 0.10
and 273.0 276.9 3.9 1.22 0.17 0.06
ROR-10 18.4 53.0 34.6 0.36 0.06 0.02
includes 30.1 30.7 0.6 3.37 0.12 0.11
ROR-11 14.9 68.1 53.2 0.38 0.04 0.01
includes 33.5 35.5 2.0 3.95 0.14 0.14
ROR-12 13.9 55.6 41.7 0.36 0.06 0.02
(i) Previously reported

Blackstone's results confirm nickel zones at the Ror deposit and also indicate nickel mineralization is more widespread than previously recognized. Results of assaying of the complete host pyroxenite cut in duplicate holes resulted in core lengths of up to 125 metres of nickel mineralization.

CEO Dean MacEachern comments, "The Ror project is turning into an exciting bulk tonnage nickel target. We're seeing with this drilling that we are intersecting very thick zones of nickel mineralization very close to surface. Initial blanket sampling of our duplicate drill holes demonstrates the potential to greatly expand the current historic resource which stands at (ii)4.2 million tonnes grading 0.61% Ni. Previous work mostly focused on higher grade sulphide zones, but with the high nickel tenor at Ror even visually low sulphide contents can yield appreciable nickel assays."

(ii) This historical resource has been obtained from the Swedish Geological Survey and is non-compliant with NI 43-101. Blackstone is not treating the historical estimate as a current mineral resource or reserve. Blackstone reasonably believes that this estimate is relevant, but Blackstone has not undertaken an independent investigation of the resource estimate nor has it independently analyzed the results of the previous exploration work in order to verify the resource, and therefore the historical estimate should not be relied upon.

Continuing Work

In the coming months, Blackstone plans a sampling program of historic drill core to establish the extent of nickel sulphide mineralization. A large portion of the historic drill core is archived at the drill core library at the Swedish Geological Survey and is available for sampling. Results will be incorporated into the independent resource estimate planned for 2008. Metallurgical test work is also planned.

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 National Instrument 43-101.

About Blackstone

Blackstone is a mineral exploration company focused on base metals in Scandinavia. In addition to the Ror nickel project, the Company is currently testing the Dalen bulk tonnage nickel zone at Espedalen in Norway. Summer work programs have been initiated at the high grade Cu-Zn-Pb Uma and Jervas discoveries, and the newly acquired Norbotten Cu-Au project in Sweden.

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.

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

Contact Information

  • Blackstone Ventures Inc.
    Troy Winsor
    Blackstone Ventures Inc.
    Robert Carriere
    (604) 687-3929