Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

February 29, 2008 08:00 ET

Blackstone Drills 24.4 Metres Grading 1.05% Ni, 0.51% Cu With Significant Platinum Group Elements at Juggs Target in Sweden

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 29, 2008) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to provide results from an on-going diamond drilling program at the "Juggs" (Njuggtraskliden) target in the Vasterbotten Nickel District in Sweden where recent results have confirmed wide zones of nickel mineralization with platinum group elements (PGEs) at shallow depths.

Recent Drill Results

A total of 24 short drill holes have been completed to date in the first phase of drilling targeting showings and geophysical conductors along a 5 kilometre trend of nickel mineralization. The first drill hole (NJU-07-01) designed to confirm historic grades at Juggs, intersected over 24 metres of significant nickel sulphide mineralization starting at a down-hole depth of 63.4 metres.

Highlights include:



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Hole From To Length (m) Ni% Cu% Co% Pt g/t Pd g/t Au g/t
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NJU-07-01 63.4 87.8 24.4 1.05 0.51 0.04 1.03 0.55 0.14
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includes 64.4 70.3 5.9 1.41 0.71 0.05 2.10 0.78 0.14
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NJU-07-15(i) 224.1 228.4 4.3 0.67 0.19 0.03 0.90 0.55 0.11
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(i) hole 15 was drilled underneath hole 01
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Several regional airborne conductors were also tested during this phase of exploration and were explained by barren sulphides and graphitic sediments. Final results for holes NJU-07-02 through NJU-07-07 have been received however no significant assays were returned. Complete results are pending for the remaining 16 drill holes which tested regional EM and magnetic geophysical targets away from the trend of the known mineralization.

Winter 2008 Program

The first phase drill program at the Juggs target, intended to investigate the region for additional nickel sulphide deposits, will be concluded by spring break-up. Results of this program will be fully evaluated and integrated into a geophysical targeting review prior to the next phase of exploration. The Company is also testing the "Ror" (Rormyberget) target in the Vasterbotten district.

Dean MacEachern, COO of Blackstone, comments "Shallow, nickel deposits with value-added PGEs such as the Juggs deposit will be important satellite bodies in our overall global resource in the Vasterbotten Nickel District. We plan to firm-up several preliminary resources in the district in 2008."

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

Blackstone

Blackstone is a mineral exploration company focused on nickel and other base metals. In addition to the Lainjaur nickel deposit in Sweden, and the Ertelien and Espedalen projects in Norway, Vasterbotten is one of four advanced Scandanavian nickel projects the Company intends to focus on in 2008. Work programs are also scheduled at the high grade Cu-Zn-Pb Uma and Jervas discoveries in Sweden.

On behalf of Blackstone Ventures Inc.

Donald A. McInnes, 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.

Appendix

Historic Summary of the Juggs Target

The Juggs deposit consists of three zones of mineralization with a resource of just over 500,000 tonnes grading 0.71% Ni and 0.26% Cu(1). Previous drilling was completed in the 1970's by the Swedish Geological Survey (SGU) and in the early 1990's. Mineralization consists of semi-massive, net-textured and disseminated sulphides, mainly pyrrhotite, hosted by ultramafic intrusions. Assays of up to 12.6 g/t Pt and 25.6 g/t Pd have been reported but no systematic assay program for PGEs has been completed. Select historic drill intervals from the Juggs deposit are listed below.

Table of historic drill intersections at the Juggs deposit. Data from the Swedish Geological Survey (SGU) archives.



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Length
Hole # From To (m) Ni% Cu% Co% Pd g/t Pt g/t Au g/t
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79001 28.2 41.38 13.18 0.44 0.15 0.03 - - -
includes 28.2 28.47 0.27 3.44 0.03 0.09 - - -
also 45.65 54.86 9.21 0.8 0.15 0.05 - - -
includes 52.92 54.29 1.37 2.28 0.26 0.16 - - -
79031 - - 23 1.03 0.62 0.04 - - -
90003 130.6 131.35 0.75 3.56 1.86 0.17 10.7 - 0.45
90004 115.95 117.65 1.7 1.48 0.15 0.08 5.72 - 0.64
includes 115.95 116.35 0.4 0.82 0.16 0.05 6.44 - 2.22
includes 116.35 116.9 0.55 3.12 0.08 0.18 13 - 0.36
90006 44 56.3 12.3 0.9 0.7 0.03 5.34 0.29 0.24
includes 44 46.35 2.35 1.86 0.38 0.04 25.6 - 0.84
90007 107.85 108.1 0.25 1.08 0.14 0.04 - 12.6 -
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(1) 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.

To view the Juggs Project Drill Section map accompanying this release please click on the following link: http://media3.marketwire.com/docs/BLKMAP.pdf.

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

Contact Information

  • Blackstone Ventures Inc.
    Troy Winsor
    1-800-663-8072
    or
    Blackstone Ventures Inc.
    Robert Carriere
    (604) 687-3929
    Website: www.blv.ca