Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

April 02, 2007 12:35 ET

Blackstone Initial Drill Program in Sweden Returns 2.06% Ni and 0.48% Cu Over 5.1m at Lainjaur Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to announce that it has intersected significant nickel sulphide mineralization in its first hole drilled in Sweden at the Lainjaur Project located in the northern part of the Skellefte district. The hole was drilled down dip of the historical Lainjaur Nickel Mine and intersected 2.06% Ni, 0.48% Cu, 0.07% Co over 5.1m from 194.0 to 199.1 metres drill depth. The intersection is believed to represent close to true width. The first phase of drilling at Lainjaur consisted of 1347 metres in four holes. All 4 holes, which were drilled to target depths, hit variable amounts of sulphide mineralization. Assay results are pending for the remainder of the holes.

Donald McInnes, President of Blackstone, stated, "The drill intersection from hole LAI07-03 is a very exciting development for Blackstone and for the Swedish Nickel Projects for three reasons.

1. It clearly demonstrates that significant success can be had by drilling in the vicinity of historical Swedish nickel resources that have never been subjected to modern exploration methods demonstrating the potential for the discovery of new nickel resources.

2. The grade of this intersection at more than 2% Ni is very similar to the historical grades mined at the Lainjaur Mine, which closed in 1945, and suggests that there may be other new high grade zones of mineralization on the property.

3. The mineralization is open down dip and along strike to the east and west. Hole LAI-07-03 intersected the mine stratigraphy approximately 150 metres down dip to the north of the old mine workings. Holes 04 and 05 were drilled 100 metres and 200 metres, respectively, north and down dip of LAI-07-03 and both hit the similar mineralized stratigraphy. We believe this is a significant step out from the known workings and gives us some comfort that there may be potential size to the zone.

Our near term goal is to test for the potential to expand this mineralization along strike and down dip."

A preliminary interpretation of the drilling data indicates the mineralization appears to be a typical magmatic sulphide with the more massive sulphide being found towards the basal contact of a gabbro. The zone appears to be shallow dipping at approximately 30 degrees grid north with an overall plunge of the zone being to the north Several narrow, isolated intervals of semi-massive and disseminated sulphide mineralization also occur locally within the gabbro, up-hole of the main zone. The stratigraphy appears to be very predictable over a dip length of at least 600 metres.

A geophysical crew has been mobilized to the site and will perform borehole geophysical surveys on the recently completed holes in order to direct future exploration on the project. The historical Lainjaur Nickel Mine is the only nickel deposit to have seen commercial mining within the district (1941 to 1945) and was the last nickel mine in operation in Sweden. The Lainjaur nickel mine produced a reported 100,526 tonnes of ore grading 2.2 per cent Ni (nickel), 0.93 per cent Cu (copper) and 0.1 per cent Co (cobalt). Prior to this drill program the deposit had only been mined to a vertical depth of approximately 80 metres. The Lainjaur Project is one of 19 individual permits and applications held by the Company in Sweden and is part of the Lundin Option to Purchase Agreement (see press release dated June 15, 2006).

Donald McInnes, remarked, "Once our crews have completed the borehole geophysical surveying and compiled the additional assay data, we will be designing a second phase of drilling in order to determine the limits of this mineralized area. We currently have one drill located in Sweden and are working with local contractors to increase that number to three drill rigs as soon as possible. Our 2007 Swedish exploration campaign will consist of drilling up to 25,000 metres on our extensive Swedish land holdings."

Additional drill targets will also be tested on the Vasterbotten Project during the 2007 field program. In particular, several conductors and interesting magnetic features were highlighted from a recently completed 4,000 line kilometre airborne HeliTEM survey over the Vasterbotten area. Many of these features are coincident with existing historical deposits such as the Lappvattnet Nickel Deposit (historical resource of 2.5Mt @ 1.03%Ni), or are located immediately along strike of known mineralization. The drill has moved off of Lainjaur and is currently operating in the Vasterbotten area.

Drill core is being logged and mineralized intervals are to be split on site in Sweden, with split samples being shipped to OMAC Laboratories in Ireland. A system of using check assays, duplicates and standards has been implemented for quality control purposes. The exploration program is being carried out under the direction of Paul Nagerl, P. Geo., Vice President of Exploration for the Company and a qualified person as defined by Nattional Instrument 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 has mounted one of the most aggressive sulphide nickel exploration programs in the world focused on Scandinavia. In 2007, with a $10 million budget, Blackstone expects to complete over 250 diamond drill holes in Norway and Sweden totalling approximately 50,000 metres. Its land holdings cover no less than four prospective belts, each over 100 kilometres long, many of which contain historical nickel mines and or resources.

For further information on each project area visit the Blackstone website at http://blv.ca where a series of maps, photographs and images have been posted under Lainjaur and Sweden Projects.

On behalf of Blackstone Ventures Inc.

Donald A. McInnes, President

To view the attached figures, please click on the following link: http://www.ccnmatthews.com/docs/blv0402.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