Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

August 18, 2009 08:00 ET

Blackstone Mobilizes Diamond Drill Rig to Norbotten Copper-Gold Project to Test Anomaly

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 18, 2009) - Blackstone Ventures Inc. (TSX VENTURE:BLV) announces that a diamond drill rig has now been mobilized to its 100% owned Norbotten Iron Oxide-Copper-Gold (IOCG) project in northern Sweden and will begin drilling immediately. The drill will begin testing the Induced Polarization (IP) chargeability anomaly that was recently outlined in the vicinity of the Vesa copper gold showing and reported in a press release dated July 28, 2009.

Results from the IP survey indicate there are two well developed IP chargeability anomalies which have been outlined. The first anomaly extends for a minimum of 1,400 metres and is coincident with the recently discovered Vesa copper gold showing. Blackstone assays from this showing returned 2.4% Cu, 0.63 g/t Au, and 36.9% Fe. Diamond drilling will begin on this anomaly with the first two holes to be drilled under the Vesa showing. This next phase work of will comprise 750 to 1,000 metres of drilling to be completed in 5 to 7 drill holes.

The second anomaly is located to the northwest of the Vesa showing and may represent a northerly faulted extension of the anomaly associated with the Vesa showing. This second anomaly is at least 1,600 metres in strike length. Both anomalies are open to extension along strike.

The Norbotten project area is almost entirely till-covered which has hampered historical exploration efforts. The project has not been drill-tested. The project is located in the eastern part of the world-class Kiruna district of northern Sweden just 70 kilometres east of Boliden's giant Aitik Cu-Au Mine (proven reserves at January 1, 2007 of 526 million tonnes @ 0.28% Cu, 0.2 g/t Au, 2 g/t Ag). The Aitik Cu-Au mine is one of the largest copper producers in Europe having produced 173,000 tonnes of copper in 2008. The deposit also contains significant gold and silver byproducts.

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 NI 43-101.

About Blackstone

Blackstone is a mineral exploration company currently focused on base and precious metals in Scandinavia. In addition to the Norbotten project, the Company plans exploration programs at the high grade Cu-Zn-Pb Uma discovery in northwestern Sweden. Blackstone's primary assets are extensive nickel-copper holdings in Sweden and Norway including six deposits with current NI 43-101-compliant resources.

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.
    Investor Relations
    604-687-3929
    www.blv.ca