Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

July 12, 2005 09:58 ET

Blackstone Ventures Inc.: Falconbridge Exercises Back-In At Espedalen Project Phase 3 Drilling Program Commences

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 12, 2005) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to announce that it has earned a 60% interest in the Espedalen Project in Norway from Sulfidmalm A/S, a wholly owned subsidiary of Falconbridge Limited. Concurrently, Sulfidmalm A/S has provided notice to Blackstone that Sulfidmalm will be exercising their right to increase their interest in the project to 60% by spending $4.95 million over a 3.5 year period.

Falconbridge, as exploration manager for Sulfidmalm, has notified Blackstone that they have commenced a 2500 meter diamond drilling program at Espedalen to follow up successful results obtained at the Stormyra Zone and to investigate high priority geophysical targets outlined elsewhere on the property by UTEM geophysical surveys. To date, 18 holes have been drilled at Stormyra outlining a continuous mineralized zone that extends over a strike length of 1 kilometer with an average dip extent of 50 m and a thickness of up to 20 meters. Drilling in 2004 and 2005 has yielded high grade intersections over significant widths including 2.81% Ni, 1.11%Cu and 0.08% Co over 10.2 meters. Additional drilling is required to evaluate the full extent of the Stormyra zone. A table of all drill results and a map showing drill hole locations at Stormyra can be found at http://www.blv.ca.

By exercising their back-in right to acquire an additional 20% interest in the project, Falconbridge has demonstrated that significant untested potential exists at Espedalen. Blackstone completed their earn-in at Espedalen through the completion of 1400 line kilometers of airborne magnetic surveying, 230 line kilometres of UTEM surveying and 3750 metres of diamond drilling that tested 13 target areas. The pace at which exploration has progressed and the results to date have quickly moved Espedalen from a grassroots stage prospect into a discovery stage project with significant growth potential.

The current 2500 meter drilling program will focus on the Stormyra trend, a belt of favourable rocks that extends for some 3 kilometers northwest of the Stormyra Zone. Sulfidmalm is planning to drill 4 holes into this area to test for extensions to the Stormyra zone. In addition, 12 holes will target untested UTEM geophysical anomalies elsewhere on the property and will follow up on prospective mineralized zones recognized in the earlier drilling programs. A map showing drill hole locations is available for viewing on the company's website at http://www.blv.ca.

On behalf of Blackstone Ventures Inc.

"Donald McInnes"

Donald A. McInnes, President


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

Contact Information

  • Blackstone Ventures Inc.
    Robert Carriere
    Manager, Investor Relations
    604-687-3929
    http://www.blv.ca