NMC Resource Corporation

NMC Resource Corporation

January 26, 2011 08:00 ET

Deep Drilling Continues to Follow Molybdenum Zones Down Dip from Mining Operations: NMC Moland Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2011) - NMC Resource Corporation (TSX VENTURE:NRC) ("NMC Resource") -

Over the past five years, a number of deep holes beneath the mine workings at the NMC Moland Mine have been drilled to trace the down dip extensions of the skarn type molybdenum (Mo) zones. These holes have been sponsored by KORES (Korea Resources Corporation) who assists Korean companies carry out exploration on a regional basis. For 2006, five holes were drilled from surface and underground. In 2009, three holes totalling 780 metres ("m") were drilled and in 2010, eight holes were completed and the results at the first seven were released in the news releases of NMC Resource dated September 22, 2010 and November 17, 2010. Hole NMK 06-03 drilled from surface intersected a unique zone classified as "siliceous porphyry" which was repeated by hole NMK 10-06 in a different direction, drilled from the 217 m level. This yielded 0.3045% MoS2 over 35 m, 135 m-170 m down the -80° angle hole. Holes NMK 06-01 and NMK 06-03 were therefore selected for reassay in Canada. The siliceous porphyry is interpreted to be a phase of a cupolar extending from the Cretaceous felsic intrusion immediately north of the mine. Assays for NMK 06-01 and NMK 06-03 are given in the table below.

NMK 06-01 Drilled from surface
Interval (m) Width (m ) % MoS2 % Mo lbs Mo/short ton
196.3-208.5 12.2   0.2777 0.1665 3.33
218.3-249.6 31.3   0.3530 0.2119 4.24
264.0-271.8 7.8   0.3785 0.2270 4.54
275.8-282.2 6.4   0.1865 0.1119 2.22
287.8-289.8 2.0   0.2670 0.1602 3.20
295.0-296.5 1.5   0.5536 0.3320 6.64
NMK 06-03
(siliceous porphyry zone)
22.3   0.2413 0.1447 2.89

Note: Both 06-01, 06-03 were drilled from surface from the same set-up

Hole NMK 10-08 was completed in late November, 2010 from the 217 m level and is the last hole in the KORES 2010 program. It is located 50 m east of hole NMK 10-06 and NMK 06-03 and intersected 3 zones, with the lower zone being the continuation of the deep mineralization on hole NMK 10-06 and NMK 06-03. This 50 m continuation of the molybdenite mineralization encourages further deep drilling that is being planned for 2011 which will add to future resources at the mine.

Assays for NMK 10-08 are as follows:
Interval (m) Width (m ) % MoS2 % Mo lbs Mo/short ton
30.6-37.2 6.6   0.2046 0.1227 2.45
53.2-72.1 18.9   0.1116 0.0669 1.34
131.4-144.7 13.1   0.1353 0.0811 1.62

Four one metre higher grade zones occur containing 0.1470%, 0.113%, 0.129% and 0.208% Mo are contained in the lower section. Rhenium (Re) values are being checked on any samples exceeding 0.3% Mo and typically yield 0.15 – 0.18 ppm Re. Concentrates from the mine containing 50 – 54% Mo Yield 7-8 grams Re.

Core lengths reported here represent 60% of the true thickness of the zone. Split drill core was shipped from the mine by secure courier to ALS Chemex in North Vancouver, B.C. where the core was crushed and pulverized to < 75 mm and a 0.5 gram representative sample was digested by aqua regia (3 acid) solution and then analyzed using ICP (Inductively Coupled Plasma). Assays exceeding >10,000 ppm Mo (1%) were reassayed with an ore grade aqua regia digestion and ICP analysis.

Supervision of the drilling and quality control of the sampling and assaying is being conducted by R. S. Middleton, P.Eng., who is acting as the "qualified person" as that term is defined in National Instrument 43-101. R. S. Middleton has reviewed and approved the technical information set out in this news release.

NMC Moland Mine has been in commercial production since April 2010. 

On behalf of the board of NMC RESOURCE CORPORATION

Yoo Sup Han; President and Director

Forward-Looking Statements: This news release includes certain forward-looking information and forward-looking statements (collectively "Forward-Looking Statements") concerning the future performance of the Company's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-Looking Statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-Looking Statements are based on the current opinions and expectations of management. All Forward-Looking Statements are inherently uncertain and subject to a variety of risks and uncertainties, including the speculative nature of mineral exploration and development generally and specifically in respect of the interpretation of the geology, continuity, grade and size of mineral deposits, unanticipated operational or technical difficulties, fluctuating commodity prices, competitive risks and the availability of financing, changes in laws or regulations, changes in the financial markets and changes in general economic conditions, as described in more detail in our recent securities filings available at www.sedar.com. Such Forward-Looking Statements are based on a number of assumptions, including but not limited to the level and volatility of the price of molybdenum, the availability of financing, the accuracy of reserve and resource estimates and the assumptions on which those estimates are based and the ability to achieve and maintain certain operational efficiencies. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual events or results may differ materially from those expressed or implied in the Forward Looking-Statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these Forward-Looking Statements, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • NMC Resource Corporation
    DH (Do Hyung) Kim
    (604) 643-1730
    (604) 642-6192 (FAX)