Blackstone Ventures Inc.

Blackstone Ventures Inc.

September 19, 2005 14:31 ET

Falconbridge and Blackstone Get Further Nickel Success in Norway

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 19, 2005) - Sulfidmalm A/S, a wholly owned subsidiary of Falconbridge Limited, has informed Blackstone Ventures Inc. (TSX VENTURE:BLV) ("Blackstone") of diamond drilling results from the first six holes completed during the current phase of reconnaissance drilling underway at the Espedalen property in central Norway. The primary objective of this drilling program has been to drill test previously untested areas with high potential for hosting nickel sulphide deposits that can then be targeted for a follow-up detailed drilling program in the winter of 2005/2006 and to further delineate the mineralization intersected at the Stormyra Discovery.

Sulfidmalm has exercised a back-in option to increase its interest in the Espedalen Project from 40% to 60% and is responsible for funding the current exploration program. In order to fully exercise this option Sulfidmalm is required to expend $4.95 million before December 31, 2008.

Highlights from the current drill program at Espedalen:

Drilling is currently testing UTEM geophysical conductors in several areas which have not previously been drill tested. A total of 1,520m of drilling (of a planned 2,500m drill program) has been completed since the start of the summer drilling program on July 11th. Twelve holes (ES2005-34 to 45) have been completed to date. Intersections of ultramafic to mafic-related sulphide mineralization have been logged in eight holes. Assays are available for six of these holes and are compiled in the table below.

Hole From To Length
Number Target (m) (m) (m) %Ni %Cu %Co
ES2005-35 Trona 14.65 16.18 1.53 1.73 0.29 0.09
ES2005-37 Storgruva.
Extension 130.5 136.9 6.4 0.95 0.38 0.08
uding 1.85 1.44 0.54 0.10
and 0.90 2.48 0.98 0.16
ES2005-38 Graho saddle,
Target E 51.5 54.5 3 0.65 0.15 0.05
69.5 71.1 1.5 0.58 0.15 0.09
ES2005-40 Grahoin 6.25 6.60 0.35m 0.56 0.15 0.09
- Drill ES2005-36 and 39 yielded no significant results

At the Trona target, the mineralization in drill core contained higher nickel tenors than samples returned from the surface showing. A second, apparently stronger geophysical conductor has been identified approximately 800m along strike to the southeast of the Trona conductor and will be drilled when site preparation is completed.

Donald McInnes, President of Blackstone said, "We are very encouraged with the results to date from Espedalen. The exploration methodology at Espedalen using a combination of AEM and UTEM has resulted in a very high success rate of intersecting nickel sulphide zones in follow up drilling. Results from 2004 and now the summer of 2005 have had an unprecedented success rate in finding nickeliferous sulphide bodies, many of which warrant further drill testing."

Drilling is currently underway along strike from the favourable Stormyra trend, and is targeting the interpreted extension of the Stormyra zone (below geophysical detection limits) coincident with magnetic highs.

Additional drill holes have been completed on three targets identified from the ground geophysical surveys. Disseminated to net textured sulphides have been intersected in all the holes, however assays are pending for holes ES2005-41 to ES2005-45, inclusive.

This phase of drilling is expected to be completed in early October. Additional assay results are expected within the next few weeks and will continue to be received until late fall. Once all results from this current program are received, compiled and reviewed, Blackstone and Falconbridge will design the next phase of geophysical surveys and diamond drilling to follow up and expand upon the successful drill results from the summer program. Additional drilling is planned on the Stormyra zone to gain further understanding as to the extent of the mineralization along strike and down dip.

Drill core is logged and mineralized intervals are split on site in Norway, with split samples being shipped to SGS Lakefield Research in Ontario. A system utilizing check assays, duplicates and standards has been implemented for quality control purposes. The exploration program is being carried out under the direction of Falconbridge Limited geologist Patti Tirschmann, P. Geo., a qualified person as defined by National Instrument 43-101. The information in this release was prepared under the direction of Dean MacEachern, P. Geo., Special Advisor to Blackstone, a qualified person as defined by National Instrument 43-101.

Blackstone is a mineral exploration and development company focused on nickel. In addition to the 60% interest in the Espedalen Project and an option to earn a 60% interest in the Vakkerlein Project in Norway, both of which are in partnership with Falconbridge Limited's wholly owned subsidiary Sulfidmalm, Blackstone has also entered into an option and joint venture agreement with Sulfidmalm, to explore five additional large, district scale, nickel-copper-cobalt projects in Norway (see press release September 7, 2005). These five new projects, Ertelien, Bamble, Evje, Hosanger and Skjaekerdalen cover a prospective area of approximately 23,400 sq. km. and builds on the existing relationship between Blackstone and Falconbridge to explore for sulphide nickel deposits in Norway. Through its holdings in Kenbridge Nickel Mines Ltd. Blackstone also holds a 97% interest in the Kenbridge Nickel Deposit in Ontario. Wolfden Resources Inc. holds an option to earn a 70% interest in Blackstone's James River Project. Blackstone also owns approximately 7.5% of Monster Copper Corporation.

On behalf of Blackstone Ventures Inc.

Donald A. McInnes, President

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Contact Information

  • Blackstone Ventures Inc.
    Robert Carriere
    Manager, Investor Relations
    (604) 687-3929