Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

October 22, 2010 04:00 ET

Goldbrook Discovers Echo One-A New Ni-Cu-PGE Sulphide Zone; DDH ECH10-004 Intersects 6.89 metres 1.41%Ni, 1.03%Cu and 8.33 g/t PGE+Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2010) -

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Goldbrook Ventures Inc. ("Goldbrook" or the "Company") (TSX VENTURE:GBK) is pleased to announce the first results from its 2010 Raglan project diamond drilling program. The Raglan Project located in Ungava, northern Quebec, is an Option-Joint Venture Agreement with Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien") of Panshi, Jilin, China.

Echo One Prospect

Goldbrook is pleased to announce the discovery of a significant and apparently extensive sulphide system at the Echo One prospect located between Goldbrook's Timtu and Bravo deposits.

The Echo Ultramafic Complex was identified as an under-explored and high priority target during 2010 pre-season targeting. Historical trenching and limited shallow drilling by previous operators had sampled narrow intervals of high grade Ni-Cu-Pd sulphides associated with a strike-extensive gossan at Echo One.

During the 2010 drilling campaign, Goldbrook completed 32 diamond drill holes totalling 6193 metres on the Echo One prospect. These holes were drilled on sections along the southern contact of the Echo One complex over a strike length of 1600 metres. One hole was lost due to permafrost conditions and 31 of these drillholes have intersected sulphide mineralization located both within, and at the contact of, a large composite ultramafic complex. Samples from all mineralized intervals have been submitted to ALS Laboratory Group in Vancouver and results are pending. This release reports lab assay data for the first eight drillholes, drilled on sections covering 450 metres strike extent of the Echo One Complex.

Drilling to date demonstrates a potential for a major new Ni-Cu-PGE sulphide zone at Echo One which is approximately 5 kilometres to the west of Goldbrook's Bravo B4 deposit and 7 kilometres to the east of Goldbrook's Timtu depositThe mineralized zone is exposed at surface and has been intersected beyond 200 metres vertical depth. Supporting field work at Echo One included Crone borehole EM surveys on 22 drillholes, prospecting, structural mapping, a 25-metre spaced ground magnetic survey and a detailed till sampling grid over the basal contact of the Echo One mafic-ultramafic complex.

Ongoing interpretations of the geology, geophysical responses and geochemistry of the Echo One prospect have already indentified critical structural controls on thicker parts of the mineralized zone and have defined preliminary drill targets for a 2011 follow-up program.

Highlights of the Echo One drilling assay results received to date include:

  • ECH10-001, with an inclination of -45 degrees, intersected 20% semi-massive sulphides over 2.71 metres from 55.13 to 57.84 metres downhole, with an average grade of 1.09%Ni, 0.87%Cu and 5.30 g/t PGE+Au . The drillhole ended in peridotite at 306 metres.
  • ECH10-004, with an inclination of -60 degrees, intersected 30% massive and semi-massive sulphides over 6.89 metres from 80.00 to 86.89 metres downhole, with an average grade of 1.41%Ni, 1.03%Cu and 8.33 g/t PGE+Au. The drillhole ended in peridotite at 179 metres.
  • ECH10-006, with an inclination of -65 degrees, intersected semi-massive and vein sulphides over 4.60 metres from 131.40 to 136.00 metres downhole, with an average grade of 0.54%Ni, 0.67 %Cu and 2.42 g/t PGE+Au; and a second intersection from 151 to 152 metres downhole with an average grade of 1.59%Ni, 1.76% Cu and 4.33 g/t PGE+Au. The drillhole ended in peridotite at 250 metres.
Table 1. Composited assay results 2010 - Echo One Prospect
Hole ID   Interval   From   To   Interval   Ni   Cu   Co   Pt   Pd   Au   PGE+Au
metres   percent   grams per tonne   grams per tonne
ECH10-001   1   55.13   57.84   2.71   1.09   0.87   0.06   0.86   4.37   0.07   5.30
ECH10-002   1   145.00   147.00   2.00   0.73   1.11   0.03   0.75   1.83   0.05   2.63
ECH10-003   1   54.60   55.29   0.69   1.00   3.25   0.05   0.62   1.10   0.06   1.78
ECH10-004   1   80.00   86.89   6.89   1.41   1.03   0.13   0.97   7.24   0.12   8.33
ECH10-005   1   83.33   85.58   2.25   0.52   0.47   0.03   0.26   1.52   0.03   1.81
ECH10-006   1   131.40   136.00   4.60   0.54   0.67   0.04   0.35   2.04   0.03   2.42
ECH10-006   2   151.00   152.00   1.00   1.59   1.76   0.09   0.45   3.82   0.06   4.33
ECH10-007   1   191.20   194.00   2.80   0.35   0.39   0.01   0.34   2.08   0.03   2.45
ECH10-008   1   160.10   161.10   1.00   0.21   0.26   0.02   0.11   0.56   0.02   0.69
NOTE: intersections are reported as actual core lengths, true widths may be less than core widths depending on the angle of the hole and orientation of the intersection
Table 2. Drillholes collar coordinates and details 2010 - Echo One Prospect
HOLE ID   Datum   UTM Zone   Easting   Northing   Elevation   Length (m)   Dip   Azimuth
ECH10-001   NAD1983   18   514409.4   6812424.9   434.2   306.45   -45   360
ECH10-002   NAD1983   18   514409.4   6812424.9   434.2   331.00   -65   360
ECH10-003   NAD1983   18   514734.6   6812532.7   429.4   334.00   -45   360
ECH10-004   NAD1983   18   514734.6   6812532.7   429.4   179.00   -60   360
ECH10-005   NAD1983   18   514953.2   6812562.7   429.7   185.00   -45   360
ECH10-006   NAD1983   18   514953.2   6812562.7   429.7   250.00   -65   360
ECH10-007   NAD1983   18   513499.4   6812300.4   424.9   212.00   -45   360
ECH10-008   NAD1983   18   513649.2   6812557.9   441.5   211.00   -45   180
NOTE: Elevation and length are in metres; Dip & Azimuth are in degrees            

Analyses

Drillcore samples from the 2010 drill program were assayed by ALS Chemex Laboratories in Vancouver, BC [ISO 17025:2005 certified]. Sample preparation was completed at the ALS Sudbury facility. Assay results for nickel, copper and cobalt were determined by 4-acid digestion and ICP-AES finish and report total nickel. Platinum, palladium and gold were determined by fire assay fusion and ICP-AES finish. In addition to the ALS Chemex quality control procedures, Goldbrook inserts Certified Reference Materials, blanks and duplicates into the sample batches for independent quality control.

Mr. Kevin W. Wells, P.Geo., (Quebec SA# 155) General Manager, Goldbrook Ventures is a qualified person as defined by National Instrument 43-101 and has reviewed and verified the information contained and is responsible for the technical content of this press release.

About Goldbrook

Goldbrook Ventures is engaged in the exploration and development of Nickel-Copper-Platinum Group Element sulphide deposits – a class of mineral deposit that, due to its polymetallic nature, has an advantage of protection against individual metal price cycles and has strong long term supply-demand fundamentals. Goldbrook's quest for discovery is focused in the Raglan District of Northern Quebec, a district that hosts Xstrata's Raglan operations, arguably one of the world's most profitable nickel-copper-PGE mines. Goldbrook is the District's single largest holder of mineral rights, with a 100% interest in 861,000 acres.

Goldbrook's Raglan project is in the third year of an option-joint venture agreement with Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien") under which they can earn a fifty percent interest in the Goldbrook properties by funding minimum exploration expenditures of $45 million plus reinvestment of Quebec government rebates.

Goldbrook is a shareholder of Jien Canada Mining Ltd. ("Jien Canada") (which successfully acquired Canadian Royalties Inc.), the owner of the nickel-copper-cobalt-platinum-palladium-gold deposits in the Raglan mining district which collectively form the Nunavik Nickel Project. The board of Jien Canada has recently purported to approve an issuance of voting common shares of Jien Canada that would reduce Goldbrook's percentage of voting shares, and consequently Goldbrook's interest in the project, from 25% to 4.21%. Goldbrook has commenced arbitration proceedings against Jilin Jien and others seeking remedies, including declarations that the share issuance violated the terms of the Shareholder Agreement between the parties and that Goldbrook continues to hold 25% of the voting shares of Jien Canada.

ON BEHALF OF THE BOARD:

David Baker, Chairman and Director

Cautionary Note Regarding Forward-Looking Statements

Certain of the statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws and the applicable securities laws of the United States. Such forward looking statements or information include, but are not limited to, statements or information with respect to Goldbrook's plan for future exploration and development of its properties and the results of any arbitration proceedings against Jilin Jien and others.

Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety, of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward looking statements or information. Factors related to such risks and uncertainties, and underlying estimates and assumptions include, among others, the following: the ability of Goldbrook to advance development of its properties; price volatility of nickel and other metals; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated resources, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of mineral exploration; defective title to mineral claims or property, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. Accordingly, undue reliance should not be placed on forward looking statements or information. We do not expect to update forward-looking statements or information continually as conditions change, except as may be required by law.

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

Contact Information

  • Goldbrook Ventures Inc.
    David Baker
    Chairman and Director
    604-683-8083 or Toll Free: 1-888-488-9884
    604-683-8087 (FAX)
    www.goldbrookventures.com