Goldbrook Ventures Inc.
TSX VENTURE : GBK

Goldbrook Ventures Inc.

December 09, 2010 12:05 ET

Goldbrook Intersects Massive Sulphides at Delta Northeast and Expands Size Potential of Bravo B4 Deposit

DDH DNE10-003 Intersects 2.70 metres 3.49% Ni, 0.25% Cu and 2.82 g/t PGE+Au

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 9, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Goldbrook Ventures Inc. ("Goldbrook") (TSX VENTURE:GBK) is pleased to announce 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. of Panshi, Jilin, China. This release reports results from 2010 drilling at the Delta Northeast prospect and the Bravo B4 deposit.

Delta Northeast Prospect

Goldbrook has discovered a high grade nickel sulphide system at the Delta Northeast prospect located 10 kilometres northeast of Goldbrook's Bravo B4 Deposit (NI43-101 compliant resource estimate, press release dated November 4, 2010) and, immediately along strike from Xstrata Nickel's Delta 8 and Delta 9 deposits. The Delta 8 and Delta 9 ore bodies were reported in a 1988 Falconbridge assessment report (GM48413, Gurgurewicz – Luck and Hassard) to contain a non-NI43-101 compliant historical resource estimate of a combined 741,714 tonnes of 3.05% Ni, 1.27% Cu, 1.01 g/t Pt, 1.65 g/t Pd).

The Delta Complex was identified as an under-explored and high priority target during Goldbrook's 2010 pre-season targeting. Initial drilling by Goldbrook in 2009 had intersected disseminated zones of high tenor Ni-Cu-Pd sulphides, geochemically similar to the Delta 8 and 9 ores. The 2010 program was designed to follow up on the disseminated mineralization intersected during the 2009 drill program and by a shallow hole drilled by Phelps Dodge in 1989.

Late in the 2010 drilling campaign, Goldbrook completed 4 diamond drill holes totalling 881 metres on the Delta Northeast prospect. These holes were drilled on sections along the strike of the Delta Complex between 250 and 450 metres from the Delta 9 ore body. Composited assay results of the Delta Northeast drilling are listed in Table 1.

See link to Goldbrook website for map http://www.goldbrookventures.com/EN/delta/

Drilling to date demonstrates potential for both broad zones of mineralization and that the geological processes necessary for forming massive Ni-Cu-PGE sulphide mineralization are present at Delta Northeast. High resolution ground EM is required to advance this prospect to the next stage of drilling and the drill has been winterized on the site in preparation for a follow-up drill program in 2011.

Table 1. Composited assay results 2010 - Delta Northeast Prospect
Hole ID Interval From To Interval Ni Cu Co Pt Pd Au PGE+Au
metres percent grams per tonne g/t
DNE10-001 No Significant Results              
DNE10-002 1 163.00 181.40 18.40 0.42 0.12 0.02 0.12 0.28 0.03 0.43
DNE10-002 2 183.00 188.30 5.30 0.49 0.15 0.02 0.22 0.50 0.03 0.75
DNE10-003 1 195.40 198.10 2.70 3.49 0.25 0.08 0.83 1.96 0.03 2.82
DNE10-004 1 201.00 208.10 7.10 0.62 0.18 0.02 0.23 0.52 0.03 0.78
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 - Delta Northeast Prospect
HOLE ID Datum UTM Zone Easting Northing Elevation Length (m) Dip Azimuth
DNE10-001 NAD1983 18 530125.9 6817031.2 479.9 137.00 -50 160
DNE10-002 NAD1983 18 529965.7 6817365.2 443.9 248.00 -75 180
DNE10-003 NAD1983 18 529995.4 6817403.8 435.5 257.00 -75 180
DNE10-004 NAD1983 18 529966.0 6817436.0 433.7 239.00 -75 180

Bravo B4 Deposit

The Bravo B4 Deposit contains approximately 325,000 tonnes of 0.81% Ni, 0.94% Cu, 0.04% Co, 0.06 g/t Au, 0.29 g/t Pt, 1.45 g/t Pd. A NI43-101 compliant resource estimate was recently completed by P & E Mining Consultants Inc. (Goldbrook November 4, 2010 press release). The Bravo B4 Deposit forms a part of the Bravo Ultramafic Complex and is located between the Delta Complex to the east and the Echo Complex to the west.

Goldbrook completed five diamond drill holes totalling 1298 metres near the Bravo B4 Deposit in 2010. These holes were drilled at depth beneath and to the north of the existing deposit and have resulted in an extension of the known mineralization down-dip to the north. One of these holes was drilled along strike to test a borehole EM anomaly identified from previous work. Composited assay results of the Bravo B4 drilling are listed in Table 3.

Drilling to date demonstrates potential for further expansion of the mineralization at Bravo B4 in the down-dip direction. The dip of the ore body appears to be becoming increasingly shallow at depth. Further drilling is required to explore this deeper zone. Bravo B4 remains open along strike to the West and at depth.

Table 3. Composited assay results 2010 - Bravo B4 Deposit
Hole ID Interval From To Interval Ni Cu Co Pt Pd Au PGE+Au
metres percent grams per tonne g/t
BRA10-012 1 163.20 164.50 1.30 0.44 0.05 0.02 0.10 0.88 0.00 0.98
BRA10-012 2 226.20 229.80 3.60 1.32 0.84 0.06 0.63 3.47 0.05 4.15
BRA10-015 No Significant Results              
BRA10-016 1 222.70 223.80 1.10 0.62 1.42 0.04 0.52 3.05 0.05 3.62
BRA10-017 1 181.00 182.00 1.00 0.43 0.23 0.02 0.21 0.54 0.01 0.76
BRA10-018 1 125.10 125.95 0.85 0.13 0.26 0.01 0.24 0.63 0.04 0.91
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 4. Drillholes collar coordinates and details 2010 - Bravo B4 Deposit
HOLE ID Datum UTM Zone Easting Northing Elevation Length (m) Dip Azimuth
BRA10-012 NAD1983 18 519450.6 6814000.7 456.0 253.64 -55 180
BRA10-015 NAD1983 18 519450.6 6814001.1 456.0 354.17 -65 180
BRA10-016 NAD1983 18 519591.0 6813988.5 446.7 245.00 -50 180
BRA10-017 NAD1983 18 519590.7 6813989.3 446.7 296.00 -65 180
BRA10-018 NAD1983 18 519710.8 6813929.5 438.5 149.00 -45 180

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:

Brian Grant, PGeo., President 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.
    Brian Grant, PGeo.
    President and Director
    604-683-8083 or Toll Free: 1-888-488-9884
    604-683-8087 (FAX)
    www.goldbrookventures.com