Nevado Resources Corporation
TSX VENTURE : VDO

Nevado Resources Corporation

March 30, 2010 08:30 ET

Nevado Announces Promising Results From the La Blache Iron-Titanium Project: Up To 60% Iron and 21% Titanium in Surface Grab Samples

MONTREAL, QUEBEC--(Marketwire - March 30, 2010) - Nevado Venture Capital Inc. (TSX VENTURE:VDO) (the "Company" or "Nevado) is pleased to announce significant early results from the Company's wholly-owned 25 claim La Blache #1 Iron-Titanium Property ("La Blache #1" or the "Property"). The 13.6 km2 Property is located 145 km north of Baie-Comeau along Quebec's North Shore region and is also situated near Hydro-Quebec's Manic 3 and Outardes River Hydroelectric Reservoirs.

Five magnetite-ilmenite bearing grab samples were taken from two known historical showings, the Hervieux East and Schmoo Lake East Occurrences. Samples gave an average of 53.3% Fe2O3 (Iron) and 18.7% TiO2 (titanium) with highest values of 60.0% Fe2O3 and 21.2% in TiO2 (refer to the table below).

Grab Sample # % Fe2O3 % TiO2 Occurrences
BB-2A 53.7 18.1 Hervieux East
BB-2B 50.2 17.8
BB-2C 44.1 17.1
BB-2D 58.5 21.2
BB-4 60.0 19.6 Schmoo Lake East
AVERAGE 53.3 18.7  

Note: Grab samples averaging 4 kg each were taken by a Qualified Geologist. Samples were bagged, sealed, numbered and delivered to the ALS Laboratory Group facility in Val-d'Or (Quebec) for ICP-AES Whole-Rock Analysis. At the laboratory facility, samples were inventoried, weighed and dried, then crushed 70% to under 2 millimetres, riffled split with a 250 gram sub-sample pulverized 85% to under 75 um, followed by analysis.

The grab samples were derived from magmatic-type iron-titanium mineralization generally associated with a particular type of large intrusive complexes, in this case the La Blache Anorthositic Complex (the "LBAC"). The LBAC extends 35 km in a northeast-southwest direction by 15 km across, hosting a series of magnetite-ilmenite rich lenses some 10's to 100's metres in size along a 15 km long mineralization corridor, of which Nevado owns outright 7.5 km of the total trend length with the remaining corridor being held by Argex Silver Capital Inc., which is currently drilling and has reported diamond drilling intervals assay results of 161.25 m grading 60.93% Fe2O3 and 18.29% TiO2 (www.argex.com).

Guy Girard, Nevado's President and CEO stated "This is a great beginning to Nevado's development of the La Blache #1 Property. With its proximity to the well-known port town of Baie-Comeau, we believe these results confirm the unique iron-titanium potential of this well accessible area. We are in the process of compiling and synthesizing the historical data from the Property, as well as the adjoining 548 claims or 300 km2 La Blache  #2 Property for the upcoming drilling campaign to determine NI 43-101 compliant mineral resources. We consider both Iron and Titanium to be one of the world's most important metals in the 21st Century."

According to the Ministère des ressources naturelles et de la faune Québec Deposit File 22K/04-0001 the La Blache iron-titanium mineralization mineralization was originally discovered in 1952 and subsequently explored in the 1960's by the Bersimis Mining Company which used airborne magnetic techniques to identify a series of surface iron-titanium lenses over the 15 km trend covering several occurrences (refer to the appended map for details). Historic work evaluated mineral resources of 71.67 million tonnes grading 48% Iron (Fe2O3) and 20.5% Titanium (TiO2). At this time it is not known if any or part of the historical mineral resources occurs on Nevado's La Blache #1 Property. The historical resource quoted is strictly historical in nature and is non-compliant to NI 43-101 Mineral Resource standards, and should therefore not be relied upon. A Qualified Person has not done sufficient work to classify the historical resource as current NI 43-101 compliant Mineral Resources. There is no guarantee that any future exploration would upgrade the historical Mineral Resources into current Mineral Resources.

About Nevado Venture Capital Inc.

Nevado is a mineral exploration company listed under the symbol VDO on the TSX Venture Exchange. Nevado owns 7 properties comprising 1,390 mining claims totalling 757 km2 in the Province of Quebec in two separate metallogenic environments, one in gold, and one in iron-titanium.

The gold assets comprise 5 properties totalling 442 km2 located 10 km south and southeast of Thetford Mines (Eastern Townships, Quebec), some 150 km east of Montreal. The iron-titanium assets comprise 2 properties totalling 773 claims for 315 km2 situated in the La Blache anorthositic Complex, located 145 km north of the city of Baie-Comeau. In 2010, Nevado plans to quickly advance the properties to the drilling stage for NI 43-101 compliant mineral resource delineation.

The technical information in this news release has been prepared by Bertrand Brassard, M.Sc., P. Geo., Vice-President Exploration and Director of Nevado. Mr. Brassard is a Qualified Person under NI 43-101 regulations. 

To view Nevado's La Blache #1 and La Blache #2 property location map showing the location of the surface grab samples reported in this news release, please visit the following link: http://media3.marketwire.com/docs/lablache_big.jpg

Neither the 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 news release. The statements made in this news release that are not historical facts are forward-looking statements and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these forward-looking statements.

Contact Information

  • Nevado Venture Capital Inc.
    Mr. Guy Girard
    President and CEO
    514-798-1290
    or
    Nevado Venture Capital Inc.
    Bertrand Brassard
    Vice-President Exploration and Director
    819-856-3811
    www.nevado.ca