Nevado Resources Corporation

Nevado Resources Corporation

November 10, 2010 08:30 ET

NEVADO Discovers Four New Massive Magnetite-Ilmenite Occurrences During Regional Reconnaissance Program, One More Than 450 Metres in Length, Located Along a 45 km Elliptical Corridor... the La Blache Iron-Titanium-Vanadium Property (Quebec)

MONTREAL, QUEBEC--(Marketwire - Nov. 10, 2010) -

  • Assays pending from 137 surface grab and channel samples from the four new massive magnetite-ilmenite, including from an additional multi-kilometric, disseminated magnetite and ilmenite domain 
  • The previously announced airborne geophysical magnetic and electromagnetic survey nears completion

NEVADO RESOURCES CORPORATION (TSX VENTURE:VDO)(FRANKFURT:NSV) (the "Company" or "NEVADO") is pleased to announce the discovery of several new massive magnetite-ilmenite occurrences and a strongly disseminated magnetite and ilmenite domain found during the summer-fall 2010 exploration program on the Company's wholly-owned 646 claims / 355 km2 La Blache Iron-Titanium-Vanadium Property (the "Property").

Four new massive magnetite-ilmenite lenses were discovered by inferring that the known Hervieux East, Hervieux-East Extension, Hervieux West and Schmoo Lake occurrences appears to be aligned within a 200 m wide zone. The zone is part of a 45 km long corridor forming the perimeter of an 18 km by 10 km ellipse. The new lenses are:

Hervieux-East Extension Showing (at Km 0 on the ellipse)

Lengthening to the northeast of NEVADO's Hervieux-East Extension Showing by 80 m; the occurrence now stretches for 200 m over a minimum width of 35 m;

Farrell-Taylor Showing (at Km 3, moving clockwise)

Located 3 km East of Hervieux-East Extension; the occurrence is a minimum 25 m long and 5 m wide;

Zorro Showing (at Km 18)

Located 7 km southwest of Hervieux-East Extension; the occurrence is a series of metric-sized and angular boulders on top of bedrock of the same covering 100 m2.

Petit Lac or Leduc-Farrell Showing (at Km 21)

Located 9 km southwest of Hervieux-East Extension; the occurrence is a minimum 100 m long by 10 m wide.

E. Girard Showing (at Km 27)

Located 13 km southeast of Hervieux-East Extension – the occurrence is fully accessible via logging roads and extends for at least 450 m. Here the massive magnetite-ilmenite occurs as a single 1 m to 5 m lens with sharp contacts.

One additional occurrence, the La Blache Lake Showing was discovered and consists of 5% to 25% mixed centimetric disseminated and vein-type magnetite and ilmenite, with occasional "veins" of 50% magnetite-ilmenite, in anorthosite covering a 4 km by 2 km segment of the ellipse between Km 9 and Km 13 on the southwest shore of La Blache Lake.

These new discoveries follow on the recent success of positive and significant iron, titanium and vanadium assay results from the Hervieux-East Extension Showing, where surface channel samples yielded up to 12.0 m of 62.8% Fe2O3 and 19.6% TiO2, and 7.0 m of 62.1% Fe2O3 and 20.0% m TiO2 as well as 32 channel grabs that averaged 59.0% Fe2O3, 18.6% TiO2 and 0.11% V2O5 in a range of 51.1% and 62.8% Fe2O3, 17.7% and 19.7% TiO2 and 0.05% and 0.16% V2O5 (refer to the NEVADO news releases dated March 30, September 21 and October 28, 2010).

NEVADO is just completing the 3,425 line-kilometres airborne geophysical survey which not only targets (1) magnetic massive, decimetric magnetite-ilmenite lenses), but also (2) magnetic and conductive semi-massive to massive sulphides known to occur in more gabbroic rocks 30 km East of the Hervieux East Extension the eastern portion of the property, similar to the Outardes-Three and -Four occurrences, where historic work yielded up to 50% sulphides in breccias and veins/veinlets carrying up to 0.94% Nickel and 0.36% Copper and 1.28% Nickel and 1.38% Copper in grab samples (Falconbridge,1998; MRNFQ Assessment File GM 56307).

The magmatic iron-titanium bearing magnetite-ilmenite lenses are associated with the La Blache Anorthositic Complex (the "LBAC") located 145 km north of Baie-Comeau along Quebec's North Shore region, near Hydro-Quebec's Manic 3 and Outardes River Hydroelectric Reservoirs. 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 m in size along a 45 km long mineralization corridor, of which Nevado owns outright 37 km of the total trend length.

According to the Ministère des ressources naturelles et de la faune Québec Deposit File 22K/04-0001 the La Blache iron-titanium 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 a 15 km trend covering several occurrences. Historic work evaluated mineral resources of 71.67 million tonnes grading 48% Fe2O3 and 20.5% TiO2. The historical mineral resources quoted 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. At this time it is not known if any or part of the historical mineral resources occurs on Nevado's Property.

The technical information in this news release was prepared, reviewed and approved by Mr. Jean Lafleur, M. Sc., P. Geo., Senior Technical Consultant to NEVADO, and Bertrand Brassard, M. Sc., P. Geo, Director and VP Exploration of NEVADO. Both individuals are Qualified Persons under NI 43-101 regulations.

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 Resources Corporation
    Mr. Guy Girard
    President and CEO