Nevado Resources Corporation
TSX VENTURE : VDO
FRANKFURT : NSV

Nevado Resources Corporation

March 23, 2011 08:00 ET

Nevado Drilling Continues Intersecting Significant Iron, Titanium and Vanadium From the Farrell-Taylor Occurrence at the La Blache Property (Quebec)

- FT-10-04: 81 metres grading 59.2% Fe2O3 (41.4% FeT), 18.1% TiO2 and 0.09% V2O5

- FT-10-02: 23 metres grading 58.9% Fe2O3 (41.1% FeT), 17.5% TiO2 and 0.12% V2O5

MONTREAL, QUEBEC--(Marketwire - March 23, 2011) - NEVADO RESOURCES CORPORATION (TSX VENTURE:VDO)(FRANKFURT:NSV) (the "Corporation" or "Nevado") is pleased to report on the second set of drill assay results from the 2011 helicopter-supported diamond drilling campaign on the Corporation's wholly-owned La Blache Iron-Titanium-Vanadium Property (the "Property"). Nevado has already completed 10 drill holes for 2,710 m on the western extension of the Farrell-Taylor Iron-Titanium-Vanadium Occurrence (refer to the appended drill hole location map), and has already reported assay results for FT-10-01.

The new assay intervals reported here are from FT-10-02 and FT-10-04:

DDH # AZIMUTH /
DIP (°) /
LENGTH (m)
MASSIVE
OXIDES
(m)
(1)
%
Fe
2O3
%
Fe
T
%
TiO
2
%
V
2O5
SECTION A-A' (1.27 km west of showing)
FT-10-01(2) 180 / -70 / 223 33 64.5 45.1 17.7 0.07
    116.2(3) 32.7 25.5 9.7 0.09
FT-10-02 180 / -70 / 192 23 58.9 41.1 17.5 0.12
    37.9(3) 48.0 33.6 13.4 0.09
FT-10-03 180 / -70 / 289 n/a(4)
FT-10-06 000 / -55 / 205 20 pending
FT-10-08 000 / -55 / 316 75 pending
SECTION B-B' (1.15 km west of showing)
FT-10-04 180 / -70 / 291 81 59.2 41.4 18.1 0.09
    96.5(3) 50.2 35.1 15.4 0.08
FT-10-05 180 / -70 / 233 63 pending
FT-10-07 000 / -55 / 307 50 pending
FT-10-10 180 / -75 / 296 n/a(4)
SECTION C-C' (0.97 km west of showing)
FT-10-09 000 / -55 / 359 122 pending
 
Notes:
(1) Core lengths in metres of the massive oxide mineralization.
(2) Previously announced on February 3, 2011.
(3) Wider intervals include disseminated (>10%) and semi-massive oxide mineralization surrounding the massive oxides.
(4) n/a – not applicable, since drilled outside the limits of the oxide mineralization.

As with F-10-01, the interval grades in Iron, Titanium and Vanadium from drill holes FT-10-02 (58.9% Fe2O3, 41.1% FeT, 17.5% TiO2 and 0.12% V2O5) and FT-10-04 (59.2% Fe2O3, 41.4% FeT, 18.1% TiO2 and 0.09% V2O5) are similar to the magnetite-ilmenite surface channel and grab samples (60-63.5% Fe2O3, 42-44.4% FeT, 16.5-19.6% TiO2 and 0.07-0.17% V2O5) taken during the 2010 prospecting program on the Property from the new occurrences at Hervieux East Extension, Farrell-Taylor, Hervieux North Extension, Leduc-Farrell, E. Girard and Leduc.

The massive oxides are visually distinct from the surrounding hard, less dense and mauve coloured host rocks; they consist of softer, dense mixed magnetite-ilmenite having metallic brown and dark grey to black colours. The massive oxides mineralization are believed to be part of a series of sub-vertical, inclined and sub-horizontal dykes, sills, veins, stockworks and disseminations emplaced along multi-kilometric circular and elliptical configurations within the 35 km by 12 km La Blache Anorthositic Complex. The higher grades are situated in the more massive oxides surrounded by anorthosites containing 5% to 25% disseminated and vein-type oxides ranging from a few metres to more than 100 m in core length which gave lower grades.

Nevado's 10,000 m diamond drilling program is progressing as planned and will test three of the higher priority massive oxide occurrences (Farrell-Taylor, Hervieux East Extension and Lac La Blache West) due to their size potential, and is expected to be completed in Q2-2011. 

The La Blache Ring of Iron-Titanium-Vanadium

Drilling at the Farrell-Taylor Occurrence occurs 3 km east of the initial Hervieux East Extension Occurrence at Km 3 (in a clockwise direction) along the 45 km ellipse or La Blache Ring of Iron-Titanium-Vanadium. A surface grab sample from the minimum 25 m long and 5 m wide magnetite-ilmenite lens yielded 63.5% Fe2O3 (44.4% FeT), 18.7% TiO2 and 0.10% V2O5.

The La Blache Ring of Iron-Titanium-Vanadium (the "Ring") is a 45 km long prospective target of iron, titanium and vanadium mineralization summarized as follows:

  1. The Ring is located entirely within Nevado's La Blache #1 and #2 claim blocks totalling 646 claims / 355 km2 forming a 18 km by 10 km ellipse encompassing a number of massive iron–titanium oxide lenses within the La Blache Anorthositic Complex approximately 180 km northwest of Baie-Comeau on Quebec's Upper North Shore. 
  1. The Ring currently hosts nine (9) massive oxide lenses of various lengths, depths and widths; two (2) of which are historical, discovered and explored in the 1950's and 1960's (Hervieux East and Hervieux West), and seven (7) are new discoveries made in 2010 by Nevado in 2010 (Hervieux East Extension, Hervieux Extension North, Farrell-Taylor, Lac La Blache West, Leduc, Leduc-Farrell and E. Girard Occurrences).
  1. The historic Hervieux East and Hervieux West Ocurrences host historic mineral resources of 79 million tonnes grading 68.7% Fe2O3, 20.5% TiO2 and 0.36% V2O5 situated outside Nevado's Property but along the Ring some 2 kilometres and 5 kilometres west-southwest of Nevado's Hervieux East Extension Occurrence, and demonstrate the upside tonnage and grade potential of individual lenses on the Property. The mineral resources estimate is historical in nature and should not be relied upon. A Qualified Person has not done sufficient work to qualify the estimate as current and compliant National Instrument 43-101 Mineral Resources. There are no guarantees, even with future work, that the estimate will ever be converted to current and compliant mineral resources.

Quality assurance / Quality Control ("QA/QC")

The core from diamond drill holes is transported by helicopter from the drill sites to the Nevado core logging facility located some 25 km to the west of the Farrell-Taylor Showing. There, geologists and technicians from PJLEXPL Inc., a full-service exploration contractor from Laval (Quebec) under the supervision of Jean Lafleur, M.Sc., P. Geo., the La Blache Property Project Manager, log, sample tag and half-split the core in 0.25 m to 1.0 m lengths using a hydraulic splitter. The individual sampled intervals of half-split core are then inserted in tagged plastic bag, sealed and inserted in large nylon bags readied for shipment to the ALS Laboratory Group facility in Val-d'Or (Quebec). Blanks and duplicates are inserted in the sample stream on-site at every 20 core samples.

Once at the assay laboratory, samples are inventoried using the bar code tracking system, dried, finely crushed to 70% at <2 mm, pulverized split of to 85% at <75 μm, and riffle split a 250 gram fraction for the various assays using the Whole Rock Package (ICP-AES) for Al2O3, BaO, CaO, Cr2O3, Fe2O3, K2O, MgO, MnO, Na2O, P2O5, SiO2, SrO and TiO2; 38 Element Fusion ICP-MS for Ag, Ba, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Ga, Gd, Hf, Ho, La, Lu, Mo, Nb, Nd, Ni, Pb, Pr, Rb, Sm, Sn, Sr, Ta, Tb, Th, Tl, Tm, U, V, W, Y, Yb, Zn and Zr; Loss on Ignition ("LOI") at 1000°C; and Total Calculation for ICP-06.

Diamond drill location map of the 2011 diamond drilling campaign from the Farrell-Taylor Iron-Titanium-Vanadium Occurrence available at the following address: http://media3.marketwire.com/docs/Nevado_map_0323.pdf

The technical information in this news release was prepared, reviewed and approved by Mr. Nabil Tarbouche, P. Geo., and Mr. Jean Lafleur, M.Sc., P. Geo., Project Geologist and Project Manager respectively of Nevado's La Blache Property. 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. Michael Curtis
    President and CEO
    514-793-1915
    www.nevado.ca