Nevado Resources Corporation

Nevado Resources Corporation

February 03, 2011 10:30 ET

Nevado Intersects Significant Iron, Titanium and Vanadium in Diamond Drill Hole FT-10-01 From the Farrell-Taylor Occurrence at the La Blache Property (Quebec)

- FT-10-01 yielded 32.9 metres grading 64.5% Fe2O3 (45.1% FeT), 17.7% TiO2 and 0.07% V2O5

MONTREAL, QUEBEC--(Marketwire - Feb. 3, 2011) - NEVADO RESOURCES CORPORATION (TSX VENTURE:VDO)(FRANKFURT:NSV) (the "Corporation" or "NEVADO") is pleased to report the first assay results from the 2011 diamond drilling campaign on the Corporation's wholly-owned La Blache Iron-Titanium-Vanadium Property (the "Property"). NEVADO had previously announced the start of a 10,000 metre diamond drilling program on the Corporation's Property, which is expected to be completed in Q2-2011.

The drilling would test six (6) of seven (7) recently discovered disseminated, semi-massive and massive iron and titanium oxides (magnetite-ilmenite) lenses found during the summer-fall 2010 surface exploration program. The findings will be used to evaluate the potential size of each lens and outline National Instrument ("NI") 43-101 Inferred Mineral Resources.

A first set of assay results have been received for drill hole FT-10-01, located at the western extremity of the Farrell-Taylor Occurrence some 1.2 kilometres west-northwest of the bedrock showing. The interval yielded 32.9 metres grading 64.5% Fe2O3 (45.1% FeT or Total Iron), 17.7% TiO2 and 0.07% V2O5, within an envelope of enriched iron, titanium and vanadium yielding 116.2 metres of 32.7% Fe2O3 (25.5% FeT), 9.7% TiO2 and 0.06% V2O5. The higher grades are situated in a massive magnetite-ilmenite or iron-titanium oxides unit surrounded by a mix unit of disseminated and semi-massive vein-type magnetite-ilmenite mineralized anorthosite which gave lower grades.

The interval grades in Iron, Titanium and Vanadium from drill hole FT-10-01 are similar to the magnetite-ilmenite surface channel and grab samples 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 as previously announced.

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

NEVADO's 2011 Drilling Program

The 10,000 metres diamond drilling program is planned for the six (6) occurrences as follows:

  1. Farrell-Taylor Occurrence ("Farrell-Taylor"): 30 drill holes for 4,600 metres
  2. Lac La Blache West Occurrence ("Lac La Blache West"): 8 drill holes for 1,200 metres
  3. Hervieux East Extension Occurrence: 12 drill holes for 1,800 metres
  4. Leduc Occurrence: 4 drill holes for 600 metres
  5. Leduc-Farrell Occurrence: 6 drill holes for 900 metres
  6. E. Girard Occurrence: 6 drill holes for 900 metres

The Farrell-Taylor and Lac La Blache West occurrences, which show significant size potential, will be drill-tested first. Access to all drilling sites will be done using a helicopter.

In 2010, NEVADO discovered six (6) massive and one (1) disseminated magnetite-ilmenite lens. The massive magnetite-ilmenite lenses range from a range of 1 metre to 25 metres in width and 25 metres to 450 metres in length. Average grades for the massive lenses are in the range of 60% to 63% Fe2O3 (42.0% to 44.1% FeT), 16.5% to 19.5% TiO2 and 0.07% to 0.17% V2O5 as outlined in the following table:

% Fe2O3 % FeT % TiO2 % V2O5
HERVIEUX EAST EXTENSION Km 01 63.1 44.1 19.4 0.112 2 channels, 32 channel grabs, 2 grabs
HERVIEUX NORTH EXTENSION 1 km NE of Hervieux East Extension 61.9 43.3 16.7 0.17 1 grab
FARRELL-TAYLOR Km 3 63.5 44.4 18.7 0.10 1 grab
LEDUC Km 18 63.5 44.4 17.4 0.11 4 grabs
LEDUC-FARRELL Km 21 60.0 42.0 19.6 0.07 25 channel grab samples
E. GIRARD Km 27 61.9 43.3 16.5 0.11 21 channel grabs
LAC LA BLACHE WEST Km 11 13.5 9.4 3.6 0.08 19 grabs
1. Distance is the distance measured from the Hervieux East Extension Occurrence on the 45 kilometers magnetite-ilmenite ellipse or Ring of Iron-Titanium-Vanadium
2. V2O5 average grade based on 32 channel grab and strictly grab samples only, no channel samples.

The La Blache Ring of Iron-Titanium-Vanadium

The La Blache Ring of Iron-Titanium-Vanadium (the "Ring") is a 45 kilometres long prospective target of iron, titanium and vanadium mineralization. Highlights include:

  1. The target Ring forms an 18 kilometres by 10 kilometres ellipse encompassing a number of massive magnetite-ilmenite lenses within the La Blache Anorthositic Complex located 160 kilometres to 180 kilometres.
  1. The Ring is located entirely within the La Blache #1 and #2 claim blocks of NEVADO's La Blache 646 claims / 355 km2 Property.
  1. The Ring currently hosts nine (9) massive magnetite-ilmenite 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 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.

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.

The Innu Council of Pessamit Press Release

Contrary to what is alleged in a news release issued on January 31, 2011, by the Conseil of the Innus of Pessamit, NEVADO's drilling campaign is fully compliant with applicable laws and does not infringe in any way with any of their alleged ancestral rights. NEVADO has obtained from appropriate authorities all permits required to lawfully conduct its activities. Any allegation to the contrary will be forcefully refuted by NEVADO, on a timely basis, with all the means at the Corporation's disposal. Such allegations are profoundly misleading and not conducive to the development of the region's natural resources for the benefit of all stakeholders.

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, a Qualified Person under NI 43-101 regulations.

About Nevado Resources Corporation

Nevado Resources Corporation is a mineral exploration company listed under the symbol VDO on the TSX Venture Exchange and under the symbol NSV on the Frankfurt Exchange. Nevado owns 6 properties comprising 1,390 mining claims totalling 757 km2 in the Province of Quebec in two separate metallogenic environments, one in high grade iron-titanium-vanadium and one in gold.

Nevado's higher grade Iron-Titanium-Vanadium (magnetite-ilmenite) property comprises 2 claim blocks totalling 773 claims for 315 km2 situated in the La Blache Anorthositic Complex, located 145 km north of the city of Baie-Comeau and its port on the St. Lawrence Seaway. In 2011, Nevado plans to quickly advance the property to the drilling stage for NI 43-101 compliant mineral resource delineation. 

Nevado's gold assets comprise 5 properties totalling 442 km2 located 10 km south and southeast of Thetford Mines (Eastern Townships, Quebec), approximately 150 km east of Montreal.

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Contact Information

  • Nevado Resources Corporation
    Mr. Michael Curtis
    President and CEO