Niblack Mining Corp.
TSX VENTURE : NIB

Niblack Mining Corp.

September 17, 2008 08:00 ET

Niblack Underground Drilling Intersects 7.71 Metres (25.30 Feet) of 4.23 g/t Gold, 9 g/t Silver, 1.65% Copper and 30.55% Zinc

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2008) - Niblack Mining Corp. (the 'Company') (TSX VENTURE:NIB) (www.niblackmining.com) is pleased to announce assay results for the first 12 holes of the underground drill program at the Company's copper-zinc-gold-silver Niblack VMS property located in southeast Alaska. The drilling expands the Lookout Zone at depth below the limits of the new mineral resource (see news release dated September 10, 2008) by a distance of 200 metres (660 feet) down dip.

Highlights:

- Drill hole U017 intersects 7.71 metres (25.3 feet) of massive sulphide grading 4.23 g/t gold, 9 g/t silver, 1.65% copper, and 30.55% zinc. The intersection includes an exceptionally zinc rich 2.93 metre (9.6 foot) sub-interval grading 1.63 g/t gold, 9 g/t silver, 1.65% copper, and 48.83% zinc. A separate, visible gold bearing sub-interval grades 52.6 g/t gold over 0.3 meters (1.0 feet). The intersection, part of the L2 mid-zone horizon, is located 60 metres (198 feet) east of the main drift, and is accessible to future development.

- Significant new mineralization of the L2 mid-zone horizon has been defined over a dip length of 100 metres (330 feet). The zone is getting more copper-rich with depth, with hole U021, the deepest to test the horizon intersecting 7.32 metres (24 feet) grading 0.52 g/t gold, 7 g/t silver, 3.25% copper, and 0.47% zinc. All four holes (U017 to U021) on the 135 degree azimuth drill fan have intersected the zone, with widths ranging from 7.32 metres to 17.31 metres (see figures posted on the Company's website www.niblackmining.com). The zone remains open at depth and along strike.

- The new mid-zone mineralization has been defined over a strike length of 67 metres (220 feet) at the 130 metre (425 foot) level of the drift. It is exposed in the drift walls, where it consists of multiple, 10 to 20 cm wide bands and veins of sulphide over a width of 3.30 meters (assays pending). It is also intersected in three holes drilled on section azimuth 165 parallel to the drift, including 2.65 metres (8.70 feet) grading 0.7 g/t gold, 13 g/t silver, 1.71% copper, and 7.9% zinc in hole U011.

- In addition to the L2 mid-zone mineralization, 8 of 12 holes intersected mineralization of the L1 horizon, located near the lower contact of the Lookout Rhyolite. Intersections include 2.04 metres (6.70 feet) grading 4.07 g/t gold, 39 g/t silver, 2.28% copper, 4.27% zinc in hole U010, and 5.12 metres (16.80 feet) grading 0.95 g/t gold, 11 g/t silver, 0.16% copper, and 5.86% zinc in hole U014.

- U015, the deepest of the drill holes reported, extends mineralized Lookout stratigraphy 200 metres (660 feet) down dip of the deepest previous intersection. The mineralization consists of over 16 metres (53 feet) of stringer and disseminated sulphide similar to that found adjacent to high grade massive sulphide elsewhere within the Lookout Zone.

Paddy Nicol, President and CEO states, "We are very pleased with the results from this initial round of underground drilling at the Lookout Zone. Gaining underground access to the zone has been a major accomplishment for the Company. The positive drill results demonstrate the value of the underground access and highlight the potential to add tonnes beneath the current resource."



Table 1. Significant assay results for drill holes U010 to U021.

---------------------------------------------------------------------------
Est.
Width Width True Au Ag
Hole Az/Dip From To (ft) (m) Width g/t g/t Cu % Zn % Zone
---------------------------------------------------------------------------
U010 165/70 130.50 161.25 30.75 9.37 94% 1.76 16.2 0.7 1.69 L1
Incl. 130.50 137.2 6.70 2.04 94% 4.07 39.3 2.28 4.27 L1
U010 173 185 12.00 3.66 94% 0.15 0.9 0.09 1.77 L2
---------------------------------------------------------------------------
U011 165/-3 Assays pending for L1 horizon L1
U011 305.60 314.30 8.70 2.65 85% 0.7 12.7 1.71 7.9 L2
---------------------------------------------------------------------------
U012 165/-28.5 435.50 447.00 11.50 3.51 57% 0.27 5.1 0.65 7.92 L2
Incl. 440.10 447.00 6.90 2.1 57% 0.34 6.4 0.91 12.02 L2
---------------------------------------------------------------------------
U013 165/-19 296.50 297.50 1.00 0.3 65% 0.27 1.3 0.22 7.5 L1
L1 horizon partially dyked out
U013 364.50 366.10 1.60 0.49 77% 1.21 13.4 3.51 16.15 L2
---------------------------------------------------------------------------
U014 165/30 114.60 143.00 28.40 8.66 98% 0.99 11.1 0.2 4.37 L1
Incl. 122.20 139.00 16.80 5.12 98% 0.95 11.1 0.16 5.86 L1
---------------------------------------------------------------------------
U015 195/-27 826.70 854.00 27.30 8.32 15% 0.59 4.5 0.19 1.18 L1
U015 893.70 919.00 25.30 7.71 15% 0.54 4.8 0.06 0.68 L1
---------------------------------------------------------------------------
U016 195/-13 No significant values
---------------------------------------------------------------------------
U017 135/0 194.80 200.75 5.95 1.81 87% 0.91 31 1.25 6.15 L1
224.50 231.00 6.50 1.98 87% 0.2 14.6 0.09 3.7 -
U017 307.40 332.70 25.30 7.71 87% 4.23 9.26 1.65 30.55 L2
Incl. 307.40 317.00 9.60 2.93 87% 1.63 8.8 1.65 48.83 L2
Incl. 329.40 330.40 1.00 0.3 87% 52.6 12.1 1.28 0.2 L2
U017 410.30 420.00 9.70 2.96 87% 1.88 17 0.69 1.73 -
---------------------------------------------------------------------------
U018 135/-8 351.50 408.30 56.80 17.31 84% 0.68 3.3 0.59 0.69 L2
Incl. 351.50 358.00 6.50 1.98 84% 2.16 12.2 1.41 5.4 L2
Incl. 406.00 408.30 2.30 0.7 84% 1.2 14.3 4.88 0.01 -
---------------------------------------------------------------------------
U019 135/5 172.50 177.80 5.30 1.62 73% 2.27 93.8 5.7 4.11 L1
U019 250.30 253.40 3.10 0.94 73% 2.75 1.8 0.23 3.47 -
U019 262.80 298.80 36.00 10.97 73% 1.15 7.5 1.91 2.28 L2
Incl. 262.80 278.25 15.45 4.71 73% 0.73 7.5 2.04 5.26 L2
---------------------------------------------------------------------------
U020 135/32 118.00 122.00 4.00 1.22 96% 0.08 4 0.16 2.98 L1
L1 horizon partially dyked out
U020 200.40 231.00 30.60 9.33 96% 1.41 11.2 2.49 2.22 L2
Incl. 200.40 208.00 6.50 1.98 96% 0.87 3 0.23 8.46 L2
Incl. 215.80 231.00 15.20 4.63 96% 1.45 19.2 4.68 0.15 L2
U020 258.10 263.60 5.50 1.68 96% 0.56 13.2 5.7 0.03 -
---------------------------------------------------------------------------
U021 135/-20 356.00 380.00 24.00 7.32 71% 0.57 6.8 3.25 0.47 L2
---------------------------------------------------------------------------


About the Underground Drill Program

The scope of the current underground drilling program is to expand the Lookout Zone resource down plunge and down dip in areas below, around, and above the drift. Mineralized zones are open at depth, and there remains over 2 kilometres of untested prospective stratigraphy that can be accessed from the drift. A secondary goal of the underground drilling is to add confidence to deeper portions of the resource where there is lower density of surface based drill holes.

About the Company

Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the copper-zinc-gold-silver Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground exploration programs that are designed to expand the Lookout Zone at depth.

The Company recently reported a new NI 43-101 compliant independent resource estimate for the project. Using a NSR cut-off of $50/tonne, a nearer surface indicated resource of 1,424,000 tonnes grading 2.86 grams per tonne (g/t) gold, 41.73 g/t silver, 1.04% copper and 2.14% zinc and a deeper inferred resource of 1,893,000 tonnes grading 2.07 g/t gold, 29.21 g/t silver, 1.65% copper, and 2.71% zinc have been calculated. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content, and year round tidewater access.

The Company and Committee Bay Resources Ltd. (TSX VENTURE:CBR) have also entered into formal Arrangement Agreement providing for a business combination whereby Committee Bay will acquire all of the issued securities of Niblack on the share exchange ratio of one share of Committee Bay for every one share of Niblack. Under the terms of the Agreement Committee Bay has agreed, subject to certain conditions, to provide financing to Niblack for up to C$10,000,000 by way of secured convertible debenture. To date Committee Bay has advanced approximately $7.0 million for exploration and development work on the Niblack project.

A rigorous quality control and quality assurance protocol is utilized on the project including blank, duplicate and reference samples with each batch of assays. All samples were analyzed by fire assay and ICP at ALS Chemex Labs in Vancouver, B.C., Canada. Darwin Green, Vice President of Exploration for Niblack Mining Corp., is the Qualified Person for this exploration project.

To find out more about Niblack Mining Corp (TSX VENTURE:NIB), visit our website at www.niblackmining.com.

ON BEHALF OF THE BOARD OF NIBLACK MINING CORP.

Paddy Nicol, MBA, President

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.

Contact Information

  • Niblack Mining Corporation
    Bill Gillies
    Corporate Inquiries
    (604) 484-5045
    or
    Niblack Mining Corporation
    Fraser Adams
    Corporate Inquiries
    (604) 484-5045
    (604) 684-0279 (FAX)
    Email: info@niblackmining.com
    Website: www.niblackmining.com