SOURCE: NioGold Mining Corp

NioGold Mining Corp

January 21, 2011 06:56 ET

NioGold and Aurizon Report 9.06 G/T AU Over 7.3 Metres at Marban

VAL-D'OR, QC--(Marketwire - January 21, 2011) - NioGold Mining Corporation (TSX-V: NOX) ("NioGold") and Aurizon Mines Ltd. ("Aurizon") are pleased to report on the latest drilling results at the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec. 

Assay results were received for 21 drill holes. Significant intersections include:

  • 20.90 grams of gold per tonne over 1.2 metre (MB-07-005 extension),

  • 3.98 grams of gold per tonne over 7.5 metres (MB-10-119),

  • 9.06 grams of gold per tonne over 7.3 metres (MB-10-120),

  • 66.00 grams of gold per tonne over 1.2 metre (MB-10-121),

  • 43.6 metres averaging 0.87 gram of gold per tonne, including 7.22 grams of gold per tonne over 2.1 metres (MB-10-122),

  • 5.74 grams of gold per tonne over 4.2 metres (MB-10-124),

  • 15.40 grams of gold per tonne over 1.2 metre (MB-10-126),

  • 35.20 grams of gold per tonne over 1.2 metre (MB-10-129),

  • 22.10 grams of gold per tonne over 1.1 metre (MB-10-131),

  • 4.00 grams of gold per tonne over 10.2 metres (MB-10-132). 

The first year program under the terms of the Aurizon option agreement includes 50,000 metres of diamond drilling mainly directed at better defining and increasing the near surface mineral resources at the Marban and Norlartic gold deposits.

Two drill rigs are in operation at the Marban deposit since August 30. Fifty-three (53) drill holes and two (2) extensions of previous holes were completed, for a total 15,275 metres. The drilling conducted to date is confirming the geological and structural model and the continuity to the gold mineralised zones. Results for 21 holes are tabled below. Results for the remaining 18 completed drill holes are pending.

A third drill rig is planned to be added by month's end to carry out 5,800 metres of shallow drilling at the Norlartic deposit. As well, 16 drill holes, for a total of 3,200 metres, are planned to test the area between the Marban and Norlartic deposits.

Marban Drill Results

Hole Line Station Az Dip Depth (m) From (m) To (m) Length (m) Grade (g/t Au) Zone(s)
MB-06-002 5+00 E 0+48 S N180° -70° 498.0 274.3 289.4 15.1 0.87 A
extension           313.4 333.2 19.8 1.23 P-M-V
          including 330.8 332.0 1.2 8.33 V
            346.3 370.4 24.1 1.37 W
          including 346.3 350.3 4.0 3.99 W
MB-07-005 4+50 E 0+50 S N180° -60° 398.0 270.0 314.6 44.6 0.51 P-M
extension         including 302.7 314.6 11.9 1.02 M
            331.2 332.4 1.2 5.60 V
            356.4 357.6 1.2 20.90 H
MB-10-118 0+05 W 0+05 N N180° -50° 290.0 238.0 240.0 2.0 3.11 T
MB-10-119 0+00 1+35 N N180° -48° 381.0 278.4 316.2 37.8 0.60 B-C1-C2
            329.9 363.8 33.9 1.23 T
          including 353.9 361.4 7.5 3.98 T
MB-10-120 0+47 E 1+75 N N180° -55° 448.0 199.2 242.4 43.2 0.60 Y-Z-2
            242.4 249.7 7.3 9.06 X
            293.8 321.8 28.0 0.88 B-D1
          including 293.8 294.3 0.5 31.40 D1
            357.4 370.4 13.0 0.94 C1
            378.3 399.2 20.9 0.54 A
            404.1 412.8 8.7 0.71 T
MB-10-121 1+50 W 1+00 S N180° -45° 171.0 65.0 66.2 1.2 66.00 E
            90.0 96.0 6.0 3.16 D1
MB-10-122 1+00 E 1+75 N N180° -60° 465.0 200.2 226.9 26.7 0.66 2-Y
          including 226.4 226.9 0.5 7.43 Y
            244.1 253.5 9.4 0.70 X
            255.3 255.8 0.5 6.64 E
            288.4 332.0 43.6 0.87 B-D1
          including 289.4 291.5 2.1 7.22 D1
            384.0 402.0 18.0 0.99 A
            409.0 427.0 18.0 0.99 T
MB-10-123 1+00 E 1+35 N N180° -55° 272.0 170.3 179.6 9.3 0.54 2
            194.6 200.6 6.0 0.99 Y
MB-10-124 0+50 W 2+90 N N180° -45° 504.0 33.3 34.5 1.2 6.89  
            254.6 257.0 2.4 5.02 2
            315.9 339.2 23.3 0.63 E
            366.5 387.0 20.5 0.88 D1
          including 368.5 370.5 2.0 4.47 D1
            409.9 428.7 18.8 1.80 C1
          including 414.8 415.8 1.0 5.89 C1
          including 423.8 428.0 4.2 5.74 C1
            440.2 474.5 34.3 0.57 A-T
          including 440.2 441.4 1.2 5.29 A
MB-10-125 2+00 W 0+55 S N180° -45° 185.0 114.1 126.5 12.4 1.50 B-D1-E
Hole Line Station Az Dip Depth (m) From (m) To (m) Length (m) Grade (g/t Au) Zone(s)
MB-10-126 2+50 W 0+65 N N180° -45° 263.0 98.6 99.8 1.2 7.81  
            117.7 118.5 0.8 10.35 2
            142.2 155.2 13.0 1.98 Z
          including 148.5 149.7 1.2 15.40 Z
            175.8 177.0 1.2 8.21 E
            193.0 244.8 51.8 0.57 D1-B-C1-A-T
            256.0 262.0 6.0 0.82  
MB-10-127 2+50 W 1+35 N N180° -45° 332.0 200.7 205.5 4.8 2.18 Z
MB-10-128 3+00 W 0+50 S N180° -45° 194.0 87.0 87.7 0.7 6.76 Z
            112.2 126.7 14.5 0.93 D1
MB-10-129 3+00 W 1+05 S N180° -45° 152.0 63.9 65.1 1.2 35.20 D1
MB-10-130 2+50 E 0+05 S N180° -55° 227.0 127.8 129.0 1.2 4.39 Z
            194.7 195.7 1.0 7.23 D
            198.8 204.4 5.6 0.93 D
MB-10-131 2+50 E 0+65 S N180° -55° 354.0 71.9 73.0 1.1 22.10 Y
            239.9 240.5 0.6 8.76 A
            264.6 269.4 4.8 2.78 T
MB-10-132 3+00 E 1+10 S N180° -45° 299.0 152.4 185.8 33.4 0.49 B
            227.6 237.8 10.2 4.00 P
            256.1 258.9 2.8 4.29 T
            269.7 270.9 1.2 5.59 T
MB-10-133 5+00 E 2+00 S N180° -50° 269.0 31.4 42.0 10.6 1.21 E
MB-10-134 4+00 E 1+40 S N180° -45° 293.0 36.0 47.6 11.6 0.73 E
            58.3 59.0 0.7 7.72  
            89.5 94.1 4.6 1.65 D3
            208.2 209.0 0.8 14.65 P
MB-10-135 3+50 E 1+00 S N180° -65° 169.1 92.8 93.6 0.8 3.78 E
MB-10-136 3+00 E 1+80 S N180° -45° 257.0 84.2 85.4 1.2 4.57  

Note: Complete assay results for hole MB-10-119 are pending.

Marban deposit drilling
The initial phase of the program is intended to complete the drill hole pattern at 50-metre spacing to a vertical depth of 300 metres. Select in-fill drilling at 25-metre spacing will be conducted around intersections of economic interest. 

During the months of September and October, drilling was carried out over a 250-metre strike extent within the central portion of the deposit, more specifically between lines/sections 1+00E to 1+50W. The drill holes tested the entire width of the Marban Mine Sequence from surface to a vertical depth of about 350 metres. The Mine Sequence, consisting of deformed mafic volcanic rocks, is approximately 250 metres wide in this area and hosts several important sub-parallel sulphide and gold mineralised shear zones.

In November, December and January drilling extended over a one-kilometre strike extent of the Marban gold system, from lines/sections 5+00E to 5+00W. One drill rig was assigned to holes that required traversing the Marban mine (1961-74) underground workings, located between 150 and 250 metres vertical depth, in order to investigate the prospective shear zone located along the footwall (south) contact of the Mine Sequence.

General remarks from results received to date at Marban include:

  • Important gold mineralised intervals were intersected along the lateral and depth extents of the mined out ores in Zones B and D1.

  • Several important mineralised zones are now recognised within the broad footwall shear, namely Zones T, A, C, C1 and C2. The footwall is characterised by wide low grade sulphide and gold mineralised envelops with higher grade gold intervals over a few metres. The footwall shear remains partially tested over the 1.3-kilometre extent of the Marban gold system and is a priority target for resource development.

  • The narrower Zones 2 and E, located near the folded hanging wall (north) contact, previously referred to as the Wedge Zones, were traced over a one-kilometre strike extent and returned some high-grade gold intervals.

Aurizon Option
Aurizon can earn up to a 65% interest the Marban Block property under the terms of an option and joint venture agreement dated July 5, 2010 between NioGold and Aurizon. The initial 50% interest can be earned by incurring expenditures of C$20 million over three years, completing an updated NI 43-101 compliant mineral resource estimate, and by making a resource payment for 50% of the total gold ounces defined by the mineral resource estimate. NioGold is the project operator during the initial earn-in period (see news release dated July 6, 2010).

Technical Info, QA/QC and Qualified Persons 
Reported intervals are in core lengths but are anticipated to approximate true width, except where structural complexities occur, as the holes were drilled near perpendicular to the principal local structural orientation.

Diamond drill holes were drilled with NQ-size core in order to obtain larger sample volumes of the mineralised zones, except for holes that traversed underground workings which were completed using BQ-size core. The core was sealed delivered by the drilling contractor to NioGold's facilities located at the Norlartic mine site. The core was photographed for reference, logged and mineralised sections were sawed in half. Sample lengths vary between 0.5 to 1.5 metres. Half core samples were bagged, sealed and delivered to ALS Chemex in Val-d'Or, Quebec, an accredited laboratory. The remaining core is stored on site for reference. Samples were assayed by the fire-assay method using an atomic absorption finish on a 50-gram pulp split. A quality assurance and quality control program (QA/QC) was implemented by NioGold and the laboratory to insure the precision and reproducibility of the analytical method and results. The QA/QC program includes the insertion of standards, blanks and field duplicates in the sample batches sent to the laboratory and a systematic re-assaying of samples returning values above 2 g/t Au by the fire-assay method using a gravimetric finish. As well, pulps grading above 0.5 g/t Au are sent to Bourlamaque Assay Laboratories Ltd. in Val-d'Or for check assaying.

The drilling program was conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), a Qualified Person as defined by National Instrument 43-101. This news release was prepared by Rock Lefrançois, P.Geo. (OGQ), the Company's President and a Qualified Person as defined by National Instrument 43-101.

version française à http://niogold.com/category/news-french

NioGold Mining Corporation -- « On Canada's Golden Highway »
NioGold Mining Corporation is a mineral exploration company focused on GOLD. The Company's flagship projects are located in the Cadillac -- Malartic -- Val-d'Or stretch of the prolific Abitibi gold mining district, Province of Quebec, Canada. The Cadillac, Malartic and Val-d'Or mining camps have produced over 45 million ounces of gold since the 1930's and presently encompasses seven producing gold mines and a major mine development project (Canadian Malartic, Osisko Mining). NioGold's land holdings within the Abitibi presently cover 125 km2 and encompass three former gold producers, namely the Norlartic, Kierens (First Canadian), and Marban mines that collectively produced 600,000 ounces of gold. NioGold has outlined Indicated resources of 598,000 ounces gold and Inferred resources of 361,000 ounces gold in and around these deposits.

NioGold's experienced and qualified technical team will ensure the successful advancement of the Company's projects towards the highest quality mineral resources. NioGold invites you to visit the company website at www.niogold.com

FOWARD-LOOKING STATEMENTS

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The TSX Venture Exchange did not approve nor do not accept responsibility for the adequacy or accuracy of this news release.

CAUTIONARY NOTE TO U.S. INVESTORS

The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as 'measured resources', 'indicated resources' and 'inferred resources', which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F. The news release contains information about adjacent properties on which we have no right to explore or mine. U.S. investors are cautioned that mineral deposits on adjacent properties may not be indicative of mineral deposits on our properties.

Contact Information

  • For information on NioGold Mining Corporation contact:

    Michael A. Iverson
    Chairman & CEO
    miverson@niogold.com
    Tel: (604) 856-9887

    Dale Paruk
    Vice-President
    dparuk@niogold.com
    Tel: (604) 662-4505
    Toll-free: (877) 642-6200