NioGold is a mineral exploration company focused on GOLD.
The Company’s flagship projects are located in the Cadillac - Malartic - Val-d’Or region of the prolific Abitibi gold mining district Quebec.
Message: NioGold Begins Program On Marban Block Property
NioGold Begins Program On Marban Block Property
Val-d'Or, Quebec -- NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold") is pleased to announce that it has commenced a $1.6M exploration program on its Marban Block property, currently under option to Aurizon, to drill the Kierens and Norlartic deposits and the North zone.
The Marban Block property contains the Kierens, Norlartic and Marban deposits which have a collective resource estimate of 1.56 M ounces (28.5 millions of tonnes at 1.70 g/t) in the measured and indicated categories and 0.51 M ounces (9.6 millions of tonnes at 1.66 g/t) in the inferred category (see news release of September 7, 2012).
The drilling at Kierens and Norlartic will explore the open pit potential of these two deposits, further test their extensions in all directions, and attempt to convert the existing inferred resources to a higher category. Both require winter drilling programs due to the need to build ice bridges on the Keriens Creek, located north-east of the Kierens-Norlartic trend, in order to drill the upper part of the deposits.
The North zone is located about 200m northeast and parallel to the Norlartic zone, and consists of three sub-zones named A (north-easternmost), B (centermost) and C (south-westernmost). The drilling at the North zone will investigate the potential for a resource estimate and possible open pit scenario.
Due to the timing requirements for winter drilling, and in light of Aurizon's ongoing review of the Phase II data, Niogold has agreed to fund the exploration program at this time. The parties have further agreed, however, that upon Aurizon's decision to proceed with the Phase III program, Aurizon will immediately reimburse Niogold for the costs of the exploration program and such amount will then be applied to Aurizon's earn-in requirement.
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 $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 remains the project operator during the initial earn-in period (see news release dated July 6, 2010).
Technical Info, Qualified Persons and QA/QC
The drilling programs are conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), the NioGold Vice president of exploration and a Qualified Person as defined by National Instrument 43-101. The news released was prepared by Mr. Ducharme.
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 region of the prolific Abitibi gold mining district Quebec. The Cadillac, Malartic and Val-d’Or mining camps have produced over 45 million ounces of gold since the 1930’s and presently encompasses six producing gold mines including Osisko Mining’s new Canadian Malartic operations. NioGold’s land holdings within the Abitibi presently cover 130 km2 and encompass four former gold producers, namely the Norlartic, Kierens (First Canadian), Marban and Malartic Hygrade mines that collectively produced 640,000 ounces of gold.
NioGold's experienced and qualified technical team are overseeing the advancement of these projects, with current drill programs underway targeting expansion of the resource base.
Please login to post a reply