NIOGOLD AND AURIZON REPORT 1.21 G/T AU OVER 80.8 METRES INCLUDING 11.06 G/T AU OVER 3.6 METRES AT MARBAN
November 04, 2010
Val-d'Or, Quebec - NioGold Mining Corporation (TSX-V:NOX) ("NioGold") and Aurizon Mines Ltd. (TSX:ARZ) ("Aurizon") are pleased to announce results from the first thirteen (13) drill holes at the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec.
Significant intersections include:
The drill holes were collared within the central portion of the Marban gold deposit and tested the entire width of the Marban Mine Sequence from surface to a vertical depth of 300 metres. The Mine Sequence, consisting of deformed mafic volcanic rocks, is approximately 250 metres wide in this area and hosts several important sulphide and gold mineralised shear zones extending along a 1.3 kilometre strike length. The results from the initial thirteen (13) holes at Marban are encouraging and confirm the potential for both bulk tonnage gold mineralisation and higher-grade ore shoots at shallow depths.
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).
The first year program under the terms of the option agreement includes 50,000 metres of diamond drilling. The program is mainly directed at better defining and increasing the near surface gold mineral resources at the Marban and Norlartic deposits on the Marban Block (news release dated September 7, 2010). Two drill rigs are currently in operation at the Marban deposit.
Assay results are summarized in the table below.
Marban 2010 Drilling Results
*Results for holes MB-10-108 and 109 are pending. Holes MB-10-116 was abandoned at 71 metres depth due to drilling difficulties.
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. 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.
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 120 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.
For information on NioGold Mining Corporation contact:
Michael A. Iverson, Chairman & CEO
Dale Paruk, Vice-President
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.
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined the policies of the TSX Venture Exchange) nor the Frankfurt Stock Exchange have approved or accepts responsibility for the adequacy or accuracy of this news release.