TWO NEW HIGH GRADE GOLD ZONES DISCOVERED AT MARBAN
September 19, 2011
Val-d'Or, Quebec - Niogold Mining Corporation (TSX-V: NOX) ("NioGold") is pleased to report on the latest drilling results at the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec. The drilling program is conducted under the terms of the Aurizon Mines Ltd. ("Aurizon") earn-in option agreement.
Drill results from the twenty (20) new holes are tabled on the following pages. Also refer to results released on September 13, 2011, and attached Marban longitudinal section.
High Grade Western Zone
This zone corresponds to the western continuity of the Marban mine and is presently defined between 300 to 400 metres west of the former Marban mine shaft and from surface to a vertical depth of 200 metres. Drilling at 25 to 50-metre spacing has highlighted a cluster of high grade gold intervals between 5 to 900 g/t Au over drill widths of 1 to 16 metres associated with quartz veining hosted by sheared ultramafic units. Two to three parallel mineralised structures dipping 45 degrees to the north and within 20 to 60 metres of each other are traced along a lateral extent of 200 metres. The apparent plunge of the system is near vertical and is open at depth.
Best results to date from the 2010-2011 program from the 'High Grade Western Zone' include:
Eastern Down Dip Zone
A mineralised zone can now be established between a series of mineralised intervals located between 300 to 500 metres east of the former Marban mine shaft and between 300 and 600 metres vertical depth. The zone lies below the former Marban mine workings, located between 150 and 250 metres vertical depth, and along the down dip (depth) extension of a major shear zone recognised along the footwall (south) contact of the Marban Mine Sequence mafic volcanics (basalts) with ultramafic units. Mineralised intervals in the range of 2 to 7 g/t Au over true thickness in the range of 10 to 12 metres have been intersected at an average spacing of 50 metres over a lateral distance of 300 metres. A down dip connection is supported on some sections down to a vertical depth of 600 metres. The plunge and down dip extension of the zone remains unknown.
Best results to date from the 2010-2011 program from the 'Eastern Down Dip Zone' include:
The initial program under the terms of the Aurizon option agreement commenced on August 30, 2010, and was completed on August 9, 2011. A total of 170 diamond drill holes and eight (8) extensions of previous holes were completed on the property for a total of 50,253 metres. 139 holes have been drilled on the Marban deposit, which includes 8 extensions, 21 holes on the Norlartic deposit, located 1.5 km to the northwest, and 18 holes on exploration drill fences located between the two deposits. Results are pending for 16 Marban holes and 17 exploration holes.
The first phase of drilling at Marban was mainly focused on drilling at 50 metre spacing within 300 metres from surface over a 1,050 metre strike length of the Marban gold mineralised system. In the latter part of the program, the focus shifted to deeper drilling to test the down dip extension of the mineralised zones, between 300 and 500 metres vertical depth, as well as select infill drilling at 25-metre spacing.
A resource estimate will be completed by the end of the year on the Marban Block property based on new results from the 2010-2011 drilling program.
Drill Results - Eastern Down Dip Zone
Drill Results - High Grade Western Zone
Drill Results- Marban Main
Holes MB-11-219, 220, 221 and 226 investigated ultramafic units south of the sheared Marban Mine Sequence mafic volcanics (basalts). No significant results were returned from these holes.
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 is conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), the Company's Exploration Manager and 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 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.
For information on NioGold Mining Corporation contact:
Michael A. Iverson, Chairman & CEO
Dale Paruk, Vice-President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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.
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.