New Zone Discovered Hole Returned 19.21 G/T Au Over 5.6 Metres
August 15, 2012
Val-d'Or, Quebec -- NioGold Mining Corporation (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold") reports that Phase Two exploration on its Marban Block property in Quebec has identified a new high grade gold zone and extended the Marban deposit on strike and at depth. The results from 31 drill holes conclude a very successful program conducted under the $20 million earn-in option to be spent by Aurizon Mines ("Aurizon") on the property. Approximately $9 million remains on the commitment. The Marban Block is located in the Malartic gold camp, Abitibi region of Quebec.
The new gold zone was discovered at about 500 metres north of the Marban deposit and at 350 metres south of the Norlartic deposit. Two holes intersected a mineralized dioritic dike.
The results of the new zone are:
This discovery occurred in the 13 exploration holes which were drilled outside the Marban deposit limits. One hole investigating the stratigraphy of the Marban deposit at great depth revealed the continuity of the Marban system down to a depth of 780 vertical metres with hole MB-12-322 (1.77 g/t Au over 6.5 m) which is about 450 metres from the deepest information on that section of the deposit. North of the Marban deposit, a group of 5 holes intersected the Norlartic system thus confirming its eastern extension.
Results from the 18 others holes that were drilled on the Marban deposit are distributed on a strike of 1,025 meters and include the Eastern Down Dip Zone ("EDDZ") and Western High Grade Zone ("WHGZ").
Drilling highlights from the EDDZ include:
In-fill drill holes on the WHGZ include the following highlights:
"These are extremely encouraging results," said Mike Iverson, NioGold's Chairman and CEO. "We made a new discovery between the Marban and Norlartic deposits. We extended the Eastern Down Dip Zone with wide, high-grade intervals, while in-fill drilling in the Western High Grade Zone continued to deliver high grade values over small widths and lower grade intervals over larger widths. We look forward to the Phase Three program, which NioGold and Aurizon expect to begin in late August or early September."
Exploration holes results
Marban deposit results
Marban Block drilling
The 2010-2012 drill programs (Phase 1 and 2) totalled 84,911 metres (260 holes and 17 extensions). The Marban deposit received the bulk of the drilling with 68,861 metres (208 holes), among which 19,575 metres (74 holes) were in-filling at a 25x25 metres spacing pattern. The other holes were completing a 50x50 metres spacing pattern or making steps of 100 metres. The Norlartic deposit received 4,319 metres (21 holes) of in-fill drilling and 11,731 metres (31 holes) were drilled for exploring the Marban Block property mainly between the Norlartic and Marban deposits, but also some other targets on the property.
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, 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 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 130km2 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 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 are overseeing the advancement of these projects, with current drill programs underway targeting expansion of the resource base.
NioGold invites you to visit the company website at www.niogold.com. For information on NioGold Mining Corporation contact: www.niogold.com.
For information on NioGold Mining Corporation contact:
Michael A. Iverson, Chairman & CEO
Dale Paruk, Vice-President
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CAUTIONARY NOTE TO U.S. INVESTORS
The United States Securities and Exchange Commission (the "SEC") 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 may 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. The news release may contain 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.