NEVADO Starts Summer Exploration Program Along the 7.5
(firmenpresse) - NEVADO Starts Summer Exploration Program Along the 7.5
2010-06-23 12:00:33.241 GMT
NEVADO Starts Summer Exploration Program Along the 7.5 Kilometre
Iron-Titanium-Vanadium Corridor on the La Blache Property,
Baie-Comeau (Quebec)
MONTREAL, QUEBEC -- (Marketwire) -- 06/23/10 -- NEVADO VENTURE
CAPITAL INC. (TSX VENTURE: VDO)(FRANKFURT: NSV) -
Editor's note: A map accompanying this release is available on the
Marketwire website.
*T
-- Average of 51.6% Iron oxide and 18.6% Titanium oxide in surface samples;
assay results part of 15 kilometre Iron-Titanium-Vanadium corridor of
which 7.5 km is owned by Nevado
-- Iron-Titanium-Vanadium corridor already hosts a pre-NI 43-101 mineral
resources of 71.67 million tonnes grading 48% Iron (Fe2O3) and 20.5%
Titanium (TiO2), where Argex Silver Capital Inc., intersected
significant widths of massive Iron-Titanium bearing rocks, containing up
to 161.25 m grading 60.93% Fe2O3, 18.29% TiO2 and 0.48% V2O5, in ongoing
drilling along strike and wedged between Nevado's East and West Hervieux
Claim Blocks
-- Nevado prepares detailed surface sampling program followed by 2,500 m
drill campaign at La Blache #1
*T
NEVADO VENTURE CAPITAL INC. (TSX VENTURE: VDO)(FRANKFURT: NSV) (the
"Company" or "Nevado) is pleased to announce the start
of the summer 2010 exploration program on the Company's wholly-owned
25 claim La Blache #1 Iron-Titanium Property ("La Blache
#1" or the "Property"). The 13.6 km2 Property is
located 145 km north of Baie-Comeau along Quebec's North Shore region
and is also situated near Hydro-Quebec's Manic 3 and Outardes River
Hydro-electric Reservoirs.
The NEVADO exploration team under Bertrand Brassard, P. Geo.,
Technical Director of the Company, will seek to establish continuity
and grades of the magnetite-ilmenite lenses with detailed
prospecting, geological mapping and grab/channel sampling, followed
by 2,500 metres of diamond drilling. The objective is to eventually
prove up in the near-term the iron-titanium mineral resources.
Previous reconnaissance work in Q4-2009 encountered a number of
magnetite-ilmenite lenses. Grab samples taken from a known historical
showing, the Hervieux East Occurrence, gave an average of 51.6% Fe2O3
(Iron oxide), 18.6% TiO2 (Titanium oxide) (refer to the table below
and the Nevado news release dated March 30, 2010). The previously
reported Schmoo Lake grab sample (sample #5) was removed from the
results table (60.0% Iron oxide and 19.6% Titanium oxide), since the
sample was likely taken just outside the Schmoo Lake Claim
Block.
*T
-----------------------------------------------------------------------
---
Grab Sample # % Fe2O3 % TiO2 % V2O5 Occurrence
--------------------------------------------------------------------------
BB-2A 53.7 18.1 0.093 East Hervieux
----------------------------------------------------------
BB-2B 50.2 17.8 0.058
----------------------------------------------------------
BB-2C 44.1 17.1 0.060
----------------------------------------------------------
BB-2D 58.5 21.2 0.060
--------------------------------------------------------------------------
AVERAGE 51.6 18.6 0.068
--------------------------------------------------------------------------
*T
Note: Grab samples averaging 4 kg each were taken by a Qualified
Geologist. Samples were bagged, sealed, numbered and delivered to the
ALS Laboratory Group facility in Val-d'Or (Quebec) for Whole-Rock
Analysis using the ME-S81 Method. At the laboratory facility, samples
were inventoried, weighed and dried; crushed 70% to under 2
millimetres; riffled split with a 250 gram sub-sample pulverized 85%
to under 75 um; then followed by analysis.
Assay results now include the element Vanadium as shown as %V2O5
(Vanadium oxide) averaging 0.068% V2O5. Approximately 85% of Vanadium
produced is used as ferro-vanadium or as a steel additive. It is
mainly used to produce specialty steel alloys such as high speed tool
steels. Vanadium is a soft and ductile metal. It has good resistance
to corrosion and it is stable against most acids.
The grab samples were essentially composed of magmatic iron-titanium
bearing magnetite-ilmenite masses generally associated with a
particular type of large intrusive complexes, in this case the La
Blache Anorthositic Complex (the "LBAC"). The LBAC extends
35 km in a northeast-southwest direction by 15 km across, hosting a
series of magnetite-ilmenite rich lenses some 10's to 100's metres in
size along a 15 km long mineralization corridor, of which Nevado owns
outright 7.5 km of the total trend length with the remaining corridor
being held by Argex Silver Capital Inc., which completed 110 drill
holes to date for over 6,000 metres, and has reported diamond
drilling intervals assay results up to 161.25 m grading 60.93% Fe2O3,
18.29% TiO2 and 0.48% V2O5 (drill hole HW-10-001) (www.argex.com).
According to the Ministere des ressources naturelles et de la faune
Quebec Deposit File 22K/04-0001 the La Blache iron-titanium
mineralization was originally discovered in 1952 and subsequently
explored in the 1960's by the Bersimis Mining Company which used
airborne magnetic techniques to identify a series of surface
iron-titanium lenses over the 15 km trend covering several
occurrences (refer to the appended map for details). Historic work
evaluated mineral resources of 71.67 million tonnes grading 48% Iron
(Fe2O3) and 20.5% Titanium (TiO2). The historical resource quoted is
strictly historical in nature and is non-compliant to NI 43-101
Mineral Resource standards, and should therefore not be relied upon.
A Qualified Person has not done sufficient work to classify the
historical resource as current NI 43-101 compliant Mineral Resources.
There is no guarantee that any future exploration would upgrade the
historical Mineral Resources into current Mineral Resources. At this
time it is not known if any or part of the historical mineral
resources occurs on Nevado's La Blache #1 Property.
The technical information in this news release was prepared, reviewed
and approved by Mr. Jean Lafleur, M. Sc., P. Geo., Senior Technical
Consultant to NEVADO, and Bertrand Brassard, M. Sc., P. Geo. Both
individuals are Qualified Persons under NI 43-101 regulations.
The statements made in this news release that are not historical
facts are "forward-looking statements" and readers are
cautioned that any such statements are not guarantees of future
performance, and that actual developments or results, may vary
materially from those in these "forward-looking"
statements.
A map accompanying this release is available on the Marketwire
website at the following address:
http://media3.marketwire.com/docs/nevadomap.pdf.
Neither the TSX Venture Exchange nor its regulation services provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release.
Contacts:
NEVADO
Mr. Guy Girard
President and CEO
514-798-1290
NEVADO
Bertrand Brassard
Vice-President and Technical Director
819-856-3811
www.NEVADO.ca
-0- Jun/23/2010 12:00 GMT
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Datum: 24.06.2010 - 08:53 Uhr
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