Vancouver — Stepout drilling by Niblack Mining (NIB-V, NBLKF-O) has delivered further massive sulphide intercepts from the Lookout zone at its Niblack project on Prince of Wales Island in southeastern Alaska.
Core drilling tested underexplored sections of the Lookout zone about 150 metres downdip of the main sulphide trend. Hole LO-189, a 30-metre stepout from previous hole LO-181, cut 5 metres (from 192 metres depth) of high-grade massive sulphides running 9.9 grams gold per tonne, 139 grams silver per tonne, 4.9% copper and 15.4% zinc. The section was in a wider 16.8-metre interval of 3.3 grams gold, 53 grams silver, 2.4% copper and 4.9% zinc.
Another hole, LO-188, drilled about 45 metres downdip from LO-189 also intersected the gold-rich massive sulphides returning a 12-metre interval averaging 4.5 grams gold, 46 grams silver, 2.4% copper and 0.7% zinc.
Niblack has put 32 drill holes (about 8,200 metres so far) on the project this year, mostly focused on expanding the Lookout zone. Mineralization occurs as volcanogenic massive sulphides (VMS) and in stringer zones. Lookout, a deeper sub-parallel trend to the main sulphide trend, remains open in all directions.
The company also plans an underground exploration program and has recently completed a 1.5-km road from tidewater to the future portal face. Scheduled to begin in 2007, after the final permits have been received, the underground program will test deeper sections of favourable stratigraphy in the Lookout zone.
Mineralization was first discovered at Niblack in the late 1800s and saw some small-scale mining from 1905-1908 with about 45,000 tonnes of material grading about 5% copper extracted. The project hosts a pre-National Instrument 43-101 inferred resource of 2.5 million tonnes of 3 grams gold, 40 grams silver, 1.7% copper and 3.2% zinc.
Shares of Niblack got a boost on the high-grade core, jumping 15 or about 25% to around 77 on strong volume.
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