 | | 
| | |
| | October 10, 2006
GobiMin intersects 140 metres (459 feet) of 0.67% Ni and 0.48% Cu at its Yellow Mountain Property, including 35 metres (115 feet) of 1.07% Ni and 0.70% Cu
|
| |
Toronto, Canada - October 10, 2006 GobiMin Inc. is pleased to report that the first five diamond drill holes intersected nickel and copper mineralization at its Yellow Mountain (Huangshan) Property in northwest China. Another six holes are already completed and assay results are pending. The current drilling program totals 18,000 metres in 18 holes and covers a strike length of about 700 metres. The drilling program is expected to be completed by the end of the year.
In May 2006, GobiMin started the current diamond drilling program which aims to collect data to support a mineral resource estimate in compliance with National Instrument 43-101. The program has three main objectives: a) validate historical Chinese data using twin holes; b) test the extension of open sulphide lenses through exploration step out holes; and c) reduce hole spacing to 50 metres in critical areas. The Yellow Mountain Property has a reported historical resource of 67 million tonnes at 0.48% nickel and 0.31% copper under category C and D of the China Ministry of Geological and Mineral resources classification system. This historical resource may not comply with resource and reserves guidelines of NI 43-101 and therefore should not be relied upon.
Hole GYM-06-01 intersected continuous disseminated to semi-massive sulphide mineralization with an average grade of 0.67% Ni and 0.48% Cu over a core length of 139.87 m (458.77 ft) from 657.81 to 797.68 m. The intercept includes two higher grade sections of 35.47 m (116.34 ft) grading 1.07% Ni and 0.70% Cu from 762.21 to 797.68 metres and 18 m (59.04 ft) grading 1.08% Ni and 0.79% Cu from 677.81 to 695.81 m. The hole is a twin of historical drill hole 124-01 which returned 96.97 m (318.06 ft) of 0.76% Ni in the same zone including similar higher grade sections of 18 m (59.04 ft) of 1.07% Ni and 28.15 m (92.33 ft) of 1.00% Ni.
Two exploration holes GYM-06-03 and GYM-06-04 effectively extended the mineralization in zones 32 and 30 up to 120 metres up dip.
The results are summarized in the table that follows.
Core
HOLE NO SECTION FROM TO Ni% Cu% Length ETT(i) COMMENT
------------------------------
metres metres metres metres
-----------------------------------------------------------------------
GYM-06-01 124 657.81 797.68 0.67 0.48 139.87 90.35 Twin of
124-01, Zone 30
Includes 677.81 695.81 1.08 0.79 18.00 11.70
And 762.21 797.68 1.07 0.70 35.47 23.05
-----------------------------------------------------------------------
GYM-06-02 114 345.2 363.2 0.91 0.56 18.00 11.70 Infill hole,
Zone 73
And 397.5 462.2 0.52 0.30 64.70 33.00
-----------------------------------------------------------------------
GYM-06-03 126 77.2 88.2 0.56 0.57 10.00 10.00 Exploration
extends Zone 32
And 430 442 0.31 0.24 12.00 11.00
-----------------------------------------------------------------------
GYM-06-04 120 596 604 0.48 0.3 8.00 7.00 Exploration
extends Zone 30
And 703.5 714.5 0.44 0.3 11.00 10.00
-----------------------------------------------------------------------
GYM-06-06 116 595.84 693.08 0.45 0.3 97.24 78.00 Infill hole,
Zone 30
Includes 672.34 693.08 0.59 0.38 20.74 15.00
-----------------------------------------------------------------------
(i)ETT= Estimated True Thickness.
True width is estimated by correcting for the strike, dip of the lens
and inclination of the drill hole.
Mr. Felipe Tan, President and CEO of GobiMin, commented: "We are very encouraged by these results as they are in line with historical drilling results. We are also excited by the economical prospects of the property as the intercepts indicate the presence of high grade nickel over large width."
Quality Control
GobiMin has implemented a quality control program to ensure best practice in drilling, drill core sampling and analysis of drill core samples.
All drill core samples (approximately one metre, half-core) are shipped directly in security sealed bags to a certified Chinese Laboratory in the city of Hami. The other half of core samples will be stored in the original core boxes near the property. The sample is prepped to -200 mesh and a 400 gram split is sent to the laboratory for AAS analysis (Cu, Ni, Co) using a 0.2 gram charge.
GobiMin submits its own standards as a measure for QA/QC of the analysis. Duplicate sample, blank sample and reference samples are routinely added to the sample stream for QA/QC measurement. Sample results are received in batches and not as assays for an entire drill hole. Check assays on pulps are carried out by SGS laboratories at Tianjing, China.
The drilling program is managed and supervised by Dr. John D. J. Guo, the senior geologist of GobiMin and a qualified person as defined under National Instrument 43-101.
About the Property and the Company
The Yellow Mountain Property occurs within a layered ultramafic complex. The mineralization was initially discovered by the Chinese government and during the 80's the Chinese Geological Survey Team No 6 drilled 62 core holes (approx 42,000 metres) and calculated a historical resource of 67 million tonnes at 0.48% Ni and 0.31% Cu under C and D categories of the China Ministry of Geological and Mineral Resources classification system. GobiMin Inc., through its subsidiaries, is the largest nickel producer in the Hami region located in northwest China.
FORWARD-LOOKING STATEMENT
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. In this news release, statements about potential discoveries or extensions of mineralized zones are examples of forward-looking statements. There is no guarantee that any discovery of commercial mineralization will be made on GobiMin's Yellow Mountain or other properties. Accordingly, readers should not place undue reliance on forward-looking statements.
-30-
For further information, please contact:
James Xiang, Chief Financial Officer, GobiMin Inc.
Tel: (416) 915-0133
Email: James@gobimin.com
www.gobimin.com
or
Linda Armstrong, Vice President, CHF Investor Relations
Tel: (416) 868-1079, Ext 229
Email: Linda@chfir.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
To receive GobiMin press releases by email, send a message to Catarina@chfir.com and specify "GobiMin press releases" on the subject line.
View News Release in PDF Format: |
| |
| |
| | You can view the Next News Releases item: Mon Oct 16, 2006, GobiMin Inc. Reports First Test Production From Mill In Tibet
You can view the Previous News Releases item: Tue Oct 3, 2006, GobiMin Engages CHF Investor Relations
You can return to the main News Releases page, or press the Back button on your browser.
|
| | | |
