Properties
1284 words
12 June 2008
13:34
Market News Publishing
English
Copyright 2008 Market News Publishing Inc. All Rights Reserved
INTERNATIONAL NICKEL VENTURES CORP ("INV-T") - Update on INV's "Ring of
Fire" Properties International Nickel Ventures Corporation ("INV" or
the "Corporation") is pleased to advise that it has entered into a
Letter of Comfort with the Neskantaga First Nation ("Neskantaga") on
INV's Lansdowne House property, one of two large mineral properties the
Corporation has in the prospective "Ring of Fire" area of northern
Ontario. INV expects to immediately initiate an exploration program on
the property comprised of prospecting, gridding, geological mapping,
geochemical sampling and ground geophysics.
Robert Bell, President and CEO stated "INV is delighted to have been
able to develop an excellent personal and business relationship with
Neskantaga, culminating in the execution of a Letter of Comfort which
allows INV to access the Lansdowne property and outlines the benefits
and impacts of the project to the Neskantaga community. The first phase
of our partnership with Neskantaga includes exploration activities
involved with drill target identification. INV has committed, where
possible, to employ several members of the community to participate in
exploration activities. INV management believes that the strong
partnership with Neskantaga will continue to progress as the project is
advanced.
INV's large Lansdowne House and Fishtrap properties (14,880 hectares
and 12,160 hectares respectively) are located in the James Bay Lowlands
area and are underlain by large mafic-ultramafic igneous complexes
emplaced along major structures (see Figure 1, Regional Magnetics and
Structure) which appear to be related to the same geological terrane
boundary that hosts Noront Resources Ltd's ("Noront") McFaulds Lake
high-grade, nickel-copper-precious metal deposit. The press release of
June 4, 2008, announcing the significant sulphide intersection
discovered by the joint venture formed by Arctic Star Diamond Corp.,
WSR Gold Inc. and Metalex Ventures Ltd., 45 kilometres north of
Noront's Eagle One discovery, highlights the geological potential of
the "Ring of Fire" area.
Lansdowne House, located approximately 80 kilometres west of McFaulds
Lake, is underlain by a geological environment that has potential to
host nickel-copper-platinum-palladium-gold, base metal and gold
deposits. Previous diamond drilling on the property was concentrated
along a three-kilometre long trend of EM anomalies coincident with
magnetic highs (see Figure 2, Property Magnetics and Electromagnetic
Conductors, and Figure 3, Detail Area Magnetics and Electromagnetic
Conductors). Broad zones of anomalous mineralization were encountered,
with results ranging from weakly anomalous to intersections grading
0.74% copper and 0.40% nickel over 17.7 metres in one zone; and 0.79%
copper and 0.64% nickel over 21.5 metres, including 1.0% copper and
0.83% nickel over 14.9 metres, in another zone. Diamond drilling for
platinum-palladium-gold in the early 2000's intersected anomalous
precious metal values, ranging from 0.32 g/t platinum + palladium +
gold ("TPM") over 220.6 metres to 1.04 g/t TPM over 25.5 metres,
including 3.1 g/t TPM over 1.5 metres.
In addition to the nickel-copper-precious metal targets on the
property, widespread anomalous zinc and copper values occur in
association with felsic volcanics, sediments and iron formations, in
some cases coincident with conductive and magnetic bodies with
considerable untested strike length. The southern part of the property
is transected by shear zones which host two gold showings. Previous
owner, Aurora Platinum, reported gold values from outcrop grab samples
ranging up to 23.8 g/t at the Goose showing and 9.3 g/t at the Sandvik
showing.
In 2006, FNX Mining Company Inc. ("FNX") carried out an airborne
geophysical survey over the property and identified numerous untested
conductors, but did not complete any ground surveys or drilling. INV
plans to immediately initiate an exploration program at the Lansdowne
property, comprised of prospecting, gridding, geological mapping,
geochemical sampling and ground geophysics.
Like Lansdowne House, the 49 claim (760 units totaling 12,160 hectares)
Fishtrap property, located approximately 60 kilometres south of the
McFaulds Lake discovery, covers a large layered mafic-ultramafic
complex. The eastern half of the complex is being explored by third
parties for precious metals. There is no record of any previous
drilling on the Fishtrap property. FNX's 2006 airborne geophysical
survey identified a number of conductive zones associated with the
interpreted basal portions of the complex.
An access agreement has been reached with the Marten Falls First
Nation, in whose traditional territory the property is located, and
gridding has been completed over the previously identified conductive
zones. Ground magnetometer and electromagnetic geophysical surveys are
underway, with drilling to follow.
To view Figure 1 - Regional Magnetics and Structure, please visit the
following link: http://media3.marketwire.com/docs/inv612a.pdf
To view Figure 2 - Property Magnetics and Electromagnetic Conductors,
please visit the following link:
http://media3.marketwire.com/docs/inv612b.pdf
To view Figure 3 - Detail Area Magnetics and Electromagnetic
Conductors, please visit the following link:
http://media3.marketwire.com/docs/inv612c.pdf
About INV
INV is an international mineral resource company focused on the
acquisition, exploration and development of base and precious metal
projects in Brazil and Canada. Currently, INV's primary assets are: (1)
the advanced-stage Santa Fe-Ipora nickel laterite deposits located in
Goias State, Brazil; (2) the Montcalm nickel-copper property located
contiguous to Xstrata Nickel's operating nickel mine in the Timmins,
Ontario area; (3) its nickel-copper-precious metals properties located
in the 'Ring of Fire' area in northern Ontario and (4) its
nickel-copper sulphide properties, including Niquelandia, Damolandia,
and Taquaral, located in Brazil.
For further information please see INV's Management's Discussion and
Analysis dated May 14, 2008 and other technical reports filed on SEDAR
and available on INV's website at www.nickelventures.com.
