NioCorp Developments Ltd. press release
Copper Reef Drills 1.9 m of 58.64g/t Gold at Depth
NASDAQ - Nasdaq Stock Market · Niobium · Scandium · Titanium · Rare Earth Elements · United States
(via Thenewswire.ca)
Toronto, Ontario, March 2, 2009….Copper Reef Mining Corporation ("Company") (CZC.CNSX) is pleased to announce the first results from its deeper Tiers of drilling. Our first deep holes Gr-08-51 to53 of a 79 hole drill program were from the south end of the middle zone on the Gold Rock vein from our 100% owned Gold Rock Property near Snow Lake Manitoba.
Drill hole GR-08-52 reporting 22.42 g/t gold (0.65 oz/ton) over 5.4 m (17.7 ft). Within this section the hole assayed 58.64 g/t (1.65 oz/ ton) gold over 1.9 m (6.2 ft). This intersection is at approximately 44m (143 ft) vertically below surface. For a drill plan locating these holes please refer to our web site under Gold Rock at copperreef.com.
Coarse gold was intersected in over 50% of the drill holes, although the nugget effect has affected the results of drilling giving medium grade intersections to very high grade intersections as in the drill holes above 15 grams gold per tonne .The Gold Rock vein lies along a quartz veined shear 2 km long, with the North Star deposit at the south end and the Gold Rock Vein at the north end of the shear with very little drilling in between. Copper Reef is concentrating its efforts recently on the high grade Gold Rock portion of the shear.
GR-08-51, 52 and 53, HQ (2.5 inch diameter) drill holes from the Gold Rock vein system, are the first of the deeper tier 3 and 4 to receive assay results. These deeper tiers of holes were drilled at 10 m spacings along a 60 m (196 feet) gold shoot section near the centre of the 325 m long vein. The upper tiers 1 and 2 were drilled to intersect the vein at two levels 7-10 m vertical and 15-20 m vertical levels, whereas tier 3 and 4 were drilled to intersect the vein at 40-45 m and 50-65 m depth respectively. Assay results from tier 1 and 2 from the northern zone were listed in the February 17th Press Release and from the middle zone in the February 24th Press Release. True width of the tier 3 holes average between 50 and 70 % depending on the dip of the vein. And in the case of Gr-08-53, the true width is 100% because the vein flattens at this particular spot. The drill hole results from these new deeper holes are listed in the table below.
GOLD ROCK DEEPER DRILL HOLE RESULTS Drill Hole Dip From To Core Length(m) g/t gold oz/ton gold GR-08-51 -66 new 28.8 30.3 1.5 m 18.41 0.54 GR-08-52 -77 new 42.2 47.6 5.4 m 22.42 0.65 includes 45.7 47.6 1.9 m 58.64 1.65 GR-08-53 -68 new 56.9 58.8 1.9 m 17.71 0.52
Once all the 79 Drill Holes from last fall's drilling have been logged, sampled, and assayed; a compilation of the results will enable Copper Reef to plan its next program in detail. To date 60 holes have been logged and sampled.
Quality Control
The Company employs QA/QC protocol on all aspects of its analytical procedures. Core samples are sawn and one half of the HQ core is restored to the core boxes for future reference and one half sent for analysis. Samples of veining or mineralization are taken in approximately 50 cm intervals or less. Sample preparation and analytical work is conducted at TSL labs in Saskatoon, Saskatchewan utilizing fire assaying with a two assay ton charge, with an AA finish. In addition pulps of the samples are analysed using a multi-acid digest/ ICP-AES and AAS techniques for trace elements. Gold assays above 0.5 g/ t are then re-assayed by the screen metallic method where the entire sample of the sawn core sent for assay is pulverized and screened with a 150 mesh screen to remove the coarse gold and is then assayed separately by fire assay technique, the remaining pulverized core material that passes through the screen will be assayed by four separate two assay ton charges. The average of the 4 assays will be combined, on a weighted basis, with the assay of coarse gold that was captured by the screen to obtain an overall average grade. This method should give a high level of reliability in representing the contained gold in the core. The large size of core and the closely spaced holes should provide a reasonable sample size and spacing to represent the grade of the vein.
Commercially prepared standards representing 2 ranges of gold grades are inserted at intervals of 1 in 10 samples. A blank rock sample of granite is inserted every 20 samples. Stephen Masson M.Sc., P.Geo President of Copper Reef is the qualified person for the Company. He has reviewed the drill core and confirms the assay results.
On Behalf of the Board of Directors
"signed"
Robert N. Granger QC
Chairman
No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. We seek safe harbour.
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