Blackstone Ventures Updates Q3 Exploration Activities in Scandinavia
October 20 2009 - 7:00AM
Marketwired
Blackstone Ventures Inc. (TSX VENTURE: BLV) is providing an update
on its Scandinavian projects including a new airborne geophysical
survey at Uma Volcanogenic Massive Sulphide (VMS) Cu-Zn-Pb-Au
project and diamond drill results at the Norbotten Cu-Au project.
Highlights
- Completed airborne EM and Magnetic survey covering a 20
kilometre by 5 kilometre area in southern portion of Uma Project in
northwestern Sweden. Numerous conductors associated with identified
high grade massive sulphide showings
- Assay result of 4.26% Cu and 1.88 gpt Au over 1.4 metres was
returned in hole NOR-001 at Norbotten Cu-Au Project in northeastern
Sweden
Uma Cu-Zn Project:
Preliminary results have been received for a 750 line-kilometre
airborne time domain electromagnetic (EM) and magnetic survey
covering a 20 x 5 kilometre area in the southern part of the Uma
project, "Uma South". The survey outlines numerous new EM targets
including conductors extending along strike of high-grade massive
sulphide surface showings. Drilling by Boliden in the 1950/60's in
the immediate area of three surface showings includes up to 10.1%
Cu, 21.7% Zn, 8.2% Pb and 12 gpt Au over 0.82 metres. A map showing
the location of the airborne survey and outlined targets for drill
testing and location of high grade showings is appended to this
release.
"Although we are still attempting to begin an initial helicopter
supported program of diamond drilling on the Suitcase and Uma#1
Cu-Zn-Pb-Au showings in the northern part of the Uma Project, local
weather conditions and diminishing day light hours are hampering
our efforts. Drilling logistics are somewhat easier in the southern
Uma area. With the completion of this airborne survey we now know
we have similar high grade Cu-Zn-Pb-Au showings which also have a
corresponding geophysical response. A total of 11 high priority
targets have been selected for drill testing. The targets in south
Uma will be much more accessible for drilling during the fall and
winter months" commented Dean MacEachern, CEO and President.
Blackstone's 235,000 hectare Uma project covers boulders and
outcrops of high-grade massive sulphide mineralization extending
over a distance of 70 kilometres. This includes Uma South, as well
as Cu-rich boulders in the central claims and recently uncovered
outcrops and boulders assaying as high as 6.64% Cu, 20.9% Zn,
16.75% Pb, 87gpt Ag and 0.54 gpt Au with new, untested EM
conductors in the northern part of the project. Drilling is being
scheduled with input from local Saami villages and the Swedish
Mining Inspectorate.
Norbotten Cu-Au Project:
Assays results from 7 diamond drill holes totaling 895 metres
completed last month at its Norbotten Iron Oxide-Copper-Gold (IOCG)
project in northeast Sweden have been received. A zone of strong
potassic alteration was intersected which contained narrow zones of
anomalous copper- gold mineralization. The 7 drill holes were
completed over a 3 kilometre long identified Induced Polarization
anomaly (IP) in order to determine if any portions of the IP
anomaly contained significant copper-gold mineralization. Holes
NOR-001 and NOR-007 were drilled on the northeastern portion of the
defined anomaly and returned the best assay values over narrow
drill core intervals. The best result of 4.26% Cu and 1.88 gpt Au
over 1.4 metres was returned in hole NOR-001 at a drill depth of
158.8 metres. Hole NOR-007 intersected 1.5m of 0.55 gpt Au at a
depth of 38 metres and 0.46% Cu and 0.28 gpt Au over 3 metres at a
depth of 150.5 metres. Assay results of the more anomalous
mineralization is tabled below along with associated alteration
which is characteristic and important at all IOCG deposits in the
region. No other holes returned any significant assay values.
------------------------------------------------------------------------
Hole # Cu % Au g/t metres Alteration Zone
------------------------------------------------------------------------
------------------------------------------------------------------------
NOR-001 4.26 1.88 1.40 80m: Kf, Bi, Sc, Ht, Py, Mt, Cp, To
NOR-007 0.09 0.55 1.50 50m: Ht, Kf, Mt, Bi, To, Py, Cp
and 0.46 0.28 3.00
------------------------------------------------------------------------
Abbreviations: Kf equals K Feldspar, Bi equals Biotite, Sc equals
Scapolite, Ht equals Hematite, Py equals Pyrite, Mt
equals Magnetite, Cp equals Chalcopyrite, To equals
Tourmaline
------------------------------------------------------------------------
MacEachern stated "Mineralization and alteration intersected
from this phase of drilling suggests that the Norbotten project has
some merit to host an IOCG type of deposit. A northeast trending
structural zone was identified from a review of the regional
magnetic survey and has now been verified in the recent diamond
drilling. IOCG type deposits typically form in association with
large scale regional structures in zones of strong iron oxide and
potassic alteration. Blackstone controls approximately 30
kilometres of this structure. To date Blackstone has explored less
than 10% of its land holdings at Norbotten and is currently
prioritizing its exploration efforts."
Norbotten is a newly discovered IOCG prospect located in the
eastern part of the world-class Kiruna Iron-Ore district of
northern Sweden. The project area is within 70 kilometres of
Boliden's Aitik Cu-Au Mine (proven reserves at January 1, 2007 of
526 million tonnes @ 0.28% Cu, 0.2gpt Au, 2gpt Ag) and covers the
southern extension of the Kolari IOCG district of Finland. This is
the first ever diamond drill program in the area which remains
highly under-explored.
Exploration programs are being carried out under the direction
of Jari Paakki, P. Geo., Vice President of Exploration and Project
Development for Blackstone and a qualified person as defined by
National Instrument (NI) 43-101. The information in this release
was prepared under the direction of Dean MacEachern, P.Geo.,
President and Chief Executive Officer for Blackstone, a qualified
person as defined by NI 43-101.
About Blackstone
Blackstone is a mineral exploration company focused on base and
precious metals in Scandinavia. Blackstone's primary assets are
extensive nickel-copper holdings in Sweden and Norway including six
deposits with current NI 43-101-compliant resources.
To view the maps accompanying this release please click on the
following link: http://media3.marketwire.com/docs/blv1019.pdf.
On behalf of Blackstone Ventures Inc.
Dean MacEachern, President
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward looking statements, oral or written, made by
itself or on its behalf.
Neither 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 release.
Contacts: Blackstone Ventures Inc. Investor Relations
604-687-3929 www.blv.ca
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