NEVADO Starts 3,425 Line-Kilometres Airborne Geophysical (Magnetics and Electromagnetics) Survey Over the La Blache Iron-Titaniu
November 02 2010 - 10:32AM
Marketwired
NEVADO RESOURCES CORPORATION (TSX VENTURE: VDO)(FRANKFURT: NSV)
(the "Company" or "Nevado) is pleased to announce the start of the
airborne geophysical (Magnetics and Electromagnetics) survey (the
"Survey") at the 646 claims / 355 km(2) La Blache
Iron-Titanium-Vanadium Property (the "Property") located 145 km
north of Baie-Comeau along Quebec's North Shore region near
Hydro-Quebec's Manic 3 and Outardes River Hydroelectric Reservoirs.
The Survey will target (1) massive, decimetric
magnetite-ilmenite lenses, such as the 150 metres long by 35 metres
wide magnetite-ilmenite outcrop of the Hervieux East Extension
Occurrence ("Hervieux East Extension"), where surface channel
samples yielded up to 12 metres of 62.8% Fe2O3 and 19.6% TiO2 and
smaller individual channel samples averaged 59% Fe2O3, 18.6% TiO2
and 0.11 V2O5 in a range of 51.1% and 62.8% Fe2O3, 17.7% and 19.7%
TiO2 and 0.05% and 0.16% V2O5 (refer to the Nevado news releases
dated October 28, 2010); and (2) semi-massive to massive sulphides
known to occur in gabbroic rocks 30 km east of the Hervieux East
Extension the eastern portion of the Property, similar to the
Outardes-Three and -Four Occurrences (Ministere des ressources
naturelles et de la faune Quebec or MRNFQ Deposit Files
22K/03-2002), where historic work yielded up to 50% sulphides in
breccias and veins-veinlets carrying up to 0.94% Nickel and 0.36%
Copper and 1.28% Nickel and 1.38% Copper in grab samples (#3157; GM
56307).
NEVADO will now have the geophysical survey in combination with
the expanded prospecting and sampling program to define additional
and the full size and grade potential of these magnetite-ilmenite
lenses with the ultimate objective of eventually proving up
significant near-term iron-titanium Mineral Resources across the
entire Property. NEVADO is fully funded for the work having raised
$2.25 million in 2009.
The magmatic iron-titanium bearing magnetite-ilmenite lenses are
associated with the La Blache Anorthositic Complex (the "LBAC").
The LBAC extends 35 km in a northeast-southwest direction by 15 km
across, hosting a series of magnetite-ilmenite rich lenses some
10's to 100's metres in size along a 15 km long mineralization
corridor, of which Nevado owns outright 7.5 km of the total trend
length.
According to the MRNFQ Deposit File 22K/04-0001 the La Blache
iron-titanium mineralization was originally discovered in 1952 and
subsequently explored in the 1960's by the Bersimis Mining Company
which used airborne magnetic techniques to identify a series of
surface iron-titanium lenses over the 15 km trend covering several
occurrences. Historic work evaluated mineral resources of 71.67
million tonnes grading 48% Iron (Fe2O3) and 20.5% Titanium (TiO2).
The historical mineral resources quoted is non-compliant to NI
43-101 Mineral Resource standards, and should therefore not be
relied upon. A Qualified Person has not done sufficient work to
classify the historical resource as current NI 43-101 compliant
Mineral Resources. There is no guarantee that any future
exploration would upgrade the historical Mineral Resources into
current Mineral Resources. At this time it is not known if any or
part of the historical mineral resources occurs on Nevado's La
Blache #1 Property.
The technical information in this news release was prepared,
reviewed and approved by Mr. Jean Lafleur, M. Sc., P. Geo., Senior
Technical Consultant to NEVADO, and Bertrand Brassard, M. Sc., P.
Geo, Director and VP Exploration of NEVADO. Both individuals are
Qualified Persons under NI 43-101 regulations.
Neither the 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 news release. The statements made in this news
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments
or results, may vary materially from those in these
"forward-looking" statements.
Contacts: Mr. Guy Girard President and CEO 514-798-1290.
www.nevado.ca
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