NEVADO Discovers Four New Massive Magnetite-Ilmenite Occurrences During Regional Reconnaissance Program, One More Than 450 Metre
November 10 2010 - 7:30AM
Marketwired
-- Assays pending from 137 surface grab and channel samples from the four
new massive magnetite-ilmenite, including from an additional multi-
kilometric, disseminated magnetite and ilmenite domain
-- The previously announced airborne geophysical magnetic and
electromagnetic survey nears completion
NEVADO RESOURCES CORPORATION (TSX VENTURE: VDO)(FRANKFURT: NSV)
(the "Company" or "NEVADO") is pleased to announce the discovery of
several new massive magnetite-ilmenite occurrences and a strongly
disseminated magnetite and ilmenite domain found during the
summer-fall 2010 exploration program on the Company's wholly-owned
646 claims / 355 km(2) La Blache Iron-Titanium-Vanadium Property
(the "Property").
Four new massive magnetite-ilmenite lenses were discovered by
inferring that the known Hervieux East, Hervieux-East Extension,
Hervieux West and Schmoo Lake occurrences appears to be aligned
within a 200 m wide zone. The zone is part of a 45 km long corridor
forming the perimeter of an 18 km by 10 km ellipse. The new lenses
are:
Hervieux-East Extension Showing (at Km 0 on the ellipse)
Lengthening to the northeast of NEVADO's Hervieux-East Extension
Showing by 80 m; the occurrence now stretches for 200 m over a
minimum width of 35 m;
Farrell-Taylor Showing (at Km 3, moving clockwise)
Located 3 km East of Hervieux-East Extension; the occurrence is
a minimum 25 m long and 5 m wide;
Zorro Showing (at Km 18)
Located 7 km southwest of Hervieux-East Extension; the
occurrence is a series of metric-sized and angular boulders on top
of bedrock of the same covering 100 m(2).
Petit Lac or Leduc-Farrell Showing (at Km 21)
Located 9 km southwest of Hervieux-East Extension; the
occurrence is a minimum 100 m long by 10 m wide.
E. Girard Showing (at Km 27)
Located 13 km southeast of Hervieux-East Extension - the
occurrence is fully accessible via logging roads and extends for at
least 450 m. Here the massive magnetite-ilmenite occurs as a single
1 m to 5 m lens with sharp contacts.
One additional occurrence, the La Blache Lake Showing was
discovered and consists of 5% to 25% mixed centimetric disseminated
and vein-type magnetite and ilmenite, with occasional "veins" of
50% magnetite-ilmenite, in anorthosite covering a 4 km by 2 km
segment of the ellipse between Km 9 and Km 13 on the southwest
shore of La Blache Lake.
These new discoveries follow on the recent success of positive
and significant iron, titanium and vanadium assay results from the
Hervieux-East Extension Showing, where surface channel samples
yielded up to 12.0 m of 62.8% Fe2O3 and 19.6% TiO2, and 7.0 m of
62.1% Fe2O3 and 20.0% m TiO2 as well as 32 channel grabs that
averaged 59.0% 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 March 30, September 21 and
October 28, 2010).
NEVADO is just completing the 3,425 line-kilometres airborne
geophysical survey which not only targets (1) magnetic massive,
decimetric magnetite-ilmenite lenses), but also (2) magnetic and
conductive semi-massive to massive sulphides known to occur in more
gabbroic rocks 30 km East of the Hervieux East Extension the
eastern portion of the property, similar to the Outardes-Three and
-Four occurrences, 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
(Falconbridge,1998; MRNFQ Assessment File GM 56307).
The magmatic iron-titanium bearing magnetite-ilmenite lenses are
associated with the La Blache Anorthositic Complex (the "LBAC")
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 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 m in size along a
45 km long mineralization corridor, of which Nevado owns outright
37 km of the total trend length.
According to the Ministere des ressources naturelles et de la
faune Quebec 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 a 15 km trend covering several
occurrences. Historic work evaluated mineral resources of 71.67
million tonnes grading 48% Fe2O3 and 20.5% 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 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: Nevado Resources Corporation Mr. Guy Girard President
and CEO 514-798-1290 www.nevado.ca
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