Altius Minerals Corp.
A mineral exploration project generation and royalty business
Message: Additional High Grade Gold Encountered at Viking Project
| Altius: Additional High Grade Gold Encountered at Viking Project, Newfoundland, Canada | |
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ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Dec. 1, 2008) - Altius (TSX:ALS) is pleased to advise its shareholders that Northern Abitibi Mining Corp. has announced further drill core assay results from the recent drilling program at the Viking gold project. Northern Abitibi may earn a 51% interest in the Viking gold project from Altius by issuing 1,115,000 shares of Northern Abitibi, and spending $1,200,000 on exploration over 4 years. A copy of the Northern Abitibi news release is provided below in its entirety. Altius has not independently verified information contained in the release and has provided it for information purposes only. Please visit www.naminco.ca for additional technical details, the terms of the agreement, sections, and maps. Northern Abitibi is the project operator during the earnin phase. Altius is focused on the generation of mineral projects located principally in Newfoundland & Labrador, Canada. NORTHERN ABITIBI DRILLS MORE HIGH GRADE GOLD AT VIKING HIGHLIGHTS INCLUDE 176.20 GRAMS PER TONNE OVER 0.5 METRES WITHIN 5.12 GRAMS PER TONNE OVER 23.0 METRES, AND 119.65 GRAMS PER TONNE OVER 0.9 METRES Northern Abitibi Mining Corp. ("Northern Abitibi") is pleased to provide assay results for drill holes 3 to 5 from its recently completed 10 hole drill program on the Viking gold property in Newfoundland. Drill holes 1 through 5 have all tested the Thor Vein and immediate area, and several zones of high grade gold mineralization have been intersected along with low grade mineralization over significant intervals. The company is extremely pleased with the results of the Viking drill program to date. Holes 1 to 5 demonstrate that the Thor Vein is very high grade with very good continuity. Several zones of high grade gold mineralization have been intersected surrounding the Thor Vein, highlighting the excellent exploration potential of the area. Both the footwall and hanging wall of the Thor Vein contain large intervals of low grade gold mineralization that could potentially be bulk minable targets. The mineralized zone starts at surface, remains open in all directions, and has excellent potential to develop into a significant and high quality gold resource. Results and Technical Discussion The Thor Vein consists of a zone 1.5 to 8 metres in width, hosting numerous individual quartz-sulfide veins ranging from 0.3 to 1.8 metres wide. The vein dips moderately to the south and the 2008 drill program has tested it from near surface to approximately 100 metres down dip. Visible gold has been identified in 5 of the 6 holes that intersected the vein or its immediate footwall. The locations of holes 1 to 5 are shown on the attached cross section. Hole 4 was drilled approximately 10 metres west of the cross section and has been projected 10 metres east and 10 meters north onto the section. The location of all of the 2008 drill holes are shown on the accompanying map. Assay results from holes 08VK-03 to 05 are summarized in the table below and shown on the attached cross section. Assay results for holes 08VK-01 and 02 were previously released (November 17, 2008 news release) and are summarized on the cross section. Summary of significant drill intercepts from holes 08VK-03 to 08VK-05 - Viking Project ---------------------------------------------------------------------------
Drill Hole From To Width Au Au Ag Description
(m) (m) (m)(i) g/t OPT(ii) g/t
---------------------------------------------------------------------------
08VK-03 1.3 24.3 23.0 5.12 0.15 1.2 Altered granite
and gneiss,
quartz veins
---------------------------------------------------------------------------
including 15.0 15.5 0.5 176.20 5.14 11.1 Quartz-sulfide
vein with
visible gold
---------------------------------------------------------------------------
including 17.1 17.4 0.3 23.41 0.68 45.7 Quartz-sulfide
vein
---------------------------------------------------------------------------
and 27.5 28.5 1.0 2.12 0.06 0.2 Altered gneiss
---------------------------------------------------------------------------
08VK-04 2.5 24.5 22.0 1.91 0.06 0.5 Altered gneiss
---------------------------------------------------------------------------
including 5.0 5.4 0.4 13.30 0.39 1.5 Quartz-sulfide
vein with
visible gold
---------------------------------------------------------------------------
including 23.0 24.0 1.0 9.61 0.28 2.0 Altered gneiss
---------------------------------------------------------------------------
and 43.2 54.0 10.8 2.43 0.07 0.6 Altered gneiss
---------------------------------------------------------------------------
including 45.0 46.0 1 .0 7.85 0.23 1.9 Altered gneiss
and veins with
visible gold
---------------------------------------------------------------------------
08VK-05 9.0 25.8 16.8 1.54 0.04 0.6 Altered granite
and gneiss
---------------------------------------------------------------------------
and 25.8 26.7 0.9 119.65 3.49 43.0 Quartz-sulfide
vein with
visible gold
---------------------------------------------------------------------------
(i) The true widths of the mineralized intercepts are estimated to be
approximately 100% of the drill intercept for holes 08VK-03 and 04,
and 85% of the drill intercept for hole 08VK-05.
(ii) OPT equals troy ounces per short ton.
Hole 08VK-04 tested the footwall of the Thor Vein and intersected two broad zones of low grade mineralization including 22.0 metres grading 1.91 g/t gold (0.06 ounces per ton) and 10.8 metres grading 2.43 g/t gold (0.07 ounces per ton). Several zones of high grade mineralization were also intersected in Hole 4 including 0.4 metres grading 13.30 g/t gold (0.39 ounces per ton), 1.0 metre grading 9.61 g/t gold (0.28 ounces per ton), and 1.0 metre grading 7.85 g/t gold (0.23 ounces per ton). The drilling results confirm the excellent exploration potential within the 3 to 4 kilometre long gold-in-soil anomaly at the Viking project. Holes 1 to 5 all intersected high grade gold mineralization as well as larger zones of low grade gold mineralization that are potentially bulk minable targets. The Viking property is located in the mining friendly jurisdiction of Newfoundland and Labrador and has excellent access and local infrastructure, with a paved highway and power line located less than one kilometre from the project. The Thor Vein is a shear-zone related gold-quartz vein that is closely associated with a strongly altered mafic dike. The vein shares numerous geological similarities to granitoid-hosted lode gold deposits worldwide. The Company anticipates that assay results for holes 6 to 10 should be available for release shortly, completing the assay information for the phase 1 drilling program. Quality Control The NQ size drill core has been photographed and cut in half with a rock saw, with half of the core sent to Eastern Analytical Ltd. in Springdale, Newfoundland. One half of the core is retained on site for verification and reference purposes. Gold is assayed by standard fire assay methods with 30 additional elements analysed by Induced Coupled Plasma (ICP). All gold samples with greater than 15 g/t gold are re-assayed using a metallic sieve procedure to reduce the nugget effect created by free gold particles in the samples. Duplicate samples, blanks, and certified standards are included with every sample batch and then checked to ensure proper quality assurance and quality control (QA/QC). Duplicate samples of select veins have been sent to an outside laboratory for analyses as part of a check assay procedure. Northern Abitibi Northern Abitibi's technical team of experienced, professional geologists are assembling a portfolio of gold, nickel and other base metal projects from opportunities within Canada, Mexico and the United States. Northern Abitibi can earn a majority interest in the Viking project from Altius Resources Inc. by making staged share and cash payments and funding exploration over a period of 4 years. A description of the Viking project is available on our website (www.naminco.ca). The drill program was supervised by Dr. Shane Ebert, P.Geo., and Dr. Stephen Rowins, P.Geo. Dr. Shane Ebert, P.Geo., is the Qualified Person responsible for the preparation of this news release. "Shane Ebert" Shane Ebert, President/Director |
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