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| NIBLACK MINING CORPORATION : http://www.niblackmining.com/ : News Releases |
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August 07, 2008 Niblack Drifts Through Lookout Zone Mineralization |
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16.15 metres grading 1.2 g/t gold, 13 g/t silver, 0.98% copper, 1.3% zinc incl. 1.0 metre grading 8.0 g/t gold, 41 g/t silver, 2.15% copper, and 2.55% zinc VANCOUVER August 7, 2008 Niblack Mining Corp. (the "Company") (TSX.V:NIB) is pleased to announce an update to the underground exploration program on the gold-silver-copper-zinc rich Niblack VMS property in southeast Alaska. The Company has completed the underground development program and has successfully intersected Lookout zone mineralization. Excavation of all drill stations is complete, with access now available to continue expanding mineralized zones to depth. An 8,000 metre drill program designed to expand the known zone of mineralization is now underway. Highlights
About the Underground Program The underground exploration program totals approximately 1,000 metres of drift development, and plans for over 8,000 metres of underground drilling. Underground geological mapping indicates pervasive hydrothermal alteration and sulphide mineralization over the length of the Lookout rhyolite and stratigraphic footwall rocks (see figure). Chip sampling has been completed across the first mineralized zone, which occurs at the contact with the overturned stratigraphic hanging wall sediments. Additional sampling will continue over the remaining length of the drift, including the second mineralized horizon located approximately 25 metres from the first zone. Strong chlorite, pyrite +/- chalcopyrite alteration in the footwall stratigraphy indicates proximity to a hydrothermal feeder zone. Drilling is ongoing from stations in the second crosscut targeting areas above and below the drift. To date 12 holes have been completed for a total of 1,950 metres (all assays pending). Drilling is targeting down plunge continuation of known mineralized zones, and will be completed from both the second and third crosscuts. In addition to expanding the Lookout zone, drilling will test several other targets from stations established every 150 metres along the main access ramp. About the Company Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the gold, silver, copper, zinc Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground and surface exploration programs that are designed to expand the Lookout Zone at depth. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content and year round tidewater access. The Company and Committee Bay Resources Ltd. (TSX.V:CBR) recently announced that the two companies have entered into a Letter of Agreement providing for a business combination whereby Committee Bay will acquire all of the issued securities of Niblack on the share exchange ratio of one share of Committee Bay for every one share of Niblack. Under the terms of the Agreement Committee Bay has agreed, subject to certain conditions, to provide financing to Niblack for up to C$10,000,000 by way of secured convertible debenture. To date Committee Bay has advanced approximately $4.0 million for exploration and development work on the Niblack project. A rigorous quality control and quality assurance protocol is utilized on the project including blank and reference samples with each batch of assays. All samples included in this release were analyzed at ALSChemex Labs in Vancouver, B.C., Canada. Darwin Green, Vice President of Exploration for Niblack Mining Corporation, is the Qualified Person for this exploration project To find out more about Niblack Mining Corp (TSX-V: NIB), visit our website at www.niblackmining.com. ON BEHALF OF THE BOARD OF NIBLACK MINING CORP. Paddy Nicol, MBA President Corporate Inquiries Bill Gillies or Fraser Adams NIBLACK MINING CORPORATION Phone: 604-484-5045 Email: info@niblackmining.com http://www.niblackmining.com The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release. Click to Enlarge 
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This page was created on Sat Aug 9, 2008 at 4:45:04 AM Pacific Time.
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