JV - BMK has started drilling Butler nickel target
posted on
Oct 12, 2010 06:56PM
Exploring in Canada’s newest mining camp
Nickel/Copper/Chromium/PGMs : Gold : Uranium
Ring of Fire Resources Inc. Announces Resumption of Drilling on the McNugget JV Ground Toronto, Ontario – October 12, 2010 Ring of Fire Resources Inc. (TSX-V:ROF,
FRANKFURT: RG5, OTC.PK:HWKPF) announces that it has been advised by its JV partner, MacDonald Mines Exploration Ltd (TSX.V-BMK) (“MacDonald Mines”) that the resumption of drilling on the Nickel target (Butler #5), on the McNugget JV ground (which is situated within MacDonald’s larger Butler Property) in the Ring of Fire Area, James Bay Lowlands, Northern Ontario has been initiated. This is part of a much larger drill program by MacDonald Mines on the Butler Property. Significant new targets and the better definition of the known targets have been highlighted by the recent completion and interpretation of additional airborne Geophysics using Aeroquest International’s This
system has an ‘”on-time” measurement capability and coupled with the ground Pulse EM survey (that showed a step response signature), borehole TEM surveys and geology from recent drilling has amplified the targets to be tested in this phase of drilling. This phase of drilling will utilize a larger drill rig capable of drilling much deeper holes to test these anomalies. It is anticipated that 4 holes will be drilled to test both new and existing targets on the highly prospective Nickel target – including VTEM anomaly N-25 & N-26 (Butler #5 anomaly). This anomaly is near borehole that returned
27m averaging 0.26% Ni including intersections of 0.5% Ni over 1 meter, and 0.36% Ni over 4.5 meters on the McNugget JV ground – see MacDonald Mines news releases of August 11, 2009 & November 13, 2007.
The McNugget JV Property lies within the larger Butler Property held by MacDonald Mines and is a joint venture with MacDonald Mines covering 6 contiguous claims (approximately 1,554 hectares), in the James Bay Lowlands, Ring of Fire Area of Northern Ontario. ROF has a 36.75 % interest in this joint venture property, with the remaining interest held by MacDonald Mines, who also acts as operator on the project. The Company also believes that the recently announced significant investment made by HudBay Mining into the equity of MacDonald will bring additional strength and expertise to the projects currently operated by MacDonald. – see MacDonald Mines news release of October 8, 2010, This marks the entry of a second major player into an area
that management believes could evolve into the next major mining camp in Canada. About Ring of Fire Resources Inc.: Ring of Fire Resources Inc. is a Canadian based junior exploration company with a portfolio of diversified exploration projects at various stages of exploration and drilling for Nickel/Copper/Chromium/PGM in the ‘Ring of Fire’ McFauld’s Lake Area of Northern Ontario, Gold in Northern Ontario, and Uranium in Northern Saskatchewan and Quebec. Michael Newbury, P. Eng (ON), a "qualified person" as such term is defined by National Instrument 43-101 and a director of ROF has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of ROF. More detailed information is available on the website at www.ringoffireresources.com Cautionary Statement: 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. No stock
exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 2500 – 120 Adelaide St. West, Toronto, Ontario M5H 1T1 Phone: 416-214-2250 Toll Free: 866-214-9486 Fax: 416-367-1954 The foregoing information may contain forward-looking statements relating to the future performance of Ring of Fire Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Ring of Fire Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.