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Niocorp Developments Ltd
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Niocorp drills 276 m of 0.95% Nb2O5 at Elk Creek

2014-12-11 08:10 ET - News Release

Mr. Mark Smith reports

NIOCORP ANNOUNCES FINAL PHASE II DRILLING RESULTS

Niocorp Developments Ltd. has provided additional assay results to complete its phase II drilling program and advancement operations in Elk Creek, Nebraska.

The final analytical results have been received from drill holes NEC14-016 and NEC14-Met-03. NEC14-016 was drilled along a northeast- to southwest-trending section line through the resource, and NEC14-Met-03 was a vertical hole drilled through the approximate centre of the defined niobium resource. NEC14-Met-03 was drilled along with two other holes for the specific purpose of generating a bulk sample of the resource for pilot-scale testing, and was quartered and assayed due to its location. These results, in addition to drill holes NEC14-011, NEC14-012, NEC14-013, NEC14-014 and NEC14-015, continue to support niobium mineralization in the area of the defined resource and its continuation at depth, and together complete Niocorp's phase II drilling program.

The final analytical highlights for NEC14-016 and NEC14-Met-03 appear below. (Please note that due to the angle of the drilling and other factors, these results do not represent the true thickness of the niobium resource.)

NEC14-016 final results

  • 37-metre interval between 253 and 290 m at 0.61 per cent Nb2O5;
  • 10 m interval between 581 and 591 m at 0.68 per cent Nb2O5;
  • 276 m interval between 638 and 914 m (open at depth) at 0.95 per cent Nb2O5:
    • 22 m (650 to 672 m) at 1.18 per cent Nb2O5;
    • 68 m (715 to 783 m) at 1.49 per cent Nb2O5:
      • 10 m (766 to 776 m) at 2.02 per cent Nb2O5;
    • 28 m (806 to 834 m) at 1.12 per cent Nb2O5;
    • 47 m (867 to 914 m) at 1.01 per cent Nb2O5.

NEC14-MET-03 final results

  • 716 m interval between 197 and 913 m (open at depth) at 0.85 per cent Nb2O5:
    • Eight m (289 to 297 m) at 1.24 per cent Nb2O5;
    • 12 m (328 to 340 m) at 1.14 per cent Nb2O5;
    • 135 m (396 to 531 m) at 1.02 per cent Nb2O5;
    • 171 m (645 to 816 m) at 1.12 per cent Nb2O5;
    • 83 m (830 to 913 m) at 1.00 per cent Nb205.

The collected core samples from drill hole NEC14-016 and NEC14-Met-03 were systematically processed and shipped for certified analytical analysis at Actlabs in Ancaster, Ont., to support Niocorp's corporate objectives for the project.

"The final phase II drilling results continue to be extremely encouraging and supportive of our project," said Mark Smith, chief executive officer of Niocorp. "I could not be more pleased with the overall high-grade assay results that have been delivered from both our phase I and phase II drilling program at our Elk Creek deposit," continued Mr. Smith. "Third phase drilling will be completed by mid-December, 2014, and we are anxiously awaiting the upcoming analytical results."

Review by qualified person and quality control

Brad Ulry, BSc, PGeo, Dahrouge Geological Consulting Ltd., a qualified person as defined by National Instrument 43-101, is responsible for the Elk Creek drilling operations and has read and approved the technical information contained in this news release.

Samples for both NEC14-016 and NEC14-Met-03 were continuously collected from the carbonatite's upper contact at the base of the overlying limestone to the end of the drill hole. Samples were submitted to Activation Laboratories Ltd. of Ancaster, Ont. HQ diameter core (NEC14-016) was split into half-core samples and PQ diameter core (NEC14-MET-03) was split into quarter-core samples. Approximately 25 per cent of the submitted core samples consist of quality control and quality assurance samples. Both drill holes ended in carbonatite.

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