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Niogold Mining Corp
Symbol NOX
Shares Issued 101,098,874
Close 2013-01-15 C$ 0.34
Market Cap C$ 34,373,617
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Niogold begins $1.6-million exploration at Marban

2013-01-16 07:30 ET - News Release

Mr. Michael Iverson reports

NIOGOLD BEGINS PROGRAM AN MARBAN BLOCK PROPERTY

Niogold Mining Corp. has commenced a $1.6-million exploration program on its Marban block property, currently under option to Aurizon, to drill the Kierens and Norlartic deposits and the North zone.

The Marban block property contains the Kierens, Norlartic and Marban deposits which have a collective resource estimate of 1.56 million ounces (28.5 million tonnes at 1.70 grams per tonne (g/t)) in the measured and indicated categories and 510,000 ounces (9.6 millions of tonnes at 1.66 g/t) in the inferred category (see news release of Sept. 7, 2012).

The drilling at Kierens and Norlartic will explore the open-pit potential of these two deposits, further test their extensions in all directions and attempt to convert the existing inferred resources to a higher category. Both require winter drilling programs due to the need to build ice bridges on the Keriens Creek, located northeast of the Kierens-Norlartic trend, in order to drill the upper part of the deposits.

The North zone is located about 200 metres northeast and parallel to the Norlartic zone, and consists of three subzones named A (northeasternmost), B (closest to centre) and C (southwesternmost). The drilling at the North zone will investigate the potential for a resource estimate and possible open-pit scenario.

Due to the timing requirements for winter drilling, and in light of Aurizon's ongoing review of the phase II data, Niogold has agreed to finance the exploration program at this time. The parties have further agreed, however, that upon Aurizon's decision to proceed with the phase III program, Aurizon will immediately reimburse Niogold for the costs of the exploration program and such amount will then be applied to Aurizon's earn-in requirement.

Aurizon option

Aurizon can earn up to a 65-per-cent interest the Marban block property under the terms of an option and joint venture agreement dated July 5, 2010, between Niogold and Aurizon. The initial 50-per-cent interest can be earned by incurring expenditures of $20-million over three years, completing an updated National Instrument 43-101-compliant mineral resource estimate, and by making a resource payment for 50 per cent of the total gold ounces defined by the mineral resource estimate. Niogold remains the project operator during the initial earn-in period (see news release dated July 6, 2010).

Technical info, qualified persons and QA/QC (quality assurance/quality control)

The drilling programs are conducted under the supervision of Yan Ducharme, MSc, PGeo (OGQ), the Niogold vice-president of exploration and a qualified person as defined by National Instrument 43-101. The news released was prepared by Mr. Ducharme.

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