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| | Tue Jan 13, 2009
Blackstone Receives NI 43-101 Resource Estimates for Norway Nickel - Copper Deposits
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| | News Release #01-2009
Blackstone Ventures Inc. (BLV-TSX) is pleased to announce it has received NI 43-101 compliant mineral resource estimates from Reddick Consulting Inc. on its Ertelien, Stormyra and Dalen Nickel-Copper Deposits in Norway.
Highlights of the new resource estimate include:
- Total Inferred Resources of 9.1 million tonnes with 103.3 million lbs of contained nickel and 65.2 million lbs of contained copper
- Indicated Resources of 4.6 million tonnes with 30.0 million lbs of contained nickel and 12.1 million lbs of contained copper.
- Significant room for expanding the Dalen deposit along a 2 kilometre trend
- Down plunge potential to expand Ertelien deposit
"These resource calculations are the first ever completed on any of these projects and confirm that there is considerable nickel potential in Norway. All the deposits are extremely well positioned relative to infrastructure, including power, roads and workforce" says Blackstone's president and chief executive officer, Dean MacEachern. "Given the positive results we've received from our drilling in Norway we will be reviewing the potential of expanding the size and increasing the grade of the Norway deposits. Of particular interest is the recognition of the large tonnage potential for Dalen type mineralization on the Espedalen project. We will be developing a preliminary assessment to evaluate the economic viability of mining the deposits. We still have many other nickel targets which will require additional drilling in Norway, many of which are on these specific projects. Our near term focus is complete similar resource calculations on three (3) of our key nickel deposits in Sweden, namely the ROR, Lappvattnet and Lainejuar deposits, which we expect in the first quarter of 2009."
The detail for mineral resource estimates for the Norway deposits are outlined in the tables below. Location maps for the deposits are appended to this press release.
Norway Projects - Inferred Resources
| |
Deposit |
Tonnes |
Ni% |
Cu% |
Co% |
| (i) |
Ertelien |
2,697,000 |
0.83 |
0.69 |
0.06 |
| (i) |
Stormyra |
1,013,000 |
1.09 |
0.48 |
0.04 |
| (ii) |
Dalen |
5,438,000 |
0.25 |
0.11 |
0.02 |
| (iii) |
Total |
9,148,000 |
0.51 |
0.32 |
0.03 |
Norway Projects - Indicated Resources
| |
Deposit |
Tonnes |
Ni% |
Cu% |
Co% |
| (ii) |
Dalen |
4,625,000 |
0.29 |
0.12 |
0.02 |
(i) Resources estimated using a US$100 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt.
(ii) Resources estimated using a US$40 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt.
(ii) Weighted average grades for nickel, copper and cobalt
Norway Projects - Contained Metal in Inferred Resources
| Deposit |
Ni (kg) |
Cu (kg) |
Co (kg) |
Ni (lbs) |
Cu (lbs) |
Co (lbs) |
| Ertelien |
22.4 million |
18.5 million |
1.6 million |
49.3 million |
40.8 million |
3.4 million |
| Stormyra |
11.0 million |
4.9 million |
0.4 million |
24.3 million |
10.8 million |
0.9 million |
| Dalen |
13.5 million |
6.2 million |
1.0 million |
29.7 million |
13.6 million |
2.3 million |
| Total |
46.9 million |
29.6 million |
3.0 million |
103.3 million |
65.2 million |
6.6 million |
Norway Projects - Contained Metal in Indicated Resources
| Deposit |
Ni (kg) |
Cu (kg) |
Co (kg) |
Ni (lbs) |
Cu (lbs) |
Co (lbs) |
| Dalen |
13.6 million |
5.5 million |
1.1 million |
30.0 million |
12.1 million |
2.5 million |
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
(3) The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
Ertelien Deposit
The Ertelien deposit is situated 40 kilometres northwest of Oslo. The deposit was originally discovered in the late 1840's and was a producing mine intermittently until 1920's. The current resource is below historic workings, and is contained within the previously undiscovered depth extension of the Ertelien deposit. The deposit extends 700 metres down-plunge and remains open to depth.
Stormyra and Dalen Deposits
The Stormyra and Dalen deposits are part of the Espedalen project which is located 170 kilometres north of Oslo and 50 kilometres north of Lillehammer. The project hosts 12 past producing nickel sulphide mines and 24 nickel sulphide occurrences. The Stormyra and Dalen deposits are new discoveries. Stormyra is a shallow deposit potentially amenable to underground mining whereas Dalen is a bulk tonnage target potentially amenable to open pit mining with considerable room to expand.
Resource Statement
Mineral resources estimates were defined using polygonal estimation methods on vertical crosssections for the Ertelien and Stormyra Projects and by block model estimation methods within constraining wireframes for the Dalen Project. The estimates incorporate minimum estimated cutoff grades that are project specific and assume metal prices slightly below the three year average. Detailed cut-off grades and estimation method parameters for each deposit are described below.
(i) Ertelien: A total of 43 intervals from an assay database of 2,739 samples in 70 drill holes, representing approximately 16,941 metres of drilling were used for the estimate. All the drilling was done in the period 2006-2008. Of these, 52 drill holes totalling 15,097 were completed by the Company. Earlier holes were drilled by Falconbridge Limited (now Xstrata Nickel). Mineralized outlines were defined on 50 metre sections using a US$100 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt. Platinum, palladium, gold and silver values were included in some of the assayed values but not included in the estimates. Polygonal outlines were required to contain a composited interval of ≥ 2.0m core length and a GMV ≥ US$100/T over the composited interval. Polygons were extended half way to adjacent drillholes on a section, to a maximum of 50m from a qualifying intercept. Several intervals of internal dilution with a ≥ 2.0m core length and a GMV ≥ US$90/T were incorporated into the estimate where continuity from adjacent holes on the same or adjacent sections was evident. Specific Gravity (SG) used in these calculations was 3.60. The resources fall in a zone that has multiple drillholes on all sections over a strike length of 700m. GMV cut off values for Ertelien are based on the assumption that the deposit is of a potential size and nature to allow for possible underground mining methods. GMV cut off values of ≥ US$100/T were derived from recent technical reports filed on SEDAR for similar deposit types. All mineral resources for Ertelien were classified as Inferred Mineral Resources.
(ii) Stormyra: A total of 31 intervals from an assay database of 584 samples in 54 drill holes, representing approximately 8,609 metres of drilling were used for the estimate. All the drilling was done in the period 2005-2008. Of these, 34 drill holes totalling 5,818 were completed by the Company. Earlier holes were drilled by Falconbridge Limited (now Xstrata Nickel). Mineralized outlines were defined on 50 metre sections using a US$100 gross metal value (GMV) cut off using metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt. Platinum, palladium, gold and silver values were included in some of the assayed values but not included in the estimates. Polygonal outlines were required to contain a composited interval of ≥ 2.0m core length and a GMV ≥ US$100/T over the composited interval. Several intervals of internal dilution with a ≥ 2.0m core length and a GMV ≥ US$90/T were incorporated into the estimate where continuity from adjacent holes on the same or adjacent sections was evident. Polygons were extended half way to adjacent drillholes on a section, to a maximum of 50m from a qualifying intercept. Specific Gravity (SG) used in these calculations was 3.60. The resources fall in a zone that has multiple drillholes on most sections over a strike length of 1,000m. GMV cut off values of ≥ US$100/T were derived from recent technical reports filed on SEDAR for similar deposit types. All mineral resources for Stormyra were classified as Inferred Mineral Resources.
(iii) Dalen: A total of 1,046 samples in 33 drill holes, representing approximately 4,924 metres of drilling were used for the estimate. All the drilling was done in the period 2004-2008. Of these, 29 drill holes totalling 4,673 were completed by the Company. Earlier holes were drilled by Falconbridge Limited (now Xstrata Nickel). The resource is constrained by a wireframes of the favourable host lithologies. Metal grades were interpolated into 10 by 10 by 5 metre blocks using inverse distance squared methods (ID2). Metal prices of US$8.00 for nickel, US$2.00 for copper, US$8.00 for cobalt were used to estimate GMV values for blocks using the interpolated metal values. Platinum, palladium, gold and silver values were included in some of the assayed values but not included in the estimates. Mineral resources were classified as Indicated Mineral Resources if at least six composites from at least two drill holes and in three different octants were found within a spherical search ellipse measuring 75 metres in all directions and constrained by the wireframe. Mineral resources were classified as Inferred Mineral Resources if at least two composites were found within a spherical search ellipse measuring 100 metres in all directions and constrained by the wireframe. Assay grades were composited to two metre lengths prior to resource estimation. GMV cut off values, at US$40/T for Dalen, are lower than those at Ertelien and Stormyra based on the assumption that the deposit is of a potential size and nature to allow for possible bulk mining methods, including open pit mining. SG used in these calculations was 3.05. GMV cut off values of US$40/T were derived from recent technical reports filed on SEDAR for similar deposit types.
A copy of the full resource calculation report will be available on the SEDAR website within 45 days of this press release. The mineral resource estimates which are effective today were completed by John Reddick, M.Sc., P. Geo, of Reddick Consulting Inc., Inverary, Ontario., and are based on geological interpretations supplied by the Company to Reddick Consulting Inc. and modified by Reddick Consulting Inc. John Reddick is an 'independent qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and has verified the data disclosed in this release. Tracy Armstrong, B.Sc., P. Geo., of TJ Armstrong Geological Consulting Inc. and also an 'independent qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, has verified the sampling procedures and QA/QC data delivered to Reddick Consulting Inc. and is of the opinion that the data are of good quality and suitable for use in the resource estimates.
Exploration programs are being carried out under the direction of Jari Paakki, P. Geo., Vice President of Exploration and Project Development for Blackstone and a qualified person as defined by NI 43-101. The information in this release was prepared under the direction of Dean MacEachern, P.Geo., President and Chief Executive Officer for Blackstone, a qualified person as defined by NI 43-101.
About Blackstone
Blackstone is a mineral exploration company focused on nickel and other base metals. In addition to the Norway nickel projects, the Company expects to complete NI 43-101 resource estimates on its Swedish nickel deposits Lappvattnet, ROR and Lainejaur. Work programs are being planned at the high grade Cu-Zn-Pb Uma discovery and the newly acquired Norbotten Cu-Au project in Sweden.
For further information on Blackstone, please contact Troy Winsor (1-800-663-8072) or Robert Carriere at 604-687-3929 or visit the Blackstone website at http://www.blv.ca.
On behalf of Blackstone Ventures Inc.
"Dean MacEachern"
Dean MacEachern, President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements - This news release contains certain forwardlooking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forwardlooking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
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