Crowflight Intersects 27.8 Feet Grading 3.6% Nickel in Bucko Deposit Resource Expansion Drilling
CROWFLIGHT MINERALS INC. (TSX VENTURE:CML) is pleased to announce results of an additional four holes from its planned 10 hole, Phase 1 resource in-fill surface diamond drill program. The program is focused on expanding the Indicated Resources in the Bucko Nickel Deposit, Thompson Nickel Belt (“TNB”), Manitoba. The in-fill program is part of Crowflight’s Bankable Feasibility Study activities aimed at further enhancing the economics of the Bucko Lake Nickel Deposit coincident with the timing of project permitting activities, currently underway.
Highlights include drill hole BK 06-25 which intersected 8.4 metres (27.8 feet) grading 3.6% nickel in mineralized ultramafic rock from 628.8 to 679.8 metres, including 2.16 metres (7.1 feet) grading 11.65% nickel. Of additional interest was drill hole BK 06-33 drilled into the Hinge Zone area where 74.6 metres (244.6 feet) of mineralized ultramafic rock was intersected grading 0.76% nickel and which included 5.4 metres (17.7 feet) grading 2.28% nickel (please refer to Table 1 and Figure 1). The Hinge Zone area located to the north and east of known mineralization where the strike of nickel bearing ultramafic rocks changes from a predominately north-south orientation to an east-west orientation. This area is to the east of known mineralization and has seen limited drilling, yet is believed to have the potential to host potentially economic grades and thickness of nickel mineralization.
Peter Karelse, Crowflight’s Project Manager at Bucko commented on the results from this drilling, stating: “Drilling in this phase of the program is testing the potential to extend the Indicated Resources within the Deposit both at depth and laterally. Of particular interest are the encouraging initial results from holes 32 and 33 into the Hinge Zone area. This is a large area to the North of the identified Indicated Resources of the Deposit that has undergone little historical exploration. The results from these holes (32 and 33) suggest a continuation of the style of mineralization found elsewhere within the deposit. The Hinge Zone area will receive a focused exploration effort during Phase 2 of the drilling program. We await assays from an additional 3 holes from this initial phase of the program. Drilling has recently begun on a follow-up phase (Phase 2) of the program to include 16 holes for in excess of 10,000 metres to further identify the potential to add additional Inferred and Indicated Resources to the Deposit. Results are expected throughout the quarter.”
Results from this drilling will help to confirm the continuity and potential to extend known nickel mineralization both laterally and at depth associated with the currently defined Indicated Resource within the Deposit. This drill program is separate from two new discoveries, announced in the M11A and Apex Zones, located within 3 kilometres of the Bucko Deposit, which are also the subject of recently announced, renewed follow-up drilling.
The areas to be tested in this phase of the program are areas in which there has been little previous historical work and so every hole has the potential to make a significant contribution to the Company’s knowledge of the Deposit and the potential to expand the mineral resources. Drilling is planned to consist of a Phase 1 Program totaling approximately 9,000 metres in 10 holes to be followed by Phase 2 drilling consisting of an additional 10,000 metres in 16 holes.
Phase 1 is complete with 6,700 metres of drilling having been completed in 10 holes. Phase 2 is now expected to consist of approximately 12,000 metres in 16 holes with 9 of these testing the Hinge Zone.
These will follow-up results from Phase 1 drilling. Crowflight’s objective is to add from 500,000 to 1,000,000 additional tonnes of Indicated Resources through the two phases of drilling as part of its objective to enhance the economics of mining the Bucko Deposit as identified in the feasibility study completed December 2005 (refer to press release dated December 16, 2005). Crowflight expects to report on results from this program throughout the remainder of the third quarter. Two drill rigs are currently on site and have recommenced drilling.
Qualified Person/Quality Control Procedures
This press release has been prepared and revised by Mr. Peter Karelse, Crowflight’s Project Development Manager, a Qualified Person under the NI 43-101 guidelines, based on data provided by Falconbridge Limited. Fire assays are performed at the ALS-Chemex laboratory in Vancouver on all the samples for Gold and PGE’s which undergo an ICP-AES finish and Sodium Peroxide Fusion. All other metals undergo an ICP-AES finish. Standards and blanks are submitted with each sample batch.
Crowflight – The Base Metal Builder
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral (“PGM”) projects in the Thompson Nickel Belt (“TNB”) and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Nickel Deposit; (2) an earn-in option with Falconbridge Limited on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco’s Totten Deposit (10.1 million tonnes grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM’s); (2) the 100% owned Peter’s Roost Property, the subject of a recent joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge’s Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM’s).
Further information is available on the Company’s web site at www.crowflight.com.
Statements in this release that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these “forward-looking statements.
Total Shares Outstanding: 139.8MM
Fully Diluted: 181.5MM
52-Week Trading Range: C$0.18 – $0.39
To view Figure 1 2006 Phase 1 Drilling – Surface Plan and Longitudinal Section please click on the following link:
http://www.ccnmatthews.com/docs/cml0718.pdf
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Crowflight Minerals Inc. Thomas Atkins President and CEO (416) 861-5900 (416) 861-8165 (FAX)
www.crowflight.com
or
Ascenta Capital Bruce Korhonen
(604) 684-4743 ext 30
