Nevoro Inc.: Drilling Begins on the Golden Loon Nickel, Cobalt, PGE, Gold Property
Nevoro Inc. announces the commencement of exploration core drilling by Black Panther Mining Corp. on the Golden Loon Ni-Co-PGE-Au property located 80 km north of Kamloops, British Columbia.
As recently announced, Black Panther entered into an option agreement with Nevoro to earn up to a 50% interest in Nevoro’s interest in the Golden Loon property by making cash payments of $100,000 on or before September 2, 2009 and by making exploration expenditures of $1,000,000 by the second anniversary of the signing of the agreement.
Black Panther has now commenced a 2000 metre phase 2 drill program designed to test nickel and platinum group elements (“PGE”) geochemical anomalies on the Golden Loon property.
Historical exploration on the Golden Loon property, including drilling, geochemical and geophysical surveys, has identified encouraging nickel-cobalt and PGE mineralization in ultramafic rocks underlying the property. The Golden Loon property has been explored by major and junior mining companies searching for copper, nickel, platinum and gold. Cusac Gold Mines Ltd., while following up on a 13.8 g/t platinum sample in 2001-2003, identified areas with anomalous nickel and cobalt in soils that correlated with IP chargeability highs, believed to be caused by sulphide mineralization. A limited drill program covering a very small portion of the prospective body testing an IP chargeability high near the suspected source of the high-grade platinum sample intersected long intervals of low-grade nickel and cobalt mineralization including 66.9 metres averaging 0.17% Ni and 0.016% Co; 154.6 metres averaging 0.16% Ni and 0.013% Co; and 154.6 metres averaging 0.16% Ni and 0.012% Co. Petrographic analysis of the core identified pyrrhotite and pentlandite among the sulfide minerals present.
The qualified person under National Instrument 43-101 responsible for all technical data reported in this news release is Mr. David Jenkins, former president and CEO of Sheffield and a consultant to Nevoro Inc.
Nevoro is a TSX-listed exploration and development company focused on the discovery of precious and base metals primarily in the western USA. Nevoro is currently drilling on its Stillwater nickel-copper-cobalt-PGE-chromite project in Montana and the Moonlight copper project in California. Nevoro also holds 11 gold and base metal exploration projects in Nevada and Idaho.
For more information, please visit the Nevoro Inc. website at www.nevoro.com.