Heatherdale Drilling Continues to Expand New Discovery of High-Grade,
Precious Metals-Rich Mineralization at Niblack
Assays from the first six holes of an ongoing 25,000-foot drill program have been received. Results from the first three holes were highlighted in Heatherdale's
NIBLACK ASSAY TABLE
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Drill
Hole From To Intercept Cu Au Zn Ag CuEQ(1)
Number (feet) (feet) (feet) % g/t % g/t %
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U032 848.0 858.7 10.7 1.51 2.16 2.53 52 4.49
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U032 and 883.0 896.0 13.0 1.92 3.34 1.21 60 5.15
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U033A 768.5 950.0 181.5 2.52 4.53 4.68 105 8.45
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U033A incl. 832.5 935.8 103.3 3.29 5.43 6.76 127 10.92
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U033A incl. 881.0 932.5 51.5 3.93 7.11 10.09 159 14.37
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U033A incl. 889.6 910.0 20.4 3.96 8.98 14.95 221 18.30
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U034 754.8 759.4 4.6 1.15 1.99 4.42 32 4.64
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U034 and 875.5 933.5 58.0 1.09 1.78 1.48 49 3.35
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U034 incl. 885.0 898.5 13.5 1.83 2.96 3.90 85 6.25
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(1) Copper equivalent (CuEQ) calculations use metal prices of Cu
US$1.85/lb, Au US$800/oz, Ag US$12.75/oz and Zn US$0.80/lb.
CuEQ = Cu % + (Au g/t x 25.72/40.79) + (Ag g/t x
0.410/40.79) + (Zn % x 17.637/40.79).
Metallurgical recoveries and net smelter returns are assumed to be
100%.
The initial six holes (U029 - U034) were drilled in a fan pattern from an underground set-up designed to cross-cut the mineralized target zone southwest of the known Lookout Deposit. To date, the true widths of the intersections have not yet been accurately established. Mineralized intersections in holes U032, U033A and U034 are located on section, up to 130 feet above and 95 feet below the intersections encountered in the previously announced holes. The results from all six holes, as well as those from two holes drilled by joint venture partner CBR Gold Corp. in 2008 (U027 and U028), are included in the Niblack Assay Table attached.
Heatherdale has now initiated a second series of underground drill holes, utilizing a fan drill pattern at stations along the wide open extension of the newly discovered high-grade mineral body. Hole U035, the first hole in the second fan, is nearing completion and has intersected massive sulphide mineralization approximately 100 feet further along strike. Assay results from holes on this second fan will be released when they are received. In order to accelerate the drilling program, a second underground diamond drill rig and crew has been mobilized and is expected to be fully deployed this month.
"The first fan of underground drill holes has certainly demonstrated a continuity of high-grade, precious-metals enriched VMS mineralization southwest of the Lookout Deposit that confirms the geological model that has been constructed based on a reinterpretation of historical drilling and analyses," said
Niblack's location at tidewater on Prince of Wales Island in southeast Alaska presents a number of project benefits, including year-round marine access, a well-trained labour force, a mature supply and service sector, proximity to Asian markets, and the support of community and Alaska Native corporation partners. The project is located 27 miles (44 kilometres) from Ketchikan, a community of 8000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources' 'Large Mine Permitting Team'. For reference, Hecla's Greens Creek, a 2,100-ton per day underground massive sulphide mine, operates 225 miles (370 kilometres) to the northwest of Niblack on Admiralty Island.
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing the high-grade mine development opportunity at the Niblack Project. The Company will earn up to a 70% interest from CBR Gold Corp. by expending US$25 million and completing a Feasibility Study on the Niblack Project. Heatherdale is affiliated with the
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Heatherdale and has reviewed the content of this release.
On behalf of the Board of Directors
David Copeland, P.Eng.
President and CEO
Sample preparation and analysis is done at ISO 9001 accredited ALS Chemex laboratories in
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
NIBLACK ASSAY TABLE
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Drill
Hole From To Intercept Cu Au Zn Ag CuEQ(1)
Number (feet) (feet) (feet) % g/t % g/t %
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U027 629.2 644.0 14.8 3.06 6.57 18.51 101 16.22
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U028 460.8 488.3 27.5 4.11 20.03 14.03 301 25.84
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U028 and 590.6 627.6 37.0 3.73 5.47 13.00 114 13.95
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U028 incl. 618.7 627.6 8.9 5.73 10.60 12.98 177 19.80
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U028 and 688.8 694.2 5.4 4.77 2.36 11.95 50 11.93
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U029 763.7 825.1 61.4 1.40 2.40 2.81 48 4.61
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U029 incl. 790.4 799.4 9.0 2.79 4.81 1.10 85 7.15
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U029 incl. 815.7 825.1 9.4 2.63 4.92 9.80 108 11.06
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U030 835.1 867.8 32.7 1.83 3.39 2.56 57 5.65
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U030 incl. 856.0 867.8 11.8 1.96 4.34 3.38 70 6.86
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U031 762.0 905.9 143.9 2.25 3.01 5.52 76 7.29
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U031 incl. 809.4 905.9 96.5 2.65 3.38 7.28 90 8.84
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U031 incl. 838.0 905.9 67.9 3.21 3.86 8.66 112 10.51
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U031 incl. 847.0 895.5 48.5 3.51 4.01 10.08 109 11.50
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U031 incl 866.8 895.5 28.7 4.19 5.18 13.85 133 14.78
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U032 848.0 858.7 10.7 1.51 2.16 2.53 52 4.49
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U032 and 883.0 896.0 13.0 1.92 3.34 1.21 60 5.15
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U033A 768.5 950.0 181.5 2.52 4.53 4.68 105 8.45
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U033A incl. 832.5 935.8 103.3 3.29 5.43 6.76 127 10.92
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U033A incl. 881.0 932.5 51.5 3.93 7.11 10.09 159 14.37
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U033A incl. 889.6 910.0 20.4 3.96 8.98 14.95 221 18.30
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U034 754.8 759.4 4.6 1.15 1.99 4.42 32 4.64
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U034 and 875.5 933.5 58.0 1.09 1.78 1.48 49 3.35
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U034 incl. 885.0 898.5 13.5 1.83 2.96 3.90 85 6.25
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U034 incl. 897.5 898.5 1.0 2.00 1.19 26.20 39 14.47
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(1) Copper equivalent calculations use metal prices of Cu US$1.85/lb,
Au US$800/oz, Ag US$12.75/oz and Zn US$0.80/lb.
CuEQ = Cu % + (Au g/t x 25.72/40.79) + (Ag g/t x
0.410/40.79) + (Zn % x 17.637/40.79).
Metallurgical recoveries and net smelter returns are assumed to be
100%.
For further information: on Heatherdale Resources Ltd., please visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114
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