VANCOUVER, Nov. 18 /CNW/ - Nanika Resources Inc. (TSXV-NKA and FSE-C7X) is pleased to announce that it has contracted Titan Diamond Drilling Ltd. of the Town of Smithers BC, to commence a drill program as soon as they can mobilize to the site of the Indi Property approximately 24 kilometers north of the Town of Stewart, BC. Titan advises that they can begin moving equipment to the site on, or before, November 22, 2010. A total minimum of 1,000 meters of NQ drilling has been agreed to.
On October 14, 2010 Jayden Resources Inc. (TSXV-JDN) disclosed by news release their 2010 drill results with 55 metres grading 8.42 grams per ton gold, including 7 metres grading 32.89 grams per ton gold, at the adjacent Silver Coin project. It has been established by previous work that a portion of the mineralization on Silver Coin extends onto the Indi property.
Nanika will be operating the work program pursuant to the terms of a joint venture agreement with Jayden Resources Inc. (TSXV-JDN) and Mountain Boy Minerals Ltd. (TSXV-MTB) that includes the Indi 9 - 12 claims. Weather, snow conditions, and water availability for the drill may result in changes to the proposed program. Due to encouraging results from the recent work done on the adjacent Silver Coin property Nanika believes that a further work program is warranted on Indi at this time.
The Indi property shares many of the geologic characteristics of the nearby Silbak Premier Mine which is approximately 3 kilometres from Nanika's proposed drilling. Over its mine life, the former Silbak Premier Mine produced approximately 1.8 million ounces gold, 41 million ounces silver, 4.2 million pounds copper, 62 million pounds lead and 20 million pounds zinc until closing in 1996.
Alex Walus, P. Geo., a qualified person under National Instrument 43-101 has reviewed and approved the technical disclosure in this news release.
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and development company focusing on the advancement of its mineral properties, all of which are located within Canada.
On Behalf of the Board,
James D. Jacuta,
Chairman, President and CEO.
To receive Company news via email contact, [email protected] and in the subject line mention "Nanika Resources News".
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
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For further information:
CHF Investor Relations at 416-868-1079
Christopher Haldane, Account Manager, at ext. 237, [email protected]
Jeanny So, Director of Operations, at ext. 225, [email protected]
Or Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699
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