VANCOUVER, Nov. 4 /CNW/ - Nanika Resources Inc. (TSX-V: NKA and FSE: C7X) announces that diamond drilling has completed totaling 1,100 metres in eight holes on Nanika's 100% owned Red Cliff East Property. The property is located approximately 20 km northeast of Stewart, BC, and is immediately adjacent to the property currently being worked by Decade Resources Ltd. Nanika has submitted drill core for assay and expects results soon.
The drilling that was completed was approximately 400 metres away from the Montrose Zone of Decade Resources Ltd. which recently reported a high grade gold intercept including a 0.3 metre interval of 2847 grams per ton gold and 18 metres of 49 grams per ton gold. These results confirm the high grade nature of the structure in the area. Results for a further 24 drill holes testing the Montrose zone are pending and Decade is currently planning immediate follow-up drilling on the Montrose zone. The Montrose zone is accessible by drill road and is within forest cover that will allow for drilling through the remainder of the year. (For full results please see the Decade Resources Inc. news release of September 21, 2010).
Nanika is currently requisitioning a survey to delineate the dividing line between Nanika's claim and the Decade claim. This will be useful in establishing the placement of further Nanika drill holes relative to Decade's drill holes. A map of the property is available at Nanika's website.
Nanika's CEO, James Jacuta said that, "The recent results obtained on the adjacent property belonging to Decade Resources Ltd. confirm the high grade nature of the mineralization in the area and Nanika is considering another drill program at this time that will be much closer to the Montrose Zone and will explore the possibility that this high grade mineralization continues onto our property."
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
http://www.nanikaresources.com
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