Aug 26 2014
NioCorp Developments Ltd. ("NioCorp" or the "Company") is pleased to announce receipt of additional assays from the ongoing drilling and advancement operations at Elk Creek, Nebraska.
Drillholes NEC14-009 and NEC14-010 were drilled along a North-East to South-West section line designed to drill across the previously defined Niobium Resource. These drillholes were drilled towards each other from opposing sides of the defined Resource; drillholes NEC14-009 and 010 were completed along a parallel section line to the south-east of drill holes NEC14-006, 007 and 008. Together, these five holes make up Phase I of NioCorp's 2014 drilling program. Phase II drilling at the project has commenced, which will consist of an additional 6 holes.
The collected core samples have been systematically processed and shipped for certified analytical assaying and physical rock property test work to support NioCorp's corporate objectives for the project.
Analytical highlights for NEC14-009 and NEC14-010 appear below. Note that due to the angle of the drilling and other factors, these do not represent the true thickness of the Niobium Resource:
NEC14-009 Final Results
- 183 m interval between 218 - 402 m (open) at 0.55 % Nb2O5, including
- 29 m (218 - 247 m) at 0.76 % Nb2O5
- 11 m (271 - 282 m) at 1.06 % Nb2O5
- 11 m (302 - 313 m) at 1.01 % Nb2O5
- 252 m interval between 629 - 881 m at 0.73 % Nb2O5
- 70 m (788 - 859 m) at 1.10 % Nb2O5
NEC14-010 Final Results
- 311 m interval between 311 - 722 m at 0.64 % Nb2O5
- 26 m (442 - 468 m) at 0.72 % Nb2O5
- 14 m (537 - 551 m) at 0.86 % Nb2O5
- 7 m (537 - 544 m) at 1.25 % Nb2O5
- 10 m (538 - 548 m) at 1.0 % Nb2O5
- 30 m (611- 641 m) at 0.96 % Nb2O5
- 24 m (678- 700 m) at 1.42 % Nb2O5
- 6 m (716.5 - 722.5 m) at 2.47 % Nb2O5
- 3.5 m (716.5 - 720 m) at 3.09 % Nb2O5 (including individual assay samples in excess of 4.06%)
"Yet again, our drilling program at Elk Creek continues to deliver impressive Niobium assays" said Mark Smith, CEO of Niocorp. "In our last release, we announced for the first time, results in excess of 3% material, and now we have found increased levels over 4%, confirming our belief that this truly is a world class deposit. Our continued parallel work with metallurgy has now completed in excess of 300 bench scale tests, and contracts are being negotiated for pilot plant work to commence as soon as possible".
Quality Control: Sampling for NEC14-009 and 010 was continuously collected from the carbonatite's upper contact at the base of the overlying limestone to the end of the drillholes, 196 to 897 m and 200 to 796 m, respectively. Samples were submitted to Activation Laboratories Ltd. (ActLabs) of Ancaster, Ontario. HQ diameter core was sawn into half-core samples and approximately 25% of the submitted core samples consist of quality control and quality assurance samples. NEC14-009 and NEC14-010 ended in carbonatite and remain open at depth.
Qualified Persons: Brad Ulry, B.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, is responsible for the Elk Creek drilling operations and has read and approved the technical information contained in this news release.
About the Company: NioCorp are developing the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, located near Elk Creek, Nebraska. The Company has published an NI 43-101 resource of 19.3 Million tonnes grading 0.67% Indicated, containing over 129,182 tonnes of Nb2O5, and 83.3 Mt grading 0.63% Inferred, containing over 523,844 tonnes of Nb2O5). Niobium is mainly used in the form of Ferro-Niobium to produce HSLA (High Strength, Low Alloy) steel, to produce lighter, stronger steel for use in automotive, structural and pipeline industries. The U.S. imports 100% of its niobium needs.
ON BEHALF OF THE BOARD
"Peter Dickie"
Peter Dickie
Director, President and Corporate Secretary
Source: http://www.niocorp.com/