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Goldbrook Ventures Reports Drilling Results from Raglan Project

Goldbrook Ventures Inc. (TSX VENTURE:GBK) has announced results from its 2010 Raglan project diamond drilling program.

The Raglan Project located in Ungava, northern Quebec, is an Option-Joint Venture Agreement with Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien") of Panshi, Jilin, China.

Echo One Prospect

Goldbrook is pleased to announce an expansion along strike of the recently reported discovery (October 22, 2010 news release) of a significant and apparently extensive high grade palladium-platinum-nickel-copper sulphide system at the Echo One prospect located between Goldbrook's Timtu and Bravo deposits (NI43-101 compliant resources described in November 5, 2010 news release). The results expand the Echo One zone strike length to about 700 m and the zone appears to increase in grade and thickness particularly in the vicinity of drillholes ECH10-21 and ECH10-25 with 21 m and 58.9 m intersections respectively.

The Echo Ultramafic Complex was identified as an under-explored and high priority target during 2010 pre-season targeting led by a team from Revelation Geoscience Ltd. Historical exploration identified narrow intervals of high grade Ni-Cu-Pd sulphides associated with a strike-extensive gossan at Echo One.

During the 2010 drilling campaign, 32 diamond drill holes totalling 6193 metres were completed within the Echo One prospect. These holes were drilled along the southern contact of the Echo One complex over a strike length of 1600 metres. Twenty-eight of these drillholes intersected nickel-copper-palladium sulphide mineralization located both within, and at the contact of, the large composite ultramafic complex.

The Echo One mineralized zone is exposed at surface and has been intersected beyond 225 metres vertical depth. Supporting field work at Echo One included Crone borehole EM surveys on 22 drillholes, prospecting, structural mapping, a 25-metre spaced ground magnetic survey and a detailed till sampling grid over the basal contact of the Echo One mafic-ultramafic complex.

Ongoing interpretation of the geology, geophysical responses and geochemistry of Echo One have already indentified critical structural controls on thicker parts of the mineralized zone and have defined preliminary drill targets for a 2011 follow-up program.

Highlights of the Echo One drilling assay results reported below include:

  • ECH10-021, with an inclination of -55 degrees, intersected sulphides over 21.00 metres from 217.00 to 238.00 metres downhole, with an average grade of 0.46% Ni, 0.93% Cu, 0.03% Co, 3.93 g/t PGE+Au, which calculates to 1.77% Ni Equivalent, including 7.00 metres from 223.57 to 230.57 metres downhole, with an average grade of 1.14% Ni, 1.77% Cu, 0.07% Co and 8.98 g/t PGE+Au, which calculates to 4.00% Ni Equivalent. The drillhole ended in graphitic argillite at 290 metres.
  • ECH10-025, with an inclination of -65 degrees, intersected sulphides over 58.90 metres from 121.10 to 180.00 metres downhole, with an average grade of 0.53% Ni, 0.50% Cu, 0.03% Co and 2.05 g/t PGE+Au, which calculates to 1.24% Ni Equivalent. The drillhole ended in peridotite at 271 metres.

Echo One is considered to be a new style of mineralization in the Raglan District with a significant value contribution from higher grade Palladium. These new intercepts are also being reported in nickel equivalent values in order to reflect the polymetallic nature of the mineralization.

Analyses

Drillcore samples from the 2010 drill program were assayed by ALS Chemex Laboratories in Vancouver, BC (ISO 17025:2005 certified). Sample preparation was completed at the ALS Sudbury facility. Assay results for nickel, copper and cobalt were determined by 4-acid digestion and ICP-AES finish and report total nickel. Platinum, palladium and gold were determined by fire assay fusion and ICP-AES finish. In addition to the ALS Chemex quality control procedures, Goldbrook inserts Certified Reference Materials, blanks and duplicates into the sample batches for independent quality control.

Mr. Kevin W. Wells, P.Geo. (Quebec SA# 155), General Manager, Goldbrook Ventures is a qualified person as defined by National Instrument 43-101 and has reviewed and verified the information contained and is responsible for the technical content of this press release.

Source: Goldbrook Ventures Inc.

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