|May 08, 2007|
Preliminary Results from Crowflight's Winter Drill Program Outline New Nickel Mineralization Near Bucko Deposit
News Release No. 15/ 07
CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce initial results from its winter regional exploration program in the Thompson Nickel Belt, Manitoba. Diamond drilling near the town of Wabowden has been successful in further defining the extent of nickel mineralization at the Apex and M11A North Zones (discovered in 2006) and has resulted in the identification of a new zone of nickel mineralization (Bucko Lake North Zone), located 300 metres north of the currently defined Bucko Deposit.
Thomas Atkins, President and CEO of Crowflight Minerals commented on the preliminary results, stating: "Given the combination of the change of regional operatorship from Xstrata to Crowflight and recent commodity price trends, the opportunity for Crowflight to unlock value from resources such as the Bowden Lake Deposit, M11A and Apex Zones need to be re-examined. The imminent development of the Bucko Mine project and the availability of cash flow from nickel production will permit the Company to more cost efficiently advance these resource opportunities in the future."
Within the Apex Zone, 5 diamond drill holes totalling 2,106 metres were completed (assay results remain pending for 1 of these 5 drill holes). Highlight results include drill hole AP07 - 01 which intersected 53.0 metres (173.9 feet) grading 0.66% nickel, including 6.3 metres (20.5 feet) grading 1.13% nickel. The drilling has further defined the extents of the main mineralized corridor and indicates that the deposit remains open for further expansion at depth below 300 metres vertical.
Within the M11A North Zone, 4 holes totalling 1,465 metres were completed (assay results remain pending for 2 holes). Highlight results include drill hole M07 - 01 which intersected 20.8 metres (68.4 feet) grading 0.82% nickel. Assay values up to 9.43% nickel were encountered in drill hole M07 - 01.
Within the Bucko Lake North Zone, a large ultramafic body located 300 metres north of the Bucko Deposit, drill hole BX07 - 01, intersected 7.5 metres (24.6 feet) grading 0.78% nickel including 1.5 metres (4.9 feet) grading 2.19% nickel. Despite the proximity and compositional similarity of this body to the Bucko Deposit, this target area had only previously been investigated by 3 shallow drill holes. Table 1 provides a summary of currently available 2007 drill results with highlight intersections from 2006 drilling.
A key objective of the 2007 program was to evaluate the resource potential of nickel-mineralized intrusions proximal to infrastructure at the Bucko Deposit mine development site. To accomplish this goal, drilling targeted three areas within a 4 kilometre radius of the Bucko Deposit (please refer to location map presented in Figure 1).
Results from the 2007 program at the Apex and M11A North zones will be combined with previous drilling results and used to establish NI 43-101 compliant resource estimates for each of these areas. Historical drilling by Falconbridge Limited within the Bowden Lake Deposit (located 8 kilometres north of the Bucko Deposit) in the 1970's and 1990's resulted in the definition of a pre-national instrument 43-101 inferred resource of 88 million tonnes grading 0.63% nickel. Drilling by Falconbridge in 2005 at Bowden Lake, under the joint Falconbridge-Crowflight Agreement (since amended such that Crowflight is the project operator - refer to press release dated January 31, 2007), identified broad intervals of elevated nickel mineralization within the core of this resource grading in excess of 1.0% nickel.
Greg Collins, Crowflight's Vice President of Exploration, commented on the next steps to the development of these resources, stating: "We're pleased to see continued success from our drilling of known and recently discovered nickel mineralized zones that lie in close proximity to the Bucko Deposit. Crowflight plans to compile results from recent and historical work to better understand the magnitude of these mineralized bodies and to investigate potential economic scenarios for their future development. We'll begin with resource studies and follow these up with economic scoping studies. The results of this work will assist us in determining the extent to which we might focus available cash resources going forward to unlock value from projects such as the Bowden Lake Deposit."
Following the NI 43-101 resource studies, Crowflight plans to conduct an economic scoping study or multiple scoping study scenarios on one, or a combination of the Bowden Lake Deposit, Apex and M11A North Zones. The results of this work will be used as a guide to the economic exploitation of these resources and as a means by which to focus future exploration efforts on the possible development of those areas with the most attractive economic potential. Results from the scoping study work is expected in the third quarter 2007.
In total, 25 holes, totalling 9,920m were completed during the 2007 winter drill program. Assay results are currently available for 13 of the 25 completed holes. Additional results including assays from drilling targeting the near surface extension of the Hinge Zone at the Bucko Deposit and regional exploration targets including Halfway Lake, and projects located near Thompson are pending.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg Collins, P.Geo (APGO/APEGM) a Qualified Person under the NI 43-101 guidelines. Fire assays are performed at the ALS-Chemex laboratory in Vancouver on all the samples for Gold and PGE's which undergo an ICP-AES finish and Sodium Peroxide Fusion. All other metals undergo an ICP-AES finish. Standards and blanks are submitted with each sample batch.
Crowflight - The Base Metal Builder
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Lake Nickel Deposit; (2) an earn-in option with Xstrata Nickel on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property, being explored under a joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM's).
Further information regarding Crowflight, including details of its properties, and where relevant its earn-in interests in properties, is available on the Company's web site at www.crowflight.com.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of applicable securities law. Forward-looking statements include, but are not limited to, statements regarding the future drilling and development of Crowflight's properties, the outcome of any development activities, and estimates regarding mineral reserves and mineral resources. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.
For further information please contact:
President and CEO
Tel: (416) 861 - 5900
Fax: (416) 861 - 8165
Tel: (604) 684 - 4743 ext 226
Intersection intervals reported are core lengths, actual true widths are unknown at this time but are generally 70 to 80% of core length. Once known, true widths are calculated for each intersection. These could vary somewhat from time to time as the zones are re-interpreted thereby altering the geometry.
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