2006 Program at Santa Fe/Ipora Increased by $3.6 Million Potential New Extensions Identified
TORONTO, ONTARIO – (CCNMatthews – August 17, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:INV) is pleased to report that with the continued success of the original 2006 drill programs at the Santa Fe/Ipora nickel laterite projects in Goias State, Brazil, joint venture partners INV and Teck Cominco Limited have decided to increase the scope of the work program by $3.6 million. The expanded program (from $10.1 million to $13.7 million) will include scoping studies to confirm the commercial and technical viability of the project, as well as drilling an additional 6,900 metres (above the original program of 38,200 metres) primarily as follow up to open ended mineralization and newly defined targets at both Santa Fe and Ipora. Completion of the expanded program is scheduled for October, 2006.
INV is also pleased to report on the progress during July 2006 of the drilling program at the Santa Fe/Ipora project. The focus during the month has been a 200 to 400 metre centre reconnaissance drilling program at Rio dos Bois (Ipora North) which has identified potential new extensions to the Central target measuring 1,500 to 2,000 metres to the west and northwest as well as a 1,500 metre extension northwest of the Northeast Target.
In July, the Santa Fe/Ipora Joint Venture drilled a total of 550 holes for almost 6,900 metres, bringing total drilling since inception of the joint venture programs to over 48,000 metres in 3,700 holes. With four drill rigs operating at Ipora and three at Santa Fe, the initial planned program for 2006 is 90% complete.
Santa Fe Property Drilling
At the end of July 2006, the initial planned drill program at the Santa Fe property was nearly complete with 240 holes drilled during the month for a total of 2,550 metres. The program successfully defined three well mineralized areas within a 10 km by 5 km area. The Santa Fe property is now known to comprise:
1) the Southwest target extending about 2.5 km long by 0.5 to 1.0 km wide hosting mineralization greater than 1% nickel and remaining open to the southwest;
2) the Southeast target, 3 km to the east; and
3) the Central and North targets.
The newly approved work program at Santa Fe provides for an additional 3,200 metres of diamond drilling to test open-ended mineralization at the SW zone on 50 metre centres and to test for additional resources north of the SW, Central and North zones on 200 metre centres.
Selected highlights from the month’s drilling in the SE and SW zones are listed below:
|Hole No.||% Ni||% Co||% Fe||From (m)||To (m)||Length (m)|
Ipora Property Drilling
Excellent progress was also made in July at the Ipora property. To date, drilling at Ipora has identified three main targets in the Rio dos Bois region to the north (Ipora North) and two main targets in the Morro do Macaco region in the south (Ipora South). Four diamond drills and one reverse circulation (“RC”) drill operated during July and about 85% of the initial planned program has been completed, including over 8,200 metres in 500 holes at 100 x 100 metre spacings in the main target areas. A 200 to 400 metre spaced reconnaissance drilling program at Rio dos Bois (Ipora North) has identified potential new extensions to the Central target, measuring 1,500 metres to the west and 2,000 metres to northwest, in addition to a 1,500 metre extension northwest of the Northeast target.
The newly approved work program at Ipora provides for an additional 3,700 metres of diamond drilling concentrated at Rio dos Bois (Ipora North) on 200 metre spaced infill drilling to continue testing mineralization in the recently defined extensions to the Northeast and Central targets; and 100 metre spaced infill drilling of the Northeast and Southeast targets, including twins of previous RC holes.
Selected drilling highlights from the month’s drilling at Rio dos Bois are tabulated below:
|Hole No.||% Ni||% Co||% Fe||From (m)||To (m)||Length (m)|
INV has prepared tables of all Santa Fe and Ipora drill holes with assays which are available on its website and are posted on SEDAR at www.sedar.com. The tables show composite values in nickel, cobalt and iron for intersections that meet or exceed a 1.0% nickel grade cut-off with a minimum thickness of 1.0 metre.
This press release was prepared under the supervision and review of J. Alan Spence, President of Spence Resource Management Inc. (‘Spence”) and Mohan Srivastava, President of FSS Canada Consultants Inc., (Srivastava”) both independent consultants to INV and Qualified Persons as defined under National Instrument 43-101 of the Canadian Securities Administrators. Spence and Srivastava were retained by INV to prepare a technical report on the mineral resources of the Santa Fe and Ipora deposits which was published and filed on www.sedar.com on February 22, 2006 (the “Technical Report”). (The Technical Report summarizes an inferred mineral resource of 63.4 million tonnes grading 1.41% nickel using a 1.0% nickel cut-off and a minimum thickness of 1 metre.) The drill hole and assay data (from SGS Geosol Laboratorios Ltda., Brazil) for this release have been provided by Teck Cominco, with industry standard QA/QC procedures in place. Independent assessment including site visits, review of QA/QC protocols and check results were made by Spence and Srivastava during the preparation of the Technical Report.
INV is a Canadian mineral resource company focused on the acquisition, exploration and development of nickel projects in Brazil. Its primary asset is an option to acquire, with partner and operator Teck Cominco, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fe and Ipora, in the Goias nickel camp of Brazil. In addition, INV has 100% ownership in an extensive land package of prospective nickel properties in Goias, Para and Tocantins States which now totals over 230,000 hectares which INV is exploring through a strategic Alliance with Amazonia, a private Brazilian exploration company. This includes the recently optioned Aviao property located 55 km from Xstrata’s significant Araguaia nickel laterite discoveries in Para State. INV has a cash position of about $20 million and has 34.5 million shares outstanding.
This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond INV’s ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties include, but are not limited to: the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters, future price of nickel, changes in labour costs or other costs of production, failure of plant equipment or processes to operate as anticipated, possible variations in mineral grade or recovery rates and other general risks of the mining industry. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, refer to INV’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.nickelventures.com.
To view the Santa Fe Project Area map, please click on the following link: http://www.ccnmatthews.com/docs/invmap1a.pdf
To view the Ipora Project: Rio dos Bois Area map, please click on the following link: http://www.ccnmatthews.com/docs/RB_July2006.jpg
To view the Ipora Project: Mo dos Macacos Area map, please click on the following link: http://www.ccnmatthews.com/docs/MM_July2006.jpg