Initial Drilling at INV’s Brazilian Damolândia Property Outlines Disseminated Nickel Sulphide Mineralization
Toronto, Ontario – June 23, 2008 – International Nickel Ventures Corporation (“INV”) (TSX: INV, INV.WT) announces that initial drilling has intersected disseminated nickel-copper sulphide mineralization with values up to 0.98% Ni and 0.58% Cu on the Damolândia project, located 60 km north of the city of Goiania, Goiás State, Brazil.
Damolândia Property, Goiás State, Brazil
INV completed a seven-hole, 1,553 metre drill program on the Damolândia property to test a combination of geological, soil geochemical, and ground and airborne geophysical targets and intersected nickel-copper sulphide mineralization in all 7 holes.
Robert Bell, President and CEO stated; “Based on the drilling performed to-date at the Damolândia project, a shallowly-plunging, pipe-like body of disseminated nickel-copper sulphide mineralization has been interpreted. This mineralized trend is associated with untested airborne electromagnetic conductors and may represent the distal extension of possible more massive mineralization. Management considers the drill results to-date to be positive and plans to drill the untested targets over the next few months.”
The following table summarizes the mineralized drill intersections utilizing a 0.2% nickel cutoff:
|Hole||From (m)||To (m)||Length (m)||Nickel %||Copper %|
INV management interprets the mineralization as a shallowly plunging, 20 metre diameter, pipe-like, disseminated magmatic sulphide body with a continuous strike length of 600 metres, open down-plunge. The drill holes are thought to have intercepted the mineralization close to perpendicular to the geometry of the pipe, however, INV management believes true thickness will vary from 70% to 100% of the thickness intercepted in the drill-holes.
Borehole FSDM-07 intersected a possibly magmatic breccia with disseminated sulfides and inclusions of gneissic basement rocks, indicating potential contamination close to a possible feeder zone. Several coincident airborne electromagnetic (“VTEM”) conductors with coincident copper-nickel geochemical soil anomalies remain untested that could represent higher-grade massive sulphide mineralization associated with this low-grade disseminated body. Four additional diamond drill holes will be completed to test these targets.
Industry standard sample procedures and QA-QC methodologies were utilized. The core is cut in half and then logged, with half retained for reference and half being analyzed. Sampling intervals vary from less than 1m in the sulphide-rich intervals up to 3m in weakly to non-mineralized zones. The samples are shipped to SGS/Geosol’s sample preparation laboratory in Goiania, Brazil then to their main laboratory in Belo Horizonte, Brazil for analysis. Following multi-acid digestion, analysis is by ICP for 31 elements and fire assay for precious metals. Check assays include 33 element four-acid ICP and XRF at ALS’ laboratories in Lima, Peru and Vancouver, Canada respectively and by XRF at SGS/Geosol, in Belo Horizonte. The QA-QC procedures also include the insertion of blanks every 40 samples and certified standards every 20 samples.
Potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Taquaral, Goiás State, Brazil
At Taquaral, a three-hole diamond drill program, totaling 722 metres, has been completed to evaluate a coincident copper-nickel soil geochemical anomaly and strong induced polarization geophysical anomaly. Assay results are pending.
Niquelândia, Goiás State, Brazil
At Niquelândia, drilling of the extensive, coincidental geophysical and soil geochemical anomalies began in early June. The first phase drilling campaign is comprised of 6 holes totaling 1500 metres to evaluate the anomalies for a possible nickel-copper-precious metal sulphide source, along with 16 shallow holes totaling 400 metres to evaluate the nickel laterite potential of the property given its close proximity to two producing laterite operations.
INV is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil and Canada. Currently, INV’s primary assets are: (1) the advanced-stage Santa Fé-Iporá nickel laterite deposits located in Goiás State, Brazil; (2) the Montcalm nickel-copper property located contiguous to Xstrata Nickel’s operating nickel mine in the Timmins, Ontario area; (3) its nickel-copper-precious metals properties located in the ‘Ring of Fire’ area in northern Ontario; (4) its nickel-copper sulphide properties, including Niquelândia, Damolândia, and Taquaral, located in Brazil and (5) an option/joint venture agreement with Votorantim Metais Níquel S.A. on all but two of INV’s nickel laterite exploration properties located in Brazil.
The data set forth herein was prepared under the supervision and review of, and verified by Paul Golightly, President of Golightly Geoscience Ltd., an independent consultant to INV and Qualified Person as defined under NI 43-101 of the Canadian Securities Administrators.
For further information please see INV’s Management’s Discussion and Analysis dated May 14, 2008 and other technical reports filed on SEDAR and available on INV’s website at www.nickelventures.com.
This press release contains certain forward-looking statements. These forward-looking statements are subject to 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. In this news release there is no guarantee that any drill targets or economic mineral deposits will be found on INV’s properties. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of nickel and other minerals, economic and political stability in Canada and Brazil, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation. For a more detailed discussion of such risks and other factors, refer to INV’s most recent annual information form with Canadian securities regulators available on www.sedar.com or INV’s website at www.nickelventures.com.