International Nickel Ventures Corporation: Initial 2006 Program at Santa Fe/Ipora Completed Further Drilling Underway
TORONTO, ONTARIO – (CCNMatthews – September 21, 2006) – International Nickel Ventures Corporation (“INV”) (TSX:INV) is pleased to report the completion of the initial 2006 drill program of 38,000 metres at the Santa Fe/Ipora nickel laterite projects in Goias State, Brazil, with joint venture partner Teck Cominco Limited (“Teck Cominco”). An expansion of the 2006 drill program including additional 6,900 metres, was approved by the joint venture and will follow up open ended mineralization and newly defined targets at both Santa Fe and Ipora. Completion of the overall expanded program, including scoping studies, is scheduled for the end of October, 2006.
In August, the Santa Fe/Ipora Joint Venture drilled a total of 200 holes for about 3,300 metres, bringing total drilling since inception of the joint venture programs to over 51,000 metres in 3,900 holes.
Santa Fe Property Drilling
The initial planned drill program at the Santa Fe property was completed at the end of August 2006 with 112 holes drilled during the month for a total of 1,574 metres. The program successfully defined three well mineralized areas within a 10 km by 5 km area. The Santa Fe property consists of:
1) the Southwest target, extending approximately 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, extending approximately 1.5 km long by 0.5 to 1.0 km wide; and
3) the Central and North targets.
The focus in August was primarily to complete in-fill drilling in the Southwest target area.
The recently approved work program at Santa Fe provides for an additional 3,200 metres of diamond drilling to test open-ended mineralization at the Southwest zone on 50 metre centres and to test for additional resources north of the Southwest, Central, and North zones on 200 metre centres.
Selected highlights from the month’s drilling in the Southwest zone are listed below:
|Hole No.||% Ni||% Co||% Fe||From (m)||To (m)||Length (m)|
Ipora Property Drilling
Continued progress was made in August 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 operated during August and the initial planned program has been completed. A 200 to 400 metre grid 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, a 1,500 metre extension has been identified northwest of the Northeast target.
The recently 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 drill site grid infill drilling to continue testing mineralization in the recently defined extensions to the Northeast and Central targets; and 100 metre drill site grid infill drilling of the Northeast and Southeast targets, including twins of previous reverse circulation drill holes.
Selected drilling highlights from the month’s drilling at Rio dos Bois (Ipora North) and Morro do Macaco (Ipora South) 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/SANTA%20FE.pdf
To view the Ipora Project: Rio dos Bois Area map, please click on the following link: http://www.ccnmatthews.com/docs/Rio%20dos%20Bois%20Area.pdf
To view the Ipora Project: Mo dos Macacos Area map, please click on the following link: http://www.ccnmatthews.com/docs/Mo%20Dos%20Macacos%20Area-1.pdf