International Nickel Ventures Options the Damolândia Nickel/Copper Sulphide Project in Anàpolis Belt
TORONTO, Ontario, Canada July 10, 2007 — International Nickel Ventures Corporation (TSX: INV) (“INV”) is pleased to announce it has entered into an option agreement with BCV – Consultoria e Projetos (“BCV”), a private Brasilian company, to acquire BCV’s 100% interest in the Damolândia nickel sulphide property, located in the Anápolis Belt, approximately 60 km north of Goiânia city, Goiás State, Brasil. It also lies 60 km east of the Americano do Brasil nickel-copper mine (Jaguar Mining Inc. and Prometálica Mineração Ltda) and 90 km east of the Mangabal nickel-copper deposit, currently being explored by Castillian Resources Corp. Figure 1 shows the property location and Figure 2 provides an overview of INV’s other 100%-owned properties located close to Damolândia.
The Damolândia property was brought to INV through its strategic alliance with Amazonia Mineração Ltda., (“Amazonia”). The property consists of four claims (7,916 ha), which cover two nickel sulphide targets drilled by Billiton in the early 1980’s. The Damolândia Properties form part of INV property holdings extending for 60 kms in the Anápolis mafic-ultramafic belt.
Exploration by Billiton during 1981-82 included airborne magnetic and ground geophysical surveys, stream sediment and soil geochemistry and diamond drilling of two anomalous areas. Unfortunately most of the original data were lost when reports on government file were destroyed. The existing data, retained by BCV, are summarized below.
Drill logs and assay results are available for only six of the 10 diamond drill holes completed by Billiton. These six holes tested the western anomaly over a strike length and width of approximately 650 m and 200 m, respectively. Disseminated mineralization ranges from 0.02 to 0.56% Ni and 0.01 to 0.44% Cu over downhole lengths of 12 to 64 m (See Table 1). Three holes (DDM 02, 03 and 07) cut the mineralized zone close to right angles and consequently report approximately true thicknesses (See Figures 3 and 4). The other holes cut the mineralization at various angles and do not provide true width intersections. These drill assay results are historic and with no remaining core or duplicate samples available, they cannot be validated and should not be considered to be in conformity with current QA/QC requirements under NI 43-101 or CIM guidelines. The four drill holes with no information available appear to have been drilled on the eastern anomaly.
The Damolândia prospect is situated in the Anápolis-Itauçu Complex, characterized by a high grade metamorphic sequence made up of orthogranulites and paragranulites, principally gneisses. Intruded into this gneissic terrain are a number of small to medium sized differentiated mafic-ultramafic bodies, composed of peridotites, pyroxenites and gabbros. The distribution of these bodies known as the Taquaral mafic-ultramafics, delineates a NW-SE oriented belt 260 km long by 70 km wide. They are considered to be Neoproterozoic in age and associated with an island arc magmatic setting. INV has previously announced the discovery of significant nickel and copper geochemical anomalies in the Taquaral complex approximately 30 km to the NW of Damolândia (See June 21, 2007 News Release).
Future exploration will involve diamond drilling to confirm and extend the mineralization of the western anomaly with a focus on the higher grade potential and will also evaluate the eastern anomaly. The airborne VTEM survey (770 line km over the Taquaral Belt) scheduled to commence in July will include coverage of the Damolândia property. The objective is to identify massive sulphide conductors, which can be rapidly evaluated and brought to the drill target stage.
To earn its 100% interest INV must make the following payments to BCV:
|After 12 months||US$30,000|
|After 24 months||US$50,000|
|After 36 months||US$150,000|
|After 48 months||US$150,000|
|Application for mining license||US$500,000|
In addition, BCV will receive a gross royalty of 0.75%.
Jim Clucas, Chairman, CEO and President of INV, noted that, “The option on the Damolândia nickel-copper sulphide project enhances INV’s current land position in the promising Anápolis nickel sulphide belt and adds a more advanced stage exploration project to the approximately 50 preliminary sulphide exploration targets INV currently holds in the area.”
The historical geological and mineralization information on the Damolândia Property was provided by Amazonia. This press release was prepared under the supervision of J. Alan Spence, President of Spence Resource Management Inc. and QP under NI 43-101 guidelines.
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 73% partner and operator Teck Cominco, a 75% interest in two advanced-stage nickel laterite deposits, Santa Fé and Iporá, in the Goiás nickel camp of Brasil. In addition, INV has a 100% ownership in an extensive land package of prospective nickel properties in Goiás, Pará and Tocantins States, which now totals over 471,000 hectares.
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. For a more detailed discussion of such risks and other factors, refer to INV’s filing with Canadian securities regulators available on www.sedar.com or INV’s website at www.nickelventures.com.