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NioGold Mining Corp (NOX.V) - encouraging new assays in the Wedge zone
Comment by Objective Capital , Sep 04, 2008
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Niogold announced encouraging new assays from its 2008 drilling programme at the Wedge zone on the Marban Block property in Quebec. The results from nine holes show gold values typical of the Wedge zone, where high-grade zones exist within lengthier intervals of lower-grade mineralisation.
The best result came from hole MB08-051, where Niogold encountered a 14.8-metre interval averaging 3.10 grams of gold per tonne. Within that zone was a 3.1-metre interval that averaged 9.8 grams of gold per tonne.
Hole MB08-052 yielded several higher-grade zones, each within lengthier intersections of low-grade rock. Notably, a 28.4-metre interval that averaged 1.68 grams per tonne contained two 1.2-metre zones, averaging 13.4 grams and 12.9 grams of gold per tonne. Other higher-grade zones in this hole yielded 17.9 grams of gold per tonne over 1.1 metres and 8.56 grams of gold per tonne over 1.2 metres.
Five other holes produced high-grade intersections, typically over intervals averaging 1.4 metres. Gold values in these zones varied from 6.99 grams of gold per tonne in hole MB08-054 to 16.70 grams per tonne in hole MB08-057. These intervals all occurred within more substantial lower-grade zones.
Objective's view:
We view the continuity and gold values shown by these latest drill results as encouraging and supportive of our belief that Niogold can add substantially to its mineral resources at Marban Block through further drilling. Accordingly, we view the latest assays as supportive of our base-case and optimistic valuation for the Marban Block project and Niogold.
