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NMC Resource (TSX VENTURE: NRC) Announces Confirmation and Extension of Mineralization at Boss Mountain
VANCOUVER, BC--(Marketwired - November 06, 2014) - NMC Resource Corporation (TSX VENTURE: NRC) ("NMC Resource" or the "Company") is pleased to report the results from the first two drill holes from the Boss Mountain Project ("Boss Mountain") located near 100 Mile House B.C. Assay results from the remaining 9 holes are currently pending, and will continue to be reported once received.
Hole BOSS-14-01, the first hole of the 2014 program, returned 0.14% Mo* (0.23% MoS2*) over 181.50m, and a further intersection of 0.12% Mo (0.20% MoS2) over 67m. Additionally, preliminary results appear to show a correlation between Mo and Re*, with assays reaching up to 5.07g/t rhenium over 0.50m. The results of the first hole confirmed the previously reported mineralization, and also outlined additional near surface mineralization. The lower portion of the first hole also successfully extended the known mineralization past previously tested depths.
BOSS-14-02 returned 0.07% Mo (0.12% MoS2) over 148.75m. The second hole confirmed the location of the previously reported mineralization, and it also confirmed that mineralization remains open to depth.
Additional assays from the remaining 9 holes are pending which further tested this trend farther along strike to both the south and the east.
Rhenium is among the rarest metals on earth, used mainly in the aerospace industry as an alloying agent and in the chemical industry as a catalyst, is historically known to have a propensity to be associated with molybdenite mineralization. Rhenium content was tested for in a small number of selected samples, and all of those samples showed notable values. Based on the notable rhenium content in the limited sample population, the Company plans to assay for rhenium on samples that have a Mo concentration over 2,000 ppm in holes 6, 7 and 11 so that the statistical correlation between Mo and Re at Boss Mountain can be tested. Results from BOSS-14-01 and BOSS-14-02 are reported below:
Table 1. BOSS-14-01 significant results | |||||||
Hole |
|
| Total |
|
|
| |
BOSS-14-01 | 53 | 111.75 | 58.75 | 0.250 | 0.42 | ||
167.5 | 234.5 | 67 | 0.120 | 0.20 | |||
53 | 234.5 | 181.50 | 0.140 | 0.23 | |||
Including | 53.00 | 54.00 | 1.00 | 1.420 | 2.37 | 1.39 | |
' | 57.00 | 58.00 | 1.00 | 0.170 | 0.28 | 0.141 | |
' | 61.00 | 61.50 | 0.50 | 1.420 | 2.37 | 0.974 | |
' | 62.00 | 63.00 | 1.00 | 1.870 | 3.12 | 1.66 | |
' | 64.00 | 65.00 | 1.00 | 0.421 | 0.70 | 0.23 | |
' | 69.00 | 70.00 | 1.00 | 0.243 | 0.41 | 0.291 | |
' | 72.00 | 73.00 | 1.00 | 0.361 | 0.60 | 0.291 | |
' | 93.50 | 94.50 | 1.00 | 0.910 | 1.52 | 0.644 | |
' | 103.75 | 104.75 | 1.00 | 2.650 | 4.42 | 2.7 | |
' | 108.25 | 109.25 | 1.00 | 2.270 | 3.79 | 2.24 | |
' | 109.25 | 109.75 | 0.50 | 1.610 | 2.69 | 1.89 | |
' | 110.75 | 111.75 | 1.00 | 1.420 | 2.37 | 1.29 | |
' | 183.75 | 184.25 | 0.50 | 4.890 | 8.16 | 5.07 | |
' | 207.00 | 208.00 | 1.00 | 0.607 | 1.01 | 0.492 | |
' | 212.00 | 213.00 | 1.00 | 0.708 | 1.18 | 0.54 | |
And | 222.75 | 223.50 | 0.75 | 0.560 | 0.93 | 0.432 | |
Table 2. BOSS-14-02 Significant Results | |||||||
Hole |
|
| Total |
|
|
| |
BOSS-14-02 | 90.25 | 239.00 | 148.75 | 0.07 | 0.117 | ||
Including | 90.25 | 91.25 | 1.00 | 0.205 | 0.342 | - | |
" | 94.80 | 95.80 | 1.00 | 0.507 | 0.846 | 3.02 | |
" | 97.80 | 98.60 | 0.80 | 0.399 | 0.666 | - | |
" | 128.20 | 129.20 | 1.00 | 0.327 | 0.545 | - | |
" | 152.00 | 153.00 | 1.00 | 0.430 | 0.717 | - | |
" | 153.00 | 153.50 | 0.50 | 0.539 | 0.899 | - | |
" | 163.50 | 164.60 | 1.10 | 0.216 | 0.360 | - | |
" | 164.60 | 165.60 | 1.00 | 0.200 | 0.334 | - | |
" | 177.00 | 178.00 | 1.00 | 0.101 | 0.168 | - | |
" | 186.80 | 187.80 | 1.00 | 0.351 | 0.586 | 0.391 | |
" | 203.25 | 204.25 | 1.00 | 0.359 | 0.599 | - | |
" | 206.00 | 206.50 | 0.50 | 0.146 | 0.244 | - | |
" | 208.50 | 209.50 | 1.00 | 0.275 | 0.459 | - | |
And | 227.50 | 228.50 | 1.00 | 0.233 | 0.389 | - | |
Width refers to drill hole intercepts. All assays reported are uncut.
Significant mineralization in both holes is associated with quartz veins, up to 30cm wide, which contain up to 5% coarse disseminated Mo. Typically these veins only contain trace amounts of pyrite, however, preliminary results appear to indicate that rhenium mineralization is intimately associated with molybdenum within these vein sets. The host rock is entirely within a granodiorite which contains localized regions potassic, and argillic alteration within the mineralized zones.
Boss Mountain is located near the historic mining town of Hendrix Lake, approximately 88 km east of 100 Mile House in British Columbia, Canada. Noranda produced 7,430,340 tonnes of ore at 0.217% Mo (0.36% MoS2) intermittently for the period of 1965 - 1983. Surface access leading to and across the site remains in excellent condition and provide easy access to where the surface mining efforts stopped. These access roads will be instrumental in facilitating expedited restart on site, should the Company decide to re-start mining operations at Boss Mountain.
The region encompasses the Upper Triassic- Lower Jurassic Takomkane Batholith, which is host to the mineralization. Similar to Guichon Batholith which hosts the extensive Highland Valley deposit, the Takomkane Batholith intrudes Upper Triassic and older Nicola volcanics and other sedimentary rocks. The Cretaceous quartz monzonite intrudes the older rocks and flanks the Takomkane Batholith to the East. Eight stages of oscillatory magmatic activity have been recognized at the Boss Mountain deposit, three of which resulted in the emplacement of the substantial molybdenum mineralization. Mineralization on site occurs as both high grade molybdenum bearing quartz veins, and as disseminated grains in the matrix which forms an intensely fractured quartz-andesite breccia.
QA/QC Statement
Drill cores were cut in half using a diamond saw, with one-half place in sealed bags. Core samples were transported via courier to AGAT Laboratories accredited sample preparation facility in Burnaby, BC, and were analyzed with 4-acid digestion and an inductively coupled plasma - optical emission spectroscopy finish by AGAT Laboratories in Mississauga, ON. A sample quality control/ quality assurance program was implemented. The Company maintained a well-structured QA/QC policy during the 2014 exploration program. Blanks and three individual standards were used. Either a blank or a standard was inserted at a minimum of every 10 samples. Replicates are to be sent to a separate laboratory for third party testing. In addition, the geologist had the discretion to insert blanks in mineralized areas to detect any cross contamination during analysis. AGAT Laboratories also prepared their own QA/QC program, systematically inserting standards, blanks, and replicates into sample batches. Results of the 2014 QA/QC program are pending. If any material differences are detected in the evaluation of the resulting data, the Company will make the required disclosure of such material differences.
Technical information of this news release was prepared by Mr. Cameron Norton, P.Geo, and reviewed by Mr. Bruce Durham, P.Geo. Mr. Durham and Mr. Norton are Qualified Persons as defined by NI 43-101.
* Mo = Molybdenum, MoS2 = Molydenum Disulfide, Re = Rhenium
** For a map of the 2014 drilling campaign, please visit the following link.
http://www.nmcresource.com/i/pdf/2014%20Boss%20Mountain%20Drilling%20Map.pdf
*** The total meters drilled during the program was 3,108 m, corrected from 3,075 m of the previous news release.
About NMC Resource Corporation
NMC Resource Corporation (TSX VENTURE: NRC) is a mining company with two molybdenum assets: NMC Moland Mine ("Moland") in South Korea and Boss Mountain Mine ("Boss Mountain") in British Columbia, Canada. Moland started commercial production in April 2010 and has been in production with improved production profile every year. Boss Mountain is a past molybdenum producer. The Company has an option agreement on Boss Mountain with Glencore Canada Corporation to earn 100% interest by spending 3 million Canadian dollars.
On behalf of the board of
NMC RESOURCE CORPORATION
Per: "Do Hyung Kim"
Do Hyung Kim; President, Chief Executive Officer and Director
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Forward-Looking Statements: This news release includes certain forward-looking information and forward-looking statements (collectively "Forward-Looking Statements") concerning the future performance of the Company's business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Specifically, this news release includes Forward-Looking Statements regarding that access roads will be instrumental in facilitating expedited restart on the Boss Mountain site, should the Company decide to re-open Boss Mountain. Forward-Looking Statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-Looking Statements are based on the current opinions and expectations of management. All Forward-Looking Statements are inherently uncertain and subject to a variety of risks and uncertainties, including the speculative nature of mineral exploration and development generally and specifically in respect of the interpretation of the geology, continuity, grade and size of mineral deposits, unanticipated operational or technical difficulties, fluctuating commodity prices, competitive risks and the availability of financing, changes in laws or regulations, changes in the financial markets and changes in general economic conditions, as described in more detail in our recent securities filings available at www.sedar.com. Such Forward-Looking Statements are based on a number of assumptions, including but not limited to the level and volatility of the price of molybdenum, the availability of financing, the accuracy of reserve and resource estimates and the assumptions on which those estimates are based and the ability to achieve and maintain certain operational efficiencies. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual events or results may differ materially from those expressed or implied in the Forward-Looking Statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these Forward-Looking Statements, except as required by applicable law.
