News Release: 2012-01-31
Finore Extends PGE & Gold Mineralization Along Strike at Haukiaho
FINORE MINING INC. (CNSX:FIN) (the "Company" or "Finore") is pleased to announce results from the first 3 drill holes from the Company's initial drill programme on the Lantinen Koillismaa palladium-platinum-gold-copper-nickel project (the "LK Project") in north central Finland.
- 44.0 metres @ 0.80g/t PGE+Au; 0.28% Cu; 0.19% Ni from 58m (Hole HAU11-002) including 13.0 metres @ 1.15g/t PGE+Au; 0.38% Cu; 0.27% Ni from 84m
- 5.0 metres @ 1.05g/t PGE+Au; 0.33% Cu; 0.24% Ni from 114m (Hole HAU11-004)
These drill results confirm and extend the palladium-platinum-gold-copper-nickel ("PGE+Au-Cu-Ni") mineralization on the Haukiaho Target ("Haukiaho"), situated in the southern part of the LK Project. Drilling began in November 2011 focussing on the central-western mineralization at Haukiaho, known as the Torkoaho Zone. To date, a total of 12 holes have been geologically and geotechnically logged with zones of potential mineralization selected for sampling and assaying. Prior to the beginning of this drill campaign; the Torkoaho Zone had a total of 7 historic drill holes that were scattered along a strike of 1 km. A significant portion of the current 10,000 metre ("m") Phase V drill programme at LK has been designed to target the 3,700m strike and down-dip extension of mineralization at Haukiaho to upgrade the Inferred Mineral Resource estimated by WGM as part of the NI43-101 technical report submitted to Finore (see Finore news release dated January 16, 2012).
Finore's CEO, Ian Laurent, comments, "We are extremely pleased with these results from Hole 2 confirming the extension of mineralization along strike to the west. It is interesting to note that the precious metal grades are nearly double their grades estimated in the Inferred Mineral Resource on the Haukiaho Deposit. We recognise that this is just the beginning, as we still have another 2 kilometres of strike to drill test at Haukiaho."
Drill results have been received for palladium, platinum, gold, copper and nickel for holes Hau11-002 ("Hole 2"), Hau11-003 ("Hole 3"), and Hau11-004 ("Hole4"). Drill results are shown below in Table 1. Nickel results are total Nickel contained in both sulphides and silicates. Analytical studies have been commissioned to determine the weighted average nickel content in sulphides. Drill hole collar locations are shown below in Table 2.
TABLE 1: Best Intercepts of PGE + Au-Cu and Ni - Phase V drilling at Haukiaho - Torkoaho
|NOTES: Pd - palladium; Pt- Platinum; Au - gold; Cu - copper; Ni - nickelg/t - grams/tonne; ppm - part per million; lower cut-off grade = 0.1g/t PGE+Au;Internal waste = 0m; NSI = No Significant Intercept; (m) = metres;Hole Hau11-001 was NOT sampled;Based on current geological interpretation results are true widths.|
TABLE 2: Drill Hole Collar Locations - Phase V drilling at Haukiaho - Torkoaho
|NOTES: Projection - Finnish Coordinate Systems: KKJ zone 3|
Drill hole Hau11-001 ("Hole 1") was abandoned at 45m, after encountering difficult ground conditions. Hole 2 was collared 10m to the south of Hole 1 and successfully intersected a 44m wide zone of PGE+Au-Cu-Ni mineralization, from 58m, which is hosted in a cumulate gabbro host rock, commonly known as the Marginal Series. Within this 44m wide mineralized zone, there is a 13m thick high-grade embayment zone with a 20 to 35% increase in grade for all 5 metals. Hole 2 is the most western drill hole at Haukiaho and confirms that mineralization is open along strike and down dip. A future hole is scheduled to test the mineralization down dip.
Hole 3 was drilled 100m east of Hole 2, but did not intersect the mineralized host rock (gabbro) before entering the quartz-albite basement rock. With the new information, the geologic model has been re-interpreted and a new hole will be collared 100 m to the north of Hole 3 and along strike of the mineralization intersected in Hole 2 and 4.
Hole 4 was drilled to target the mineralization down dip of GTK hole R392, 200m east of Hole 2 and 100m east of Hole 3. Although the Marginal Series is narrower, the grades of the precious and base metals are similar to the higher grade embayment zone encountered in Hole 2.
The geological interpretation and model is constantly being updated. PGE and Gold mineralization at Haukiaho continues to be intimately associated with significant Copper and Nickel values. Mineralization is predominantly hosted in a gabbroic phase-rich Marginal Series of the Kuusijärvi block, which makes up the Koillismaa Layered Intrusive Complex, near the footwall contacts of the metasomatised Precambrian quartz-albite basement rock.
Laboratory and Analyses
ALS Chemex based in Outokumpu, Finland is conducting the preparation and analytical work of drill core samples from the Phase V drill program. The samples are analysed for Pt, Pd and Au by lead fire assay (30g nominal charge) with an Inductively Coupled Plasma Atomic Emission Spectroscopy ("ICP-AES") finish. A multi-element suite of 35 elements including Cu and Ni are analysed by aqua regia digestion with also an ICP-AES finish. Ore Grade analyses are carried out on any results for Cu and Ni that are over the upper detection limit. The Company continues to use Labtium Oy, (Finnish laboratory based in Rovaniemi, Finland) for check sampling and QAQC purposes along with select analyses of Nickel rich zones to determine the sulphide nickel values with respect to the total Nickel values.
About LK Project
The LK Project is located in north central Finland, 660 km north of the capital Helsinki, 65 km south of the Arctic Circle. The project is well serviced by power, roads and water allowing all season access. The LK Project consists of the Kaukua, Lipeavaara, Murtolampi and Haukiaho Targets. Nortec carried out over 10,000 metres of diamond core drilling on the Kaukua Target between 2007 and 2009. The Haukiaho Target has over 7,000 metres of historical diamond drilling conducted over since the 1960`s to 2004. Nortec did not carry out any drilling on the Haukiaho Target. The LK project has a combined surface area of over 3,750 hectares and covers a PGE+Au-Cu-Ni mineralized horizon known as the "Marginal Series" that is hosted within a sequence of mafic and ultramafic layered intrusions.
The Mineral Resource estimate of the Kaukua and Haukiaho deposits that form part of the LK Project was prepared by Watts, Griffis and McOuat ("WGM") in November and December 2011.
Inferred Mineral Resource:
19.6 Million Tonnes @ 0.26g/t Pd; 0.09g/t Pt; 0.10g/t Au; 0.24% Cu; 0.15% Ni (Haukiaho)
8.5 Million Tonnes @ 0.76g/t Pd; 0.27g/t Pt ; 0.08g/t Au; 0.16% Cu ; 0.11% Ni (Kaukua)
A combined total of 28.1 Million Tonnes for 586,080 ounces PGE+Gold; 60,567 tonnes of Cu and 38,703 tonnes of Ni.
Indicated Mineral Resource (Kaukua) :
2.6 Million Tonnes @ 0.67g/t Pd; 0.22g/t Pt; 0.07g/t Au; 0.17% Cu; 0.12% Ni for 80,399 ounces PGE+Gold, 4,429 tonnes of Cu and 3,126 tonnes of Ni.
WGM have recommended that Finore continue to upgrade the quality of the Mineral Resources on the LK Project through ongoing exploration (see Finore news release dated January 16, 2012).
Mr. Turkka Rekola, M.Sc., Project Geologist - Finland and, Mr. Ian F. Laurent, M.Sc. (EconGeol) MAIG RPGeo, CEO of Finore, are the persons responsible for initiating and guiding of the work programmes on the LK Project. Mr Laurent is the Qualified Person as defined by NI 43-101, prepared this news release.
About Finore Mining Inc.
Finore is currently earning an undivided 80% interest in and to certain exploration claims known as the LK Project as part of the Option Agreement with Nortec Minerals Corp. (see Finore news release dated September 21, 2011). Finore will continue to focus its attention on identifying and evaluating opportunities for the acquisition, exploration, and if warranted, development of a mineral resource property of merit.
For more information please visit the Company's website at www.finoremining.com.
On behalf of the board of directors of Finore Mining Inc.,
Peter Hughes, Chairman
FOR MORE INFORMATION, PLEASE CONTACT:
Finore Mining Inc.
FORWARD-LOOKING STATEMENTS: The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
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