News Release: 2012-03-12
Finore confirms continuity of PGE & Gold Mineralization along strike at Haukiaho
FINORE MINING INC. (CNSX:FIN) (the "Company" or "Finore") is pleased to announce further results from the Company's initial drill programme on the Lantinen Koillismaa palladium-platinum-gold-copper-nickel project (the "LK Project") in north central Finland.
- 25.0 metres @ 0.72g/t PGE+Au; 0.23% Cu; 0.18% Ni from 66m (Hole HAU11-010)
- 28.0 metres @ 0.66g/t PGE+Au; 0.23% Cu; 0.18% Ni from 56m (Hole HAU11-008)
- including 5.0 metres @ 1.03g/t PGE+Au; 0.28% Cu; 0.30% Ni from 57m
These drill results continue to confirm 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 17 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 pleased to see the continuity of mineralisation along strike at Torkoaho. These results from Hole 5 to Hole 10 confirm the PGE-gold mineralisation in the top 150 metres for a strike of 1 km. We look forward to receiving the remaining results from Torkoaho in the next few weeks. The drill rig has now moved east onto the MelarŠme zone, which is along strike at Haukiaho."
Drill results have been received for palladium, platinum, gold, copper and nickel for holes Hau11-005 ("Hole 5"), Hau11-006 ("Hole 6"), Hau11-007 ("Hole 7"), Hau11-008 ("Hole 8"), Hau11-009 ("Hole 9"), Hau11-010 ("Hole 10"), and Hau11-011 ("Hole 11"). 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 = 0.3g/t PGE+Au; Internal waste = 2m; NSI = No Significant Intercept; (m) = metres; Hole Hau11-001 was NOT sampled; Based on current geological interpretation results are true widths. ^ = included for completeness|
TABLE 2: Drill Hole Collar Locations - Phase V drilling at Haukiaho - Torkoaho
|NOTES: Projection - Finnish Coordinate Systems: KKJ zone 3; ^ = included for completeness|
Holes 5, 6, 8, 9, and 10 were each drilled on section lines 100 metres apart testing the near surface PGE+Au-Cu-Ni mineralisation hosted within a cumulate gabbro host rock, commonly known as the Marginal Series. The width of the mineralised zone ranges between 10 metres and 28 metres in thickness and continuity can be traced for 1,000m of strike at Torkoaho. Holes 7 and 11 were drilled 60m north of Holes 6 and 10 respectively with the aim of targeting the mineralisation down dip. Both holes intersected a large steep south-dipping diabase dyke that has offset the mineralisation along its northern contact. The geologic model is being re-interpreted and drill holes will be designed to target the down-dip mineralisation on the northern contact of the diabase dyke.
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 KuusijŠrvi 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 u 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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