News Release: 2012-04-10
Finore Intersects Highest PGE & Gold Grades to Date at Haukiaho, Finland
FINORE MINING INC. (CNSX:FIN) (the "Company" or "Finore") (CNSX:FIN)(OTCQX:FNREF) (the "Company" or "Finore") is pleased to announce the latest 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.
- 30.3 metres @ 1.00g/t PGE+Au; 0.30% Cu; 0.20% Ni from 59.7m (Hole HAU12-016) including 16.3 metres @ 1.45g/t PGE+Au; 0.42% Cu; 0.28% Ni from 59.7m
Hole HAU12-016 ("Hole 16") has returned the highest palladium-platinum-gold-copper-nickel("PGE+Au-Cu-Ni") grades on the Haukiaho Target ("Haukiaho") to date. All assay results from 17 drill holes in the Haukiaho Target-Torkoaho Zone ("Torkoaho") have now been returned. Torkoaho is situated in the central-western zone of the target, which is situated in the southern part of the LK Project. Prior to the beginning of this drill campaign; the Torkoaho Zone had a total of 7 historic drill holes that were irregularly situated along a strike length of 1 km. A significant portion of the current 10,000 m drill programme at LK has been designed to target the 3,700m strike and associated 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, "The Company is extremely pleased with the drill resultsfrom Torkoaho. We have now confirmed that PGE+Au-Cu-Ni mineralization is hosted withina 23-metre thick cumulate gabbro and can be traced along a strike of 1,000 metres, down toa depth of 180 metres below surface. More importantly, given the results from this currentdrill programme, we have extended the known mineralization a further 200 metres to the west,while it still remains open along strike. Early indications suggest that these results will have afavourable impact on future Mineral Resource estimates. We now look forward to receiving thefirst results from the MelarŠme zone, located along strike to the east of Torkoaho. The drill rig has now moved to the Kaukua Target, situated in the northern part of the LK Project."
New drill results have been received for palladium, platinum, gold, copper and nickel for holes 12 through 17. All drill results are shown below in Table 1. Nickel results are reported as 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 - nickel; g/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
|Hau11-007 *||354 708||7307439||240||278.80||-55°||195°|
|NOTES: Projection - Finnish Coordinate Systems: KKJ zone 3; * = included for completeness.|
Hole 16 was drilled 100m to the west of Hole 2, which returned excellent results (see Finore news release dated January 31, 2012). Results from Hole 16 returned a higher average PGE+Au-Cu-Ni grade than in Hole 2 and the mineralization remains open along strike to the west. At Torkoaho, PGE+Au-Cu-Ni mineralization is hosted within a cumulate gabbro host rock, commonly known as the Marginal Series, and has been delineated over a strike length of approximately 1,000m. Based on a cut-off grade of 0.3g/t PGE+Au from all holes drilled at Torkoaho, the 23m wide mineralized zone has a drill intercept weighted average grade of 0.78g/t PGE+Au, 0.25% Cu and 0.15% Ni. Holes 12, 13, 14, and 15 were collared 100m north of holes NAN-002, 9, 3, and 2 respectively and were designed to target the mineralization 200 metres down dip. All holes intersected a south steep-dipping diabase dyke that offset the mineralization to the north. Hole 17 was collared 50m behind Hole 16 and intersected a wide zone of intercalated quartz-albite rock and Marginal Series mineralised gabbro. A follow-up drill programme will be designed to target the 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 gabbro-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 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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