News Release: 2012-05-28
Finore Intersects Highest PGE & Gold Grades on Melarame Zone, Haukiaho, Finland
FINORE MINING INC. (CNSX:FIN)(OTCQX:FNREF) (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.
- 26.0 metres@ 1.01g/t PGE+Au; 0.33% Cu; 0.26% Ni from 104m (Hole HAU12-018)
- 31.6 metres@ 1.04g/t PGE+Au; 0.34%Cu; 0.22%Ni from 134m (Hole HAU12-018)
Drill hole HAU12-018 ("Hole 18") has returned two high grade zones of palladium-platinum-gold-copper-nickel ("PGE+Au-Cu-Ni") from the Haukiaho Target ("Haukiaho"), which is situated in the southern part of the LK Project. All assay results from the 8 drill holes in the Haukiaho Target - Melarame Zone ("Melarame") have now been returned. Melarame is situated in the central zone of Haukiaho, 1 kilometre along strike to the east of the Torkoaho Zone (see Finore news release dated April 10, 2012). Prior to the beginning of this drill campaign, the Melarame Zone had a total of 12 historic holes that were drilled along a strike length of 1 km. A significant portion of the current 10,000 m drill programme at the LK Project has been designed to target the 3,700 m strike and associated down-dip extension of mineralization at Haukiaho with a view to completing a revised technical report.
Finore's CEO, Ian Laurent, comments, "The Company is pleased by these latest drill results. Results from the previously drilled Torkoaho Zone to the west had already exceeded expectations in grade and continuity. With this latest drilling we continue to trace the mineralised horizon along strike to the east through to the Melarame Zone. These results confirm the increase in grade and thickness of PGE+Au-Cu-Ni mineralisation and the continuity for over 2 kilometres of strike from Torkoaho through to Melarame. Mineralization at the Melarame Zone is hosted within an 18-metre thick cumulate gabbro and can be traced along a strike of 1,000 metres, down to a depth of 150 metres below surface. We now look forward to receiving the first results from 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 18 through 25. All drill results from Melarame (including GTK drillholes) are shown below in Table 1. The GTK holes, drilled in 1998 and 2004, have been included for completeness as they are part of the current Inferred and Indicated Mineral Resource estimate, as further defined herein. 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 - Melarame
^ GTK drill holes (R-series) have been included for completeness.
|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; n/a = not assayed
Hole Hau11-001 was NOT sampled; Based on current geological interpretation results are true widths.
^ = GTK drill holes included for completeness were drilled between 1998 and 2004.
TABLE 2: Drill Hole Collar Locations - Phase V drilling at Haukiaho - Melarame
^ GTK drill holes (R-series) have been included for completeness
|NOTES: Projection - Finnish Coordinate Systems: KKJ zone 3;
^ = GTK drill holes included for completeness were drilled between 1998 and 2004.
At the Melarame Zone, the results from all drill holes confirm that 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 1,000m. Based on a cut-off grade of 0.3g/t PGE+Au; the 18m wide mineralized zone has a drill intercept weighted average grade of 0.76g/t PGE+Au, 0.27% Cu and 0.18%Ni and can be traced down to 150 metres below surface.
The best results were returned from Hole 18, which was drilled 100m to the east of GTK Hole R-386 and 100 metres to the west of GTK Hole R-394 in the western portion of the Melaräme Zone. The geological interpretation and model is constantly being updated to incorporate the presence of these larger zones of higher grade mineralisation such as that which has been intersected in Hole 18 and that occur as embayment zones regularly along the 3,700 metre strike at Haukiaho. A drill programme will be designed to target the up dip and along plunge continuity of this thicker higher grade mineralisation encountered during this drill programme.
The PGE and Gold mineralization at Haukiaho also continues to be intimately associated with significant copper and nickel values. Mineralisation is predominantly hosted in a gabbro-rich Marginal Series of the Kuusijarvi 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 r spect to the total Nickel values.
The Company's QAQC program includes the regular insertion of blanks, multiple certified assay standards and duplicate samples into the sample shipments. These QC samples are inserted every 10 samples within every assay batch. Regular monitoring of these QC samples is a critical part of the Finore's QAQC protocols.
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 and filed on SEDAR on January 24, 2012.
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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