The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
NIB: TSX-V
President and CEO: John Williamson
Chairman: John Robins
Vice President, Exploration: Peter Kleespies
The principle asset of Niblack Mineral Development Inc. (formerly CBR Gold Corp) is the Niblack copper-gold-zinc-silver project on Prince of Wales Island in Southeast Alaska. Heatherdale Resources Ltd., (see Heatherdale Resources) a subsidiary of Hunter Dickinson Inc. (see Hunter Dickinson), joined Niblack Mineral Development in 2009 to advance exploration at the precious metals-rich volcanic massive sulfide project. As part of the joint venture agreement, Heatherdale agreed to spend US$15 million over three years to advance the Niblack project in exchange for a 51 percent stake in the precious-metals-rich volcanic massive sulfide deposit.
A resource released in March 2009 estimates that the Lookout Zone contains an indicated resource of 2.272 million metric tons grading 2.42 g/t gold, 34.66 g/t silver, 1.27 percent copper, and 2.36 percent zinc.
The deposit has an additional inferred resource of 1.712 million metric tons averaging 2.08 g/t gold, 32.56 g/t silver, 1.55 percent copper and 3.17 percent zinc.
The estimate was based on a US$50 net smelter royalty cutoff.
(At the time of this report an updated resource estimate is being calculated for the deposit.) Prior to the partnership, Niblack Mineral Development discovered a precious metals-rich zone to the southwest of the resource with values nearly three times the Niblack average.
Heatherdale began investigating this higher grade extension of the Lookout zone by fan drilling the target from a 1,000-meter underground exploration drift completed in 2008.
Heatherdale, the operator of the JV, has traced mineralization about 300 meters southwest of the resource, and has also extended the zone to the east.
Some 18,000 meters of drilling completed by September had outlined about 1,000 meters of continuous mineralization at the Lookout Zone.
The geology under Lookout Mountain is relatively simple compared to other VMS deposits.
The mineralization has not been broken up by extensive localized faulting and folding.
This lack of geological complexity suggests that VMS mineralization could continue unbroken for as much as 3,900 meters as it winds it way through known zones of mineralization and remains open beyond the Lookout Zone extension to the southwest.
Niblack Mineral Development belongs to the Discovery Group, an alliance of individually listed and managed mineral exploration companies.
Other Discovery Group companies featured in this magazine are: Kaminak Gold Corp., North Country Gold Corp., Cedar Mountain Exploration Inc., Kivalliq Energy Corp. and Indicator Minerals Inc.
Cash and short-term deposits: C$996,074 (at June 30, 2010)
Working capital: C$1.3 million (at Sep. 9, 2010)
Market capitalization: C$8.99 million (at Sep. 9, 2010)
220 9797 45th Ave. Edmonton, AB Canada T6E 5V8
Tel: 780-437-6624 Fax: 780-439-7308
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