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Re: News Release - Monday, May 17, 2010
Nanika Announces Herb Lake Manitoba Work Program
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May 17, 2010: Vancouver B.C. Nanika Resources Inc. (TSXV: NKA and FSE:
C7X) is pleased to announce a multiphase exploration program on the
Herb Lake property. Located approximately 120 kilometers east of Flin
Flon, Manitoba, Herb Lake is comprised of eleven mineral claims on
approximately 5,930 acres to the immediate north of the Copperman
Property of VMS Ventures Inc. Phase 1 of the work program will include
extensive prospecting, mapping and sampling. Depending on weather
conditions it is anticipated that Nanika's crew will be mobilized to
the site within the next ten days and will include Nanika's consulting
geologist, Alex Walus, P. Geo.
Historic drilling on the Copperman Property to the south indicated that
the "A" zone contains 149,672 tonnes 3.08% Cu and 3.08% Zn. Combined
reserves of 221,308 tonnes with 2.63% Cu and 4.46% Zn were reported in
Manitoba Mineral Deposit Series Report 21. In 1994, a regional diamond
exploration program which also included drilling was executed by
Falconbridge and European Ventures Inc. at the Snow Lake property
approximately 3 kilometers from the Herb Lake claim. One of the holes
intersected a dyke of potentially diamondiferous Kimberlite. In 2007 a
VTEM survey flown over the northern part of the Copperman area
identified a large number of conductors of which only some were tested
to date. The reported mineralization in the adjacent Copperman deposit
is associated with altered volcanic rocks that are exposed at the
northern edge of the limestone cover rocks found in this area of
Manitoba. A large portion of the prospective volcanic rocks on the
Copperman property extend beneath the limestone cover, which gradually
increases in thickness southwards. Felsic volcanic rocks and minor
amounts of Cu and Zn are present at a number of localities. It should
be noted that there has been insufficient exploration to date to define
a mineral resource and it is uncertain if further exploration will
result in discovery of a mineral resource.
Alex Walus, P. Geo., a qualified person under National Instrument
43-101 is supervising Nanika's work program on the Herb Lake property
and has reviewed and approved the technical disclosure in this news
release.
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and
development company focusing on the advancement of its mineral
properties, all of which are located within Canada.
On Behalf of the Board
James D. Jacuta
Chairman, President and CEO
For further information contact:
CHF Investor Relations
416-868-1079
Christopher Haldane
Account Manager - ext. 237
chris@chfir.com
Chelsea Jones
IR Associate - ext. 246
chelsea@chfir.com
Douglas Kerr
Telephone: 604-638-0699
Toll Free: 1-866-580-0699
www.nanikaresources.com
Or visit; www.nanikaresources.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada (IIROC) accepts responsibility for the adequacy
or accuracy of this release.
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Copyright (c) 2010 NANIKA RESOURCES INC. (NKA) All rights reserved.
For more information visit our website at
http://www.nanikaresources.com/ or send mailto:info@nanikaresources.com
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Nanika Resources Incorporation
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EXPLORATION STAGE |
CODE : NKA.V |
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CUSIP : 630018109 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Nanika resources Inc is a silver and gold exploration company based in Canada. Nanika resources Inc holds various exploration projects in Canada. Its main exploration properties are TED, MOLY KING PROPERTY, SCEPTRE AND TIARA, INDI, MUNN LAKE, SWEENEY LAKE, CAMSELL LAKE, LAC DE GRAS, LUCKY SHIP, MAC CLAIMS, VERNON and NWT CLAIMS in Canada. Nanika resources Inc is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 945 530 as of today (US$ 931 725, € 752 554). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.23, and its lowest recent point on July 05, 2012 at CA$ 0.01. Nanika resources Inc has 94 553 000 shares outstanding. |