Nunavik Nickel Project Allammaq Update:
High-Grade Massive Sulphides and Substantial Widths of Mineralization Intersected
Montr�al, Qu�bec - September 19th, 2007 - Canadian Royalties Inc. (TSX: CZZ) is pleased to report significant composite assay results from five (5) new drillholes from its ongoing drill program at the recently discovered Allammaq deposit (refer to news release dated September 4, 2007). Some of the highest grades encountered to date were returned from hole MX-07-32, which intersected mineralization over 25.75 metres grading 2.10% Nickel and 2.29% Copper within a first interval, plus 14.45 metres grading 2.95% Nickel and 1.38% Copper in a second interval. Included within the latter interval are 7.00 metres of high-grade massive sulphides that graded 3.80% Nickel and 1.89% Copper. The thickest intercept reported to date was intersected in hole MX-07-36, where minerali
zation occurs over 55.70 metres, and grades 1.18% Nickel and 1.11% Copper. Significant Platinum and palladium values occur in all reported holes.
Two of the five new drillholes reported (MX-07-32 and 33) complete an initial drill fan on the discovery section (holes MX-07-30 to 33). On-section, the continuity of the mineralization has been established along apparently shallow dips over a minimum of 125 metres. The first three holes of a second section, drilled parallel to the first section but located 50 metres to the west, also intersected significant mineralization (holes MX-07-34 to 36). Assay results from the remaining drillholes on this section, and from adjacent sections, will be released as soon as they become available. The Allammaq deposit remains open in all directions, and the company's delineation drill program to expand this high-grade deposit is ongoing using two (2) dedicated Diamond drills.
Mr. Richard Faucher, President and CEO, comments on the results: "We are building resources at Allammaq. Together with the recently updated mineral resources at Mequillon we are coming closer to achieving our near-term goal of doubling the mine life through quality resource additions, which have the potential to improve the economics of this exciting project."
Composite assays and locations for five (5) drillholes are reported in the tables below.
Table 1 - Composite Assays
Hole
Number |
From
(m) |
To
(m) |
Width
(m) |
Ni
(%) |
Cu
(%) |
Pt
(g/t) |
Pd
(g/t) |
MX-07-32 |
137.40 |
170.90 |
33.50 |
1.68 |
2.14 |
0.50 |
2.47 |
incl. |
145.15 |
170.90 |
25.75 |
2.10 |
2.29 |
0.61 |
2.97 |
and |
180.95 |
195.40 |
14.45 |
2.95 |
1.38 |
1.11 |
3.30 |
incl. |
188.40 |
195.40 |
7.00 |
3.80 |
1.89 |
1.43 |
3.50 |
MX-07-33 |
|
|
|
|
No Significant Assays |
MX-07-34 |
162.40 |
171.40 |
9.00 |
1.65 |
1.56 |
0.61 |
3.48 |
MX-07-35 |
125.00 |
149.85 |
24.85 |
1.45 |
1.02 |
1.06 |
3.65 |
incl. |
135.00 |
149.85 |
14.85 |
1.85 |
1.29 |
1.44 |
4.53 |
MX-07-36 |
84.30 |
140.00 |
55.70 |
1.18 |
1.11 |
0.77 |
3.68 |
incl. |
117.00 |
140.00 |
23.00 |
1.47 |
1.29 |
0.91 |
4.35 |
Table 2 - Drillhole Locations
Hole
Number |
Easting
(UTM NAD83, |
Northing
Zone 18) |
Azimuth
(o) |
Dip
(o) |
Final Depth
(m) |
MX-07-32 |
595559E |
6827515N |
358 |
-62 |
244.10 |
MX-07-33 |
595559E |
6827515N |
358 |
-48 |
171.00 |
MX-07-34 |
595509E |
6827513N |
358 |
-62 |
219.60 |
MX-07-35 |
595509E |
6827513N |
358 |
-75 |
240.00 |
MX-07-36 |
595509E |
6827513N |
358 |
-88 |
168.00 |
Delineation of the zone is being carried out on 50 metre spaced sections using multiple fanned
holes from each drill set-up. Shallowly inclined hole MX-07-33 was stopped short and
intersected neither the favourable ultramafic nor the mineralized zone.
Sampling and Assays
Core samples are either split or sawn on-site, individually sealed in bags and shipped off-site on a regular basis to the ALS Chemex laboratory in Val d'Or, Quebec for sample preparation. Analyses are performed at the ALS Chemex laboratory in Vancouver, British Columbia. Base metal analyses including Nickel and Copper are determined by sodium peroxide fusion with ICP-AES analysis. Platinum, palladium and Gold analyses are determined by fire assay and ICP-AES finish. The company quality control (QA/QC) program includes regular insertions of blanks and standards. Reported values are uncut and composite intervals are reported as length along the core axis.
Qualified Persons
W. Grant Arnold (P.Geo.), Vice-president Exploration for Canadian Royalties Inc., is a Qualified Person in accordance with National Instrument (NI) 43-101, and is responsible for the geological information presented in this news release.
About Canadian Royalties and the Nunavik Nickel Project
Canadian Royalties has initiated the development of an independent, stand-alone nickel-copper mine on its Nunavik Nickel Project, located 20 kilometres south of Xstrata Nickel's Raglan Mine in northern Quebec. Canadian Royalties is proceeding with permitting applications, as well as exploration for additional resources.
Canadian Royalties currently holds a 100% interest in the Ivakkak deposit, subject to a net smelter royalty ("NSR", refer to news release dated September 21, 2005). Additionally, Canadian Royalties has vested in a 70% interest in the Expo-Ungava property (which hosts the Mesamax, Meq
uillon and Expo deposits), where its interest shall be increased to 80% simultaneously with the creation of the joint venture. Further, Canadian Royalties holds an underlying 2% NSR on the Expo-Ungava Property.
Forward-looking Statement
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Company's Amended and Restated Annual Information Form dated July 10, 2007 for the year ended December 31, 2006. Accordingly, readers should not place undue reliance on forward-looking statements.
For additional information please visit our website at www.canadianroyalties.com.
W. Grant Arnold, Vice-President Exploration
800 Ren�-L�vesque Blvd. West, Suite 1525
Montr�al, Qu�bec H3B 1X9
Tel.: (514) 879-1688
Toll free: (877) 879-1688
E-mail: arnold@canadianroyalties.com
C. Jens Zinke, Vice-President Business Development
800 Ren�-L�vesque Blvd. West, Suite 1525
Montr�al, Qu�bec H3B 1X9
Tel.: (514) 879-1688
Toll free: (877) 879-1688
E-mail: zinke@canadianroyalties.com
RENMARK FINANCIAL COMMUNICATIONS INC.
JASON ROY : JROY@RENMARKFINANCIAL.COM
HENRI PERRON : HPERRON@RENMARKFINANCIAL.COM
MEDIA - ADAM ROSS : AROSS@RENMARKFINANCIAL.COM
TEL.: (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM
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Canadian Royalties is based in Canada. Canadian Royalties is listed in Canada, in Germany and in United States of America. Its market capitalisation is 37.5 millions as of today (US$ 37.4 millions, € 25.9 millions). Its stock quote reached its highest recent level on December 31, 2007 at 4.62, and its lowest recent point on April 17, 2009 at 0.15. Canadian Royalties has 47 442 200 shares outstanding. |