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Re: News Release - Monday, June 01, 2009
Crowflight Reports Results From Underground Drilling At The Bucko
Mine
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To View this News Release in PDF:
http://www.crowflight.com/i/pdf/NRJune1-09.pdf
To view Map Associated with the News Release:
http://www.crowflight.com/i/misc/NRJune1-09-map.pdf
CROWFLIGHT MINERALS INC. (the "Company") (TSX: CML) today reported
additional assay results from underground drilling results at its
wholly-owned Bucko Lake Nickel Mine (Bucko) located in the Thompson
Nickel Belt near Wabowden, Manitoba.
Highlights from recent underground drilling include: 18.1 metres
grading 2.04% nickel in hole BUD-91 and 22.2 metres grading 2.11%
nickel in hole BUD-94. Table 1 provides a summary of the latest assay
interval results. Please refer to the Company's press releases dated
June 25, 2008, October 1, 2008 and January 22, 2009, and March 9, 2009
for previously-announced assay results.
The purpose of this drilling was to delineate a zone of mineralization
interpreted to occur approximately 100 metres north of the currently
producing areas on the 1,000 foot level. Based on the results of this
drilling, development towards the Phase 2 mining area located between
the 1,000 foot and 900 foot levels is in progress. Mining from this
second area (referred to as the North Zone) is intended to sustain
increased rates of production from the underground for the duration of
2009 into 2010.
Crowflight's Vice President of Exploration, Greg Collins commented,
"Results from this program have been consistent with our expectations
for the North Trend and have confirmed new stopes containing nickel
values in excess of 2% nickel. Ore extraction from this second major
mining area on 1,000 foot level is expected to greatly enhance
production through the remainder of 2009 into 2010 by providing more
flexible mining access to consistent volumes of ores with high nickel
content."
Currently the focus of production at Bucko remains on stopes developed
between the 900 foot and 1,000 foot underground levels located in the
South Zone. In the surface ramp, development has now provided level
access to the 450 foot and 500 foot levels. Crosscuts through ore on
the 450 foot and 500 foot levels are providing development ore to the
mill in preparation for crown pillar stabilization and the extraction
of the first stopes located in the upper portion of the deposit, which
is expected to commence in the third quarter. Extraction of ore via the
surface ramp is expected to further supplement production rates at
Bucko in 2009.
Table 1. Bucko Underground Drilling Highlight Intersections
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Core Core
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Drill Hole From To Length Length Ni%
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(m) (m) (m) (feet) %
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BUD-86 98.05 122.56 24.51 80.41 0.64
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incl. 116.04 120.54 4.50 14.76 1.22
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BUD-86 126.51 134.61 8.10 26.57 1.09
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BUD-86 142.41 146.91 4.50 14.76 0.94
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BUD-88 183.68 206.11 22.43 73.59 1.30
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incl. 188.18 194.18 6.00 19.69 2.01
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BUD-89 137.19 146.43 9.24 30.31 1.18
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BUD-89 169.72 176.30 6.58 21.59 2.21
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incl. 174.08 176.30 2.22 7.28 4.67
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BUD-89 185.50 198.46 12.96 42.52 1.07
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incl. 191.85 194.85 3.00 9.84 1.38
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BUD-90 160.62 165.52 4.90 16.08 1.64
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BUD-90 175.06 181.06 6.00 19.69 1.31
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BUD-91 164.57 182.65 18.08 59.32 2.04
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incl. 168.00 172.18 4.18 13.71 3.59
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incl. 176.24 181.15 4.91 16.11 2.23
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BUD-92 124.96 143.15 18.19 59.68 1.20
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incl. 124.96 129.76 4.80 15.75 1.48
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BUD-92 156.71 168.93 12.22 40.09 1.38
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BUD-93 123.08 132.53 9.45 31.00 1.11
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BUD-93 147.00 159.94 12.94 42.45 1.81
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incl. 147.00 150.40 3.40 11.15 3.23
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BUD-94 194.81 217.00 22.19 72.80 2.11
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incl. 194.81 209.01 14.20 46.59 2.67
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BUD-95 175.88 181.63 5.75 18.86 1.54
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BUD-95 187.90 208.91 21.01 68.93 1.96
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incl. 187.90 197.46 9.56 31.36 2.37
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BUD-96 143.90 154.00 10.10 33.14 1.68
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BUD-96 164.73 188.31 23.58 77.36 2.21
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BUD-97 126.26 145.57 19.31 63.35 1.42
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BUD-97 163.05 181.05 18.00 59.06 2.10
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incl. 163.05 175.05 12.00 39.37 2.51
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BUD-98 131.76 153.29 21.53 70.64 1.10
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BUD-98 158.79 168.75 9.96 32.68 1.94
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incl. 160.12 167.62 7.50 24.61 2.17
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BUD-98 178.35 182.33 3.98 13.06 1.37
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BUD-99 113.10 117.60 4.50 14.76 1.31
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BUD-99 128.66 131.66 3.00 9.84 1.72
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BUD-99 141.58 155.13 13.55 44.46 1.11
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BUD-100 187.24 198.25 11.01 36.12 1.50
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incl. 191.33 196.75 5.42 17.78 1.96
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BUD-100 225.50 235.00 9.50 31.17 1.01
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Intersection intervals reported are core lengths;
actual true widthsrange between 80% and 100% of core length.
To date in 2009, a total of 8,600 metres in 39 holes have been
completed as part of the Phase 2 and ramp underground delineation and
exploration programs. Additional results from the final portion of the
Phase 2 program are expected over the coming weeks. The focus of
underground drilling has now shifted to delineation of stopes from the
ramp on the 450 foot to 600 foot levels. Initial visual results
(subject to confirmation by assaying) from this program have been
positive. Drilling plans in 2009 include the completion of drilling
from the 450 foot level ramp, infill of mineralization in the hinge
zone between 1,000 foot and the 800 foot level, and exploration of the
footwall zone from the 1,000 foot level exploration drift.
Crowflight also announces that it has finalized the
previously-announced working capital line of credit facility for up to
US$10 million from Auramet Trading LLC. This is intended to allow the
Company to leverage its receivables pipeline up to six weeks sooner to
bridge working capital requirements. The facility is scheduled to
remain in place until March 31, 2010 with annual renewals thereafter,
as mutually agreed.
As part of this facility, Crowflight will hedge the price of nickel and
possibly the Canadian/US dollar exchange rate at the time the nickel
concentrate is delivered to the smelter to mitigate the potential
impact of provisional pricing adjustments on final settlement of nickel
deliveries approximately three to five months in the future as per the
terms and conditions of the Xstrata Nickel -- Crowflight Smelter
Offtake Agreement.
Qualified Person/Quality Control Procedures
This press release has been prepared and reviewed by Mr. Greg Collins,
P.Geo. (APGO/APEGM) and VP Exploration of Crowflight, a Qualified
Person under the National Instrument 43-101 guidelines. All assays were
performed at the ALS-Chemex laboratory in Vancouver and undergo an
ICP-AES finish and Sodium Peroxide Fusion. Standards and blanks are
submitted with each sample batch.
Crowflight Minerals -- Canada's Newest Nickel Producer
Crowflight Minerals Inc. (TSX: CML) is a debt-free Canadian junior
mining company that is producing nickel at the Bucko Lake Nickel Mine
near Wabowden, Manitoba. Crowflight expects to achieve full commercial
production at Bucko in the second quarter of 2009. The Company is also
focused on nickel, copper and Platinum Group Mineral (PGM) projects in
the Thompson Nickel Belt and Sudbury Basin.
Cautionary Note on Forward-Looking Information
This press release contains forward-looking statements under Canadian
securities legislation. Forward-looking statements include, but are not
limited to, statements with respect to the Bucko's development
potential and timetable; Crowflight's ability to raise additional
required funds; the future price of nickel; the timing and amount of
estimated future exploration and production; costs of future
activities; success of exploration and production activities;
government regulation of mining operations; and environmental risks.
Generally, forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Forward-looking statements
are based on the opinions and estimates of management as of the date
such statements are made. Estimates regarding mineral resources and
mineral reserves are based on extensive analysis regarding exploration
information obtained for diverse sources, including drill results; such
analysis being conducted by company geologists and verified by third
party consultants. Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Crowflight to be materially different from those expressed or implied
by such forward-looking statements. Although management of Crowflight
has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company does not undertake to update
any forward-looking statements, except in accordance with applicable
securities laws.
Further information is available on the Company's website at
www.crowflight.com or contact:
Mike Kelly
President & CEO
Crowflight Minerals
Tel: (416) 861-5900
Heather Colpitts
Manager, Investor and Public Relations
Crowflight Minerals
Tel: (416) 861-5803
info@crowflight.com
Figure 1. Location of Recent Assay Results from Underground Drilling at
Bucko
http://www.crowflight.com/i/misc/NRJune1-09-map.pdf
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Copyright (c) 2009 CROWFLIGHT MINERALS INC. (CML) All rights reserved.
For more information visit our website at http://www.crowflight.com/
or send mailto:info@crowflight.com
Message sent on Mon Jun 1, 2009 at 8:35:56 AM Pacific Time
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : CML.TO |
ISIN : CA13758Y2015 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Crowflight Mineral is a nickel producing company based in Canada. Crowflight Mineral produces nickel, copper in Canada, and holds various exploration projects in Canada. Its main asset in production is BUCKO LAKE in Canada and its main exploration properties are AER/KIDD, PETER'S ROOST and TNB NORTH in Canada. Crowflight Mineral is listed in Canada, in Germany and in United States of America. Its market capitalisation is 1.2 millions as of today (US$ 863 092, € 770 828). Its stock quote reached its highest recent level on November 01, 1996 at 96.02, and its lowest recent point on February 04, 2016 at 0.03. Crowflight Mineral has 47 442 200 shares outstanding. |