VANCOUVER, Nov. 2, 2011 /CNW/ - Nanika Resources Inc. (TSXV-NKA and
FSE-C7X) announces that it has recently completed a soil and
lithogeochemical survey on its 100% owned Polaris Gold Property located
on the Omineca Resources Road, 250 kilometres north of Fort St. James,
British Columbia. The property claims are road accessible in a recently
clear-cut area and comprises more than 800 hectares of land.
Two grab samples contained 4.4 and 6.2 g/t gold and are considered
highly encouraging. Analytical results from the soil sampling are
expected in 3 to 4 weeks and should prove useful in defining drill
targets on this highly prospective sediment hosted vein (SHV) target.
The focus of program was the area of the Discovery and Polaris Zones
which were targeted by COMINCO in the 1930's. COMINCO historical
reports describe the Discovery Zone as an area of quartz-carbonate
veining in argillite measuring 35 by 6 metres, carrying pyrite,
arsenopyrite, pyrrhotite, galena, sphalerite, chalcopyrite and minute
particles of free gold. Grab samples taken by COMINCO from the veins
yielded assays of up to 2050 g/t Au (60 oz/ton), with the entire zone
estimated to carry 3.8 g/t (0.11 oz/ton Au). The Discovery Zone is
located in Polaris Creek canyon, a steep canyon area and is partially
covered by talus and recent slide material. The Polaris Zone is located
approximately 475 metres south of the Discovery Zone - COMINCO drove an
adit a total of 45 metres to intersect quartz vein mineralization
cutting porphyritic diorite found in talus. The adit reportedly stopped
short of the target, however the talus material returned assays of
between 6.9 and 415 g/t (0.2 and 12.1 oz/ton) gold. It must also be
noted that at this time there is no certainty that mineralization with
the above historical reported grades will be found by Nanika on these
claims. However, the Company believes that although they cannot be
classified as current, or NI 43-101compliant, these historical results
are relevant to ongoing exploration. .
A total of 125 soil samples and 15 lithogeochemical samples were
collected in a seven day field program by two samplers in the Discovery
Zone area. The soil samples were collected to follow-up on a strongly
anomalous soil anomaly of 344 ppb Au and 303 ppm As. Fifteen
lithogeochemical samples were also collected.
The samplers were not able to locate the Discovery Zone. Much of Polaris
Creek canyon is a steep cliff face and/or is covered by talus and
slumped debris. However the samplers did find two separate angular
blocks of float material in Polaris Creek which could have slumped from
the debris and brush-covered canyon wall. Fine sulphide minerals,
including arsenopyrite, were observed in association with carbonate
veining and alteration in the two samples. Analytical results have been
received from the two samples and have returned highly anomalous
results for gold and the indicator elements arsenic, mercury and base
metals as follows:
(1) ppm, (2) ppb
Two results of 4.4 and 6.2 g/t gold are considered highly encouraging.
No other significant mineralization was found in the remaining samples.
SHV deposits are among the largest gold mines currently in production
and include the Muruntau (170 M oz, in Uzbekistan) and the Kumtor Mine
(20 M oz, in the Kyrgyz Republic) in the Tien Shan Metallogenic Belt.
There is no historical record of drilling having been undertaken on the
Polaris Gold Property. R. H. McMillan is a qualified person under
National Instrument 43-101 and will supervise the project 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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada (IIROC) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE Nanika Resources Inc.
For further information:
Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699