VANCOUVER, Jan. 11 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV: HTR) announces that drilling at the high-grade Niblack copper-gold-silver-zinc project in southeast Alaska has resumed for 2010, and will soon ramp up with the deployment of a second underground diamond drill rig and crew.
Assay results from the first three holes (U029, 30 & 31) of an ongoing 25,000-foot drill program at Niblack were announced December 17, 2009; thick intersections of high-grade copper-gold-silver-zinc mineralization have been encountered. The 2009/2010 drill program, being led by Heatherdale in collaboration with joint venture partner CBR Gold Corp., is focused on expanding a new, high-grade mineral body discovered southwest of previously known mineral resources in the Lookout Deposit. Lookout is one of six known precious metals-enriched volcanogenic massive sulphide (VMS) deposits within the approximately 10 square mile Niblack property.
"Drilling activity at Niblack resumed January 5 after a short hiatus and will be accelerated before the end of the month with the addition of the second underground drill rig," said Heatherdale President and CEO David Copeland. "Initial assay results from the program confirm the new geological modeling and belief that a major new zone of high-grade gold-copper-silver-zinc mineralization lies to the southwest of the Lookout Deposit. We look forward to announcing results from additional drill holes at Niblack later this month."
Heatherdale completed a $14.4 million financing in November 2009 and expects the drill campaign will be ongoing.
The Niblack VMS property is located 27 miles east of Ketchikan on southeast Alaska's Prince of Wales Island. Given its exceptional geological endowment and proximity to tidewater in a stable jurisdiction with a long tradition of hardrock mining, Heatherdale believes Niblack has the potential to support an important high-grade underground mining operation in the future.
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing the high-grade mine development opportunity at the Niblack Project. The Company has the right to acquire up to a 70% interest from CBR Gold Corp. Heatherdale is affiliated with the Hunter Dickinson group, a private company associated with successful mineral exploration and development projects around the world.
On behalf of the Board of Directors
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE Heatherdale Resources Ltd.
For further information: For further information: on Heatherdale Resources Ltd., please visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114