VANCOUVER, March 25 /CNW/ - Nanika Resources Inc. (TSX-V: NKA and FSE: C7X) today announces that it has acquired a 100% interest in 1,614 additional acres (654 hectares) comprised of four mineral tenures that are in the area of Nanika's existing Indi and other Stewart, British Columbia area claims. The claims are known as Big Gold, Silver Bank, Silver Bank South, and a claim adjacent to Nanika's Indi South claim that is as yet unnamed. Please see the Nanika website for a map of the claims at www.nanikaresources.com.
Nanika's President and CEO, James Jacuta, stated that, "Nanika is not alone in our enthusiasm for the potential of gold and silver resources around Stewart BC. Adding to Nanika's quality properties in the Stewart area increases our potential value as the company believes this area will gain prominence in the future".
Nanika's existing Indi 9 to 12 claims in the Stewart area are part of a recently amended Silver Coin Preliminary Economic Assessment Report that was filed by Pinnacle Mines Ltd. on www.sedar.com on March 16, 2010. The report includes a NI 43-101 compliant Mineral Resource Calculation.
The report states that the Silver Coin project has a Measured and Indicated Resource of 944,000 ounces of gold, and 5,217,000 ounces of silver, and 132,420 pounds zinc using a cutoff grade of 0.30 grams per tonne and 24,708,000 tonnes. Nanika's Indi 9 to 12 claims are part of the eastern edge of Silver Coin. These four Indi claims are part of a joint venture agreement between Nanika, Pinnacle Mines Ltd. (TSX-V: PNL) and Mountain Boy Minerals Ltd. (TSX-V: MTB). The Silver Coin project comprises 26 claims in total, the remaining 22 of which are part of a joint venture between Pinnacle and Mountain Boy themselves. The report states that the Indi 9 claim has a Measured and Indicated Resource of 20,000 ounces of gold, and 134,000 ounces of silver, and 3,015 pounds of zinc using a cutoff of 0.30 grams per tonne and 692,000 tonnes. Inferred Resources on the Indi 9 claim are reported as 130,000 ounces of gold, and 1,274,000 ounces of silver, and 34,497 pounds of zinc using a cutoff of 0.30 grams per tonne and 5,260,000 tonnes. The Preliminary Economic Assessment study notes that it is preliminary in nature and there is no certainty that economic results can be achieved.
Nanika has reported by news release its 2009 drill results on Indi 9 that have not been utilized in the amended Preliminary Economic assessment filed by Pinnacle on March 16, 2010 that was originally published on December 30, 2009. Nanika's 2009 program on Indi 9 consisted of seven diamond drill holes totalling 1,038 metres of drilling. Significant results were reported that included a 3.05 metre interval of 14.30 grams per tonne of gold in hole 09-311, and a 3.05 metre interval of 226.2 grams per tonne of silver in hole 09-315. Please see Nanika's news release dated November 30, 2009.
Nanika's President and CEO, James Jacuta, added that "I am looking forward to the coming discussions that Nanika will be having with Pinnacle on plans for Indi 9."
Alex Walus, P. Geo., a qualified person under National Instrument 43-101, 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.
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