Nanika Drills 12.19 metres of 1.02 grams/ton Gold at INDI

VANCOUVER, Feb. 15 /CNW/ - Nanika Resources Inc. (TSXV:NKA) and (FSE:C7X) is pleased to announce that it has received all core sample results from its drilling program conducted on the INDI property near the Town of Stewart, British Columbia in November and December of 2010.  All assays were completed by Activation Laboratories -- a certified Canadian Laboratory based in Ancaster, Ontario. During the program strict quality control measures were followed which included the insertion of certified blanks and standards. In total, 7 holes from 4 pads were completed totaling 1000 metres. Highlights from the results reported here are 1.02 grams per ton gold over 12.19 metres in hole SC10-2. Significant results from the program are presented in the table below.

Hole Number From To Intercept Gold Silver
  (m) (m) Length (m) (g/t) (g/t)
SC10-2 63.09 66.14 3.05 2.83  
and 84.43 96.62 12.19 1.02  
and 102.72 105.77 3.05 1.05  
SC10-3 35.66 38.71 3.05 0.865  
and 63.09 66.14 3.05 0.903  
SC10-6 9.75 11.28 1.52   77.8
and 113.69 113.75 0.06   84.1
SC10-7 103.63 103.78 0.15   >100
and 159.1 159.41 0.31   67.0

  On November 30, 2009 Nanika Resources Inc. announced the complete results from its 2009 drilling program on the INDI. Highlights from the results reported then were 14.30 grams per ton gold over 3.05 metres in hole NAN09-312. Significant results from the program are presented in the table below:

Hole Number  From To Intercept Gold Silver
  (m) (m) Length (m) (g/t) (g/t)
NAN09-311 100.58 103.63 3.05 1.91 40.1
NAN09-312 50.29 53.34 3.05 14.30 4.3
and 138.68 147.83 9.15 3.41 3.5
including 141.73 147.83 6.10 4.55 3.8
NAN09-313 No significant results    
NAN09-314 100.58 102.11 1.52 1.20 8.5
NAN09-315 94.49 97.54 3.05 0.05 226.2
NAN09-316 86.87 92.96 6.09 5.24 14.95
and 111.3 123.44 12.14 1.02 3.80
NAN09-317 96.32 99.36 3.05 2.14 5.00

The INDI property shares many of the geologic characteristics of the adjacent Silver Coin property currently operated by Jayden Resources Inc. (TSX:JDN). It has been established by previous work that the mineralization on Silver Coin extends onto the INDI property.

Nanika was operating the current INDI work program pursuant to the terms of a joint venture agreement with Jayden Resources Inc. (TSX-JDN) and Mountain Boy Minerals Ltd. (TSXV-MTB) that includes the INDI 9 - 12 claims. Under the terms of the agreement the interests of the non-participating parties in work programs will be diluted.

Nanika will within the next quarter review the status of the joint venture agreement and the interests of the parties.

Nanika's future plans for the INDI property include the possibility of further drill programs or a bulk sample on those areas already explored as well as sampling and trenching on those areas not yet explored. No decision on further exploration has been made yet, however, Nanika intends, at this time, subject to financing, to continue exploration of the INDI property, with or without the participation of the joint venture partners.

The INDI and Silver Coin properties share many of the geologic characteristics of the nearby Silbak Premier Mine which is approximately 3 kilometres south of Nanika's November and December 2010 drilling. Over its mine life, the former Silbak Premier Mine produced approximately 1.8 million ounces gold, 41 million ounces silver, 4.2 million pounds copper, 62 million pounds lead and 20 million pounds zinc until closing in 1996.

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.

For further information:

Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699

Profil de l'entreprise

Nanika Resources Inc.

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.