VANCOUVER, June 8 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV: HTR) announces that it has met its initial US$5 million project investment commitment before the first anniversary date of the agreement with Niblack Mineral Development Inc. (formerly CBR Gold Corp.), and will continue to fund exploration activities to rapidly advance the precious metals-enriched Niblack volcanogenic massive sulphide (VMS) project in southeast Alaska.
"We are very pleased with the progress and results of the drilling completed over the past eight months," said Heatherdale President & CEO Dave Copeland. "The development and confirmatory work on a geological model for the Lookout Zone is revealing strength, continuity and a spatial extent of mineralization that, when combined with a growing understanding of the overall system, our technical team believes represents a district-scale opportunity. We fully intend to continue necessary project investments in the months ahead to secure our 51% position and move this exciting project forward efficiently and expeditiously."
Currently two underground diamond drill rigs are working to delineate the copper-gold-silver-zinc mineral body at the Lookout Zone, one of six known VMS deposits within the 10 square mile Niblack property. The systematic, step-out drilling program continues to expand the dimensions of the newly discovered precious metals-enhanced deposit and demonstrate the strength and continuity of the mineralization.
Niblack's location at tidewater on Prince of Wales Island in southeast Alaska presents a number of project benefits - including year-round marine access, a well-trained labour force, a mature supply and service sector, proximity to Asian markets, and the support of community and Alaska Native corporation partners. The project is located 27 miles (44 km) from Ketchikan, a community of 8000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources' 'Large Mine Permitting Team'. For reference, Hecla's Greens Creek mine, a 2,100-ton per day underground massive sulphide operation, operates 225 miles (370 km) to the northwest of Niblack on Admiralty Island.
Heatherdale Resources Ltd. is a Vancouver-based mineral exploration and development company focused on advancing the high-grade opportunity at southeast Alaska's Niblack Project. The Company has the right to retain a 51% interest in the Niblack Project by investing US$15 million over three years, and an option to acquire up to a 70% interest from Niblack Mineral Development Inc. by investing an additional US$10 million and completing a bankable feasibility study. Heatherdale is affiliated with Hunter Dickinson Inc. (HDI), a private company associated with successful mineral exploration and development projects around the world.
On behalf of the Board of Directors
David Copeland, P.Eng.
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, potential environmental issues and liabilities associated with exploration and development and mining activities, 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