VANCOUVER, Jan. 6, 2012 /CNW/ - Nanika Resources Inc. (TSXV-NKA and FSE-C7X) announces that it has received the results of 125 soil samples taken as part of a 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.
The focus of program was the area of the Discovery Zone which was targeted by COMINCO in the 1930's. COMINCO historical reports describe the Discovery Zone as an area of quartz-carbonate veining in argillite, 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). The Discovery Zone is located in Polaris Creek canyon, a steep canyon area and is partially covered by talus and recent slide material. 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, historical results may be useful in further exploration work.
A total of 125 soil 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. The samplers did not locate the Discovery Zone. There is no historical record of drilling having been undertaken on the Polaris Gold Property. The 125 soil samples were assayed by AGAT Laboratories and returned slightly anomalous values with up to 239 ppm Zn, 206 ppm Cu, 2.3 g/t Ag and 11.1 ppb Au.
Dr. R. H. McMillan P. Geo. 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.
For further information:
Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699