MONTREAL, Feb. 5, 2015 /CNW Telbec/ - NEVADO RESOURCES CORPORATION (TSXV: VDO) (FSE: NSV) ("Nevado" or the "Corporation") is pleased to announce that it has discovered three new mineralized areas at its Fermont graphite property, located near Focus Graphite's Lac Knife deposit in Northern Quebec.
The Corporation carried out prospecting and sampling on the Fermont property in October 2014 to test the results of the helicopter-borne TDEM electromagnetic survey conducted in 2012. Due to difficult ground conditions caused by heavy rain, only 13 grab samples were collected from three separate areas. These three new graphite-bearing areas indicate a significant extension of the graphite zones identified previously, and expand the area of interest for exploration on the property.
Three grab samples (SF-14-05a, SF-14-05b and SF-14-06) returned 12.51% Gp, 8.38% Gp and 7.30% Gp from one outcropping area of about 6 m2. The host rock, a biotite paragneiss, lies between two curved, parallel HEM conductors located previously by the geophysical survey. The two conductors may be linked, and may represent a single graphitic unit on either side of an anticline structure.
Sample SF-14-07, taken from a rusty biotite paragneiss, was shown to contain 6.03% Gp. The outcrop, east of the base line, lies directly over an HEM conductor and on strike with a projected graphitic unit intersected at depth in Hole NV-12-03, drilled by Nevado in 2012, which returned 5.83% Gp in a biotite paragneiss between 194 and 214 metres. This intersection is on Line 24S, some 1,200 metres farther north, which suggests that the SF-14-07 site may very well be the southern extension of the graphitic unit identified in the hole.
Sample SF-14-11 was collected at the southern end of the property, where a biotite paragneiss was shown to contain 9.15% Gp. The sample is found along an HEM conductor that returned around 5% Gp from previous sampling by Nevado some 50 metres farther east. The conductor can be traced for a distance of at least 800 metres. On Line 42S, Nevado obtained grades of 15.45% Gp and 16.8% Gp in previous work.
"The Fermont property is generating consistently good results," noted Michael Curtis, President and CEO of Nevado. "This short sampling program confirmed the graphitic nature of the conductors identified by geophysics and significantly expanded the area of interest for exploration. The next step is to extend prospecting and channel sampling work to the unexplored areas of the property, after which we will drill the best targets. As for our recent JV agreement with Neomet Technologies, we are presently looking at several financing alternatives. Once the required financing is raised, we will start pilot plant testing on La Blache's ore, which is already stored at Neomet's facilities."
All the samples were sent to the ALS Minerals laboratory in Val-d'Or and assayed for graphitic carbon content.
The technical information contained in this press release has been reviewed and approved by Alain Tremblay, a Qualified Person under NI 43-101.
About Nevado Resources
Nevado Resources is a junior strategic metals company with properties in Canada. The Corporation owns a 100% interest in the La Blache titanium-vanadium-iron property in Northern Quebec, the Fermont graphite property near Focus Graphite's Lac Knife property in Northern Quebec, and the Bozema and Steel River zinc-copper-silver-gold properties in the Schreiber-Hemlo camp in Ontario.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.
SOURCE Nevado Resources Corporation
For further information: Michael Curtis, President and Chief Executive Officer, (514) 303-7895, www.nevadoresources.com; Louis Morin, The Ask Marketing Services Inc., (514) 845-1101; Francois Kalos, SOLAK Communications, (514) 817-9987, [email protected]; Twitter: @nevado_vdo