NEWS.....URSA Major Minerals' Initial Drilling Results Indicate HighGrade Nickel-Copper-Platinum Group Metals at Nickel Offsets Property,Sudbury Area
Last Update: 11/24/2010 9:02:38 AM
TORONTO, ONTARIO, Nov 24, 2010 (Marketwire via COMTEX) --THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO ANY U.S. NEWS WIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES.
URSA Major Minerals Incorporated ("URSA Major")(UMJ) is pleased to announce initial results from the 2010 drillingprogram at the past-producing Nickel Offsets Mine, located in FoyTownship, 40 km northwest of Sudbury, Ontario. The program includesapproximately 2,582 meters of diamond drilling over seven holes and newborehole EM surveys to follow up on massive sulphide targets identifiedin the 2009 work program. Assay results confirm the presence ofhigh-grade nickel, copper and platinum group metals. Since optioning theNickel Offsets Property in 2008, URSA has undertaken two diamond drillprograms totalling 4,389 meters in 12 holes. Assay results have beenreceived for three holes in the 2010 drill program.
Hole U15-10 is of particular interest, intersecting 2.89 meters ofnickel-rich massive sulphides grading 2.90% nickel, 0.97% copper, 0.16%cobalt, 0.94 g/t platinum, 1.28 g/t palladium, and 0.11 g/t gold. HoleU15-10 also intersected an additional 2.0 meters of platinum group metalmineralization grading 3.04 g/t platinum, 2.00 g/t palladium, 0.82 g/tgold, with 0.07% nickel and 0.37% copper in disseminated sulphides inthe footwall of the nickel-rich massive sulphides.
The intersections in hole U15-10, at a down hole depth of 140 meters,are down plunge from the mineralized number 2 lens that was mined at thenumber 1 shaft. Holes U15-6 and 7 were drilled to test a bore-hole EMconductor target up-dip from the number 4 lens. Holes U15-8, 9, 11 and12 did not intersect visually significant sulphides, but are beingcarefully examined for potential precious metal bearing disseminatedsulphides. Sampling with respect to these holes is currently inprogress.
Diamond Drill Hole (DDH) Location and Assay Summary
----------------------------------------------------------------------------
Drill Collar
DDH
Location
Az & Incl.
From:
To:
Length:
UTM NAD83
(m's)
(m's)
(m's)
----------------------------------------------------------------------------
U15-06
0481183E/
025/ -50
5178266N
degrees
274.62
276.24
1.62
----------------------------------------------------------------------------
U15-07
0481183E/
025/ -55
5178266N
degrees
359.08
360.39
1.31
----------------------------------------------------------------------------
U15-10
0481706E/
205/ -47
5178441N
degrees
142.01
144.90
2.89
----------------------------------------------------------------------------
And
146.65
148.65
2.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH
Ni
Cu
Co
Au
Pt
Pd
(%)
(%)
(%)
(g/t)
(g/t)
(g/t)
----------------------------------------------------------------------------
U15-06
0.41
0.47
0.02
0.46
0.43
0.30
----------------------------------------------------------------------------
U15-07
0.64
0.60
0.02
0.06
0.18
0.24
----------------------------------------------------------------------------
U15-10
2.90
0.97
0.16
0.11
0.94
1.28
----------------------------------------------------------------------------
And
0.07
0.37
0.00
0.82
3.04
2.00
----------------------------------------------------------------------------
Richard Sutcliffe, URSA Major's CEO commented, "Our current drillprogram at Nickel Offsets is part of URSA Major's commitment to maintainan active exploration program to expand our resources. The program isnow funded from positive cash flow from the mining operation atShakespeare. We are seeing both high-grade massive sulphides andplatinum group metal concentrations in disseminated sulphides at NickelOffsets. Interestingly, the concentrations of platinum group metals werenot identified while the property was in production during the 1940'sand 1950's. The Foy Offset Dyke exhibits similar types of mineralizationto other major offset dykes in the Sudbury Basin. Going forward, wewill continue to test for the extensions of the massive sulphide lensesand for disseminated mineralization on this past producing property."
Drilling to date indicates that the previously mined number 2 and 4 orelenses were probably truncated by a fault structure that parallels thestrike of the offset dyke and mineralization. URSA Major has contractedCrone Geophysics to conduct bore-hole time-domain EM surveys of therecently drilled holes to target new massive sulphide lenses. Theresults of bore hole information and current drilling will be compiledinto a 3-dimensional model to generate geological and geophysicaltargets for the next round of drilling.
The Nickel Offsets Property consists of twelve contiguous patentedmining claims and five unpatented mining claims covering a total of 358ha (884 acres). The highly prospective Nickel Offsets property islocated 15 km northeast of Vale's Coleman Mine and Xstrata Nickel'sStrathcona mill. The Foy Offset Dyke is one of four major nickel andcopper mineralized offset dykes in the Sudbury Basin. Nickel-Copper-PGEmineralization on URSA Major's Nickel Offsets Property is typical ofthat hosted by quartz diorite offset dykes in the Sudbury mining camp.Examples include the significant deposits at Vale's North and SouthMines hosted by the Copper Cliff offset dyke; Vale's Totten depositunder development in the Worthington offset dyke and Quadra FNX's recentdiscovery on its Victoria project, also hosted in the Worthingtonoffset dyke. URSA Major has successfully utilized diamond drilling andbore-hole EM geophysics to target nickel-copper sulphide mineralizationwhich also carries high-grade platinum group metal values.
URSA Major has an option to earn a 70% interest in the property fromUnited Reef Limited(URP). (See March 6, 2008 press release for the terms of the optionagreement.) The historical pre-production resource at the Nickel OffsetsMine (pre NI 43-101 - see below) was 359,000 tons grading 1.9 % Ni and1.45 % Cu (Nickel Offset Mines Limited Annual Report 1940). Between 1943and 1957, the Nickel Offsets Mine, produced 208,551 tons of nickel andcopper ore with reported recoveries of 4.56 million lbs of nickel and3.32 million lbs of copper. Historical underground exploration andmining development at the Nickel Offset Mine included 1,599 feet ofshaft sinking, approximately 10,000 feet of drifting and 3,980 feet ofraising on nine levels at the No. 1 Mine and 1,056 feet of shaftsinking, approximately 6,000 feet of drifting and 410 feet of raising onfive levels in the No. 2 Mine.
About the Company
URSA Major is a Canadian mining and exploration company holdingsignificant NI 43-101 compliant nickel and copper reserves and resourcesin two nickel sulphide projects in Ontario. The Company is focused onincreasing production from its nickel and copper operation in Sudbury,Ontario, and growing its nickel, copper and platinum group metalresources through exploration and development.
NI 43-101: A qualified person has not done sufficient work to verify thehistorical pre-production resource estimate at the past producingNickel Offsets Property. These historic estimates predate NI 43-101, arenot compliant with current definitions, have not been verified by thecompany and consequently should not be relied on by investors. Thehistorical estimates are provided as an indication of historicallyreported grades. Significant further exploration and engineering work isrequired to determine if this mineralization may be considered aseconomic.
Harold Tracanelli, P.Geo., is the qualified person for the drillprogram. Samples were analyzed by Accurassay Laboratories, in ThunderBay, Ontario. Gold, platinum and palladium have been analyzed using fireassay techniques with an atomic absorbsion finish. Copper, nickel andcobalt were determined using multi-acid digestion with an atomicabsorption finish.
Address:
8 King Street East, Suite #1300, Toronto, Ontario,
Canada M5C 1B5
Symbol & Exchange:
UMJ - TSX
This release was prepared by management of the Company who takes full responsibility for its contents.
Some statements contained in this release are forward-looking andtherefore involve uncertainties or risks that could cause actual resultsto differ materially. Such forward-looking statements include commentsregarding mining and milling operations, mineral resource statements andexploration program performance. Factors that could cause actualresults to differ materially include metal price volatility, economicand political events affecting metal supply and demand, fluctuations inmineralization grade, geological, technical, mining or processingproblems, exploration programs and future results of explorationprograms, future profitability and production.
SOURCE: URSA Major Minerals Incorporated
Alison Tullis
IR Manager
416-864-0615
atullis@bellnet.ca
URSA Major Minerals Incorporated
Dr. Richard Sutcliffe
President & CEO
info@ursamajorminerals.com
www.ursamajorminerals.com