|By Marketwired .||
|August 11, 2014 08:30 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/11/14 -- NioCorp Developments Ltd. ("NioCorp" or the "Company") (TSX VENTURE:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) is pleased to announce receipt of the following assays from the ongoing drilling and development operations at Elk Creek, Nebraska.
Drillholes NEC14-006, NEC14-007 and NEC14-008, were drilled along a North-East to South-West section line that was designed to drill across the previously defined Niobium Resource. These holes were drilled at approximately 50 m (165 ft.) intervals along the drill section line. Drillholes NEC14-009 and NEC14-010 were recently completed along a parallel section line to the east of the first three holes. Together, these five holes make up Phase I of NioCorp's 2014 drilling program. Phase II drilling at the project has commenced, which will consists of an additional 6 holes.
The collected core samples have been systematically processed and shipped for analytical and physical rock property test work to support NioCorp's corporate objectives for the project. Assay results have now been received and reviewed for the final 120 m of NEC14-008 (total depth drilled and sampled 886 m), along with the top 402 meters of NEC14-009
Analytical highlights for NEC14-008 and NEC14-009 appear below. Note that due to the angle of the drilling and other factors, these do not represent the true thickness of the Niobium Resource:
-- NEC14-008 - newly received results (with previously released results from August 5, 2014 noted immediately below) -- 448 m interval between 438 - 886 m at 0.69 % Nb2O5 -- 32 m (466 - 498 m) at 1.09 % Nb2O5 -- 5 m (493 - 498 m) at 1.68 % Nb2O5 -- 9 m (553 - 563 m) at 1.00 % Nb2O5 -- 13 m (610 - 623 m) at 1.02 % Nb2O5 -- 12 m (760 - 772 m) at 2.12 % Nb2O5 -- 3 m (768-771 m) at 3.23% Nb2O5 -- 16 m (772 - 788 m) at 1.01 % Nb2O5 -- 10 m (835 - 845 m) at 1.15 % Nb2O5 -- NEC14-008 - previously released results - (see news release dated August 5, 2014) -- 326 m interval between 438 - 765 m (open) at 0.67 % Nb2O5 -- 32 m (466 - 498 m) at 1.09 % Nb2O5 -- 5 m (493 - 498 m) at 1.68 % Nb2O5 -- 9 m (553 - 563 m) at 1.00 % Nb2O5 -- 13 m (610 - 623 m) at 1.02 % Nb2O5 -- 25 m (740 - 765 m) at 0.85 % Nb2O5 -- NEC14-009 - newly received results for the first 402 m -- o 183 m interval between 218 - 402 m (open) at 0.55 % Nb2O5, including -- 29 m (218 - 247 m) at 0.76 % Nb2O5 -- 7 m (240 - 247 m) at 1.76 % Nb2O5 -- 11 m (271 - 282 m) at 1.06 % Nb2O5 -- 11 m (302 - 313 m) at 1.01 % Nb2O5 -- 31 m (370 - 402 m) at 0.65 % Nb2O5
Note that drillhole NEC14-009 was drilled to a final depth of 897.03 meters, and analytical results for the balance of this hole are pending.
"Our drilling program at Elk Creek continues to deliver impressive Niobium assays" said Mark Smith, CEO of Niocorp. "The third drill rig that has been added to the program has accelerated the overall drilling schedule, and I look forward to seeing the balance of the Phase I analytical results in the near future".
Quality Control: Sampling for NEC14-008 was continuously collected from the base of the limestone-carbonatite contact to the end of the drillhole (230 m to 772.67 m). A total of 830 samples from drill hole NEC14-008 were delivered to Activation Laboratories Ltd. (ActLabs), Ancaster, Ontario. Of the 830 samples submitted, 673 samples are core sections while the remainder are control samples. The Carbonatite continued at depth and remains open in that direction. HQ diameter core was sawn into half-core samples, and control samples were inserted into each batch.
Sampling for NEC14-009 was continuously collected from the base of the limestone-carbonatite contact to the end of the drillhole (209 m to 897.03 m). A total of 843 samples from drill hole NEC14-009 were delivered to Activation Laboratories Ltd. (ActLabs), Ancaster, Ontario. Of the 843 samples submitted, 686 samples are core sections while the remainder are control samples. The Carbonatite continued at depth and remains open in that direction. HQ diameter core was sawn into half-core samples, and control samples were inserted into each batch.
Qualified Persons: Brad Ulry, B.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, is responsible for the Elk Creek drilling operations and has read and approved the technical information contained in this news release.
About the Company: NioCorp are developing the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America, located near Elk Creek, Nebraska. The Company has published an NI 43-101 resource of 19.3 Million tonnes grading 0.67% Indicated, containing over 129,182 tonnes of Nb2O5, and 83.3 Mt grading 0.63% Inferred, containing over 523,844 tonnes of Nb2O5). Niobium is mainly used in the form of Ferro-Niobium to produce HSLA (High Strength, Low Alloy) steel, to produce lighter, stronger steel for use in automotive, structural and pipeline industries. The U.S. imports 100% of its niobium needs.
ON BEHALF OF THE BOARD
Peter Dickie, Director, President and Corporate Secretary
Neither 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 release.
Certain statements contained in this press release may constitute forward-looking statements. Such forward-looking statements are based upon NioCorp's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause NioCorp's plans or prospects to change include changes in demand for and price of commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. NioCorp disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
NioCorp Developments Ltd.
Head Office - Suite 525, 999 West Hastings St.
Vancouver, B.C., Canada V6C 2W2
(604) 568-8270 (FAX)
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