Knight Resources Ltd.: 2008 Exploration Program Underway at West Raglan
19 Junho 2008 - 3:31PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (FRANKFURT: KRL), reports that the
company has been informed by its joint venture partner, Anglo
American Exploration (Canada) Ltd. ("AAEC"), that the 2008 program
has commenced and drilling has been initiated on the West Raglan
Project.
A minimum of 10,000 metres of diamond drilling is planned for
the 2008 exploration program. Three drills will be active on the
property.
The 2008 drill program is focused on the Greater Frontier Area
and will be complimented by simultaneous exploration on the Beverly
and CDC prospects. The mineralization at Frontier and the
geological setting of all three areas are similar to Xstrata
Nickel's Raglan Mine, located approximately 100 km to the east.
Drilling is designed to discover new nickel, copper and PGE
mineralization and to augment the previously encountered nickel
mineralization at Frontier that occurs in 8 zones over a 4.5
kilometre strike length. The total cost of the program is budgeted
at $8,000,000.
The geological understanding of the Greater Frontier Area was
greatly enhanced in 2007 with new geological evidence indicating
that this area is characterized by multiple ultramafic units, all
with potential for nickel mineralization along their lower
contacts, which occur over a 6 kilometre strike length along the
Raglan Horizon (see www.knightresources.ca). Drilling in the
Greater Frontier Area in 2007 confirms the presence of at least 5
vertically dipping and northward facing ultramafic units ("A"
through "E") that straddle the Raglan Horizon. Stratigraphically,
the uppermost ultramafic unit is designated ultramafic unit "A" and
the lowermost ultramafic unit is designated unit "E".
Mineralization has been identified in units "B", "C" and "D" and
occurs as both individual sulphide lenses along embayment
structures at the base of the units and as sulphide concentrations
within their interiors, similar to mineralization at Xstrata
Nickel's Raglan Mine. The well mineralized units "C" and "D" have a
strike length in excess of 4 kilometres with much of their extent
yet to be investigated by drilling. Nickel tenors (percent nickel
in 100% sulphides) are also similar to those observed at Xstrata's
Raglan deposits. Ultramafic units "A", "B" and "E" remain to be
investigated.
At Frontier, the 2008 program has 3 objectives: 1) investigate
the continuation of nickel and PGE-enriched sulphides discovered in
nine diamond drill holes in 2007 in conjunction with investigating
the continuation of mineralized zones discovered in previous years,
2) explore along trend within the three known mineralized
ultramafic units for additional new sulphide lenses and 3) explore
for mineralization in new ultramafic units (Units "A", "B" and
"E"). The program will be guided by increased geological knowledge,
3D magnetic inversions that approximate the three dimensional
distribution and geometry of ultramafics in the subsurface and by
"state of the art" electromagnetic ground surveys.
Paralleling the effort at Frontier are exploration programs at
the Beverly and CDC areas where significant concentrations of
ultramafic rocks have been identified along the Raglan Horizon.
Beverley is a 15 kilometre cluster of ultramafic rocks identified
on surface and with a significant depth extent and volume indicated
by 3D magnetic inversion calculated from magnetometer surveys
conducted in 2007. The 3D magnetic inversion indicates the extent
and volume of ultramafic rock in this area is at least three times
that identified to date at Frontier. CDC is an 8 kilometre trend of
ultramafic rocks noted for the occurrence of blebby sulphides
within the ultramafic units.
A table of West Raglan Project drilling highlights, including
the Company's 2007 discoveries in WR-07-128 (1.06 % Ni, 0.36% Cu,
0.24g/t Pt, 0.96g/t Pd over 28.65 metres and 4.96% Ni, 0.52% Cu,
0.63g/t Pt, 2.58g/t Pd over 3.10 metres), WR-07-142 (2.72% Ni,
2.07% Cu, 0.65g/t Pt, 2.43g/t Pd over 7.30 metres), WR-07-130
(3.25% Ni, 1.93% Cu, 0.99g/t Pt, 3.35g/t Pd over 3.50 metres) and
WR-07-141 (4.54% Ni, 1.61% Cu, 0.71g/t Pt, 2.90g/t Pd over 1.85
metres) can be viewed on the Company's web site at
www.knightresources.ca.
The 2008 field program will be carried out by Anglo American
Exploration (Canada) Ltd. (AAEC), the operator of the West Raglan
Project. The West Raglan Project is funded 51% by AAEC and 49% by
Knight. The West Raglan project covers over 710 sq. km and includes
approximately 65 kilometres of the Raglan Horizon along which
extensive ultramafic rocks typically occur. Numerous early stage
nickel targets occur along this horizon over the West Raglan
Project. Robin Adair, VP of Exploration, is the Qualified Person
responsible for the technical information in this news release.
Additionally, the Company has engaged Castle Capital Inc. of
Montreal, Quebec, to provide investor relations services to the
Company. Castle is a wholly owned company of David Herbert.
The Company has agreed to pay Castle Capital Inc. $1,500 per
month, for an initial term of six months. The agreement is subject
to the approval of the TSX Venture Exchange.
The Company has granted 100,000 incentive stock options to
Castle Capital Inc. exercisable at a price of $0.26 per common
share for a period of one year.
ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.
Harvey Keats, Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Knight Resources Ltd. Harvey Keats Chief Executive
Officer (604) 684-6535 (604) 602-9311 (FAX) Email:
knight@bed-rock.com Website: www.knightresources.ca
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