MONTREAL, Nov. 20 /CNW Telbec/ - Canadian Royalties Inc. (TSX: CZZ) is pleased to announce the discovery of a new zone of Nickel-Copper-PGE (platinum group element) mineralization on the Cominga grid, located 5 kilometres west of the Expo complex. Highlights of the program include high-grade mineralization intersected in hole CMG-08-33, which ran 1.44% Nickel, 1.95% Copper, 0.39 g/t Platinum and 1.43 g/t Palladium over 1.90 metres.
Mineralization at "Cominga East" was discovered by diamond drilling a 200 x 300 metre Maxwell conductive plate model derived from data obtained from a recently completed SQUID (Super-Conducting Quantum Interference Device; for measuring the magnetic B-field) time-domain EM survey. The conductor obtained was indicative of a sulphide source and the 30degrees south-dipping modelled plate occurs in a large area east of most near-surface historical drilling at an average depth of 225 metres.
The recently completed three-hole, wide-spaced drill program tested the Cominga East plate model and returned massive and vein-type sulphide mineralization at the contact between the Expo Intrusive Suite and footwall Nuvilik sediments at vertical depths in excess of 200 metres. The detection by geophysics and 3D modelling of data that resolved a sulphide-caused anomaly at moderate depths, and its confirmation by diamond drilling, is considered by the company to be a resounding technical success.
Table 1 - Cominga East Composite Assays
Hole From To Width Ni Cu Pt Pd
Number (m) (m) (m) (%) (%) (g/t) (g/t)
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CMG-08-32 247.60 247.15 1.55 1.31 1.88 0.52 2.02
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CMG-08-33 259.10 261.00 1.90 1.44 1.95 0.39 1.43
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CMG-08-34 247.25 248.00 0.75 0.23 1.19 0.06 0.51
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Table 2 - Cominga East Drillhole Locations
Final
Hole Easting Northing Azimuth Dip Depth
Number (UTM NAD83, Zone 18) (o) (o) (m)
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CMG-08-32 579203E 6824066N 334.0 -68 300.00
CMG-08-33 579203E 6824066N 334.0 -80 309.00
CMG-08-34 579203E 6824066N 334.0 -54 258.00
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The economic significance of Cominga East has not been determined and further exploration work is warranted. Methodologies used successfully at Cominga will be deployed elsewhere on the property during future campaigns.
(Property map available through
http://files.newswire.ca/357/CZZ_Property_Map.jpg)
Sampling and Assays
Core samples are either split or sawn on-site, individually sealed in bags and shipped off-site on a regular basis to the ALS Chemex laboratory in Val d'Or, Quebec for sample preparation. Analyses are performed at the ALS Chemex laboratory in Vancouver, British Columbia. Base metal analyses including Nickel and Copper are determined by sodium peroxide fusion with ICP-AES analysis. Platinum, Palladium and Gold analyses are determined by fire assay and ICP-AES finish. The company quality control (QA/QC) program includes regular insertions of blanks and standards. Reported values are uncut and composite intervals are reported as length along the core axis. Below detection limit assays are considered zero values when calculating composites for release purposes.
Qualified Persons
W. Grant Arnold (P.Geo.), Vice-president Exploration for Canadian Royalties Inc., is a Qualified Person in accordance with National Instrument (NI) 43-101, and is responsible for the geological information presented in this news release.
About Canadian Royalties and the Nunavik Nickel Project
Canadian Royalties has initiated the development of an independent, stand-alone nickel-copper mine on its Nunavik Nickel Project, located 20 kilometres south of Xstrata Nickel's Raglan Mine in Nunavik, Quebec. Canadian Royalties has received its Environmental Certificate of Authorization and Mine Leases for the Expo, Mesamax, Ivakkak and Mequillon sites.
Forward-looking Statement
This news release contains certain forward-looking statements or forward-looking information. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2007 and dated March 31, 2008. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of nickel, that the Nunavik Nickel Project is a technical viable and economic operation, that it can be successfully completed by the Corporation, that the Corporation will receive the required permits and access to surface rights, and that the Corporation can access financing, appropriate equipment, and sufficient labour. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Corporation does not undertake any obligation to update or publicly disclose any revisions to such forward-looking statements to reflect events, circumstances or changes in expectations after the date hereof, except as required by law. Accordingly, readers should not place undue reliance on forward-looking statements.