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| | February 22, 2010
Nanika Receives Assay Results for Selected Intervals from First Drill Hole on the Sweeney Property of 2010
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| | February 22, 2010 - Vancouver, British Columbia: Nanika Resources Inc. (TSX-V: NKA and FSE: C7X) today announced that it has received assay results for part of hole S10-1 drilled on its 100% owned Sweeney claims located 115 kilometres by road south of Houston, British Columbia. Drill hole S10-1 is located approximately 3 kilometres due north of the Huckleberry open pit. Huckleberry produces copper and molybdenum concentrates and is operated by Huckleberry Mines Ltd., a subsidiary of Imperial Metals Corporation (50%) and a Japanese consortium.
A total of 718.22 metres of NQ diamond drilling in two holes, both from the same drill collar, have now been completed on the Sweeney claims. The following table gives the location, azimuth, inclination and length of these holes.
| Hole No. |
Easting |
Northing |
Elev(m) |
Azimuth |
Inclin |
Length (m) |
| S10-1 |
620651 |
5952484 |
970 |
270 |
-45 |
441.46 |
| S10-2 |
620651 |
5952484 |
970 |
215 |
-45 |
276.76 |
Visible copper mineralization was identified in three core intervals toward the bottom of hole S10-1. These intervals were subsequently split, sampled and submitted to Acme Labs for rush 36 element ICP-MS analyses. Analytical results confirm that copper is present in anomalous concentrations, as shown in the following table, with the highest value being 2,538 parts per million (ppm) Cu over 3 metres. No anomalous concentrations of other base or precious metals were detected. The remainder of drill hole S10-1 has now been split, sampled and submitted to Acme for analyses. Nanika expects to receive results for these samples in the next two to three weeks.
S10-1:
Interval |
From (m) |
To (m) |
Length (m) |
ppm Cu |
% Cu |
| 1 |
248.53 |
266.53 |
18.0 |
764.5 |
0.076% |
| including |
254.53 |
257.53 |
3.0 |
2538.4 |
0.254% |
| 2 |
332.53 |
353.53 |
21.0 |
746.7 |
0.075% |
| including |
341.53 |
344.53 |
3.0 |
1575.1 |
0.158% |
| 3 |
389.53 |
441.46 |
51.93 |
354.4 |
0.035% |
| including |
416.53 |
419.53 |
6.0 |
1201.0 |
0.120% |
Preliminary analytical results for hole S10-1 suggest there are zones of anomalous copper concentration on the Sweeney claims that, in part, correspond with an IP chargeability anomaly. Additional work will be required to determine the overall extent and grade of this copper mineralization.
Don MacIntyre, Ph.D,. P.Eng., a qualified person under National Instrument 43-101, is supervising Nanika's work program on the Sweeney property and has reviewed and approved the technical disclosure in this news release.
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and development Company focused on the advancement of its mineral properties, all of which are located within Canada.
On Behalf of the Board,
James D. Jacuta, Chairman, President and CEO
To receive Company news via email please contact chelsea@chfir.com and mention "Nanika Resources News" in the subject line.
For further information contact:
CHF Investor Relations at 416-868-1079
Christopher Haldane, Account Manager, at ext. 237, chris@chfir.com
Jeanny So, Director of Operations, at ext. 225, jeanny@chfir.com
Or Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699
http://www.nanikaresources.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: This news release concerns certain "forward-looking statements," including but not limited to, the statements regarding the Company's strategic plan, work programs and exploration budgets at the Company's Sweeney Project. The forward-looking statements express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with industry risks, environmental risks and hazards and other risks. |
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