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| ||December 14, 2011|
Nanika Announces Rivett Lake Assay Results
| ||December 14, 2011 - Vancouver, British Columbia: Nanika Resources Inc. (TSXV:NKA) and (FSE:C7X) is pleased to announce that it has received assay results for its initial sampling programme on its 100 per cent owned Rivett Lake gold property in the Northwest Territories. |
Nanika's Rivett Lake property consists of 30 claims totaling 59,714.59 acres (24,165.72 hectares) and is approximately 30 kilometres southwest of the operating Snap Lake Diamond Mine and approximately 200 kilometers northeast of Yellowknife.
In 2010 Nanika completed a Rivett Lake airborne survey which involved low-level, high-resolution airborne magnetic surveys flown on 50 metre-spaced lines with a total survey distance flown of 5,800 line kilometers including line extensions across boundaries and contingencies by Special Projects Inc., a Calgary-based geophysical company. A report on the airborne magnetic survey has been completed by Martin St. Pierre, Professional Geophysicist of Coquitlam, British Columbia.
Results have been received from 53 rock samples taken from known showings and mineral occurrences that have been documented on the property. These samples were immediately flown to Yellowknife and stored in a secure facility before being submitted to Acme Analytical Laboratories in Yellowknife for analysis. Standard sampling protocol mandated the inclusion of blanks, standards and duplicates as a check on assays.
Highlights of this sampling included three anomalous gold samples from the Hart Lake west showing, 2 km west of Hart Lake. These samples assayed respectively 1.3, 5.4 and 2.1 grams per tonne gold, from 3 rock samples selected from two zones. Host rocks consist of felsic tuffs and agglomerates occupying a large outcrop area 100 metres in diameter surrounded by low swampy ground at the east end of Hart Lake. The felsic tuffs and agglomerates are moderately to strongly foliated, sericite-altered, often rusty-weathering, and contain from trace to 2% disseminated pyrite and occasional disseminated fine grained arsenopyrite. Gold and arsenopyrite appear to correlate well with each other. This type of geological environment is conducive to hosting volcanogenic massive sulphide base metal deposits, and archaean epithermal-related gold deposits. The style of gold mineralization at Hart Lake is broadly analogous to that at Seabridge Gold's 11 million ounce Courageous Lake deposit located 85 km to the north.
A sample from mafic volcanics on the southwest shore of Lac Du Rocher assayed 0.59% copper. Numerous other samples from the claims assayed in excess of 0.1% base metals.
A programme of airborne electromagnetic surveying for massive sulphides associated with copper, lead, zinc and silver mineralization and for nickel, copper and PGM mineralization associated with extensive gabbro intrusives is recommended for early next year. Follow-up on the airborne survey, and detailed mapping and sampling of the Hart Lake west showing and environs is recommended for next summer's field season.
Lou Covello, P. Geol. Of Aurora Geological and Geophysical Consultants in Yellowknife, a qualified person under National Instrument 43-101 will supervise the current project 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 focusing 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.
For further information contact:
Nanika Resources Inc. at 604-638-0699 or Toll Free at 1-866-580-0699
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. For further information investors should review the Company's filings that are available at www.sedar.com.
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