NioGold is an extremely compelling gold play, management has a well thought out plan for success and they are operating in the heart of one of the most prolific gold producing areas in the world – 170 million ounces of gold have been pulled out of the Abitibi gold belt.
NioGold has consolidated a large 120 km2 land package in the heart of the Cadillac, Malartic and Val-d’Or gold mining camps. The Cadillac, Marlartic and Val-D’or gold camp projects have area mine production of 45 million ounces of gold.
The Malartic project holds NI 43-101 compliant Indicated resources of 600,000 ounces gold in addition to Inferred resources of 360,000 ounces gold. The gold resources are defined along a three-kilometre segment of a regional gold mineralised fault zone, in and around the former Marban, Norlartic and Kierens gold mines.
Marban deposit drilling - The 2011 first phase drill program demonstrated the continuity of the mineralisation between surface and -250 metres vertical depth, as well as the grade consistency, and led to the discovery of the Western High Grade Zone.
This first phase also identified the Eastern Down Dip Extension Zone which is located below -250 metres vertical depth and remains open at depth and laterally.
The second phase program will include 34,000 metres of diamond drilling, an updated mineral resource estimate and basic technical studies, including metallurgical testwork. Drilling commenced on December 13, 2011, and four drill rigs are currently in operation to expand the mineral resources of the Marban deposit.
A phase 1, 40,000-metre definition drilling program has begun on Niogold Mining Corp.'s Marban deposit, located on Niogold's 100-per-cent-owned Marban property in the Abitibi region of Quebec. The drill program has been initiated with three drills and may be accelerated with the addition of more drills as the need requires. The aim is to improve the current in-pit resource for 100% conversion to measured and indicated category. The current 43-101 compliant resource estimate was made by Mine Development Associates and released on August 15, 2013, where in-pit measured resources are of 6.4 Mt at 1.33 g/t Au for 275,000 ounces, indicated resources are of 18.2 Mt at 1.30 g/t Au for 760,000 ounces and inferred resources are of 10.9 Mt at 0.81 g/t Au for 284,000 ounces.
Additional drilling has been planned but not budgeted for a Phase 2 program scheduled to begin in Q3 2015. It is anticipated that the two programs will suffice for the confidence in physical and grade continuity that will lead to a PEA study scheduled to be completed at the beginning of 2016.
The Company is also pleased to announce the results of its Annual General Meeting held October 30, 2014. Over 60,000,000 common shares, or approximately 50.4% of the issued and outstanding shares, were voted in person or by proxy. All motions were approved, including the election of Messrs. Sean Roosen, Bryan Coates, Robert Wares, Michael Iverson and Peter Hawley as directors, the reappointment of the current auditors, the re-approval of the Company's amended stock option plan and the amendment of the Company's Articles to implement advance notice provisions for the nomination of directors.
Following the meeting, the Board appointed Mr. Roosen as Chairman, Mr. Wares as President and CEO, Mr. Jonathan Richards as CFO and Corporate Secretary, Mr. Iverson as Vice President Corporate Communications and Mr. Yan Ducharme as Vice President Exploration.
The Company also announces that it has granted incentive stock options to purchase up to 800,000 common shares of the Company, exercisable at $0.25 per share with a term of five years, to directors, officers and consultants of the Company. The grant remains subject to the approval of the TSX Venture Exchange.
The Marban exploration program is being conducted under the supervision of Yan Ducharme, M.Sc., and P.Geo. (OGQ), NioGold's Vice-President Exploration and a Qualified Person as defined by National Instrument 43-101. Mr. Ducharme has reviewed and approved the technical contents of this news release.