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.
Robert Wares has been appointed president and chief executive officer of Niogold Mining Corp. Michael Iverson will be assuming the office of executive vice-president, business development, and will remain on the board of directors.
Mr. Wares is a professional geologist with over 35 years experience in mineral exploration and development. He was responsible for the discovery of the Canadian Malartic bulk-tonnage gold deposit, which was subsequently developed by Osisko Mining Corp. into one of Canada's largest gold producers.
Mr. Wares stated: "I am very pleased to take on the new leadership of Niogold. The company holds excellent properties in the Abitibi gold belt, including its flagship Marban property located just 15 kilometres northeast of the Canadian Malartic mine. I plan to focus efforts on increasing gold resources on this property with the longer-term objective of transitioning Niogold into the Abitibi's next gold producer."