Knight Resources Ltd.: Drilling to Proceed at West Raglan
05 Marzo 2010 - 3:00PM
Marketwired
Mr. Harvey Keats, Chief Executive Officer of Knight Resources Ltd.
(TSX VENTURE: KNP)(FRANKFURT: KRL), reports that joint venture
partners Anglo American Exploration (Canada) Ltd. ("AAEC") and
Knight have finalized the design and planning of the 2010
exploration program for the West Raglan Project in Quebec. A budget
of $5,000,000 has been formally approved by both parties. In
addition, AAEC has agreed to allow Knight to earn back to its
original 49% interest in the joint venture, from its current 45.32%
interest, by funding an increased contribution to the 2010 budget.
The 2010 program will follow up the results of the 2009 field
program which successfully identified 21 targets in 5 new areas on
the property that are characterized by widespread ultramafic rocks,
geophysical responses and sulphide showings. The program will
explore targets primarily along the Raglan horizon, but also within
the Povungnituk Group. The objective of the project is to build on
the success to date at Frontier and to identify sufficient
resources to justify a stand-alone mine and mill operation. Two
drills will be active through the summer months, in addition to
carrying out further surface exploration. It is anticipated that
the program will commence in early June.
General Information:
The West Raglan Project is located within the Cape Smith Nickel
Belt of northern Quebec. The Cape Smith Belt also hosts Xstrata's
Raglan Nickel deposit which contains in excess of 35 million tonnes
grading 2.9% nickel in over 140 mineralized zones. Xstrata's Raglan
property is located 90 kilometres east of the West Raglan property.
Exploration work carried out by AAEC and Knight at West Raglan over
the past seven years, including 173 drill holes, has been
successful in discovering 12 mineralized zones in just one area,
known as Frontier.
The West Raglan Project is a joint venture between Anglo
American Exploration (Canada) Ltd. ("AAEC") (54.68%) and Knight
(45.32%). The project is located in northern Quebec and covers an
area of over 710 square kilometres, including approximately 65
kilometres of the Raglan Horizon along which extensive ultramafic
rocks have been identified. AAEC is the operator of the West Raglan
Project and is responsible for the sampling, submittal of samples
for assay and QA/QC. Robin Adair, VP of Exploration, is the
Qualified Person responsible for the technical information in this
news release.
ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.
Harvey Keats, CEO
Cautionary Statement:
Certain phrases in this news release are "forward-looking
statements." Forward-looking statements are identified by wording
such as "is anticipated" and "will", and apply specifically to the
timing and planning of the 2010 program on West Raglan which can be
negatively affected by weather, exploration results and contractor
performance among others. These statements involve known and
unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. This press release refers to information about
Xstrata's Raglan property on which the Company has no right to
explore or mine. Investors are cautioned that mineral deposits on
other properties are not necessarily indicative of mineral deposits
on Knight's properties. The reader is cautioned not to place any
undue reliance on any forward-looking statement or reference to
other properties.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Knight Resources Ltd. Andrea Magee (604) 684-6535
(604) 602-9311 (FAX) knight@bed-rock.com www.knightresources.ca
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