investor15
13 years ago
Northern Abitibi Wins Explorer of the Year Award in Newfoundland
CALGARY, ALBERTA--(Marketwire - Nov. 12, 2010) - Northern Abitibi Mining Corp. (TSX VENTURE:NAI - News; "Northern Abitibi") is pleased to announce it has been awarded the Prospector/Explorer of the Year Award by the Canadian Institute of Mining, Metallurgy and Petroleum, Newfoundland Branch.
The award was presented to Dr. Shane Ebert on behalf of Northern Abitibi at the annual Newfoundland and Labrador Mineral Resources Review Conference in St John's, Newfoundland on November 6, 2010. Northern Abitibi earned the award for its role in the discovery and delineation of a new gold deposit at the Viking Project, Newfoundland. Newfoundland based prospector Paul Crocker was a co-winner of the award for his outstanding contributions at the Viking Project and elsewhere in Newfoundland and Labrador.
Northern Abitibi would like to acknowledge and thank the Government of Newfoundland and Labrador for its $100,000 funding contribution under the Junior Exploration Assistance Program. These monies have been put back into the 2010 exploration program and have enabled the company to make significant additional exploration progress at Viking. Final results from the 2010 drill program at Viking will be available for release shortly.
sende99
14 years ago
Anyone have any comments on the news this am:
CALGARY, ALBERTA--(Marketwire - June 22, 2010) - Northern Abitibi Mining Corp. (TSX VENTURE:NAI - News; "Northern Abitibi") is pleased to provide assay results for drill holes 47 to 52 from its ongoing drill program at the Viking gold property in Newfoundland.
There are currently two diamond drill rigs working at Viking in addition to a surface trenching and mapping program. A location map showing the 2010 drill holes is available in the Map Gallery on our website at www.naminco.ca. The current round of drilling is focused on both infilling and expanding the known gold bearing zone along the Thor Trend.
Drill Results
Holes 47 to 52 have all encountered gold-bearing intervals over significant widths, and the results are summarized in the table below. Hole 47 encountered anomalous gold throughout most of its 200 metre length including 0.7 grams per tonne (g/t) gold over 19.5 metres and a second zone grading 0.5 g/t gold over 13.5 metres. The hole ended in mineralization grading 0.9 g/t gold over 1 metre. Hole 48 intercepted 2 high grade intervals including 6.0 g/t gold over 0.9 metres and 7.6 g/t gold over 0.4 metres. Hole 50 encountered anomalous gold throughout its 47 metre length, including 1.3 g/t over 6 metres.
Summary of select drill intercepts from holes 47 to 52 - Viking Project
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Drill Hole From (m) To (m) Width (m)(i) Au g/t
---------------------------------------------------------------------------
Hole 47 102.1 121.6 19.5 0.7
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Hole 47 133.4 134.1 0.7 3.8
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Hole 47 151.5 165.0 13.5 0.5
---------------------------------------------------------------------------
Hole 47 199.0 200.0 1.0 0.9
---------------------------------------------------------------------------
Hole 48 41.8 42.7 0.9 6.0
---------------------------------------------------------------------------
Hole 48 47.8 55.4 7.6 0.7
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Hole 48 76.5 76.9 0.4 7.6
---------------------------------------------------------------------------
Hole 49 135.8 161.2 25.4 0.5
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including 146.6 147.2 0.6 3.6
---------------------------------------------------------------------------
Hole 50 10.0 16.0 6.0 1.3
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Hole 51 66.5 147.4 80.9 0.7
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including 104.5 105.0 0.5 4.7
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including 123.5 147.4 23.9 1.2
---------------------------------------------------------------------------
including 123.5 135.6 12.1 2.0
---------------------------------------------------------------------------
including 134.6 135.6 1.0 13.2
---------------------------------------------------------------------------
Hole 52 32.0 94.3 62.3 0.8
---------------------------------------------------------------------------
including 70.0 78.5 8.5 2.4
---------------------------------------------------------------------------
and 127.1 134.2 7.1 0.9
---------------------------------------------------------------------------
(i) The true widths of the mineralized intercepts have not been determined
Holes 51 and 52 have encountered larger zones of mineralization at depth than have been recognized previously along the Thor Trend. Hole 51 encountered a quartz vein with visible gold which returned 13.2 g/t over 1.0 metre. Hole 51 was 215 metres in length and of that 158.9 metres was sampled for assay. The hole had the longest continuously mineralized core interval intersected on the project to date with 80.9 metres grading 0.7 g/t gold.
Excluding lower grade intervals, drill hole 51 had cumulative mineralized intervals totalling 40.3 metres in length and averaging 1.2 g/t gold. Hole 52 was 205 metres in length of which 194.9 metres was sampled for assay. Hole 52 encountered a long continuously mineralized interval of 62.3 metres grading 0.8 g/t gold followed by a second shorter interval of 7.1 metres grading 0.9 g/t gold. Excluding lower grade intervals, hole 52 had cumulative mineralized intervals totalling 42.05 metres in length and averaging 1.2 g/t gold. Both holes 51 and 52 contained intervals with visible gold.
The company is very pleased with the results to date as they demonstrate good continuity between previously drill tested portions of the Thor Trend. In addition, portions of the Trend are showing larger zones of mineralization than previously encountered, highlighting the bulk minable potential of the system.
Exploration Update
Over 2600 metres of core in 16 holes has been drilled during the 2010 program to date (holes 46 to 61). Assay results have been received for holes 45 to 52. Drill holes 53 to 61 have been logged and sampled and have been sent to the laboratory for assay. Drill holes 62 and 63 are currently in progress. Additional assay results will continue to be released through the program as they are received and compiled.
A surface exploration program is underway and several new zones of alteration and mineralization outside of the Thor Trend have been discovered by trenching. These new discoveries are currently being mapped and sampled and the best targets are scheduled to be drill tested in July.
The Viking Property
The Viking Property contains numerous high grade veins within larger bulk tonnage style zones of gold mineralization located within a 3 to 4 kilometre long gold-in-soil anomaly. Drilling highlights from previous drilling programs include high grade intercepts of 5.75 metres grading 33.7 g/t gold, 3.7 metres grading 50.1 g/t gold, 0.5 metres grading 218.8 g/t gold as well as lower grade intercepts including 27 metres grading 7.9 g/t gold, 23.0 metres grading 5.1 g/t gold, and 57.4 metres grading 2.8 g/t gold. The Viking property is located in the mining friendly jurisdiction of Newfoundland and Labrador and has excellent access and local infrastructure, with a paved highway and power line located less than one kilometre from the project. Northern Abitibi has a 100% property interest in the Viking project subject to a 2% to 4% sliding scale net smelter royalty held by Altius Resources. A detailed description of the Viking project is available on our website (www.naminco.ca).
Quality Control
All drill core is logged, photographed, and cut in half with a diamond saw. Half of the core is bagged and sent to Accurassay Laboratories for analyses while the other half is archived and stored on site for verification and reference purposes. Gold is assayed by standard fire assay methods with 36 additional elements analyzed by Induced Coupled Plasma (ICP). Samples with greater than 5 g/t gold are re-assayed using a metallic sieve procedure to reduce the nugget effect created by free gold particles in the samples.
Duplicate samples, blanks, and certified standards are included with every sample batch and then checked to ensure proper quality assurance and quality control (QA/QC). Select samples are also sent to an outside laboratory for independent analyses as part of a check assay procedure.
Northern Abitibi
Northern Abitibi's technical team of experienced, professional geologists is committed to assembling and advancing a portfolio of gold and base metal projects from opportunities within Canada, Mexico and the United States. Northern Abitibi is focused on identifying high potential North American projects and exploring and developing them in a responsible and cost-effective manner.
Dr. Shane Ebert, P.Geo., is the Qualified Person responsible for the preparation of this news release.
Shane Ebert, President/Director
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Contact:
Shane Ebert
Northern Abitibi Mining Corp.
1.250.964.2699
Jean Pierre Jutras
Northern Abitibi Mining Corp.
President/Director
1.403.233.2636
Aerobleu
14 years ago
News - May 27, 2010
Northern Abitibi Continues to Intersect High Grade Gold at Viking Including 41.6 Grams Per Tonne Gold Over 0.45 Metres
CALGARY, ALBERTA--(Marketwire - May 27, 2010) - Northern Abitibi Mining Corp. ("Northern Abitibi") (TSX VENTURE:NAI) is pleased to provide assay results for drill hole 46, the first hole completed during the 2010 exploration program at the Viking gold property in Newfoundland.
Drilling commenced at Viking in early May utilizing HQ size core and to date 7 holes (holes 46 through 52) have been completed as part of the ongoing 2010 exploration program. A location map showing the 2010 drill holes is available in the Map Gallery on our website at www.naminco.ca. The current round of drilling is focused on both infilling and expanding the known gold bearing zone along the Thor Trend.
Drill Results
Hole 46 was drilled at an angle and tested the northern part of the Thor Zone immediately adjacent to mineralization exposed at surface. The hole intersected strong alteration and quartz veining with several zones containing visible gold. Hole 46 returned 38.9 metres grading 1.0 grams per tonne (g/t) gold from 9.6 to 48.5 metres depth, including 12.75 metres grading 2.3 g/t gold, and 0.45 metres grading 41.6 g/t gold. The company is very pleased with the results from drill hole 46 as they demonstrate good grade and continuity between previously drill tested portions of the Thor Trend.
/T/
Summary of select drill intercepts from hole 46 - Viking Project
----------------------------------------------------------------------------
Drill Hole From (m) To (m) Width (m)(i) Au g/t
----------------------------------------------------------------------------
Hole 46 9.6 48.5 38.9 1.0
----------------------------------------------------------------------------
including 9.6 22.35 12.75 2.3
----------------------------------------------------------------------------
including 15.0 15.45 0.45 41.6
----------------------------------------------------------------------------
including 18.5 18.9 0.4 7.5
----------------------------------------------------------------------------
/T/
(i)The true widths of the mineralized intercepts have not been determined
Exploration Update
Drill holes 47 to 49 have been logged and sampled and have been sent to the laboratory for assay. Drill holes 50 and 52 are being logged and sampled and will be sent for assay shortly. The drill is currently working on hole 52. Additional assay results will continue to be released through the program as they are received and compiled.
A surface exploration program, including trenching mapping and sampling, will commence this weekend. A second drill rig is scheduled to be mobilized to the property on May 31st.
Northern Abitibi would like to acknowledge and thank the Government of Newfoundland and Labrador for its $100,000 funding contribution under the Junior Exploration Assistance Program toward the 2009 exploration program at Viking.
The Viking Property
The Viking Property contains numerous high grade veins within larger bulk tonnage style zones of gold mineralization located within a 3 to 4 kilometre long gold-in-soil anomaly. Drilling highlights from previous drilling programs include high grade intercepts of 5.75 metres grading 33.7 g/t gold, 3.7 metres grading 50.1 g/t gold, 0.5 metres grading 218.8 g/t gold as well as lower grade intercepts including 27 metres grading 7.9 g/t gold, 23.0 metres grading 5.1 g/t gold, and 57.4 metres grading 2.8 g/t gold. The Viking property is located in the mining friendly jurisdiction of Newfoundland and Labrador and has excellent access and local infrastructure, with a paved highway and power line located less than one kilometre from the project. Northern Abitibi has a 100% property interest in the Viking project subject to a 2% to 4% sliding scale net smelter royalty held by Altius Resources. A detailed description of the Viking project is available on our website (www.naminco.ca).
Quality Control
All drill core is logged, photographed, and cut in half with a diamond saw. Half of the core is bagged and sent to Accurassay Laboratories for analyses while the other half is archived and stored on site for verification and reference purposes. Gold is assayed by standard fire assay methods with 36 additional elements analyzed by Induced Coupled Plasma (ICP). Samples with greater than 5 g/t gold are re-assayed using a metallic sieve procedure to reduce the nugget effect created by free gold particles in the samples.
Duplicate samples, blanks, and certified standards are included with every sample batch and then checked to ensure proper quality assurance and quality control (QA/QC). Select samples are also sent to an outside laboratory for independent analyses as part of a check assay procedure.
Northern Abitibi
Northern Abitibi's technical team of experienced, professional geologists is committed to assembling and advancing a portfolio of gold and base metal projects from opportunities within Canada, Mexico and the United States. Northern Abitibi is focused on identifying high potential North American projects and exploring and developing them in a responsible and cost-effective manner.
Dr. Shane Ebert, P.Geo., is the Qualified Person responsible for the preparation of this news release.
Shane Ebert, President/Director
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
wimzieguy
14 years ago
I am saying that, based on my very conservative #'s, it will be $1 before year end. Now, from here it will all depend upon the results we get from upcoming 65 holes. If the grades are high, and they are able to identify new zones (other than THOR trend), we may hit $3-4 dollars in few months (say by mid next year).
Please try to login to Stockhouse forum or Vantagewire forums. They are much professional and easy to use than this one.
wimzieguy
14 years ago
Did this evaluation 2 weeks ago...
***********************************
March 11th Underworld Resources (TSX: V.UW, Stock Forum) became the target of a takeover by Kinross, which valued the company at $2.62/share. We have not followed this company in the past, but it’s important because we need to learn from it.
Underworld's resource estimate (for its property in Canada's Yukon) defined Indicated Resources of 1,005,000 ounces at 3.2 g/t Au with an additional 407,000 ounces of Inferred Resources at 2.5 g/t. Its Golden Saddle Deposit has a footprint of 580 m along strike and up to 560 m down dip. The two deposits are exposed at surface, open at depth and along strike, and may be amendable to open pit mining.
The Kinross transaction values the fully-diluted share capital of Underworld at approximately $139 million.
Just short of $100/oz, this is one of the higher numbers (per ounce of gold) we have seen for an early stage exploration company (in the range of 1 to 2 million ounces).
I typically try to use a minimum benchmark of 2.0 to 2.5 g/t gold for determining if open pit gold deposits are economic. In this case, Kinross saw value in the 2.5 to 3.2 range. This validates the previous grades I have used but the value per ounce (once a company approaches 1 million ounces) is much higher than the $25 to $35 per troy ounce we have used in past years.
The stability of Canada carries value, but operating costs are also higher than other regions of the world. So there is an obvious trade off.
Relevance to NOMNF
We need to pay close attention now to companies like NOMNF.
NAI Gold - 62 million shares x 0.165 cents per share = market cap of $10.23 million but $1.6 million is in cash. This values its potential gold deposits at $8.63 million
Because Kinross saw value at $100/oz., it should be safe to use $60/oz for any deposits near 1 million ounces - where a company is still in the early exploration stage.
Assuming NAI hits 1 million ounces this year, we can assign a potential value of $60 million or approx. $1/share. This number could be significantly higher if a mid or large tier producer takes interest and/or the drill results continue to hit long intersections of high grade gold. This would indicate the potential could move well in excess of 1 million ounces.
If it hits 1 million ounces and its worth $100/oz, the stock is worth $1.61. However, we will target $60 per ounce of gold to establish a realistic (initial) target.
The company has an aggressive drill program running into the summer so we will be watching very closely.
Northern Abitibi - NAI.V
# of Shares 62000000 62000000 62000000
Current Share Price 0.2 0.2 0.2
Market Cap 12400000 12400000 12400000
# of Oz in SITU 1000000 1000000 1000000
Price/ounce $ offer 60 100 160
Potential Value 60000000 100000000 160000000
Projected Share Price 0.967741935 1.612903226 2.580645161
% Growth Expected 484% 806% 1290%
NAI Evaluation based on THOR trend parameters:
1000m x 60m x 250m = 15,000,000 cubic meters
15,000,000 m3 x approx. 2.8 ton/m3 (for crushed rock) = 42,000,000 tons
42,000,000 tons x 5 gr/t = 210,000,000 grams of gold
210 Million grams / 31.1 grams/troy oz = 6,752,411 million ounces of gold
Enjoy the ride!
lazordude
14 years ago
i cant mention the posters name, but, we are talking 3-5 kilometers, which is roughly 4 miles x 1/2 mile wide of a trending gold vein system, some are 29 metres of 7.9gpt gold and there are .5 meters of 330 gpt gold. they are also hitting consistent 2-3 gpt on average at depth. lets put it this way, all 45 drill holes hit gold. go to their website NAMINCO.COM and check out the vikeing property, lower left is the link. if they prove up 2 m -12 m oz of gold, we will still be working or were going to have an early retirement. remember ARU.V they had 16 m oz of gold, that stock went from .44 -$45.00, and then there was crystalex. Newfoundland is politically safe and mining friendly.
lazordude
14 years ago
stay strong , on this one, they been drilling at depth, and still finding gold. theyre averageing 2gpt, but their hitting super high grade deposits,, sauch as 27 metres of 7.9 gpt, and many more pockets 130gpt. i wish, they were drilling now, but, they usually researve a few months in the winter, for bussiness activities and logistics, drill targets, drilling contractors, infrastucture, finance. so please understand, what goes on, at this time of year.i expect this company, willturn many heads, with more results.
lazordude
14 years ago
see that chart at 3:30 pm, that was my trade for 25k, no, im not employed or affiliated with northen abitibi,im just a firm believer, that, they will eventually come up with 2 m oz of gold.maybe more! im at least looking for a 5 bagger in 2010. p.s a ten bagger is possible with a estimated n43-101 resource.
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Renee
7 years ago
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