|January 18, 2010|
Heatherdale Drilling Continues To Expand New Discovery Of High-Grade, Precious Metals-Rich Mineralization At Niblack
January 18, 2010, Vancouver, BC -- Heatherdale Resources Ltd. ("Heatherdale" or the "the Company") (TSXV: HTR) announces that additional intersections of high-grade copper-gold-silver-zinc mineralization have been encountered in underground drilling at the Niblack Project in southeast Alaska. The drill program continues to expand a new precious-metals enriched mineral body recently discovered to the southwest of the Lookout Deposit; one of six known volcanogenic massive sulphide ("VMS") deposits within the 10 square mile Niblack property.
Assays from the first six holes of an ongoing 25,000-foot drill program have been received. Results from the first three holes were highlighted in Heatherdale's December 17, 2009 release. Important intersections from the next three holes are presented in the Niblack Assay Table below. A cross section showing the drill holes is available at www.heatherdaleresources.com.
NIBLACK ASSAY TABLE
1 Copper equivalent (CuEQ) calculations use metal prices of Cu US$1.85/lb, Au US$800/oz, Ag US$12.75/oz and Zn US$0.80/lb.
The initial six holes (U029 -- U034) were drilled in a fan pattern from an underground set-up designed to cross-cut the mineralized target zone southwest of the known Lookout Deposit. To date, the true widths of the intersections have not yet been accurately established. Mineralized intersections in holes U032, U033A and U034 are located on section, up to 130 feet above and 95 feet below the intersections encountered in the previously announced holes. The results from all six holes, as well as those from two holes drilled by joint venture partner CBR Gold Corp. in 2008 (U027 and U028), are included in the Niblack Assay Table attached.
Heatherdale has now initiated a second series of underground drill holes, utilizing a fan drill pattern at stations along the wide open extension of the newly discovered high-grade mineral body. Hole U035, the first hole in the second fan, is nearing completion and has intersected massive sulphide mineralization approximately 100 feet further along strike. Assay results from holes on this second fan will be released when they are received. In order to accelerate the drilling program, a second underground diamond drill rig and crew has been mobilized and is expected to be fully deployed this month.
"The first fan of underground drill holes has certainly demonstrated a continuity of high-grade, precious-metals enriched VMS mineralization southwest of the Lookout Deposit that confirms the geological model that has been constructed based on a reinterpretation of historical drilling and analyses," said David Copeland, President and CEO of Heatherdale. "What's perhaps more exciting is that we haven't yet determined the outer dimensions of this thick high-grade copper-gold-silver-zinc mineralized body. It is still wide open."
Niblack's location at tidewater on Prince of Wales Island in southeast Alaska presents a number of project benefits, including year-round marine access, a well-trained labour force, a mature supply and service sector, proximity to Asian markets, and the support of community and Alaska Native corporation partners. The project is located 27 miles (44 kilometres) from Ketchikan, a community of 8000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources' 'Large Mine Permitting Team'. For reference, Hecla's Greens Creek, a 2,100-ton per day underground massive sulphide mine, operates 225 miles (370 kilometres) to the northwest of Niblack on Admiralty Island.
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing the high-grade mine development opportunity at the Niblack Project. The Company will earn up to a 70% interest from CBR Gold Corp. by expending US$25 million and completing a Feasibility Study on the Niblack Project. Heatherdale is affiliated with the Hunter Dickinson group, a private company associated with successful mineral exploration and development projects around the world.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Heatherdale and has reviewed the content of this release.
For further details on Heatherdale Resources Ltd., please visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
On behalf of the Board of Directors
David Copeland, P.Eng. President and CEO
NIBLACK ASSAY TABLE
1 Copper equivalent calculations use metal prices of Cu US$1.85/lb, Au US$800/oz, Ag US$12.75/oz and Zn US$0.80/lb.
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