Knight Resources Ltd.: Drills Turning, Budget Increased on the West Raglan Nickel-Copper-PGE Project in Northern Quebec
July 05 2010 - 4:00PM
Marketwired
Mr. Harvey Keats, Chief Executive Officer of Knight Resources Ltd.
(TSX VENTURE: KNP)(FRANKFURT: KRL), reports that drilling has
commenced on the 710 square-kilometre West Raglan Project located
within the Cape Smith Nickel Belt ("CSNB") in northern Quebec. The
property covers widespread occurrences of ultramafic rocks in both
the Raglan Horizon and the Povungnituk Group which are known to
contain nickel mineralization throughout the CSNB.
Two drills are active on the project and will investigate
targets primarily along the 65 kilometre strike length of Raglan
Horizon which is present on the property. Other areas within the
Povungnituk Group, which underlies the Raglan Horizon, are being
finalized for possible drilling later in the season. Generally,
targets of interest are characterized by the occurrence of
ultramafic rocks, geophysical responses, and sulphide showings. In
addition to drilling, the 2010 program also includes continued
target development through field surveys over favorable magnetic
trends and occurrences of ultramafic rocks within the Povungnituk
Group and along the Raglan Horizon.
The West Raglan Project is a joint venture between partners
Knight and Anglo American Exploration (Canada) Ltd. ("AAEC"). Based
on an expanded program presented to the joint technical committee,
a revised budget of $5,750,000 has been approved for 2010.
Following the completion of the program, Knight will have earned
back its original 49% interest in the project by funding an
increased contribution to the 2010 budget. The objective of the
project is to build on the success to date in the Frontier Area and
to identify sufficient resources to justify a stand-alone mine and
mill operation.
General Information:
The West Raglan Project is a joint venture between AAEC (54.68%
- current interest) and Knight (45.32% - current interest). The
property is located 90 kilometres west of the Xstrata's Raglan
Nickel deposits which contain in excess of 35 million tonnes
grading 2.9% nickel in over 140 mineralized zones. 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 the Frontier Area. 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 "will" or a future context relating to expected actions
and/or results applying specifically to the 2010 program on the
West Raglan Project 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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