VANCOUVER, BRITISH COLUMBIA, Nov 05 (MARKET WIRE) --
Mr. Harvey Keats, Chief Executive Officer of Knight Resources Ltd. (TSX
VENTURE: KNP)(FRANKFURT: KRL), reports that the 2009 West Raglan program
has identified eighteen primary drill targets in five new prospective
areas that are characterized by strongly positive indications of nickel
mineralization along the Raglan Horizon and within the Povungnituk Group.
The summer field program was designed to investigate the 710 square
kilometre property for drill targets in addition to those identified from
drilling conducted in 2008 at the Frontier area. These target areas were
identified by prospecting, mapping, ground TDEM surveys and airborne
V-TEM. On these results, the joint venture technical committee is
recommending a $5,000,000 summer program for 2010 that will focus on
drill follow-up of the new targets. No drilling was conducted in 2009;
however two rigs remain on site.
The West Raglan Project, located in the Cape Smith Belt of northern
Quebec, is a joint venture between Anglo American Exploration (Canada)
Ltd. ("AAEC") and Knight. The Cape Smith Belt is host to in excess of 35
million tonnes grading 2.9% nickel in 140 mineralized zones in 10
distinct areas on Xstrata's Raglan property located 90 kilometres east of
the West Raglan property. Exploration work carried out by Anglo and
Knight 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 objective of the West Raglan Project has always been to
identify sufficient resources to justify a stand-alone mine and mill
operation. The 2009 program has been successful in identifying 5 new
target areas in addition to Frontier, increasing the probability of
meeting the project objectives.
Raglan Horizon:
A portion of the 2009 program was focused on prospective areas along the
65 kilometres of strike length of the Raglan Horizon that occurs on the
West Raglan Property. Mineralization along this horizon is characterized
by magmatic sulphide mineralization that typically exhibits Raglan-type
nickel tenors of between 3% and 15% nickel based on a calculation for
100% sulphides. The Raglan Horizon hosts all of Xstrata's resources.
Frontier Area Extension:
The Frontier area is characterized by a cluster of ultramafic intrusions
which host 12 known mineralized zones at the base of 3 distinct
ultramafic units. These units have been extended at least 1 kilometre to
the west on the basis of TDEM, detailed magnetic surveys and 3D magnetic
inversion modeling. Three primary drill targets have been chosen on
discrete TDEM/magnetic responses. In addition, follow-up of the results
of the 2008 drill program that returned 2.66% nickel, 1.10% copper over
36.43 metres in drill hole WR-08-164; (see news release dated November
24, 2008) is also under consideration.
Terrace:
Three drill targets have been defined on the basis of TDEM/magnetic
responses supported by newly discovered anomalous sulphide mineralization
in out-cropping ultramafic rocks (0.16% nickel with 0.37% sulphur, and
0.25% nickel with 0.49% sulphur). The targets are in the vicinity of a
boulder found in 2007 that assayed 1.61% nickel and 0.77% copper and 2.03
g/t platinum group elements.
CDC Area:
The CDC area is located 11 kilometres east of the Frontier area along the
Raglan Horizon where two target areas have been defined. Drill targets
have been chosen at six locations based on isolated TDEM/magnetic
anomalies at CDC and CDC southeast extension. All targets are associated
with ultramafic rocks mapped on surface, or where there is a strong
probability of ultramafic rocks in areas covered by glacial till. Weakly
disseminated nickeliferous mineralization (0.11% and 0.26% nickel with
1.9 and 1.6% sulphur respectively) in out-cropping ultramafic rock was
noted in the vicinity of two targets.
POV Region:
The POV region is a roughly 400 square kilometre region of Povungnituk
Group stratigraphy that occurs south of, and stratigraphically below, the
Raglan Horizon. Outcrop in this region is limited due to extensive
glacial till cover. Many airborne Spectrem (2004) and V-TEM anomalies
with high magnetic features remain unexplained. Ultramafic rocks in the
POV region can potentially host mineralization similar to Mezamax, Expo
Ungava, Ivakkak, Delta, Bravo and Getty, among others. Nickel
mineralization associated with this trend generally differs from
mineralization in the Raglan Horizon by somewhat lower nickel tenors (2%
to 7% nickel, calculated for 100% sulphides) and higher copper and
platinum group element concentrations related to sulphide mineralization.
East Potato area:
In follow-up of a massive sulphide boulder (2.54% nickel, 0.35% copper
and 2.15 g/t platinum group elements with 34.20% sulphur) found in 2005
and located 10 kilometres south of the Frontier area, a 432 line
kilometre V-TEM survey was completed and investigated with prospecting.
Ground follow-up identified mineralized nickeliferous ultramafic rocks at
two locations that graded 0.25% nickel, 0.15% copper, 0.14 g/t platinum
group elements with 1.88% sulphur; and 0.23% nickel, 0.05% copper with
1.63% sulphur respectively. On the basis of coincident V-TEM and magnetic
anomalies with supporting mineralization, six drill targets have been
identified within an 8 square kilometre area.
Boomerang:
Results from till geochemistry returned two clusters of anomalous nickel
and copper, up to three times background, 1.8 kilometres from the
Boomerang showing (0.79% nickel and 0.32% copper grab sample on surface
and 0.54% nickel, 0.11% copper, with 7.45% sulphur over 0.45 metres).
Follow-up of these anomalies with ground TDEM surveys is proposed during
the first part of the 2010 field program.
General Information:
The West Raglan Project is a joint venture between Anglo American
Exploration (Canada) Ltd. ("AAEC") (53.46%) and Knight (46.54%). The West
Raglan Project in Quebec covers over 710 square kilometres and includes
approximately 65 kilometres of the Raglan Horizon along which extensive
ultramafic rocks typically occur. AAEC is the operator of the West Raglan
Project and is responsible for the sampling, submittal of samples for
assay and QA/QC. Standards and blanks were added to each sample batch
under supervision of AAEC staff. The samples were shipped in secure
containers to ALS Chemex in Vancouver, British Columbia. Assaying of
samples reported in this news release was carried out and certified by
ALS Chemex (nickel, copper, cobalt and sulphur by sodium peroxide fusion
followed by ICP-AES) (Pb-FA for platinum, palladium and gold). Sample
preparation was done by ALS Chemex. Robin Adair, VP of Exploration, is
the Qualified Person responsible for the technical information in this
news release.
Corporate Matters:
The Company has granted 8,550,000 incentive stock options to certain of
its directors, officers, employees, and consultants exercisable at a
price of $0.10 per share for a period of one year. The Company has also
engaged Syndicated Capital Corp. ("SCC") of Vancouver, British Columbia,
to provide investor relations services to the Company. The Company has
agreed to pay SCC $5,000 per month, for an initial term of 6 months. Mr.
A. Salman Jamal of Vancouver, British Columbia is the principal of SCC.
The Company has granted 500,000 incentive stock options to SCC
exercisable at a price of $0.10 per common share for a period of one
year. The agreement is subject to the approval of the TSX Venture
Exchange.
ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.
Harvey Keats, CEO
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.
Harvey Keats
CEO
(604) 684-6535
(604) 602-9311 (FAX)
knight@bed-rock.com
www.knightresources.ca
Copyright 2009, Market Wire, All rights reserved.
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