TORONTO, ONTARIO--(CCNMatthews - Oct. 13, 2005) - CROWFLIGHT MINERALS INC. (TSX VENTURE:CML) is pleased to announce results from the next two holes from its surface diamond drill program on the Bucko Deposit, Thompson Nickel Belt ("TNB"), Manitoba (Figure 1). DDH BK05-12 returned 1.60 percent nickel and 5.25 percent nickel over drill lengths of 5.0 metres and 9.6 metres, respectively. DDH BK05-17 returned 3.15 percent nickel over a drill length of 21.4 metres The first three holes from this program, announced September 20, 2005, intersected nickel values of from 2.01 percent nickel to 5.11 percent nickel over drill lengths of 56 metres and 11.7 metres, respectively in holes BK05-09 and BK-05-11. Results of significant intersections are illustrated in Table 1.
The program, which commenced in mid July is designed to drill 10 to 12 holes from surface to test areas with the potential to host higher grade nickel mineralization over greater thicknesses below 305 metres (depth of existing historical exploration workings) to about 450 metres depth. The enhanced grade - thickness target areas are the product of contouring the more widely spaced historical holes. These holes indicate at least two potential corridors of higher grade-thickness nickel mineralization contiguous and at slightly greater depth to the current Indicated Resources in the deposit (refer to Figure 2 - Summer 2005 Surface Drill Program - Surface Plan and Longitudinal Section). Initial results from the program are consistent with the results expected from these corridors. Should Crowflight be successful in further defining the additional and enhanced grade-thickness mineralization from this drilling, this material will be brought into the mine plan in the feasibility study currently nearing completion.
As a result of the early success of this drilling and the potential impact of this additional high grade tonnage on the economics of the deposit, a second drill rig has been mobilized to site to assist in advancing the drilling. Crowflight believes there is the potential to add as much as 300,000 tonnes of Indicated Resources through this work. Assuming a 2percent nickel grade (versus the higher grades intersected), this would translate into a per pound discovery cost of about US$0.07 per pound of nickel. Year to date nickel has averaged about US$7.00 per pound on the London Metal Exchange.
Jean Lafleur, Vice President Exploration of Crowflight stated: "With the addition of hole BK05-17 we have illustrated the potential to extend the Indicated Resource with higher grade material in the South Plunge Zone an additional 100 metres down-dip. Drilling on this first phase of testing the down dip extensions at Bucko is expected to stop early next week for a two week break following the completion of an additional two holes. Results are pending from six holes of this program testing both the South Plunge and North Plunge Zones and should be available over the coming weeks. Upon the return of the drill contractor and Crowflight's field geological team, drilling is expected to resume further testing down dip and lateral extensions in a number of additional target areas. These areas all have potential to add to the Indicated Resources in areas contiguous with the known Indicated Resources with excellent potential to expand the Indicated Resource. We envision this drilling proceeding to at least the end of 2005 with two drill rigs on site."
Table of Significant Assay Results Bucko Deposit, Thompson Nickel Belt
Summer 2005 Drilling
--------------------------------------------------------------------- Drill Core Core Hole From To Length Length Nickel Copper PGE's(1) --------------------------------------------------------------------- (metres) (metres) (metres) (feet) (%) (%) (gpt) BK05 - 09 321.2 377.2 56.0 183.8 2.01 0.13 0.55 (including) 357.3 371.3 14.0 45.9 4.44 0.16 0.98 (including) 341.1 349.0 7.9 45.9 1.72 0.17 0.42 BK05 - 10 532.9 537.9 5.0 16.4 1.62 0.06 0.28 and 568.0 576.0 8.0 26.2 1.24 0.05 0.26 (including) 568.0 572.0 4.0 13.1 1.53 0.06 0.36 BK05 - 11 346.0 366.7 20.7 67.8 3.28 0.25 1.05 (including) 350.0 366.7 16.7 54.8 3.82 0.29 1.22 (including) 355.0 366.7 11.7 38.5 5.11 0.40 1.62 BK05 - 12 427.0 430.0 3.0 9.9 1.28 0.11 0.39 and 459.0 464.0 5.0 16.5 1.60 0.12 0.57 BK05 - 17 368.7 392.0 21.4 70.4 3.15 0.12 0.78 (including) 377.0 386.6 9.6 31.6 5.25 0.15 1.19 and 415.4 429.2 13.8 45.5 1.67 0.14 0.61 ---------------------------------------------------------------------
Values in bold are those holes reported from this press release, other holes are from press release of September 20, 2005
(1) Combined platinum and palladium values
Qualified Person/Quality Control Notes
This press release has been reviewed by Mr. Peter Karelse, P. Geo., Manager Project Development and Mr. Jean Lafleur, P. Geo., Crowflight's VP Exploration, Qualified Persons under the NI 43-101 guidelines. Drill core logging, sampling and assaying of NQ-size diamond drill core occurred at intervals of 0.3 to 1.5 metres in length. Core was then sawed in half, bagged and tagged at the Falconbridge core logging facility in Wabowden, Manitoba. Sample intervals are then submitted to ALS-Chemex laboratory in Vancouver for fire-assay performed on gold and Platinum Group Elements (PGE's) which undergo an ICP-AES Finish and Sodium Peroxide Fusion. All other metals undergo an ICP-AES finish. Standards and blanks are submitted with each sample batch. Crowflight uses the sample preparation, assay protocol, and database verification and validation (QA/QC program) developed by Falconbridge's Senior Geologist Robert Banville for the Winter 2005 drill program.
Terms of Crowflight's Agreements with Falconbridge
Under its agreements with Falconbridge Limited (Falconbridge), Crowflight has an option to earn:
1. A 100% interest in the Bucko Nickel Deposit (refer to Figure 1, Location Map) by completing a Bankable Feasibility Study, arranging financing and bringing the deposit into production. To be eligible to earn its interest in the Bucko Deposit, Crowflight must fund minimum exploration commitments in the 190 square kilometre Thompson Nickel Belt South ("TNB South") Project area of C$10.5 million prior to December 31, 2006. By spending the C$10.5 million on exploration and completing a Bankable Feasibility Study on the Bucko Deposit, Crowflight will at that time have earned a 25% interest in all TNB South Projects including the Bowden Lake Deposit, a 50% interest in the Bucko Deposit and have, subject to financing to production, the right to earn a 100% interest in the Bucko Deposit. To date C$4.5 million of the C$10.5 million required has been funded by Crowflight. In addition, Crowflight has the option to earn a 50% interest in all of the TNB South Projects by funding an additional C$7.0 million in exploration to December 31, 2008. Falconbridge would retain a 2.5% NSR royalty from Bucko and has the right and option to purchase the concentrates from Bucko at competitive purchase terms.
2. A 50% interest in Falconbridge's share of approximately 250 square kilometres of exploration ground located adjacent to Inco's Thompson and Birchtree nickel mines (refer to Figure 1 - Location Map, Thompson Nickel Belt Properties) near Thompson, Manitoba ("TNB North Project"). To earn this interest, Crowflight must fund C$5.0 million in exploration expenditures to December 31, 2008. To date C$1.2 million of the C$5.0 million has been funded by Crowflight.
Crowflight - The Base Metal Builder
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Nickel Deposit; (2) an earn-in option with Falconbridge Limited on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes @ 1.5% Nickel, 2% Cu, 4.8 g/t PGM's); (2) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 km south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes @ 3.5% Cu, 1.7% nickel, 0.8 g/t Au, 4.1 g/t PGM's); and (3) the 100% owned Peter's Roost Property.
Further information is available on the Company's web site at www.crowflight.com.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. Total Shares Outstanding: 98.6MM
Fully Diluted: 137.7MM
52-Week Trading Range: C$0.18 - $0.41
NOTE: Figure 1 and Figure 2 are available on CCNMatthews' website at the following link: http://www.ccnmatthews.com/doc/cml1013w.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Crowflight Minerals Inc.
President and CEO
(416) 861-8165 (FAX)
Crowflight Minerals Inc.
Vice President Exploration