Knight Resources Ltd.: Drills Turning, Budget Increased on the West Raglan Nickel-Copper-PGE Project in Northern Quebec
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/05/10 -- 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