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| | January 26, 2010
Nanika completes drilling on the Ted and Sweeney properties
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| | Nanika Resources Inc. (TSX-V: NKA and FSE: C7X) is pleased to announce that diamond drilling has now been completed on its 100% owned Ted and Sweeney claims located 115 kilometres by road south of Houston, British Columbia. The area of drilling on the Ted claims is centered 4.2 kilometres northeast of the Huckleberry open pit. Huckleberry produces copper and molybdenum concentrates and is operated by Huckleberry Mines Ltd. a subsidiary of Imperial Metals Corporation (50%) and a Japanese consortium.
Diamond drilling on the Ted claims began on November 26, 2009 and was shut down for the holiday period on December 21, 2009 and resumed on January 16, 2010 with drilling completed on January 26, 2010. Nanika will review the results of the drilling and determine if additional work is warranted. Drilling was done by More Core Diamond Drilling Services Ltd. of Stewart B.C.
A total of 1,992.91 metres of NQ diamond drilling comprising 1,274.80 meters in 4 drill holes has been completed on the Ted claims and an additional 718.11 metres of drilling in two holes, both on the same drill site, has been completed on the adjacent Sweeney claims. Two drill holes encountered thick overburden on the Ted claims. The following table is a summary of the holes completed to date.
Property |
Hole No. |
Easting |
Northing |
Elev.(m) |
Azimuth |
Inclin. |
Length (m) |
Casing (m) |
Notes |
Ted |
1 |
623607 |
5953863 |
997 |
99 |
-55 |
69.64 |
69.64 |
hole lost |
Ted |
2 |
623669 |
5953857 |
999 |
- |
-90 |
190.76 |
109.01 |
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Ted |
3 |
623400 |
5953876 |
988 |
- |
-90 |
0.00 |
0.00 |
hole lost |
Ted |
4 |
623254 |
5954017 |
988 |
360 |
-60 |
160.48 |
39.36 |
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Ted |
5 |
623102 |
5954089 |
993 |
180 |
-48 |
535.96 |
3.18 |
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Ted |
6 |
621812 |
5952322 |
979 |
90 |
-55 |
317.94 |
12.11 |
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Sweeney |
1 |
620651 |
5952484 |
970 |
270 |
-45 |
441.35 |
9.03 |
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Sweeney |
2 |
620651 |
5952484 |
970 |
215 |
-45 |
276.76 |
9.03 |
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Note: coordinates UTM zone 9 NAD83 |
Drill hole 5 on the Ted claims has been split and sampled in 3 metre intervals. There were no significant intersections in the hole.
Drill Hole 6 on the Ted claims was altered and mineralized over a 17.02 metre interval near the bottom of the hole. This interval was split and sampled. One 3 metre sample contained Molybdenum (.0103 per cent), and another 3 metre sample contained Copper (.0268 per cent).
Drill Hole 1 on the Sweeney claims is currently being split and sampled in its entirety. The company expects assay results in two to three weeks after the samples are submitted for analyses.
Drill Hole 2 on the Sweeney claims was just completed and a decision on whether to split and sample this hole will be made after the hole is logged.
Nanika's management will keep the current drill camp in place and on care and maintenance until assay results have been received on the Sweeney claims and until a decision has been made on any further work being warranted.
Don MacIntyre, Ph.D, P.Eng., a qualified person under National Instrument 43-101 is supervising Nanika's work program on the Ted property and has reviewed and approved the technical disclosure in this news release.
Options Grant
Nanika announces a grant of incentive stock options to purchase up to 1.4 million shares in the capital of the company at the price of $0.10 per share to directors and officers of the Company. The grant of stock options is for a term of five years and shall vest immediately pursuant to the vesting provisions, and terms and conditions of the company's stock option plan.
About Nanika Resources Inc.
Nanika Resources Inc. is a TSX Venture listed mineral exploration and development company focusing on the advancement of its mineral properties, all of which are located within Canada.
On Behalf of the Board
James D. Jacuta
Chairman, President and CEO.
For further information contact:
Matthew Emery or Douglas Kerr:
Telephone: 604-638-0699
Toll Free: 1-866-580-0699
http://www.nanikaresources.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada (IIROC) accepts responsibility for the adequacy or accuracy of this release. |
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| | You can view the Next News Releases item: Thu Jan 28, 2010, Additional Ground Acquisition West of Sweeney Lake British Columbia
You can view the Previous News Releases item: Wed Dec 23, 2009, Nanika Announces Closing Of Private Placement
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