QUEBEC, CANADA, Nov. 30, 2010 (Marketwire) -- NEMASKA EXPLORATION INC. ("Nemaska" or the "Corporation") is pleased to provide an update on the on-going exploration program at its 100% owned Whabouchi property (about 1,716 hectares) that is located in the James Bay Region of Quebec.
Between October 12 and November 12, 2010, 16 trenches perpendicular to the mineralized zones, spaced approximately 50 m apart and totalling 1,969 m, were dug. In addition, 810 m of stripping was done along strike on 7 contact zones. A total of 670 channel samples were taken from these trenches and stripping areas and were sent for assay. Results are expected in about 6 weeks. During this period, the geological mapping of all the trenches and stripping zones was also completed.
In addition, Nemaska recently commenced a 9,000 m diamond drill program (HQ size) on Whabouchi. As of this date, 9 of the 48 holes planned have been completed for a total of 2,038 m. All the mineralized zones were intersected where expected. The objectives of this drill program are to obtain a representative sample across the deposit to be used in pilot plant metallurgical testing planned for winter 2011 and to update the initial resource estimate published on July 14, 2010 by SGS Geostat. The updated resource will include both the drill results and channel samples completed earlier this month. The drilling will also enable the Company to increase its confidence in the resource, a necessary step in moving the project into feasibility stage.
Nemaska also confirms that it has retained the services of engineering firm BBA Inc. ("BBA"), of Montreal, to design the open pit for the Whabouchi deposit as part of the Preliminary Economic Assessment (PEA) currently being prepared by Equapolar Consultants Inc.
"We continue to make excellent progress on the development of Whabouchi," commented Guy Bourassa, President and CEO of Nemaska Exploration. "This is a world class hard rock lithium deposit, ranked in the top three in the world by independent analysts, and I am eager to see the results of the PEA which are due in January. The report will determine the timeline to production and our next steps on the project."
The technical sections of this press release have been prepared by Yvan Bussieres, P. Eng. qualified person as defined in National instrument 43-101.
Nemaska Exploration Inc. is a mineral exploration company involved in the James Bay region of Quebec. Its main assets are the Whabouchi (about 1,716 hectares), Lac Levac (about 9,200 hectares), Lac Arques (about 39,470 hectares), and Lac des Montagnes (about 12,740 hectares) properties, all 100 % owned. These properties are contiguous and cover about 85 km of the Lac des Montagnes green belt polymetallic formation. They are easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and are located near the Cree community of Nemaska and the Nemiscau airport.
Neither 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 release.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward-looking statement.
Nemaska Exploration Inc.