TORONTO, ONTARIO--(CCNMatthews - May 31, 2007) - CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:CML) is pleased to announce that regional exploration drilling conducted at the Halfway Lake area within the Thompson Nickel Belt South Project Area (please refer to Location Map on figure 1.) as part of its 2007 winter drill program intersected 10.0 metres (32.8 feet) grading 1.35% nickel in drill hole HW07-01. The Halfway Lake property is located approximately 20 kilometres north of the Bucko Lake Deposit, currently under construction for an early 2008 startup to production.
Greg Collins, Crowflight's Vice President of Exploration, commented on the results, stating: "The widths and grade of nickel mineralization encountered at Halfway Lake are consistent with what we commonly observe at our Bucko Lake Deposit. We're encouraged by these results as they enhance the potential that the Halfway Lake property could develop into a new nickel resource for the Company. The dimensions of this deposit are yet to be determined and it remains open in all directions."
Between 1994 and 1996, Falconbridge carried out various airborne and ground geophysical surveys and limited diamond drilling over the Halfway Lake property. Results from this drilling included intercepts of 1.19% nickel over 8.0 metres in hole HW94-02, 1.25% nickel over 5.7 metres in hole HW96-08 and 1.38% nickel over 17.5 metres in hole HW95-05. In 2005, Falconbridge completed a deep hole targeting an area 200 metres vertically below HW96-08 and intersected 0.5% nickel over 17.0 metres. Historical drilling in the Halfway Lake area includes 27 drill holes completed in an area approximately 1 kilometre by 2 kilometres testing depths of 50 to 300 metres below surface (an area approximately 20 times the size of the area hosting the currently known Bucko Lake Deposit and within which there are approximately 225 drill holes).
During the winter of 2007, Crowflight completed two diamond drill holes to establish the continuity of mineralization between the previous widely spaced Falconbridge drilling. Hole HW07-01 targeted an area 100 metres to the north of historical hole HW95-05 and intersected 10 metres of ultramafic rock hosting 15-20% coarse disseminated to net textured sulphides grading 1.35% nickel. Hole HW07-02 was completed from the same set-up testing an area located 100 meters below HW07-01 and encountered a similar sequence of rocks hosting disseminated sulphides grading 0.86% nickel over 2.9 metres. Table 1 presents a summary of recent and historical drilling associated with this occurrence.
In total, 1,167 metres of drilling was conducted from the surface of Halfway Lake during the 2007 Winter Program before spring break-up conditions resulted in the conclusion of all ice supported activities. Figure 2 presents a longitudinal section illustrating the relative position of drill intercepts and assays.
Table 1 Summary of Significant Assay Results Halfway Lake Project -------------------------------------------------------------------------- Drill Core Core PGE's Hole From To Length Length Nickel Copper (1) ----- ---- -- ------ ------ ------ ------ ----- (metres) (metres) (metres) (feet) (%) (%) (gpt) Historical HW94-02 200.3 208.2 7.9 26.2 1.02 0.10 0.01 Intercepts HW95-05 406.9 424.4 17.6 57.6 1.38 0.11 0.39 HW96-08 627.9 633.6 5.7 18.8 1.25 0.08 NA HW05-15A 794.7 798.6 4.1 13.1 0.75 0.05 0.12 And 777.0 781.7 1.5 4.9 1.28 0.09 0.18 2007 Drilling HW07-01 390.0 490.0 10.0 32.8 1.35 0.13 0.35 including 395.5 398.5 3.0 9.8 1.42 0.15 0.59 HW07-02 488.5 491.4 2.9 9.5 0.86 0.03 0.19 --------------------------------------------------------------------------
(1) Combined platinum and palladium values
Intersection intervals reported are core lengths, actual true widths are unknown at this time but are generally 70 to 80% of core length. Intersection grades are specific gravity length weighted averages based on assay data provided by ALS Chemex. Once known, true widths are calculated for each intersection. These could vary somewhat from time to time as the zones are re-interpreted thereby altering the geometry.
Crowflight intends to include the results of drilling at Halfway Lake with those from the Apex, M11A North and Bowden Lake Deposits in calculating NI 43-101 compliant Inferred Resources for each of the respective areas. Resources defined during this exercise will be used to facilitate scoping studies or scoping study scenarios on all or a select number of these areas to better ascertain the economic opportunity of each zone. The results of this work will be used to assist in planning future exploration activities with the possibility of developing those areas with the most attractive economic potential. Results from the scoping study work are expected in the third quarter of 2007.
Qualified Person/Quality Control Procedures
This news release has been prepared and revised by Mr. Greg Collins, P.Geo (APGO/APEGM) a Qualified Person under the NI 43-101 guidelines. Fire assays are performed at the ALS-Chemex laboratory in Vancouver on all the samples for gold and PGEs 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 - 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 Lake Nickel Deposit; (2) an earn-in option with Xstrata Nickel 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 grading 1.5% nickel, 2.0% copper and 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property, being explored under a joint venture agreement with Wallbridge Mining Co. Ltd.; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 kilometres south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes grading 1.7% nickel, 3.5% copper and 4.1 g/t PGM's).
Further information regarding Crowflight, including details of its properties, and where relevant its earn-in interests in properties, 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 applicable securities laws. 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. The Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.
To view Figure 1 and Figure 2, please click the link below:
Total Shares Outstanding: 235.0MM
Fully Diluted: 275.7MM
52-Week Trading Range: C$0.21 - $1.35
FOR FURTHER INFORMATION PLEASE CONTACT:
Crowflight Minerals Inc.
President and CEO
(416) 861-8165 (FAX)
(604) 684-4743 ext 226