New Nadina update
September 8, 2016 GREENWOOD, BRITISH COLUMBIA New Nadina Explorations Limited (TSXV:NNA) provides an update on activities. Currently focused on advancing its wholly-owned Silver Queen Mine project located in north central British Columbia, the company also owns 57.49% interest in the Monument Diamond project at Lac de Gras NWT in the vicinity of two producing diamond mines and 100% of the Silica Quarry in Saskatchewan. The acquisition of Kettle River Resources Ltd.
(NR Nov 6, 2015) adds the Greenwood Area Properties and DHK Diamond interest into the portfolio. Shareholders of both companies benefit in lower overhead and the combining of assets.
The prospective Silver Queen property produced encouraging high grade silver results that merit further and continued exploration and development work. Analyses of the NG-3 vein systems (NR Dec 23, 2015) returned higher grades than previously attributed to the NG-3 and No. 3 vein systems. This deep hole extends the vein 300 meters to the east, a new and significant discovery. The NG-3 vein system remains open on strike and to depth. The intercept is within the Itsit porphyry where a true width of 2.2m assayed 3.15 g/t (0.092 oz/ton) gold and 1580.8 g/t (46.1 oz/ton) silver with up to 1.25% copper. The sub-parallel footwall vein measures a true width of 3.70m and assayed 2.3 g/t (0.067 oz/ton) gold and
166.6 g/t (4.86 oz/ton) silver.
The extent of the existing decline and underground workings gives encouragement and could be extended to potentially mineable veins. Several drill holes will test various depths of the veins from two setups on either side of the 12S-05 intercept. Additional drilling is required in order to expand the resources potential leading to a Preliminary Economic Analysis.
Landowners’ opposition has inhibited entry onto the land since 2012 and thus far there has been no Right to Entry order granted under the Mineral Tenure Act supporting the mineral tenure holder’s right to access. Multiple delays to refute landowners’ opposition have followed the decision upholding the Company’s Right of Entry after the Court of Appeal for British Columbia decision (June 2, 2015). It is hoped that a Right of Entry Order will allow the Company to conduct its planned drill program.
This Company has spent significant amounts of money on legal fees defending its right to access and explore its long standing minerals properties. In three court challenges, where both the Company and the Government or its representatives were named, only New Nadina appeared in defense with no government assistance. The current owner purchased private land in 2001 and in 2009, disregarding the Company’s objection the Crown sold them the land over top of four of the Company’s Crown Granted Mineral claims. The landowner destroyed historical workings with valuable showings.
The finances of the company are in a deficit position and an upcoming financing is planned to cover existing operations, corporate needs and exploration. Consideration is being given as per TSX rules, that existing shareholders also be allowed to participate in a financing, many of whom have high share costs due to the consolidation, pursuant to the prospectus exemptions set out in B.C. Instrument 45-534 (regarding prospectus exemptions) and in similar instruments in other provinces of Canada.
There are just over 12 million shares issued as a result of restructuring (NR Feb. 24, 2016) and subsequent issue of shares for debt settlement (NR June 28, 2016).
We are hopeful a decision to drill will be supported. Funding this program is required and awaits a decision regarding a Right of Entry Order. The much higher silver grade and substantial width of the vein within an unexplored area of significant size presents exciting new exploration possibilities for this property. Additional exploration will be conducted that do not require access to private land. As well, previous drill holes have intercepted additional veins within the Itsit porphyry that contain “over-limit” detections for silver. These will be assayed and petrographic studies completed once funding is available.
The technical portion in this news release was approved in the December 23, 2015 news release by
James Hutter, PGeo., a Qualified Person as defined by National Instrument 43-101.
President and Chief Executive Officer
For further information please visit the website at www.nadina.com
or contact Ellen Clements: (250) 445-2260
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