Tickers: PINX:RCCMF, XOTC:RCCMF, XTSX:NIP
Tags: #Mining
Brossard (Quebec) - TheNewswire - November 7th, 2019 - Nippon Dragon Resources Inc. ("Nippon" or "NDR") (TSXV:NIP), is pleased to provide an update on progress made as it moves forward with the development of the Rocmec 1 gold property.
Highlights include:
Installation of generator, compressed air equipment, office and dryer facilities, fuel distribution system, restoration of underground ventilation system, dewatering, hiring of a selected number of employees.
Following the dewatering to level 45, close examination of the decline, drift and piping system reveal all is in perfect condition.
'I am pleased to report that progress at Rocmec1 is on-time and on-budget and that the recent rising trend in the price of gold will have a positive effect on the economics of our operations' stated Donald Brisebois, President & CEO of Nippon.
Rocmec 1 project
The Rocmec 1 project is located in the Dasserat Township, Province of Quebec on the shores of the Labyrinthe Lake. It is approximately 35 kilometres west of the town of Rouyn-Noranda and is easily accessible from Route 117 and the frontier gravel road separating Quebec and Ontario and a secondary gravel road to the site. The property was acquired in October 2005, dewatering and rehabilitation of the mine commenced in January 2006. To date, Nippon Dragon has invested approximately $33,000,000 in rehabilitating the property, surface and underground infrastructure, diamond drilling, equipment and drifting. The property includes a 100m deep two compartment shaft, an 844 metre decline allowing access to five levels (50, 70, 90,110 and 130 metres). On these levels a total of 1700 metres (drifts and cross-cut drifts) were driven. The Rocmec 1 ore body is well defined by diamond drill holes. The 2010 NI 43-101 report by SGS using a cut-off grade of 3 g/t Au reports a Measured and Indicated mineral resources of 570,300 tonnes grading 6.52 g/t (119 500 oz) and 1,512,400 tonnes Inferred at 7.4 g/t Au (359 600 oz).
About Nippon
Nippon is active in the exploration and the development of gold resources in Quebec. The Corporation holds two gold properties, Rocmec 1 with resources recognised in accordance with NI43-101 and the Denain property. Nippon also has an exclusive license for the Thermal Fragmentation mining process.
Le present communique est disponible en francais site web de Ressources Nippon Dragon
The company's growth strategy is based on:
- The development of its gold deposits with the objective of producing revenue from its operations;
- Increasing the value of its mining assets by prioritizing the exploration targets; and
- The commercialisation and employment of its thermal fragmentation technology.
For additional information:
John Stella, Investor relations (514) 718-7976 jstella@nippondragon.com
Donald Brisebois, President & CEO (450) 510-4442 dbrisebois@nippondragon.com
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. This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration and production activities and events or developments that the Corporation expects, are forward looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Ressources Nippon Dragon Resources Inc. 7055 Taschereau Blvd., suite 500, Brossard (Quebec) J4Z 1A7
Tel: (450) 510-4442 www.nippondragon.com
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