Nuinsco Resources Limited

Nuinsco Resources Limited

February 11, 2014 11:11 ET

Nuinsco Announces Further Results from Drilling at CBay's Chibougamau Properties

Results bulk up information database on underexplored Portage Island property

TORONTO, ONTARIO--(Marketwired - Feb. 11, 2014) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) ( today reported the balance of results from a 15-hole, 1,560m diamond drilling program on CBay Minerals Inc's ("CBay") properties in the Chibougamau mining camp in north-central Quebec. These final nine drill holes totalled 1,059m and provided information on the underexplored McKenzie Vein and Baie du Commencement occurrence located on CBay's Portage Island Property. CBay is a private company owned on a 50-50 basis by Nuinsco and Ocean Partners Investments Limited.

Five holes totalling 577m helped Nuinsco geologists gain a better understanding of structure and mineralization at the McKenzie Vein. This work confirms that the McKenzie Vein must be examined from multiple angles, and clearly illustrates the possibility of open cut production potential from this significant prospect (see table, holes NH 13-05 to NH 13-09). Individual assays reached 16.5 % Cu and 23 g/t Au (in separate samples) within 50m vertically below surface as hole NH-1309 clearly illustrates.

Four drill holes at the Baie du Commencement occurrence (NH-1301 to NH-1304) explored the down plunge extension of zones of significant gold-copper mineralization reported in historic drilling from the 1930s and early 1990s. Drilling totalled 582m which examined a 70m-long portion of the 900m-long structure and cut the zone at depths from 85m to 125m vertically from surface. This represents an initial effort to examine the Baie du Commencement structure for its potential to host significant gold-copper mineralisation down plunge at depths beyond which geophysical surveys are capable of detecting. The work identified the location of the primary vein shoot within the structure and has validated the interpreted geometry of the veining within the shear zone.

Analytical results are summarized below:

DDH Zone From (m ) To (m ) Core length Ag (ppm ) Cu (% ) Au (ppm )
NH13-01 BdC 150.95 152.20 1.25 - - 0.46
NH13-01 BdC 153.51 155.4 1.89 0.21 0.28 0.33
NH13-02 BdC 144.43 146.18 1.75 0.43 0.11 0.24
NH13-03 BdC 147.71 149.19 1.48 0.32 0.49 0.91
incl. BdC 148.83 149.19 0.36 1.00 1.13 1.35
NH13-04 BdC 73.52 73.96 0.44 3.95 1.42 0.46
NH13-05 McK 57.93 59.53 1.60 3.16 1.40 7.00
incl. McK 58.71 59.03 0.32 7.00 2.13 21.10
and McK 60.51 61.35 0.84 0.81 - 0.49
NH13-06 McK 39.51 40.96 1.45 - 0.66 -
and McK 40.96 44.6 3.64 0.10 0.12 1.15
and McK 47.18 49.48 2.30 0.34 0.77 0.06
NH13-07 McK 48.63 51.92 3.29 - 0.68 -
and McK 113.09 113.62 0.53 2.50 0.50 3.23
NH13-08 McK 109.67 113.27 3.60 0.78 0.35 0.64
incl. McK 109.67 109.96 0.29 1.60 1.70 0.11
and incl. McK 112.95 113.27 0.32 3.20 0.79 6.29
NH13-09 McK 7.81 8.42 0.61 - - 8.31
and McK 9.86 12.55 2.69 12.20 5.94 5.20
incl. McK 9.86 11.34 1.48 22.17 9.78 8.47
which incl. McK 10.09 10.5 0.41 47.00 9.65 23.00
NH13-09 McK 65.56 69.17 3.61 6.11 2.69 1.62
incl. McK 65.56 65.95 0.39 22.00 4.41 13.55
and incl. McK 68.8 69.17 0.37 25.00 16.50 0.50
NH13-09 McK 71.66 74.4 2.74 3.88 1.66 1.56
incl. McK 71.66 72 0.34 12.00 6.76 0.56
and incl. McK 73.11 73.39 0.28 15.00 2.17 8.72
NH13-09 McK 78.29 81.61 3.32 3.83 1.13 1.42
incl. McK 81.39 81.61 0.22 8.00 4.31 1.50

Based upon observed core angles and current interpretations of vein geometry, the tabulated core lengths are 80% to 100% of the true width of the veins present in drillholes NH13-01 through NH13-06, and 70% to 100% of true width for mineralized zones in holes NH13-07 and NH13-08. For the intercepts reported within NH13-09 above 70m, sampled lengths represent 70% to 80% of true width, while those beyond 70m are interpreted to represent 50% to 60% of the true width of the mineralisation encountered.

Samples submitted for analysis ranged mainly from 0.25m to 1.25m in length and were saw cut under the supervision of the project geologist, securely sealed along with the corresponding sample tag, and shipped by commercial carrier to ALS-Chemex in Val d'Or for analysis. Gold values were determined by traditional fire assay utilizing a 30g split of pulverised sample with an atomic absorption finish. Results for samples producing a value of 10 g/t Au or higher were retested with a more precise gravimetric finish. Silver and Copper content was tested by aqua regia geochemical methods (3-acid digestion) employing 25g of pulped sample for the dissolution, and using an atomic absorption finish. Samples returning values >100 g/t Ag or >5% Cu were reanalysed by the ore grade AA-46 geochemical method.

The Qualified Person responsible for the accuracy of the technical content within this release is C.A. Wagg, P.Geo (APGO, OGQ Special Authorization) program supervisor and Manager Canadian Exploration for Nuinsco Resources Limited.

About Nuinsco Resources Limited

Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Coventry Resources Limited (TSX VENTURE:CYY) and Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc. (50% Nuinsco, 50% Ocean Partners Investments Limited), a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines, three potential near-term copper producers and a 96,000 acre land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Contact Information

  • Nuinsco Resources
    Sean Stokes or Paul Jones
    416.626.0890 (FAX)