Nuinsco Resources Limited

TSX : NWI


Nuinsco Resources Limited

December 19, 2013 11:22 ET

Nuinsco Announces Initial Results from Fall Drilling at CBay's Chibougamau Properties

Program targeted new geophysical target and Devlin deposit

TORONTO, ONTARIO--(Marketwired - Dec. 19, 2013) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today reported results for six drill holes amounting to 501m, completed upon the CBay Minerals ("CBay") properties in the Chibougamau mining camp area of north-central Quebec as part of a 15- hole, 1,560m autumn program of NQ diameter core drilling. CBay is a private company owned on a 50-50 basis by Nuinsco and Ocean Partners Investments Limited.

Results reported here are from two holes that tested a geophysical anomaly located approximately 40km south of Chibougamau, and four holes completed for the purposes of infill, grade confirmation and mineralization characterization at the Devlin copper deposit situated approximately 18km south of Chibougamau.

Holes NJ-1301 and NJ-1302 tested a discontinuous geophysical anomaly 3km in length which cuts highly deformed volcanic rocks. The area lies along the northern margin of an east-west striking corridor of intense deformation and sits 3km northeast of the significant past-producing Joe Mann gold mine (4.75M tonnes at 8.26 g/t Au, total production 39.27 tonnes of gold). The two holes cut pyrrohtite/pyrite-rich, fissure-hosted mineralization, the cause of the geophysical response. Although analyses of the mineralized intervals revealed no significant precious metals content, two short intervals of highly-anomalous zinc were present in NJ-1301. In light of similar intersections encountered in the immediate area surrounding the property during historic drilling in the mid-1980s and earlier, which investigated deeply-covered airborne geophysical targets, the Company is considering the merits of further work directed towards non-conductive zinc-rich massive sulphides at this time.

Drillhole From (m) To (m) Core Length Cu % Au g/t Ag g/t Zn %
NJ-1301 72.46 73.06 0.6 0.065 0.039 1 0.429
NJ-1301 133 134 1 0.071 0.04 1 0.484
NJ-1302 no significant
results obtained
DEV-CB1 21.09 22.76 1.67 1.43 - 0.14 -
and 65.75 68.65 2.9 0.38 0.09 <1 -
incl 65.75 65.96 0.21 1.19 - - -
and incl 68.3 68.65 0.35 1.81 - - -
DEV-CB2 59.31 59.83 0.52 1.05 - - -
and 65.49 66.68 1.19 1.60 0.139 - -
DEV-CB3 52.96 53.19 0.23 1.99 0.07 - -
and 59.02 62.18 3.16 2.41 0.435 - -
incl 59.34 60 0.66 6.88 1.75 - -
and 67 67.5 0.5 0.51 - - -
DEV-CB4 56.81 57.58 0.77 5.68 0.71 0.87 -
incl 57.1 57.42 0.32 10.88 1.41 1 -

The drilling completed at the flat-lying, near-surface Devlin copper deposit was confined to the central part of the mineralized domain which in total consists of five main lenses within a 365m by 210m area encompassing the bulk of the contained copper mineralization demonstrated by prior work. Devlin comprises a sub-horizontal vein-hosted deposit from which an underground bulk sample was obtained, the results of which were reported in 1982. The bulk sample was accessed by means of a 610m ramp and drifts. Vertical drillholes DEV-CB1 through DEV-CB4 were spaced 30m to 60m apart near the central part of the deposit to intersect the shallow northeast-dipping copper mineralization.

The samples taken were tested for specific gravity by weight in air vs. weight in water method, for gold content by traditional fire assay with AA finish, and for a suite of 34 elements (25 gram sample) by ICP-AA geochemical methods for copper content and to reveal the presence of any deleterious elements such as lead and arsenic. Samples returning values >5% copper were re-run with the more rigorous AA-46 ore grade geochemical method by assayer ALS-Chemex for a precise determination of copper grade. Arsenic content in the samples tested was uniformly at or below the 10ppm lower detection limit for the element, with results very similar for lead, excepting those with very high copper content where lead was found present at trace levels ranging from 20ppm-70ppm.

The Joe Mann drilling was completed under the supervision of C.A.Wagg, P.Geo (APGO), while the drilling at the Devlin project was conducted under the direction of J.Bosse P.Geo (OGQ) each of whom serve as Qualified Persons as defined under National Instrument 43-101 and who have reviewed the technical content presented here as pertaining to results from each respective property.

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.

Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email cathy@chfir.com and specify "Nuinsco Resources" in the subject line.

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