Nuinsco Resources Limited

Nuinsco Resources Limited

March 14, 2013 14:42 ET

Nuinsco Continues Ground Geophysics on CBay Minerals' Chibougamau Gold Properties

Additional ground coverage to follow up positive results from Autumn 2012 program

TORONTO, ONTARIO--(Marketwire - March 14, 2013) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) ( today announced that it is continuing with additional induced polarization and magnetic geophysical surveys over CBay Minerals Inc.'s ("CBay") Portage Island properties in the Chibougamau mining camp in northern Quebec.

This work follows a program conducted in the autumn of 2012 from which extremely encouraging near-surface (between 9.0 metres and 122.5 metres depth) diamond drilling results were obtained, (see releases dated December 20, 2012, January 15, 2013 and February 26, 2013). The work announced here is being conducted to provide continuous grid control and geophysical coverage across Portage Island along the interpreted trend of the McKenzie Vein gold mineralization.

"This new geophysics continues our work program in Chibougamau, begun in the autumn of 2012, which will see methodical exploration conducted on CBay's properties. We are beginning at Portage Island because of the very good potential to return new, exciting near-surface gold results. However the program is camp-wide in scope and will examine the exceptional potential of this underexplored opportunity in Nuinsco's project portfolio," said Paul Jones, President. "The most recent exploration conducted at Portage Island dates from the early 1990s when gold traded between US$330 and US$400."

Originally identified in 1903, the McKenzie Vein is the Chibougamau camp's original gold showing. However, it has not been explored extensively at surface or along strike. Its strike length is interpreted to be at least 250m and potentially up to 1.6 kilometres across Portage Island. The historic gold-bearing structure was only partially mined at depth (starting at 200m) from the nearby Portage Mine (operated between 1959 and 1997), where it was estimated to have graded 0.24 ounces of gold per ton. Here is a clear opportunity to define and develop not only this structure but also, to investigate the other prospective gold targets on the island.

Portage Island is located at the northeast end of the 96,000 acre CBay land package and hosts the past-producing Henderson I, Henderson II and Portage copper/gold mines. In addition to these past producers, CBay's Portage Island claim group hosts numerous underexplored targets, including the Baie du Commencement copper/gold zone, Hematite Bay gold and copper zones and two magnetite bodies - the Magnetite North and Magnetite South zones.

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 (ASX:CVY) and Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc., 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, the partially-developed high-grade Corner Bay copper deposit and a 96,000 acre land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.

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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/CBay Minerals
    Paul Jones or Sean Stokes
    416.626.0890 (FAX)

    CHF Investor Relations
    Juliet Heading
    416.868.1079 X239
    416.868.6198 (FAX)