Nuinsco Resources Limited
TSX : NWI

Nuinsco Resources Limited

October 14, 2005 08:17 ET

Strong Geophysical Anomaly Extended to 35km on Nuinsco's Athabasca Basin Uranium Property

TORONTO, ONTARIO--(CCNMatthews - Oct. 14, 2005) - Nuinsco Resources Limited (TSX:NWI) announces that a MegaTem II airborne geophysical survey, conducted on its Diabase Peninsula Project in the Athabasca Basin of northern Saskatchewan, has identified a strong, persistent, conductive, electromagnetic anomaly interpreted to originate in the target basement rocks. A preliminary interpretation of the response shows it to be coincident and continuous with positive results obtained from earlier ground geophysical and geochemical surveys and is clearly mapping the same lithostructural package. The results serve to enhance the exploration potential of the property by substantially increasing the scale of the uranium prospective target. Nuinsco holds an option to earn 50% of the project from Trend Mining Company of Denver, Colorado.

The MegaTem survey, conducted by Fugro Airborne Surveys during August, extended geophysical coverage to the entire 19,000ha claim group testing for extensions to structures favourable for uranium deposition known to underlie the property, such as the Cable Bay Shear Zone. The survey comprised approximately 970 line km, at 300m line spacing. Preliminary results of the airborne survey indicate that the conductive trend, identified over a distance of 5km with the transient EM ground survey completed in March of this year, extends NE-SW under the entire claim group. The conductive EM anomaly now totals some 35km in length. The results will be used to select high priority drill targets.

In addition to the geophysical surveys completed at Diabase Peninsula this year Nuinsco has also conducted a prospecting program of boulder and outcrop sampling on a grid established over the central part of the property. This sampling is intended to enhance geochemical coverage established in the 1990s that demonstrated that the sandstone of the Diabase Peninsula has been affected by hydrothermal fluids consistent with those known to be associated with uranium mineralization elsewhere in the Athabasca Basin. Analyses are being performed by the Saskatchewan Research Council in Saskatoon and results are pending.

Electromagnetic surveys are employed in the Athabasca Basin to identify buried, unconformity related, uranium mineralization - the technique identifies the presence of graphitic units, which provide a favourable environment for uranium deposition. The Diabase Peninsula Property encompasses coincident, highly prospective, alteration and geophysical signatures indicative of possible uranium mineralization. Located on the western shore of Cree Lake approximately five kilometres north of the southern boundary of the Athabasca Basin, the Diabase Peninsula Property overlies the graphite-bearing Cable Bay Shear Zone - this structure is considered to be an important potential host for uranium mineralization in this part of the Athabasca Basin. The claim group is known to encompass hydrothermally altered sandstone boulders and is underlain by electromagnetic geophysical anomalies indicating the possible presence of graphitic conductors in the basement rocks. The hydrothermal alteration and the geophysical anomalies are considered to be diagnostic indicators of potential uranium mineralization.

Nuinsco is an exploration and development company. In addition to the Diabase Peninsula Project the Company has nickel projects in Manitoba and Quebec, base metal projects in Turkey and Ontario and a gold project in Ontario. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI. U.S.S.E.C. exemption: 12g3-2(b)#82-1846. The website address is www.nuinsco.ca.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding future plans and objectives of are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Nuinsco Resources
    Warren Holmes
    CEO
    (416) 626-0470
    or
    Nuinsco Resources
    Brian Robertson
    President
    (416) 626-0470
    admin@nuinsco.ca
    or
    The Windward Agency
    Kelly Boatright
    (704) 632-9920 or Toll Free: 866-583-6300
    rstockw@aol.com