Nuinsco Drilling Returns Further Positive Gold Results from Portage Island Properties
Good Gold Grades and Widths from New Geophysical Targets and Past-Producing Mines
TORONTO, ONTARIO -- (Marketwire) -- 02/26/13 -- Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX: NWI) (www.nuinsco.ca) today announced further positive analytical results from the final nine diamond drill holes completed in November 2012 on CBay Minerals Inc.'s ("CBay") Portage Island gold occurrences and new geophysical anomalies in the Chibougamau mining camp in northern Quebec. Multiple intercepts grading greater than 20.0 g/t gold were returned, with the highest grade core-length intercept, 93.20 g/t over 0.25 metres, coming from a newly-identified geophysical target.
"Unsurprisingly, some holes on new geophysical targets didn't intersect significant mineralization however we are pleased with the results from DDH NH-12-11 where we drilled 2.96 metres grading 8.37 g/t gold. This is clearly a result on which we need to follow up," said Paul Jones, President. "On the Hematite Bay gold zone drilling, all holes, NH-12-14 through NH-12-18, intersected gold, copper and silver mineralization, including particularly significant near-surface results from NH-12-14 of 12.23 g/t gold over 2.34 metres along with a number of other intercepts. Nuinsco intends to spend a minimum of $700,000 on drilling and exploration in the Chibougamau region this year, and next steps will be announced shortly."
As previously reported, the 18-hole, 1,683m drilling program tested a number of gold targets, including a portion of the McKenzie Vein above where it was mined as part of the Portage Mine between 1959 and 1997 and new targets acquired from an induced polarization geophysical survey that was also completed this autumn (see news release of October 17th, 2012). The Portage Mine is only one of three past-producing copper/gold mines that are 100%-owned by CBay and located on Portage Island. The results tabulated here continue to demonstrate the presence of widespread, near-surface gold mineralization.
Hole No. From (m) To (m) Interval (m) Au g/t Cu % Ag g/t
NH-12-10 No significant results, geophysical target, disseminated
magnetite and pyrite
NH-12-11 35.80 38.76 2.96 8.37 0.1188 1.39
Incl 35.80 36.05 0.25 93.20 0.6260 12.10
43.76 46.25 2.49 0.42 0.2282 2.57
NH-12-12 No significant results, geophysical target, disseminated
magnetite and pyrite
NH-12-13 No significant results, geophysical target, disseminated
magnetite and pyrite
NH-12-14 9.00 9.44 0.44 2.41 0.0268 1.10
17.06 19.40 2.34 12.23 0.2617 2.52
Incl 17.06 17.90 0.84 20.00 0.4920 5.00
And 17.90 18.45 0.55 13.60 0.1705 1.90
77.40 78.63 1.23 4.09 0.1480 1.34
95.10 97.77 2.67 3.82 0.1722 1.85
Incl 95.10 95.50 0.40 21.80 0.9540 10.20
And 97.52 97.77 0.25 4.79 0.2600 2.20
105.78 106.04 0.26 5.00 0.0129 0.80
NH-12-15 36.80 37.50 0.70 4.25 1.54 1.80
51.26 52.75 1.49 12.13 0.3186 2.99
Incl 52.20 52.75 0.55 29.90 0.5480 6.40
117.90 119.20 1.30 1.78 0.0261 0.91
122.20 122.50 0.30 2.97 0.3710 2.10
NH-12-16 48.00 53.60 5.60 1.75 0.1808 1.09
Incl 48.00 48.40 0.40 8.28 0.5290 3.50
And 49.80 50.20 0.40 4.26 0.1520 2.30
And 53.00 53.60 0.60 5.48 0.8480 3.90
104.00 105.00 1.00 1.09 0.0065 0.60
117.00 117.50 0.50 1.02 0.0065 0.40
NH-12-17 14.87 15.30 0.43 0.50 0.0830 2.80
93.25 93.55 0.30 0.03 0.5050 0.20
NH-12-18 62.20 62.55 0.35 3.20 1.82 1.10
117.75 118.70 0.95 1.14 0.0460 0.30
All intervals are reported as core lengths, since orientation of the intersected mineralization is uncertain presently. All intervals reported are uncut with respect to gold.
Portage Island is located near to the Copper Rand mill and tailings facility (owned outright by CBay; CBay in turn is 50%-owned by Nuinsco and 50% by Ocean Partners Investments Limited) at the northeast end of the 96,000 acre CBay land package. Portage Island hosts the past-producing Henderson I, Henderson II and Portage copper/gold mines, and the McKenzie gold vein. In addition to the past producers, the Portage Island claim group hosts numerous underexplored exploration 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.
Analytical Methods and QA/QC Procedure
Saw-cut NQ drill core samples were typically from 0.5m to 1.0m in length within mineralized zones, occasionally shortened to 0.25m where vein-like pure sulphide chalcopyrite rich zones were encountered within quartz-carbonate veins.
Samples were cut under supervision of the project geologist, with half the core returned to the core box for future reference, and were then securely sealed along with sample number tags into bags stored under lock and key at the Copper Rand mine-site core shack facility, until delivered to the analytical laboratory operated in Val-d'Or by ALS-Chemex.
Certified reference standard materials sourced from the Canmet CCRMP program, and barren "blank" samples were inserted systematically into the sample sequence in order to monitor the results reported by the assayer for quality assurance and quality control purposes. Results from the QA/QC samples are reviewed by a qualified independent geochemist prior to public release to ensure that results reported conform to industry best practice standards.
Gold analyses were performed by means of 30g fire assay employing an atomic absorption finish, with those samples returning greater than 10 g/t gold values re-analyzed with a gravimetric finish. Silver and copper concentrations were determined with the ALS-Chemex AA-45 analytical package, an aqua regia dissolution of a portion of the sample pulp with an atomic absorption spectrometry finish. Overlimit results of greater than 1% copper or greater than 100 g/t Ag are rerun automatically with the more rigorous but otherwise similar AA-46 Ore Grade method to determine precise concentrations.
C.A. Wagg, P.Geo (APGO and with OGQ Special Authorization) Manager Canadian Exploration for Nuinsco, who acts as a QP for the project under National Instrument 43-101, has reviewed the technical contents of this news release.
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 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 juliet@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.
To view "Portage Island Drill Hole Locations, Nuinsco 2012 Program", please visit the following link: http://media3.marketwire.com/docs/855835FIG1.pdf.
Contacts:
Nuinsco Resources/CBay Minerals
Paul Jones or Roland Horst
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca
www.nuinsco.ca
CHF Investor Relations
Juliet Heading
416-868-1079 x 239
416.868.6198 (FAX)
juliet@chfir.com
