VANCOUVER, Nov. 22, 2016 /CNW/ - Nevsun Resources Ltd.
(TSX:NSU) (NYSE MKT:NSU) ("Nevsun" or the "Company") is pleased to
announce new assay results from drilling of the Lower Zone at the
Company's Timok copper-gold project ("Timok Project").
HIGHLIGHTS
- New porphyry copper intersections include:
- TC150073 / TC160073B: 686.0m @ 0.89% Cu, 0.16g/t Au from
1,104m;
- including 280.0m @ 1.11% Cu, 0.18g/t Au
- and 102.0m @ 1.00% Cu, 0.17g/t Au
- and 58.0m @ 1.26% Cu, 0.28g/t Au
- and 60.0m @ 1.16% Cu, 0.16g/t Au
- TC150075: 717.3m @ 0.65% Cu, 0.16g/t Au from 1,502m;
- including 214.0m @ 1.00% Cu, 0.24g/t Au
- and 24.0m @ 1.00% Cu, 0.30g/t Au
- Example historic intersections include:
- TC150060: 835.0m @ 0.92% Cu, 0.22g/t Au from 1,258m
- TC140054/54A: 705.8 @ 0.91% Cu, 0.26g/t Au from
1,498m
- Further drilling ongoing with a target of 67,000m of
step-out and infill drilling
- Drilling estimated to be completed in late 2017 with a
maiden resource to follow
- Near vertical holes designed to intersect the porphyry
mineralization at 90 to 100% of true width
Nevsun CEO Cliff Davis commented,
"The assays reported today demonstrate the tremendous potential of
the Timok Lower Zone mineralization. These holes were drilled
prior to the Company acquiring its interest in the Timok Project
and were recently assayed. With our joint venture partner,
Freeport-McMoRan, we have embarked on a $20
million drilling program focused on the Lower Zone
porphyry. The results from these holes will be used, along
with historical and ongoing drilling, to generate a maiden resource
for the Lower Zone."
Timok Copper-Gold Project
The Timok Copper-Gold Project is located in eastern Serbia near
the Bor mining and smelting complex. The Project is focussed on the
Cukaru Peki ("Timok") deposit which includes the high grade Upper
Zone, characterized by massive and semi-massive sulphide
mineralization and the Lower Zone, characterized by porphyry-style
mineralization.
This news release is solely about the Lower Zone. For recent
information on the Upper Zone, please refer to the Company's news
release dated October 17, 2016.
Lower Zone
The Lower Zone consists of porphyry-type mineralization
characterized by chalcopyrite-pyrite and occasional bornite and
molybdenite occurring as disseminations and within quartz and
quartz-magnetite stockwork veinlets. Anhydrite veins are common.
Within the Lower Zone, porphyry-type potassic alteration is
preserved locally but generally overprinted by sericite-clay,
argillic and locally advanced argillic alteration. The latter
overprinting also locally brings covellite-pyrite mineralization.
The host rocks are predominantly volcanic andesite and andesite
breccias. The geometry of the Lower Zone remains to be fully
defined. Its top is about 700 metres below surface and has
been traced down to depths in excess of 2,000 metres. The
$20 million drill program is
currently being undertaken to enable an initial resource to be
calculated for portions of the zone.
Table 1: 2015 Timok Lower Zone Drilling Results (reported in
this release)
HOLE
ID
|
From
|
To
|
Length
(m)
|
Cu
%
|
Au
g/t
|
TC150073 and
TC150073B Extension
|
1,104.0
|
1,790.0
|
686.0
|
0.89
|
0.16
|
including
|
1,108.0
|
1,388.0
|
280.0
|
1.11
|
0.18
|
and
|
1,426.0
|
1,528.0
|
102.0
|
1.00
|
0.17
|
and
|
1,566.0
|
1,624.0
|
58.0
|
1.26
|
0.28
|
and
|
1,694.0
|
1,754.0
|
60.0
|
1.16
|
0.16
|
TC150075
|
1,502.0
|
2,219.3
|
717.3
|
0.65
|
0.16
|
including
|
1,744.0
|
1,958.0
|
214.0
|
1.00
|
0.24
|
and
|
2,050.0
|
2,074.0
|
24.0
|
1.00
|
0.30
|
TC150098
|
No significant
values
|
Holes are drilled near vertically and approximately
perpendicular to the top of the porphyry zone and are estimated to
be between 90 and 100% of true thickness.
Table 2: Significant Historical Timok Lower Zone Drilling
Results
HOLE
ID
|
From
|
To
|
Length
(m)
|
Cu
%
|
Au
g/t
|
FMTC 1210
|
1,026.0
|
1,248.0
|
222.0
|
0.23
|
0.11
|
and
|
1,469.0
|
1,864.0
|
395.0
|
0.30
|
0.09
|
FMTC1214
|
1,082.0
|
1,286.0
|
204.0
|
1.49
|
0.24
|
FMTC1218
|
1,253.0
|
1,952.0
|
699.0
|
0.75
|
0.23
|
including
|
1,351.0
|
1,802.0
|
451.0
|
0.91
|
0.26
|
FMTC1219
|
839.0
|
1,572.9
|
733.8
|
0.75
|
0.10
|
including
|
987.5
|
1,219.0
|
231.5
|
1.16
|
0.11
|
FMTC1327
|
1,146.0
|
1,952.0
|
806.7
|
0.59
|
0.22
|
including
|
1,709.0
|
1,863.0
|
154.0
|
0.95
|
0.28
|
FMTC1328
|
766.0
|
1,668.0
|
902.0
|
0.65
|
0.14
|
including
|
1,130.0
|
1,361.0
|
231.0
|
1.07
|
0.18
|
FMTC1332
|
1,136.0
|
1,425.0
|
289.0
|
0.90
|
0.17
|
and
|
1,839.0
|
2,160.3
|
321.3
|
0.73
|
0.18
|
FMTC1334
|
866.6
|
1,475.3
|
608.7
|
0.68
|
0.16
|
FMTC1335
|
1,209.0
|
1,680.6
|
471.6
|
0.41
|
0.22
|
FMTC1340
|
705.0
|
1,144.0
|
439.0
|
0.71
|
0.14
|
TC140054/54A
|
1,498.0
|
2,203.8
|
705.8
|
0.91
|
0.26
|
including
|
1,826.0
|
2,012.0
|
186.0
|
1.20
|
0.35
|
TC150060
|
1,258.0
|
2,093.8
|
835.8
|
0.92
|
0.22
|
including
|
1,622.0
|
1,776.0
|
154.0
|
2.02
|
0.45
|
TC150060A
|
1,332.0
|
2,082.0
|
750.0
|
0.30
|
0.06
|
including
|
1,502.0
|
1,604.0
|
102.0
|
0.63
|
0.15
|
TC150066
|
750.0
|
1,108.0
|
358.0
|
0.51
|
0.08
|
and
|
1,128.0
|
1,196.0
|
68.0
|
0.45
|
0.09
|
Holes are drilled near vertically and approximately
perpendicular to the top of the porphyry zone and are estimated to
be between 90 and 100% of true thickness. Results
previously reported by Reservoir Minerals on April 14, 2016.
Table 3: Collar Details
HoleID
|
Easting
(m)*
|
Northing
(m)*
|
Elevation
(m)*
|
Depth
(m)
|
Dip (°)
|
Azimuth
(°)
|
Section
|
FMTC1211
|
7591104.096
|
4876059.930
|
398.996
|
1167.4
|
-90
|
0
|
4876127N
|
FMTC1218
|
7590910.575
|
4875990.847
|
401.962
|
1952
|
-90
|
0
|
4876127N
|
FMTC1329
|
7591616.230
|
4876258.850
|
373.48
|
718.8
|
-90
|
0
|
4876127N
|
FMTC1336
|
7591609.140
|
4876252.810
|
373.89
|
849.3
|
-85
|
250
|
4876127N
|
IEBCP-1
|
7590926.524
|
4875970.157
|
402.412
|
250.2
|
-90
|
0
|
4876127N
|
IEBCP-2
|
7590927.877
|
4875994.736
|
402.638
|
281
|
-90
|
0
|
4876127N
|
TC130051
|
7590957.956
|
4875990.171
|
402.856
|
900
|
-53
|
132
|
4876127N
|
TC140052
|
7590957.954
|
4875990.174
|
402.855
|
750
|
-53
|
132
|
4876127N
|
TC140054
|
7590460.390
|
4876253.120
|
389.910
|
1548.3
|
-85.85
|
68.72
|
4876416N
|
TC150054A
|
7590460.390
|
4876253.120
|
389.910
|
2203.8
|
-85.85
|
68.72
|
4876416N
|
TC150073
|
7591093.578
|
4876071.859
|
400.095
|
1706.6
|
-81.336
|
55.395
|
4876127N
|
TC150075
|
7590794.497
|
4876309.910
|
409.228
|
2219.3
|
-81.26
|
33.53
|
4876416N
|
TC150098
|
7590587.395
|
4876530.458
|
413.722
|
2009.6
|
-82.18
|
239.39
|
|
TC160073B
|
7591093.578
|
4876071.859
|
400.095
|
1796.1
|
-81.336
|
55.395
|
4876127N
|
*MGI Balkans Zone 7
Quality Assurance
Drill core samples were collected in
accordance with protocols that are compatible with accepted
industry procedures and best practice. The Company conducts its own
analysis of QAQC generated by the systematic inclusion of certified
reference materials, blank samples and duplicate samples. The
analytical results from the quality control samples have been
evaluated and have been demonstrated to conform to best practice
standards.
Mr. Peter Manojlovic, P.Geo.,
Nevsun's VP Exploration, is a Qualified Person as defined by NI
43-101. Mr. Manojlovic has reviewed the technical content of
this press release and approved its dissemination.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is the 60% owner of the high grade Bisha
Mine in Eritrea. Bisha has nine years of reserve life,
generating revenue from both copper and zinc concentrates
containing gold and silver by-products. Nevsun has a strong
balance sheet, no debt and pays a peer leading quarterly dividend.
Nevsun is well positioned to grow shareholder value through
exploration at Bisha and the newly acquired Serbian assets that
include the high-grade copper-gold Timok Project.
Forward Looking Statements
The above contains
forward-looking statements or forward-looking information within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, and applicable Canadian securities laws.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"hopes", "intends", "estimated", "potential", "possible" and
similar expressions, or statements that events, conditions or
results "will", "may", "could" or "should" occur or be
achieved. Forward-looking statements are statements
concerning the Company's current beliefs, plans and expectations
about the future including but not limited to statements and
information made concerning: statements relating to the business,
prospects and future activities of, and developments related to the
Company, anticipated dividends, goals, strategies, future growth,
planned future acquisitions and explorations activities, the
adequacy of financial resources and other events or conditions that
may occur in the future, and are inherently uncertain. The actual
achievements of the Company or other future events or conditions
may differ materially from those reflected in the forward-looking
statements due to a variety of risks, uncertainties and other
factors, including, without limitation, the risks that are more
fully described in the Company's Management Information Circular
dated May 18, 2016, and the Company's
Annual Information Form for the fiscal year ended December 31, 2015, which are incorporated herein
by reference. The Company's forward-looking statements are
based on the beliefs, expectations and opinions of management on
the date the statements are made and the Company assumes no
obligation to update such forward-looking statements in the future,
except as required by law. For the reasons set forth above,
investors should not place undue reliance on the Company's
forward-looking statements.
Further information concerning risks and uncertainties
associated with these forward-looking statements and our business
can be found in our Annual Information Form for the year ended
December 31, 2015, which is available
on the Company's website (www.nevsun.com), filed
under our profile on SEDAR (www.sedar.com) and on
EDGAR (www.sec.gov) under cover of Form
40-F.
NEVSUN RESOURCES LTD.
"Cliff T. Davis"
Cliff T. Davis
President & Chief Executive Officer
Please click here
http://files.newswire.ca/1269/Timok_Drill_Results.PDF to see
Figures.
SOURCE Nevsun Resources Ltd.