VANCOUVER, Dec. 7, 2016 /PRNewswire/ - Nevsun Resources
Ltd. (TSX:NSU) (NYSE MKT:NSU) ("Nevsun" or the "Company") is
pleased to announce new assay results from on-going drilling of the
Upper Zone at the Company's Timok copper-gold project ("Timok
Project").
HIGHLIGHTS
- Drilling continues to confirm continuity and the high-grade
nature of the Upper Zone
- New massive and semi-massive sulphide intersections
include:
- TC160121: 182.3m @ 4.17% Cu, 4.80g/t Au, including 40.5m @
11.61% Cu, 12.9g/t Au
- TC160119: 86.2m @ 9.47% Cu, 8.83g/t Au, including 46.5m @
15.61% Cu, 11.29g/t Au
- TC160117: 98.8m @ 9.82% Cu, 8.86g/t Au, including 33.0m @
20.04% Cu, 14.35g/t Au
- TC160114: 171.0m @ 4.94% Cu, 5.21g/t Au, including 10.5m @
11.09% Cu, 7.82g/t Au and 24.0m @ 10.27% Cu, 6.71g/t Au, and
7.5m @ 7.88% Cu, 3.78g/t Au
- Additional 18,500m of drilling in progress to further
improve confidence in the resource
Nevsun CEO, Cliff Davis,
commented, "The assays reported today represent about 25% of the
planned in-fill drilling designed to confirm and upgrade the
resource of the Timok Upper Zone mineralization. The work on
our Pre-Feasibility Study is progressing well. Recent meetings with
both the Prime Minister of Serbia and the Minister of Mines and
Energy have demonstrated the State's very strong support for
international investment and in particular, the development of the
Timok Project."
Detailed drill results, sections and a plan map of drill hole
locations are attached to this news release. Holes are
designed to intersect the high sulphidation mineralization at 90 to
100% of true width.
Timok Copper-Gold Project
The Timok Project is located in eastern Serbia near the Bor
mining and smelting complex. The Timok 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). The Upper Zone has an extremely high copper
and gold content consisting of 1.7 million tonnes of indicated
resource grading 13.5% copper and 10.4 g/t gold and 35.0 million
tonnes of inferred resource grading 2.9% copper and 1.7 g/t
gold.
Timok Upper Zone
The high sulphidation epithermal ("HSE") mineralization in the
Upper Zone comprises massive sulphide, semi-massive and also vein,
stockwork, dissemination and hydrothermal breccia matrix sulphide
hosted by strongly altered andesite. The HSE mineralization forms a
single coherent zone at depths ranging from 400 to over 800m below
surface. Pyrite is the dominant sulphide mineral and covellite the
principal copper mineral with lesser enargite, bornite and
chalcocite occurring in veins, hydrothermal breccias,
disseminations and replacement. Gold is associated primarily with
the copper sulphides.
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
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SOURCE Nevsun Resources Ltd.