VANCOUVER, Jan. 16, 2018 /PRNewswire/ - Nevsun
Resources Ltd. (TSX:NSU) (NYSE American:NSU) ("Nevsun" or the
"Company") is pleased to announce new assay results from ongoing
exploration drilling targeting new high grade Upper Zone-style
mineralization at the Timok copper-gold project ("Timok Project")
in Serbia.
Highlights
- 2.93% Cu and 2.54g/t Au (4.71% Cu equivalent) over 27.0
meters starting at 396 meters in TC170189
- 3.10% Cu and 0.80g/t Au (3.66% Cu equivalent) over 18.0
meters starting at 569 meters in TC170182R
- 3.91% Cu and 1.61g/t Au (5.04% Cu equivalent) over 7.5
meters starting at 474 meters in TC170188R
- Follow-up exploration electromagnetic surveying and drilling
in 2018
- Cu equivalent calculated as 1g/t Au = 0.7% Cu
- Intersections estimated to be approximately 50-95% of true
width
Drilling has intersected new high-sulphidation epithermal ("HSE"
or "Upper Zone-style") copper-gold mineralization 500 meters to the
east of the Upper Zone deposit at Timok. Mineralization
occurs over a 250 by 250 meter area which is similar in plan size
to the Timok Upper Zone. The new zone of mineralization has
similar characteristics to the Upper Zone with massive,
semi-massive and disseminated mineralization that is dominated by
pyrite with lesser covellite and energite. Exploration
drilling will continue in 2018 aided by downhole electromagnetic
surveying and will focus on expansion of this new zone of
mineralization.
Nevsun CEO, Peter Kukielski,
commented, "The assay results reported today are part of the 2017
exploration program for new Timok Upper Zone style mineralization
on the license covering the Upper and Lower Zone projects.
While the quantum of this new discovery is still unknown,
mineralization of a similar tenor could be processed at the Timok
Upper Zone mill, further enhancing the already stellar project
economics. These results demonstrate the tremendous upside
potential of the Timok project area for additional new
discoveries. At the Bor deposits five kilometers to the
north, approximately144 million tonnes of HSE mineralization was
mined from 27 separate bodies."
Detailed drill results, sections and a plan map of drill hole
locations are attached to this news release. Hole TC170189 is
a vertical Lower Zone hole and does not represent true width.
The other reported holes, suffixed with R, are angled regional
exploration holes targeting 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
HSE-style massive and semi-massive sulphide mineralization) and the
Lower Zone (characterized by porphyry-style
mineralization).
This news release is solely about new Upper Zone
mineralization. Please refer to the Company's news release
dated October 26, 2017 highlighting
the updated Preliminary Economic Assessment for the Upper Zone.
Geology of the Timok Upper Zone
The HSE mineralization
in the Upper Zone comprises pyrite-covellite-enargite bearing
massive, semi-massive and hydrothermal breccia matrix sulphides
that transition to vein and stockwork dominated sulphides at
depth. Mineralization is hosted by a strongly advanced
argillic altered volcanic and volcaniclastic andesite sequence. The
HSE mineralization forms a single coherent zone at depths ranging
from 400 to over 800 metres below surface and underlies fresh
andesite and Upper Cretaceous sediments. Pyrite is the dominant
sulphide mineral and covellite the principal copper mineral with
lesser enargite, bornite and chalcocite occurring in veins,
hydrothermal breccias and disseminations. Gold correlates with the
copper sulphides and occurs within the associated
pyrite.
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 100% owner of the high-grade copper-gold Timok Upper Zone and
60.4% owner of the Timok Lower Zone in Serbia. The Timok Lower Zone
is a partnership with Freeport-McMoRan Exploration Corporation
("Freeport"), which currently owns 39.6% and upon completion of any
Feasibility Study, Nevsun Resources Ltd. will own 46% and
Freeport will own 54%. Nevsun
generates cash flow from its 60% owned copper-zinc Bisha Mine in
Eritrea. Nevsun is well
positioned with a strong debt-free balance sheet to grow
shareholder value through advancing Timok to production.
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 more fully
described in the Company's Annual Information Form for the fiscal
year ended December 31, 2016, 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, 2016, 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.
"Peter Kukielski"
Peter Kukielski
President & Chief Executive Officer
SOURCE Nevsun Resources Ltd.