VANCOUVER, Oct. 17, 2016 /CNW/ - Nevsun Resources Ltd.
(TSX:NSU) (NYSE MKT:NSU) (Nevsun and its subsidiaries are
collectively referred to as "Nevsun" or the "Company") is pleased
to announce new assay results from drilling of the Upper Zone at
the Company's Timok copper-gold project ("Timok Project") which was
part of the 2015 mineral resource up-grade program.
HIGHLIGHTS
- Drilling continues to confirm continuity and the high-grade
nature of the Upper Zone
- New massive and semi-massive sulphide intersections
include:
- TC150099: 248.0m @ 6.37% Cu, 3.19g/t Au, including
87.0m @ 11.95% Cu, 5.35g/t Au
- TC150078: 300.0m @ 5.50% Cu, 3.32g/t Au, including
40.0m @ 18.83% Cu, 10.61g/t Au
- TC150105: 220.0m @ 3.12% Cu, 3.83g/t Au, including
42.0m @ 11.11% Cu, 16.70g/t Au
- TC150094: 188.0m @ 4.03% Cu, 4.24g/t Au, including
27.0m @ 12.21% Cu, 15.26g/t Au
- Vertical holes designed to intersect the high grade upper
portion of the mineralization at near perpendicular orientation
- Additional 30,000m of drilling in progress to further
improve confidence in the resource
Nevsun CEO Cliff Davis commented,
"The assays reported today continue to demonstrate the high grade
nature of the Timok mineralization. These holes were drilled
prior to the Company acquiring its interest in the Timok Project
and were recently assayed after the ownership changed. In
addition to the 30,000 metres of ongoing drilling, the results from
these holes will be included in the model used to generate a new
resource for the pre-feasibility study due in September 2017."
TIMOK PROJECT
The Timok 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). 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.
A Preliminary Economic Assessment ("PEA") on the Upper Zone was
completed by the prior owner in March, 2016, without having the
assay results in this news release included in the assessment.
Using a 1.0% copper cut-off grade, the PEA indicated an
after-tax NPV8 of US$1.63 billion and
after-tax IRR of 106%, using US$3.00
per pound copper and US$1,200 per
ounce gold (refer to the Company's Information Circular dated
May 18, 2016 for PEA details).
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: (i) any of the assumptions in the historical resource
estimates turn out to be incorrect, incomplete, or flawed in any
respect; (ii) the methodologies and models used to prepare the
resource and reserve estimates either underestimate or overestimate
the resources or reserves due to hidden or unknown conditions,
(iii) exploration activities or the mine operations are disrupted
or suspended due to acts of god, internal conflicts in the country
of Eritrea or Serbia, unforeseen
government actions or other events; (iv) the Company experiences
the loss of key personnel; (v) the Company's operations or
exploration activities are adversely affected by other political or
military, or terrorist activities; (vi) the Company becomes
involved in any material disputes with any of its key business
partners, suppliers or customers; (vii) the Company is subjected to
any hostile takeover or other unsolicited attempts to acquire
control of the Company; (viii) the Company is subject to any
adverse ruling in any of the pending litigation to which it is a
party; (ix) Upper Zone Deposit preliminary economic assessment is
preliminary in nature and it includes inferred mineral resources
that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to
be categorized as mineral reserves; and other risks 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
2015 Timok Upper Zone Drilling Results
HOLE
ID
|
From
|
To
|
Length
(m)
|
Cu
%
|
Au
g/t
|
TC150078
|
445.0
|
745.0
|
300.0
|
5.50
|
3.32
|
includes
|
449.0
|
489.0
|
40.0
|
18.83
|
10.61
|
TC150091
|
503.0
|
759.0
|
256.0
|
2.93
|
2.48
|
TC150093
|
516.0
|
873.0
|
357.0
|
1.83
|
0.59
|
TC150094
|
440.0
|
628.0
|
188.0
|
4.03
|
4.24
|
includes
|
460.0
|
487.0
|
27.0
|
12.21
|
15.26
|
TC150095
|
474.0
|
842.0
|
368.0
|
2.19
|
0.95
|
TC150096
|
444.0
|
846.0
|
402.0
|
2.99
|
1.39
|
TC150099
|
448.0
|
696.0
|
248.0
|
6.37
|
3.19
|
including
|
448.0
|
535.0
|
87.0
|
11.95
|
5.35
|
TC150105
|
442.0
|
662.0
|
220.0
|
3.12
|
3.83
|
including
|
442.0
|
484.0
|
42.0
|
11.11
|
16.70
|
TC150106
|
463.0
|
653.0
|
190.0
|
0.50
|
0.74
|
TC150108
|
437.0
|
694.0
|
257.0
|
4.02
|
2.66
|
|
|
|
|
|
|
|
Holes are drilled vertically and approximately perpendicular
to the high grade top of the zone
SOURCE Nevsun Resources Ltd.