Nuinsco Announces Positive Gold Grades from First Assays at Olympian Project
June 02 2010 - 12:36PM
Marketwired Canada
Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI)
(www.nuinsco.ca) today announced high grade initial results from grab samples,
grading up to 10.98 ounces per ton (341.81 g/t) gold, from a mapping and
prospecting program at its Olympian gold project near Kenora, Ont.
"Given Nuinsco's significant exploration experience in the Lake of the Woods
region and our understanding of the Olympian land package, we aren't surprised
to see high grades such as these," said Nuinsco President Paul Jones. "We are in
the midst of a systematic evaluation incorporating mapping, prospecting,
linecutting, trenching and geophysics, all of which will provide the information
required to begin diamond drilling of high priority targets this summer."
Significant results from the first-pass mapping and sampling program on the
Triggs occurrence are as follows:
Au Ag Cu
Sample ID g/t g/t ppm
1751901 6.72 5.50 9,230
1751902 1.00 less than 0.2 596
1751903 141.77 10.30 1,450
1751904 67.75 4.40 2,200
1751905 35.64 1.80 732
1751906 166.97 7.60 113
1751907 92.02 7.20 601
1751908 No analysis less than 0.2 19
1751909 0.28 1.70 1,920
1751910 0.21 3.00 4,380
1751911 0.09 2.50 527
1751912 0.20 4.50 4,550
1751913 0.05 1.30 1,150
1751914 341.81 23.80 741
Samples (numbered 1751901-1751907 and 1751914) were collected from recently
excavated vein material to characterize the gold grade variability within the
various styles of quartz vein material present and to examine the relationship
between abundance of sulphide minerals and review any correlation with gold
content. Additional sample results presented in the table were collected along
strike to approximately 125m to the west and 35m across strike to the north,
from subparallel, thin, possibly interconnecting, rusty shear zones, several of
which exhibit thin veins or intermittent lenses of quartz at the core of the
structures.
While samples taken elsewhere across the remainder of the property did not
return significantly elevated gold assays, with results ranging from below
detection up to 0.772 ppm Au, work to date done by Nuinsco has identified a
number of new mineralized shear zones and sulphide-bearing quartz veins. Some of
these new showings will be revisited in the coming weeks for the purposes of
bedrock stripping and possible channel sampling. Grab samples are unlikely to
represent average grades on a property.
As part of a systematic examination of the gold potential of the Gibi Lake
greenstone belt located in the Lake of the Woods region, linecutting, and
magnetometer-VLF EM surveys and geological mapping have been completed over a
2km by 1km grid centred over the Triggs occurrence. Grid mapping is complete and
an induced polarisation geophysical survey is set to conclude imminently. A
follow-up prospecting program to investigate geophysical and geological targets
identified by the completed surveys will be carried out in the coming weeks.
Also planned is bedrock stripping and channel sampling.
All samples were securely shipped to AGAT Laboratories of Mississauga, Ontario
for metallics screen analyses with a traditional fire assay with ICP finish for
gold, and testing for copper and silver content by aqua regia geochemical
methods. Paul Jones, P.Geo., President of Nuinsco, is a QP for the Company under
NI 43-101 and has reviewed and approved the technical content of this press
release.
About the Olympian Gold Project
The project area consists of 18 mining claims and three patented mining claims
totalling 14.05km2 situated 5km northeast along strike from the Kenora region's
most significant gold producer, the Wendigo Mine. The Olympian Project is easily
accessible by gravel road from paved Highway 71 about 28km southeast of the city
of Kenora. Mineralization consists of a series of gold, silver and
copper-bearing veins traced for up to 800 metres and hosted by mafic
metavolcanic rocks. The geologically similar Wendigo Mine produced 67,423 oz
gold, 14,762 oz silver, and 1.886 million lb copper. The average gold grade of
ore milled was 0.33 oz/ton (as reported in Ontario Geological Survey files).
Annual and Special Meeting
As a reminder, the Company's Annual and Special Meeting for Shareholders ("ASM")
will take place today, Wednesday, June 2, 2010, at 4:00 p.m. Toronto Time at the
Toronto Board of Trade, 1 First Canadian Place, Toronto, Ontario. The ASM will
be webcast and can be accessed through Nuinsco's website at www.nuinsco.ca. For
those attending via webcast who wish to ask questions, please e-mail
sean.stokes@rogers.blackberry.net.
About Nuinsco
Nuinsco is a growth-oriented, multi-commodity mineral exploration and
development company that is focused on uranium, copper, zinc and gold
exploration and development in world-class mineralized belts in Canada, Turkey
and Egypt. In addition to its property holdings, Nuinsco owns approximately 9%
of the outstanding common shares of Gold Hawk Resources Inc. (TSX VENTURE:GHK),
approximately 9% of the outstanding common shares of Coventry Resources Limited
(ASX:CVY) and approximately 1.4% of the outstanding common shares of Victory
Nickel Inc. (TSX:NI). 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 chelsea@chfir.com and specify "Nuinsco
Resources" in the subject line.
Any historic exploration and production results quoted herein were reported by
previous operators and pre-date NI 43-101. The Company has not completed the
work necessary to verify the historic results. As such, the Company is neither
treating the historic results as NI 43-101 compliant nor as verified by a
qualified person. The historic results should not be relied upon. This property
requires considerable further evaluation which Nuinsco's management and
consultants intend to carry out in due course.
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 necessary permits and approvals
from government authorities, 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.
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