Exploration Update on the Bathurst Option JV Base Metals Project, Bathurst Mining Camp, New Brunswick
October 23 2012 - 9:08AM
OTC Markets
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Votorantim Metals Canada
(VMC) is the operator and funds the exploration program.
VMC can earn a 50% interest in the BOJV Project by incurring
exploration expenditures of $10 million over five years with the
option to earn an additional 20% by spending an additional $10
million over an additional two year period
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VMC completed exploration work in
2012 totalling approximately $1 million to the end of Q3. Work in
2012 consisted of drilling, surface geophysical and geochemical
surveys. Total expenditures from inception to date are
approximately $6 million.
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Drilling, geophysical and
geochemical data has been delivered to DIAGNOS Inc. to
generate new targets for significant polymetallic mineralization in
the Bathurst Mining Camp (BMC) utilizing state of the art
area selection technologies
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The BOJV Project consists of 4,712
claims owned 50% ELN and 50% Xstrata and 2,907 claims owned 100% by
Xstrata Zinc, together with an area of interest in which ELN and
Xstrata Zinc hold equal interest
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The BOJV partners objective is to
use advanced exploration technologies to identify new discoveries
in a mature base metals mining camp
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October 23, 2012, Vancouver, BC; El Nino Ventures Inc.
("ELN" and the "Company") (TSX.V: ELN; OTCQX: ELNOF Frankfurt: E7Q)
is pleased to provide an update of the exploration work performed
during the period January 2012 to September 2012 on its Bathurst
Option Joint Venture (BOJV) Project with Votorantim Canada (VMC)
and Xstrata Zinc. The Project area covers much of the Bathurst
Mining Camp in north-central New Brunswick. The BOJV
agreement is a separate agreement to ELN's agreement with VMC to
develop the Murray Brook Polymetallic project.
Exploration Summary
The Bathurst Mining Camp (BMC) is a roughly circular shaped area
with a diameter of approximately 70 km located in the Miramichi
Highlands of northern New Brunswick (Figure 1). The BMC hosts 46
base metal mineral deposits with historic and current mineral
resources and another one hundred mineral occurrences, all hosted
by Cambro-Ordovician rocks deposited in an ensialic back-arc basin.
The largest deposit is the Brunswick #12 Mine, with 300 million
tonnes of zinc-lead-copper-silver-gold resources. The mine is
slated to close by March 2013.
Work on the BOJV to date in 2012 includes 6145 metres of diamond
drilling, in 21 drill holes, ground gravity surveys, anomaly
identification and target generation for drill testing (Table 1).
Surface geochemical sampling programs are underway and the results
will be announced when all the assay results are received from the
laboratory.
This phase of exploration drilling campaign focused on geophysical
and geochemical targets in the Brunswick Belt. No significant base
metal mineralization was intersected.
Table-1 Summary of Exploration Activities Performed during the
period Q2 and Q3, 2012
DIAGNOS
Exploration data from the 2012 exploration program has been
combined with that from previous exploration programs and delivered
to DIAGNOS Inc. for generation of new targets for prioritization
for drill testing. DIAGNOS Inc. researchers will utilize a unique
computer system, CARDS (Computer Aided Resources Detection System),
to identify areas with a high statistical probability of containing
mineral deposits.
CARDS uses MCubiX-KE (Knowledge Extraction), a data mining engine
that utilizes pattern recognition algorithms to learn the
signatures of positive and negative data points and create a model
that can be employed to make predictions on the location of new
deposits. CARDS utilizes these powerful algorithms to analyze
digitally compiled historical exploration data and identify areas
with a high potential for the discovery of mineral deposits.
To date, 19,880 training points (drilling and rock sample data
sets) from throughout the BOJV have been manually numerated. The
geophysical data sets, including magnetic surveys and
electro-magnetic surveys, have been compiled. DIAGNOS Inc. will
commerce mineralization modelling in the near future.
"This new and advanced innovative technology will enable us to
identify unexplored targets in the highly prolific BOJV." commented
Rodney Thomas, General Manager of Votorantim Metals Canada Inc.
2012-2013 Exploration Plans
In Q4 2012 and Q1 2013, it is planned to drill-test airborne
gravity gradiometer targets throughout the remainder of 2012.
Ground geophysical surveys will be performed if necessary to refine
some gravity targets.
Qualified Persons Statement
This news release has been reviewed and approved for technical
content by Ali Hassanalizadeh M.Sc. P.Geo., a qualified Person
under the provisions of National Instrument 43-101.
About El Niño Ventures Inc. Bathurst Projects
El Niño Ventures Inc. has two active projects in the Bathurst
Mining Camp;
1. Murray Brook Project:
The Murray Brook project is a polymetallic, massive sulphide
deposit. Historically, the deposit is the fifth largest in
the Bathurst Mining Camp, New Brunswick. The Murray Brook
property is located 60 km west of Bathurst. It is supported by
excellent infrastructure, including paved roads, grid electricity
and communities to provide goods, services and skilled labour
(Figure 1). A $3 million exploration budget was
approved for the 2012 exploration drill program. It includes $2.5
million for drilling measured resources at the Murray Brook deposit
and $500,000 for exploration of the Murray Brook and Camel Back
properties, both of which are covered by the option agreement with
Murray Brook Minerals. To date, more than 28,000 metres of drilling
has been completed with encouraging results. In February 2012,
NI43-101 resource estimation was announced (see news release). The
technical report is filed on SEDAR.com and also available on ELN's
website. An updated NI43-101 mineral resource estimation and
Metallurgical test results are slated for completion in the last
quarter of 2012. Results of updated mineral resource estimation and
metallurgical studies would be incorporated in a Preliminary
Economic Assessment "PEA" that is slated for completion in the
first quarter of 2013.
ELN and VMC currently own 70% of the project, of which 35%
is held by each of the two parties. Under a purchase
agreement signed by VMC on August 28, 2012 with MBM and Murray
Brook Resources Inc. (collectively the owners), VMC acquired the
right to purchase the additional 30% of the Murray Brook Project
from the owners. ELN has been provided the option to
purchase an additional 15% in the project for a combined total of
50% (35% +15%).
Although the terms of the Participation Agreement provided for a
three-year period to earn the initial 50% and two years to earn the
additional 20%, ELN and VMC completed their earn-in in less than 18
months.
2. Bathurst Mining Camp Project :( Tri-Party
Agreement)
Consists of an initial 4,712 claims in the Tri-Party Agreement
with Xstrata & VM Canada whereby VM Canada may incur
exploration expenditures of $10 million over a period of 5 years to
earn a 50% interest. VM Canada may further
increase its interest to 70% by spending an additional $10 million
over 2 years.
Figure 1 - Land tenure map showing the location of optioned
properties in the Bathurst Mining Camp
Votorantim Metals Canada
Inc. Statement
Technical details in this news release were provided by Votorantim
whose professional geologists conduct operations consistent with
mineral industry best practices. Votorantim accepts no
responsibility for this news release or any inferences made from
the technical details provided herein.
About DIAGNOS Inc.
Founded in 1998, DIAGNOS is a publicly traded Canadian corporation
(TSX: ADK), with a mission to commercialize technologies combining
contextual imaging and traditional data mining thereby improving
decision making processes. DIAGNOS offers products, services, and
solutions to clients in a variety of fields including healthcare,
natural resources, and entertainment.
DIAGNOS can count on a multidisciplinary team that includes
professionals in geophysics, geology, Artificial Intelligence,
mathematics, as well as remote sensing and image interpretation.
The Corporation's objective is to develop a royalty stream by
significantly enhancing and participating in the exploration
success rate of mining.
About Votorantim Metals Canada Inc.
Votorantim Metals Canada Inc. is a subsidiary of Votorantim Metals
is a company that is part of the Votorantim Group that was founded
in Brazil in 1918. The Votorantim Group operates in twenty
countries and has over 40,000 employees. Votorantim Metais is the
largest electrolytic nickel producer in Latin America and one of
the world's leaders in the production of zinc, aluminum and nickel.
Votorantim Canada Metals Inc. in conjunction with Xstrata Zinc and
El Nino Ventures is operator of the Bathurst Option and Joint
Venture which is actively exploring for base metal deposits within
the Bathurst Mining Camp.
About El Nino Ventures Inc.
El Niño Ventures Inc. is an international exploration company,
focused on exploring for zinc, silver, copper, gold and lead in New
Brunswick, Canada and copper in the Democratic Republic of Congo
("DRC").
On Behalf of the Board of
Directors
"Harry Barr"
Harry Barr
Chairman & CEO
El Nino Ventures Inc.
Further Information: Tel: +1 604 685
1870 Fax: +1 604 685 8045
Email: info@elninoventures.com or visit www.elninoventures.com
650-555 West 12th Avenue, City Square, West Tower, Vancouver, B.C.,
Canada, V5Z 3X7
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Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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release contains forward-looking statements that involve risks and
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others, the Company's ability and continuation of efforts to timely
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