Nuinsco Begins Diamond Drilling on CBay Minerals' Chibougamau Gold Properties
Program targets gold occurrences and geophysical targets on Portage Island
TORONTO, ONTARIO--(Marketwire - Nov. 7, 2012) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced that a minimum 1,500 metres of diamond drilling has begun on CBay Minerals Inc.'s ("CBay") Portage Island gold properties in the Chibougamau mining camp in northern Quebec. The drilling will explore historic gold targets and new targets identified from a recently-completed induced polarization geophysical survey (see news release of October 17th, 2012).
"The near-surface exploration potential of Portage Island was identified in 1903 with the discovery of the McKenzie Vein, the Chibougamau camp's original gold showing," said Nuinsco President Paul Jones. "We see a good opportunity to expand on this historic gold-bearing structure that has been partially mined at depth (starting at 200m) from the nearby Portage Mine, where it was estimated to have graded 0.24 ounces gold per ton, and to investigate the other prospective gold targets on the island."
The McKenzie Vein has not been explored extensively at surface or along strike. Initial focus will be to evaluate along the 100m of surface exposure and interpreted strike length of 250m of the vein with the expectation of extending the domain further to the east, across Portage Island. In addition, drilling will also test the nearby Hematite Bay Gold Zone, where limited drilling was most recently done in the early 1990s when gold traded between US$330 and US$400.
Portage Island is located near to the Copper Rand mill and tailings facility (owned outright by CBay; CBay in turn is 50%-owned by Nuinsco) at the northeast end of the 96,000 acre CBay land package. Portage Island hosts the past-producing Henderson I, Henderson II and Portage copper/gold mines, and the McKenzie gold vein. In addition, the Portage Island claim group hosts numerous underexplored exploration targets, including the Baie du Commencement copper/gold zone, Hematite Bay gold and copper zones and two magnetite bodies - the Magnetite North and Magnetite South zones.
Paul Jones, President, acts as Nuinsco's Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on world-class mineralized belts in Canada and internationally. In addition to its property holdings in Ontario, Saskatchewan and Turkey, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI), and a 50% interest in CBay Minerals Inc., a private company that is a dominant player in Quebec's Chibougamau mining camp with assets including a permitted mill and tailings facility, eight past-producing copper/gold mines and a 96,000 acre land position. Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
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 tenure to properties and/or necessary permits and approvals, 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.
Paul Jones or Sean Stokes
CHF Investor Relations