http://finance.yahoo.com/news/nevsun-announces-bisha-drill-results-115500340.html;_ylt=AwrBJSBJ4Z5TAmsAN_3QtDMD
Nevsun Announces Bisha Drill Results and Regional Exploration Program Update
Nevsun Resources Ltd. 26 minutes ago
VANCOUVER , June 16, 2014 /CNW/ - Nevsun Resources Ltd. (TSX:NSU / NYSE
MKT:NSU) is pleased to provide an update on the 2014 regional exploration
program and to announce assay results from Aderat, located 10 kilometers
from the Bisha Mine ("Bisha") and processing plant.
HIGHLIGHTS
High grade intersections at Aderat include:
Hole MX-011: 1.38% Cu, 7.82% Zn, 1.12 g/t Au, 25.6 g/t Ag over 10.25 meters
Hole MX-012: 1.13% Cu, 11.15% Zn, 0.52 g/t Au, 18.8 g/t Ag over 9.00 meters
Associated geophysical anomaly over a 500 meter strike length
Zone only tested to a shallow depth with limited holes
Grade increasing with depth on the discovery section
Additional drilling and geophysical surveys ongoing in 2014
Nevsun CEO Cliff Davis commented, "We are excited to see some early success
in our 2014 exploration program. The Bisha area remains under-explored and
we look forward to more success in 2014 as we further evaluate the camp
potential of the Bisha VMS belt."
2014 Regional Exploration Program Update
In 2014, Bisha is conducting a two phase exploration program comprising a
nearly completed first phase program that consists of 10,000 meters of
diamond drilling on selected targets focusing on the immediate Bisha Mine
area looking for mineralized horizons west of the known deposit, the Hambok
area to the south and west of the known deposit, at Harena to continue to
extend the deposit along strike and down dip and regional exploration
targets on the Mogoraib River Exploration License such as Aderat.
Geophysical surveys are being performed in conjunction with this drilling
and consist of ground and borehole Transient Electromagnetic (TEM) surveys
and an airborne VTEM survey over the entire Mogoraib River Exploration
License, the Bisha Mining Agreement area and the Harena Mining License.
A second phase program will include 14,500 meters of diamond drilling
following-up encouraging results at Aderat and Harena, further testing of
regional targets on the Mogoraib River License and targets generated from
the VTEM survey. Most of the phase one program will be completed prior to
the annual rainy season with the phase two program following immediately
after that period. Specifics of further work will depend on results from
the phase one and two programs.
Aderat Drill Results
Aderat is located on the Mogoraib River Exploration License approximately
four kilometers north of the Hambok deposit and ten kilometers from the
Bisha Mine and processing plant. A location map of Aderat, the drillholes
and a cross-section are included at the end of this release.
Aderat was initially intersected by diamond drilling conducted by the
previous exploration license owner in hole ANK-006 which returned an
interval of 27 meters grading 3.56% Zn, 0.75% Cu and 0.87 g/t Au. However,
three follow-up holes at that time failed to intersect any additional
significant sulphide intervals.
Bisha Mining Share Company (BMSC) acquired the Mogoraib River Exploration
License in late 2012 and the Aderat area was immediately highlighted as a
strong opportunity for additional discovery. BMSC geologists were
impressed that the mineralization in hole ANK-006 was within intense
chlorite and sericite altered felsic volcanic rocks and had high metal
tenor (for example values of up to 12.75% Zn and 2.61% Cu occur in zones of
only 15 to 25% sulphide overall). This coupled with the elevated gold
grades (up to 2.36 g/t Au) and the location of the mineralization on the
flank of an associated geophysical anomaly, indicated that a significant
mineralized system was potentially present in the area and that further
work was warranted.
BMSC's first hole MX-010 drilled approximately 100 meters above ANK-006
returned numerous anomalous intervals of highly altered felsic volcanic
rock with elevated copper and zinc values confirming that a significant
base metal enriched alteration zone was associated with the mineralization.
Follow-up hole MX-011, drilled approximately 100 meters below ANK-006,
intersected improved base metal values and demonstrates that the
mineralizing system appears to be gaining strength at depth. Hole MX-012,
drilled approximately 100 meters north of ANK-006, also intersected similar
strong base metal values and further expands the zone.
Highlights from the results of these two holes include:
Hole MX-11: 1.38% Cu, 7.82% Zn, 1.12 g/t Au, 25.6 g/t Ag over 10.25 m
Hole MX-12: 0.79% Cu, 6.99% Zn, 0.38 g/t Au, 13.5 g/t Ag over 16.00 m
including: 1.13% Cu, 11.15% Zn, 0.52 g/t Au, 18.8 g/t Ag over 9.00 m
A complete table of significant assay intervals and a drill location plan
and schematic drill section is attached to the end of this release.
Additional holes (MX-13 to MX-19 and MX-30) completed during the initial
phase one drilling program are awaiting assay results.
The mineralization is associated with elevated barium suggesting that the
mineralization was deposited close to, or at, the sea floor and metal
zoning suggests that the drilling has been from the footwall to the hanging
wall (west to east). Further drilling is in progress and is designed to
expand the zone along strike. Geophysical crews are mobilizing to the
project and will complete ground and borehole TEM surveys to better define
the mineralized zone shortly. In addition, a Geotech VTEM survey is
currently being flown over the entire Mogoraib River Exploration License,
including Aderat and Hambok, and the results of this survey are currently
being assessed and targets evaluated for further drilling.
Quality Assurance
A Quality Assurance/Quality Control program was part of the sampling
program for the Aderat work. This program includes chain of custody
protocols as well as systematic use of standards, duplicates and blank
samples into the flow of samples produced by the sampling. Samples were
prepared at African Horn Testing Services ( Eritrea ) and analyzed at
Genalysis Laboratories (a NATA registered laboratory) in Perth , Western
Australia . Drilling intercept lengths only are reported in the tables and
text below. It is estimated that true width will be approximately 60 - 75%
of the mineralized intersections reported.
Mr. Robert Foy PGeo., BMSC's Exploration Manager, has been overseeing the
drilling at the Aderat Zone and is a Qualified Person as defined by NI
43-101. Mr. Foy has reviewed the technical content of this press release
and approved its dissemination.
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," "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 commercial production, future production of
copper and related cash flows 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 , 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, lenders, 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) the Company incurs unanticipated costs or required repairs to the
copper floatation plant; or * are associated with the speculative nature of
exploration activities, periodic interruptions to exploration, failure of
drilling, processing and mining equipment, the interpretation of drill
results and the estimation of mineral resources and reserves, changes to
exploration and project plans and parameters and other risks are more fully
described in the Company's Management Discussion and Analysis for the
fiscal year ended December 31, 2013 , which is 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.
Please see the Company's Annual Information Form for the fiscal year ended
December 31, 2013 , and the Company's Management Discussion and Analysis
for the year ended December 31, 2013 , for a more complete discussion of
the risk factors associated with our business.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is a Vancouver -based mining company with an
operating mine in Eritrea . Nevsun's 60%-owned Bisha Mine commenced
commercial copper concentrate production in December 2013 and ranks as one
of the highest grade open pit copper mines in the world. Nevsun has a
strong balance sheet and future cash flows to grow shareholder value
through exploration at Bisha and acquisition of additional mining assets.
*Aderat Intersections to June 12, 2014 *
*Hole Id* *From (m)* *To (m)* *Length (m)* *Cu (%)* *Zn (%)* *Au (g/t)* *Ag
(g/t)* MX-010 22.50 30.00 7.50 0.37 0.44 0.15 0.3 65.00 74.00 9.00
0.05 0.99
0.02 0.3 *80.90* *82.20* *1.30* *0.87* *3.87* *0.33* *13.8* 102.00 102.85
0.85 0.62 0.49 0.09 0.5 127.00 134.00 7.00 0.18 1.10 0.47 4.9
141.35 151.80
10.45 0.16 0.57 0.10 2.4 165.00 173.00 8.00 0.04 0.25 0.02 0.3
219.00 220.00
1.00 0.46 0.10 0.31 0.3 MX-011 73.00 74.00 1.00 0.07 0.41 0.04 0.3 242.00
252.00 10.00 0.08 0.42 0.04 0.3 *265.75* *276.00* *10.25* *1.38* *7.82*
*1.12* *25.5* 296.00 297.00 1.00 0.01 0.06 0.46 0.3 MX-012 1.80 36.00 34.20
0.11 0.28 0.09 0.3 23.00 34.00 11.00 0.12 0.25 0.20 0.3 83.00 86.00 3.00
0.01 0.05 0.36 0.3 102.00 106.00 4.00 0.10 0.32 0.32 0.3 *132.00*
*148.00* *16.00* *0.79* *6.99* *0.38* *13.5* including *134.00* *143.00*
*9.00* *1.13* *11.15* *0.52* *18.8* 177.10 180.00 2.90 0.14 0.56 0.03 0.3
Notes: True widths are estimated to be 60 to 75% of drilled length.
*Aderat Collar Locations*
*Hole Id* *UTM *
*Easting* *UTM *
*Northing* *Elevation* *Depth (m)* *Azimuth* *Dip* MX-010 330265 1709375 594
238.0 125 -50 MX-011 330186 1709427 594 304.0 125 -55 MX-012 330285 1709471
593 301.0 125 -50
*NEVSUN RESOURCES LTD.*
*"Cliff T. Davis"*
Cliff T. Davis
President & Chief Executive Officer
SOURCE Nevsun Resources Ltd.
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Received on Mon Jun 16 2014 - 08:57:26 EDT