Resources Limited (TSX:NWI - News), (www.nuinsco.ca)
today announced that drilling has begun at its Diabase
Peninsula uranium project in the Athabasca Basin of northern Saskatchewan.
The minimum 2,000 metre program will follow up on
past results that have returned strongly anomalous uranium mineralization,
peaking at 0.07% uranium (0.083% U3O8), and other key elements indicative of
a uranium mineralizing event common to deposits in the Athabasca basin.
"The drilling we've done to date
has identified all of the right indicators - highly-anomalous uranium,
deformed graphite and sulphide-bearing basement
rocks, graphite, arsenic, cobalt, nickel, boron and clay mineralization - all
found in conjunction with uranium deposits in the Athabasca basin," said
Paul Jones, President. "These results, along with geophysics that shows
characteristics similar to deposits such as Key Lake, Rabbit Lake, Midwest
Lake and Sue, have led the Diabase Peninsula
project to be independently ranked as a premiere exploration project in the
The program will comprise a series of
drill holes of 400m - 500m in depth to be drilled near the core of the
property where numerous factors point to the possibility of a nearby uranium
deposit. The holes are designed to test for alteration and mineralization
(uranium and other indicator elements) in the rocks above, at and below the
unconformity at the base of the Athabasca Basin (the prime target area for
uranium deposits). These holes will be collared near to other drill holes in
which geochemical, mineralogical and structural features often associated
with, or indicative of, a uranium mineralizing event, have been identified.
Exploration work on the 21,900 hectare Diabase Peninsula Project, located approximately five kilometres north of the southern boundary of the
Athabasca Basin, has included 28 widely-spaced drill holes totalling 11,205 metres,
airborne and ground geophysical surveys, geochemical surveys and mapping. Nuinsco is the operator, currently owns an approximate
82% interest in the property and is partnered with Trend Mining Company of
Hilton Head, SC (OTC: TRDM.pk
- News). Paul Jones,
President of Nuinsco, who acts as a QP for the
project under National Instrument 43-101, has read and approved the contents
of this press release.
As previously reported, notable results
1. The combination of uranium-arsenic-nickel-cobalt-magnesium oxide, which
typifies several of the mines in the Athabasca district, was present in
drill holes and indicates the influence of a mineralizing system in the
area - pointing to the presence of some form of unconformity
2. The widespread presence of significant clay alteration in the sandstone
which indicates the passage of hydrothermal fluids capable of
transporting uranium mineralization.
3. Uranium/lead ratios which provide evidence of local excess uranium in
the sedimentary pile and suggest upward leakage of uranium-bearing
hydrothermal fluid into the sediments.
4. The presence, established by more than 100m vertical displacement of the
unconformity occurring between adjacent drill holes, of reactivated
faults which are prime exploration targets as they provide permeable
conduits for the concentration of uranium-bearing mineralizing fluids.
Nuinsco is a growth-oriented, multi-commodity
mineral exploration and development company that is focused on gold, rare
metals, uranium, copper and zinc exploration in world-class mineralized belts
in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Gold Hawk Resources Inc.
(TSX VENTURE:GHK - News), Coventry Resources
Limited (ASX:CVY - News) and Victory Nickel
Inc. (TSX:NI - News). Shares of Nuinsco trade on the Toronto Stock Exchange under the
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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.
Paul Jones or Sean Stokes
Nuinsco Resources Limited