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Keywords :   Equity Markets | Nickel | Turkey | Uranium |

 

Nuinsco Res. begins drilling at diabase peninsula uranium project

 

 

 

 

 

- Nuinsco 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 region."

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 include:




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
    mineralization nearby.

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.

About Nuinsco Resources Limited

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 symbol NWI.

Please visit the Company's website at www.nuinsco.ca. Should you wish to receive Company news via email, please email nadine@chfir.com and specify "Nuinsco Resources" in the subject line.

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.

Contact:

Paul Jones or Sean Stokes
Nuinsco Resources Limited
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca

 

 

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Nuinsco Resources Ltd

DEVELOPMENT STAGE
CODE : NWI.TO
ISIN : CA6709024021
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Financings of Nuinsco Resources Ltd
3/13/2012Completes Flow-Through Financing
8/30/2011Completes Flow-Through Financing
8/4/2011Completes Two Tranches of Flow-Through Financing
12/31/2010Announces Closing of Private Placement
Project news of Nuinsco Resources Ltd
4/19/2013(Diabase Peninsula)Commences Radon Survey on the Diabase Peninsula Property
2/27/2013(Berta)Receives Final Assays from Recent Drilling at Berta Project ...
8/13/2012(Berta)Drilling Ongoing at Nuinsco's Berta Joint Venture in Turkey
4/26/2012(Berta)Announces 2012 Drill Program at Berta Project in Turkey
2/14/2012(Diabase Peninsula)to Begin Drilling at Diabase Peninsula Uranium Project
6/28/2011& Ocean Partners Receive Court Approval to Gain Ownership of...
4/8/2011(Diabase Peninsula)Drilling Continues to Intersect Uranium at Diabase Peninsula...
3/1/2011(Bukari)Initial Field Program at Egyptian Concessions Yields Impress...
2/23/2011(Bukari)Identifies Four Kilometre Strike Length at Talat Gadalla Gol...
2/17/2011(Bukari)Receives Egyptian State Council Approval of Bukari Concessio...
12/22/2010(Prairie Lake - Nuinsco)Provides Update on Exploration at Prairie Lake Rare Metals P...
12/13/2010(Bukari)Expands Size of Bukari Gold Showing in Egypt's Eastern Deser...
11/10/2010(Diabase Peninsula)Begins Drilling at Diabase Peninsula Uranium Project
11/4/2010(Prairie Lake - Nuinsco)Begins Drilling at Prairie Lake Rare Metals Project
1/13/2010(Prairie Lake - Nuinsco): 330 to 360 Million Tonne Exploration Target Mineralization...
Corporate news of Nuinsco Resources Ltd
10/24/2013Successfully Upgrades Phosphorus Concentrate from Prairie La...
10/7/2013Begins Second Round of Drilling on CBay Minerals' Chibougama...
9/17/2013Announces Management and Board Changes
8/14/2013Announces the Passing of Director, George Archibald
8/1/2013Acquires Securities of Victory Nickel Inc., Files Early Warn...
6/26/2013: High REE Content Minerals Discovered at Prairie Lake
5/24/2013Adopts Advance Notice By-Law
5/2/2013Subsidiary CBay Minerals Acquires Devlin Copper Project in Q...
3/26/2013Enters Into Loan Agreement with Victory Nickel Inc.
3/13/2013to Produce Additional Prairie Lake Phosphorus Concentrate
2/13/2013Subsidiary CBay Minerals Options Perch River Copper Project
1/25/2013(Berta)Announces Results That Further Indicate Large Scale of Coppe...
1/15/2013Announces Additional Positive Drill Results From Chibougamau...
1/15/2013Announces Additional Positive Drill Results From Chibougamau...
1/15/2013Announces Additional Positive Drill Results From Chibougamau...
1/8/2013(Berta)Initial Drilling Results Further Demonstrate Scale of Berta ...
12/19/2012Enters Into $2.5 Million Loan Facility
11/7/2012Begins Diamond Drilling on CBay Minerals' Chibougamau Gold P...
10/17/2012Begins Ground Geophysics on CBay Minerals' Chibougamau Gold ...
9/26/2012Announces Exploration Program on CBay's Chibougamau Gold Pro...
9/17/2012(Corner Bay)Announces 43-101 Mineral Resource Estimate at CBay's Corner ...
7/30/2012(Diabase Peninsula)Drill Results at Nuinsco's Diabase Peninsula Uranium Project...
6/18/2012Prairie Lake Concentrate Demonstrates Excellent Marketabilit...
6/11/2012Prairie Lake Metallurgical Study Continues to Provide Impres...
5/14/2012and Other Canadian Uranium Explorers More Attractive to Chin...
3/28/2012Elects Not to Pursue Full Tenure on Egyptian Gold Concession...
2/22/2012Arranges Flow-Through Financing for Exploration in Quebec
2/22/2012Arranges Flow-Through Financing for Exploration in Quebec
2/7/2012Elects to Not Exercise Option on J. Tobrar Project in Sudan
2/7/2012Elects to Not Exercise Option on J. Tobrar Project in Sudan
1/23/2012Buys Back 2% Royalty Interest on Prairie Lake Property
11/30/2011Testing to Enhance Concentrate Production at Prairie Lake Ha...
11/14/2011& Ocean Partners Complete Transfer of Ownership of Chibougam...
10/26/2011Reports Significant Increase in ETMI at Prairie Lake Project
10/20/2011Reports Additional Drill Results From Prairie Lake Rare Meta...
10/6/2011(Diabase Peninsula)Drilling Intersects Further Uranium at Diabase Peninsula Pro...
7/18/2011Expands MENA Presence With Option on Gold Concession in Suda...
6/22/2011Provides Update on Status of Receivership Proceedings With R...
6/2/2011s Current Status of Projects and Initiatives
5/25/2011Provides Update on Status of Receivership Proceedings With R...
1/10/2011Announces Board Changes: T. Mike Young Resigns, Dr. J.M. Fra...
11/15/2010s Olympian Status, Activities at Other Projects
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