TORONTO, ONTARIO--(Marketwire - April 7, 2011) - Nuinsco Resources Limited (News - Market indicators) (www.nuinsco.ca) today announced that recent drill results grading up to 71 parts per million (ppm) uranium (U) continue to indicate the potential for high-grade uranium mineralization at its Diabase Peninsula project in Saskatchewan's Athabasca Basin.
"Uranium values exceeding 1ppm are accepted as being significant, with values exceeding 10ppm suggesting the presence of an alteration zone and the distinct possibility of a lens of high grade mineralization in the immediate vicinity," said Nuinsco President Paul Jones. "Drilling has encountered such significant uranium grades at numerous sites on the property, including our November-December 2010 program where uranium values peaked at 71ppm."
The November-December drilling tested coincident TEM and Gravity geophysical targets near to holes from a 2007-2008 drilling program which encountered highly-anomalous uranium values of up to 707ppm U (0.083% U3O8) located at or near the contact between the sandstone layer and graphite-bearing basement rocks (the "Unconformity") – the prime site for the occurrence of uranium deposits in the Athabasca Basin.
All holes in the five-hole, 2,321m program returned uranium values as follows:
- ND10-01 encountered 14.69m of 25.29ppm U from 378-392.69m, including 71 ppm U over 2.61m immediately at the Unconformity;
- ND10-02 averaged 4.26m grading10.8ppm U below the Unconformity;
- ND10-03 cut 18m of 18.06ppm U straddling the Unconformity from 379.5-397.5m;
- ND10-04 drilled from the same setup as ND10-03 encountered 19.25m of 11.99ppm U at the Unconformity. The final sample of the interval graded 24.8 ppm U; and,
- ND10-05 intersected1.5m grading 14.9ppm U below the Unconformity.
"These results continue to enhance our understanding of the geology at Diabase, and are sufficiently encouraging that we have begun another round of drilling," Mr. Jones added. "This 2,000m program will again concentrate on the core of the property where numerous factors point to the possibility of a nearby uranium deposit."
Analytical facilities of the Saskatchewan Research Council in Saskatoon performed the analyses in connection with the drill program. Results reported for Nuinsco's QA/QC blank and certified reference material "standard" samples, along with values determined for internal laboratory standards and duplicate analyses, allow for a very high degree of confidence in the accuracy of the results reported for the program.
Exploration work on the 21,900 hectare Diabase Peninsula Project, located approximately five km north of the southern boundary of the Athabasca Basin, has included 33 widely-spaced drill holes totaling 13,526m, airborne and ground geophysical surveys, geochemical surveys and mapping. Nuinsco is the operator, currently owns an approximate 89% interest in the property and is partnered with Trend Mining Company of Hilton Head, SC (PINK SHEETS:TRDM). C.A. Wagg, Manager, Canadian Exploration for Nuinsco, who acts as a QP for the project under National Instrument 43-101, has reviewed the technical contents of this press release.
Nuinsco Warrants: Expiry Pending
As a reminder to shareholders, Nuinsco closed a rights offering of units in April 2009. As part of each unit, participating shareholders received warrants. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.10, and must be exercised prior to 4:00 p.m. (Toronto time) on April 23, 2011.
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration and development company that is focused on uranium, copper, zinc and gold exploration and development in world-class mineralized belts in Canada, Turkey and Egypt. In addition to its property holdings, Nuinsco owns common shares in Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI). 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 tenure to properties and/or necessary permits and approvals from government authorities in Egypt and elsewhere, 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.
To view the Diabase Peninsula Project Maps, please visit the following link:
http://media3.marketwire.com/docs/DiabasePeninsulaProjectMap.pdf.
