Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI
- News), (www.nuinsco.ca)
today announced the completion of additional field work at the Bukari gold concession in Egypt's Eastern Desert. The
most recent program indicates that the strike length of the Bukari 1 vein system is considerably longer than
previously thought, and also identified a previously unknown vein system
which is interpreted to have a potential strike length of up to 5 kilometres based on satellite imagery.
The Bukari 1
vein system, determined in Nuinsco's earlier
program to be gold bearing (see news release dated September 29, 2010) and to
have a strike length of one kilometre, has now been
traced for over 2.5 kilometres along strike as a
series of veins striking 170 degrees and dipping sub-vertically that,
combined, comprise a zone up to 500 m thick. The Bukari
1 vein system is just one of 13 known named gold occurrences and sites of
past production (Pharaonic and Roman periods). The
previously unknown vein system identified by Nuinsco
in the most recent site visit occurs just north of the Bukari
1 occurrence as it is currently known, strikes 210 degrees and dips
"The work we have completed to date
demonstrates that the Bukari occurrence has
significant dimensions and is a high-quality exploration target with known
gold endowment," said Paul Jones, President. "The Eastern Desert is
one of the world's least explored and most geologically attractive gold
domains. Our presence in Egypt gives Nuinsco a
solid platform to add projects to our Bukari and
Umm Samra concessions that could form the basis for
a significant standalone exploration company focused on this region."
The field work undertaken in this most
recent program supplements the results of initial field examinations
conducted in October during which mechanical and hand excavation of several
known gold occurrences was followed by prospecting and reconnaissance
mapping. The work to date is designed to characterize the gold mineralization
and assist in the preparation of a systematic and comprehensive exploration
program of mapping, channel sampling, geophysical surveys and drilling once
full tenure is granted.
Showing comprises a network of gold-bearing quartz +/- calcite +/- barite +/-
limonite veins in a system of shear zones hosted in Precambrian age granodiorite rock. The veins and adjacent host rocks at
the Bukari showing are oxidized. The granitoid host rocks adjacent to the veins are strongly
weathered, soft, friable, bleached, and locally
display evidence of sulphide mineralization. In
several areas, deep pits and adits have been
discovered dating from Pharaonic and/or Roman
mining periods. In one instance visible gold was identified in a dump of vein
rock adjacent to historical mine workings.
Nuinsco recently announced the signing of a
concession agreement covering Bukari (see news
release dated September 9, 2010) which, along with the Umm Samra gold concession, was granted during Egypt's 2009
International Bid Round administered by the Egyptian Mineral Resources
Bukari (1,480 Km2)and Umm Samra
(790 Km2)are located about 50 kilometres northwest
of Centamin Egypt Limited's ("Centamin") flagship multi-million ounce Sukari Gold Mine which is projected to produce
160,000-170,000 ounces of gold in 2010 and is being expanded to increase
production to about 500,000 oz per year over the next three years. The
concessions are easily accessible by paved highway. Nuinsco
operates in Egypt through its subsidiary Z-Gold Resources Limited.
All exploration work is supervised by
Paul Jones, President, who acts as QP under National Instrument 43-101 and
has reviewed and approved the contents of this news release.
Nuinsco is a growth-oriented, multi-commodity
mineral exploration and development company that is focused on gold, uranium,
rare metals, 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
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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