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Nuinsco Resources Limited ("Nuinsco" or "the Companytoday announced that
drill results from its Olympian Gold Project in Ontario's Lake of the Woods
region are not sufficiently prospective to justify further expenditure at
this time. As a result, the Company will not make further payments on the
Olympian option agreements, but instead focus on its other exploration
projects in Canada, Egypt and Turkey.
Exploration on the Triggs
portion of the Olympian Project comprised line cutting, magnetic and I.P.
geophysics, stripping and washing, channel sampling, mapping, prospecting and
1164m of diamond drilling in twelve drill holes. All work was conducted
between late winter and late summer in an aggressive program to evaluate the
potential of the area. Although the results demonstrate that the local
environment is endowed with gold, the levels of gold mineralization obtained
from the current program do not reflect the spectacular gold mineralization
obtained from the historic Triggs Showing where
sampling by Company geologists provided assays up to 341.81g/t Au (but including
several other multi-gram samples - see news release dated 2 June 2010).
Results obtained from the exploration
program demonstrate the presence of shear hosted quartz veins and rusty sulphide mineralization, observed discontinuously over
several hundred metres along strike from the Triggs showing as well as quartz veining in sheared rock
elsewhere on the property. Visible gold was observed in hand specimens and in
drill cores and provided an assay of 20.77g/t Au over 30cm in a quartz vein
(between 17.73m and 18.03m in DDH NO-10-01) and 33.0g/t Au from a grab sample
obtained from a sheared rock near to the historic Triggs
workings. Assays up to 2.77g/t Au were obtained from quartz veining at
surface with other low anomalous values obtained from similar mineralization.
"Our objective was to quickly
evaluate the viability of the Olympian project to determine if we wanted to
move forward prior to additional option payments being made," said Paul
Jones, President. "Given the results obtained from work at Triggs-Olympian to date and the outstanding quality of
our other projects: Bukari and Umm Samra gold concessions in Egypt; the Canadian Diabase Peninsula uranium project and the Prairie Lake
rare metals project, all of which are being actively explored; along with the
Berta and Elmalaan projects in Turkey - the
decision was made to allocate our resources elsewhere and return the Triggs portion of the Olympian project to the optionors."
Priority Programs
The first diamond drill hole of the
minimum 3,500m program at the Prairie Lake rare metals project is now
complete and, as previously announced, a minimum 2,000m drill program has
begun at the Diabase Uranium Project in
Saskatchewan's Athabasca Basin. A second field exploration program at the Bukari and Umm Samra gold
concessions in Egypt's Eastern Desert is scheduled to begin next week.
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.
All samples from the Olympian Project
were securely shipped to AGAT Laboratories of Mississauga, Ontario for metallics screen analyses with a traditional fire assay
with ICP finish for gold, and testing for copper and
silver content by aqua regia geochemical methods.
Paul Jones, P.Geo., President of Nuinsco, is a QP
for the Company under NI 43-101 and has reviewed and approved the contents of
this press release.
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:
Rene Galipeau
Nuinsco Resources Limited
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca
www.nuinsco.ca |
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