Nuinsco Reports First Results from J. Tobar Gold Concession in Sudan All Veins Return Gold Results, Including a 324m Interval Averaging 16.07 g/t Gold
All Veins Return Gold Results, Including a 324m Interval Averaging 16.07 g/t Gold
TORONTO, ONTARIO -- (Marketwire) -- 07/21/11 -- Nuinsco Resources Limited ('Nuinsco' or 'the Company') (TSX: NWI) (www.nuinsco.ca) today announced positive results from surface sampling at the J. Tobar (Block 64) gold concession area in northeastern Sudan. Anomalous gold results were returned from all 12 veins sampled, including a 324m interval with an average gold grade of 16.07 g/t and a width of 1.34m.
'With assays topping out at 1,010 g/t these first results are exceptionally encouraging and give us a very good sense of the potential that exists on the J. Tobar concession,' said Paul Jones, President. 'We will continue to aggressively evaluate the concession during the six month due diligence period. This work will include mapping, mechanical trenching and substantial sampling, laying the groundwork for more robust and substantial programs in the future that will include diamond drilling.'
Due diligence work by Nuinsco geologists was directed towards mapping and sampling the Hamil Gold Vein System (HGVS). The HGVS comprises a recently discovered system of gold-bearing quartz veins, the known footprint of which is approximately 800m along strike and 300m in width. A total of 160 samples were collected from 10 NNE-striking veins, two NW-striking veins and several flat veins; most of these were obtained from exposures excavated by local artisanal miners.
The best grades were obtained from the #1 Vein (see map attached) which yielded the average grade of 16.07 g/t gold noted above. The central portion of #1 Vein included a 101m segment which yielded an average grade of 35.34 g/t gold over an average width of 1.95m based on the results of 18 chip samples and four grab samples. Within this area, one sample yielded 185.5 g/t gold over 2m and another yielded 277.0 g/t gold over 1.50m. About 20m north on the same vein structure an additional 96m segment of the vein yielded an average grade of 5.00 g/t gold over an average width of 0.68m based on the results of 10 chip samples and 5 grab samples. Full results are summarized below.
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Vein Vein Average Maximum
Total Length Width Grade g/t Grade
Vein # Samples Chips Grabs (m) (m) (Au)(1) g/t (Au)
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1 54 43 11 324 1.34 16.07 277.00
(includes) 22 18 4 101 1.95 35.34 277.00
(includes) 15 10 5 96 0.68 5.00 21.9
1a 11 10 1 81 0.74 1.51 8.31
(includes) 4 3 1 20 0.48 3.63 8.31
1b 13 14 1 127 0.72 0.72 4.43
2 7 6 2 80 0.24 3.59 22.50
3 14 11 3 118 0.35 72.92(i) 1010.00
4 13 10 3 114 0.41 2.12 6.47
5 8 6 2 29 0.39 0.54 3.42
6 6 6 - 38 0.19 0.32 0.85
7 8 4 4 76 0.78 4.10 18.20
8 5 4 1 55 1.00 0.72 1.25
9 11 10 1 82 0.49 0.44 2.69
10 1 - 1 5 - 0.01 0.01
11 2 2 0 7 0.28 0.05 0.05
12 7 6 1 51 0.24 0.04 0.10
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(i)Note that average grade is strongly biased by one high-grade grab sample.
(1)Grab samples are selective by nature and are unlikely to represent
average grades on the property.
The samples were analyzed by ALS Chemex, at their laboratory in Rosia Montana, Romania, using their ME-MS61 method (four-acid dissolution, 48 element ICP-MS). Gold was assayed by the Au-AA25 method (fire assay-atomic absorption finish).
Nuinsco has entered into an agreement to acquire an 85% interest in UAE for Gold Minerals and Investment Company Ltd. ('UAE Gold') (see news release dated July 18, 2011). UAE Gold owns 100% of the J. Tobar (Block 64) concession.
The J. Tobar concession is 3,440 square kilometres in area and is located in the Sudanese Red Sea State approximately 420 kilometres northeast of Khartoum. It is also approximately 100 kilometres south of the multi-million ounce Hassai gold mine that has been in production since 1992 and is 40% owned by TSX-listed La Mancha Resources Inc. The rocks underlying northeastern Sudan are part of the Arabian-Nubian shield, a Precambrian mineralized domain that underlies parts of Egypt, Sudan, Eritrea, Ethiopia, Israel, Jordan, Saudi Arabia and Yemen and hosts hundreds of known gold occurrences.
To view the J. Tobar (Block 64) concession, Sudan, Sampling Locations figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/jtobar-b64.pdf
About Nuinsco Resources Limited
Nuinsco is a growth-oriented, multi-commodity mineral exploration company that is focused on 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 juliet@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.
Contacts:
Nuinsco Resources Limited
Paul Jones or Sean Stokes
416.626.0470
416.626.0890 (FAX)
admin@nuinsco.ca
www.nuinsco.ca
CHF Investor Relations
Juliet Heading
416.868.1079 X 239
416.868.6198 (FAX)
juliet@chfir.com