Business & Finance
Business and Finance
Business and Finance
Tue, March 1, 2011 Nuinsco's Initial Field Program at Egyptian Concessions Yields Impressive Gold Results
TORONTO, ONTARIO--(Marketwire - March 1, 2011) - Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) ([ www.nuinsco.ca ]) today announced significant analytical results from the first sampling program conducted on the Bukari and Umm Samra gold Concession Areas in Egypt's Eastern Desert. Multi-gram gold analyses, grading up to 46.30 g/t, were obtained from all six sites visited and almost all samples collected contained significantly anomalous gold.
"The wide distribution of such an anomalous set of samples reinforces our opinion of the very prospective nature of the terrain underlying these Egyptian concessions and demonstrates the tremendous potential for gold discovery at both Bukari and Umm Samra," said Nuinsco President Paul Jones. "Both Bukari and Umm Samra remain essentially unexplored, and more than 20 named gold occurrences remain to be visited and sampled. These results represent the first analytical results of the modern age from Bukari. Having greater than 25% of the samples exceeding 5.0 g/t gold validates our exploration model."
The program consisted of mechanical and hand excavation followed by prospecting in the vicinity of six named historic gold occurrences. 38 grab samples of rock were collected from outcroppings and muck piles adjacent to historic work sites - Bukari 1, Abu Muawaad, Talat Gadalla, Daghbag, Kab Hamdalla and Wadi Zeidum (see map attached). Thirty-five kilometres separates the southernmost occurrence (Bukari 1) from the northernmost (Wadi Zeidum), demonstrating the potential scale of the gold mineralization and overall prospectivity of the project. All analytical results are tabulated below.
The gold content of occurrences where more than five samples were collected includes Bukari1, Talat Gadalla, Daghbag and Wadi Zeidoum. At these locations gold analyses are significantly elevated, averaging 7.95 g/t gold at Bukari 1 (peaking at 44.30 g/t gold), 16.59 g/t gold at Talat Gadalla (peaking at 46.30 g/t gold), 2.04 g/t gold at Daghbag (peaking at 8.95 g/t gold) and 5.54 g/t gold at Wadi Zeidoum (peaking at 25.00 g/t gold). The samples from Bukari 1 were collected over one kilometre of strike length; subsequent field work has shown the Bukari 1 occurrence to be more than 2.5 kilometres in length and to be spatially associated with the new Bukari North occurrence identified from Nuinsco fieldwork that is up to five kilometres in length. In addition, a sample of 4.51g/t gold was obtained from the Kab Hamdalla occurrence.
Of 38 samples taken, 19 exceeded 1.0 g/t gold, 10 exceeded 5.0 g/t gold and 5 exceeded 10.0 g/t gold. Arsenic, a key pathfinder element, has a very similar distribution of data, with 60% of the samples containing more than 70ppm arsenic, and 10% containing more than 500ppm arsenic. Overall, the metal associations and contents are typical of a mesothermal gold system, very similar to most of those in the Canadian Shield.
| Total | Au (g/t) | Au (g/t) | Exceeding | Exceeding | Exceeding | |
| Samples | Max | Min | 1.00 g/t Au | 5.00 g/t Au | 10.00 g/t Au | |
| Talat Gadalla | 11 | 46.30 | 0.07 | 7 | 5 | 3 |
| Bukari 1 | 8 | 42.40 | 0.21 | 5 | 3 | 1 |
| Wadi Zeidum | 8 | 25.00 | 0.04 | 4 | 1 | 1 |
| Daghbag | 5 | 8.25 | 0.03 | 1 | 1 | |
| Kab Hamdalla | 2 | 4.51 | 1.60 | 2 | ||
| Abu Muawaad | 1 | 0.95 | 0.95 | |||
| Cu Prospect | 2 | 0.08 | 0.06 | |||
| Regional | 1 | 0.02 | 0.02 | |||
| 38 | 19 | 10 | 5 |
Prospective quartz veining and/or sheared and altered host rock were observed at all of the sites visited. Additional sampling has now been conducted at Bukari 1, Bukari North and Talat Gadalla (see news releases dated January 19, 2011 and February 23, 2011) – the analytical results will be released when complete. The programs conducted to date comprise preparatory work for a systematic and comprehensive exploration program that will begin as soon as practicable.
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). 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. Grab samples are selective by nature and are unlikely to represent average grades on the property.
Nuinsco operates in Egypt through its subsidiary Z-Gold Resources Limited. Bukari and Umm Samra are located about 50 kilometres northwest of Centamin Egypt Limited's ("Centamin") flagship multi-million ounce Sukari Gold Mine which is being expanded to increase production to about 500,000 oz per year over the next three years.
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.
Tabulated Analytical Results, Nuinsco Program #1, Bukari and Umm Samra Concessions, Eastern Desert, Egypt:
| Sample ID | Location | Au (g/t) |
| 926451 | Bukari | 0.21 |
| 926452 | Bukari | 1.92 |
| 926453 | Bukari | 0.28 |
| 926454 | Bukari | 0.68 |
| 926455 | Abu Muawaad | 0.95 |
| 926456 | Bukari | 5.58 |
| 926457 | Talat Gadalla | 14.8 |
| 926458 | Talat Gadalla | 2.36 |
| 926460 | Talat Gadalla | 46.3 |
| 926461 | Talat Gadalla | 0.60 |
| 926463 | Talat Gadalla | 0.07 |
| 926464 | Talat Gadalla | 0.97 |
| 926465 | Cu | 0.06 |
| 926466 | Cu | 0.08 |
| 926467 | Talat Gadalla | 0.60 |
| 926468 | Talat Gadalla | 4.83 |
| 926469 | Talat Gadalla | 13.45 |
| 926470 | Daghbag | 0.30 |
| 926471 | Daghbag | 0.21 |
| 926472 | Daghbag | 8.98 |
| 926473 | Daghbag | 0.70 |
| 926474 | Daghbag | 0.03 |
| 926475 | Kab Hamdalla | 4.51 |
| 926476 | Kab Hamdalla | 1.60 |
| 926477 | Bukari | 3.87 |
| 926478 | Bukari | 6.78 |
| 926479 | Bukari | 44.3 |
| 926480 | Talat Gadalla | 8.83 |
| 926481 | Wadi Zeidum | 25.00 |
| 926482 | Wadi Zeidum | 0.24 |
| 926483 | Wadi Zeidum | 1.51 |
| 926484 | Wadi Zeidum | 0.04 |
| 926485 | Regional | 0.02 |
| 926487 | Talat Gadalla | 5.59 |
| 926488 | Wadi Zeidum | 4.25 |
| 926489 | Wadi Zeidum | 7.58 |
| 926490 | Wadi Zeidum | 0.11 |
| 926491 | Wadi Zeidum | 0.05 |
To view a map of Bukari and Umm Samra Concession Areas, Eastern Desert, Egypt, please visit the following link: [ http://media3.marketwire.com/docs/nuinsco_resources_mar1_map01.pdf ]
