Program Follows Up on Positive Results From Previous Work
TORONTO, ONTARIO, Nov. 10, 2010 (Marketwire) -- Nuinsco Resources Limited (TSX:NWI), (www.nuinsco.ca) today announced that drilling has begun at its Diabase Peninsula uranium project in the Athabasca Basin of northern Saskatchewan. The minimum 2,000 metre program will follow up on past results that have returned strongly anomalous uranium mineralization, peaking at 0.07% uranium (0.083% U3O8), and other key elements indicative of a uranium mineralizing event common to deposits in the Athabasca basin.
"The drilling we've done to date has identified all of the right indicators - highly-anomalous uranium, deformed graphite and sulphide-bearing basement rocks, graphite, arsenic, cobalt, nickel, boron and clay mineralization - all found in conjunction with uranium deposits in the Athabasca basin," said Paul Jones, President. "These results, along with geophysics that shows characteristics similar to deposits such as Key Lake, Rabbit Lake, Midwest Lake and Sue, have led the Diabase Peninsula project to be independently ranked as a premiere exploration project in the region."
The program will comprise a series of drill holes of 400m - 500m in depth to be drilled near the core of the property where numerous factors point to the possibility of a nearby uranium deposit. The holes are designed to test for alteration and mineralization (uranium and other indicator elements) in the rocks above, at and below the unconformity at the base of the Athabasca Basin (the prime target area for uranium deposits). These holes will be collared near to other drill holes in which geochemical, mineralogical and structural features often associated with, or indicative of, a uranium mineralizing event, have been identified.
Exploration work on the 21,900 hectare Diabase Peninsula Project, located approximately five kilometres north of the southern boundary of the Athabasca Basin, has included 28 widely-spaced drill holes totalling 11,205 metres, airborne and ground geophysical surveys, geochemical surveys and mapping. Nuinsco is the operator, currently owns an approximate 82% interest in the property and is partnered with Trend Mining Company of Hilton Head, SC (OTC: TRDM.pk). Paul Jones, President of Nuinsco, who acts as a QP for the project under National Instrument 43-101, has read and approved the contents of this press release.
As previously reported, notable results include:
1. The combination of uranium-arsenic-nickel-cobalt-magnesium oxide, which
typifies several of the mines in the Athabasca district, was present in
drill holes and indicates the influence of a mineralizing system in the
area - pointing to the presence of some form of unconformity
2. The widespread presence of significant clay alteration in the sandstone
which indicates the passage of hydrothermal fluids capable of
transporting uranium mineralization.
3. Uranium/lead ratios which provide evidence of local excess uranium in
the sedimentary pile and suggest upward leakage of uranium-bearing
hydrothermal fluid into the sediments.
4. The presence, established by more than 100m vertical displacement of the
unconformity occurring between adjacent drill holes, of reactivated
faults which are prime exploration targets as they provide permeable
conduits for the concentration of uranium-bearing mineralizing fluids.
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), Coventry Resources Limited (ASX:CVY) and Victory Nickel Inc. (TSX:NI). Shares of Nuinsco trade on the Toronto Stock Exchange under the symbol NWI.
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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.
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