Nuinsco announces additional positive drill results from Chibougamau gold properties

Wednesday, Jan 16, 2013

Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced analytical results from six diamond drill holes completed in November 2012 on CBay Minerals Inc.'s ("CBay") Portage Island gold occurrences in the Chibougamau mining camp in northern Quebec. These results follow those from the first three holes of the program, reported on December 20, 2012, and include gold analyses as high as 54.2g/t Au (over 0.29m) and intervals including 4.52g/t Au over 5.42m and 2.31g/t Au over 2.96m. A number of elevated copper analyses were also returned.

As previously reported, the 18-hole, 1,683m drilling program tested a number of gold targets, including a portion of the McKenzie Vein above where it was mined as part of the Portage Mine, as well as new targets acquired from an induced polarization geophysical survey that was also completed this fall (see news release of October 17th, 2012). The Portage Mine was in production between 1959 and 1997. Further assays are expected shortly.

DDHs NH-12-04 through NH-12-09 were drilled from three set-ups along the exposed strike length of the McKenzie Vein which, with DDHs NH-12-01 through NH-12-03 (reported earlier), were intended to identify mineralogy, style and controls to the mineralization. The drill holes intersected steeply dipping, deformed, anorthosite hosting quartz-carbonate veins typically containing 2-5% sulphide mineralization (pyrite-chalcopyrite) but locally peaking at 10%. Higher gold analyses are generally associated with more abundant sulphides. Assay intervals (core lengths) are tabulated below. Approximate true widths are related to drill hole inclination and are presented as a percentage of core width.

Portage Island is located near to the Copper Rand mill and tailings facility (owned outright by CBay; CBay in-turn is 50%-owned by Nuinsco and 50% owned by Ocean Partners Investments Limited)) at the northeast end of the 96,000 acre CBay land package. Portage Island hosts the past-producing Henderson I, Henderson II and Portage copper/gold mines, and the McKenzie gold vein. In addition, the Portage Island claim group hosts numerous underexplored exploration targets, including the Baie du Commencement copper/gold zone, Hematite Bay gold and copper zones and two magnetite bodies - the Magnetite North and Magnetite South zones.

Source: Marketwire