Nuinsco announces first results from drilling on Chibougamau gold properties
Friday, Dec 21, 2012Nuinsco Resources Limited ("Nuinsco" or "the Company") (TSX:NWI) (www.nuinsco.ca) today announced positive results from the first three drill holes of an 18-hole diamond drilling program conducted in November on CBay Minerals Inc.'s ("CBay") Portage Island gold occurrences in the Chibougamau mining camp in northern Quebec. Near-surface (less than 30 metres) assays from the McKenzie Vein include 8.62 metres grading 2.31 g/t gold and 3.48 metres grading 5.45 g/t gold, with values peaking at 23.4g/t gold.
The 18-hole, 1,700m 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 and new targets acquired from an induced polarization geophysical survey that was also completed this autumn (see news release of October 17th, 2012). The Portage Mine was in production between 1959 and 1997. All remaining assays are expected early in the new year.
"Originally identified in 1903 the McKenzie Vein is the Chibougamau camp's original gold showing, however it has not been explored extensively at surface or along strike. The initial focus of our drilling was the 100-metre-plus surface exposure of the vein, yet its strike length is interpreted to be at least 250m and potentially up to 1,600m to the west across Portage Island," said Nuinsco's President Paul Jones. "The historic gold bearing structure was only partially mined at depth (starting at 200m) from the nearby Portage Mine, where it was estimated to have average 0.24 ounces of gold per ton. This program will help to define and develop not only this structure but also the other prospective gold targets on the island."