Continental Nickel Reports 150% Increase in Estimated Measured and Indicated Mineral Resources at the Ntaka Hill Nickel Project
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/02/12 -- Continental Nickel Limited (TSX VENTURE: CNI) ("CNI" or the "Company") is pleased announce that the estimated measured and indicated mineral resources at a cut-off grade of 0.2% nickel have increased by 150% from the last reported mineral resource estimate (April 2011) to 12,786,000 tonnes grading 1.21% nickel and the inferred mineral resources have increased to 45,037,000 tonnes grading 0.30% nickel at its Ntaka Hill Nickel Project (the "Project"). The Project is part of the larger 75:25 joint venture between CNI and IMX Resources Limited (ASX: IXR) covering the Nachingwea property in Southern Tanzania.
Highlights
Detailed results of the updated mineral resource estimate are presented in Table 1. Comparisons made above are with reference to the previous mineral resource estimate announced in April 2011 (Press Release, April 15, 2011).
Mr. David Massola, President and CEO, commented: "Continental is very excited about the large increase in estimated mineral resources at Ntaka Hill. This result increases our confidence in the Project and greatly reduces risk moving forward."
"Such a large increase in the mineral resources clearly confirms and surpasses the Upside Sensitivity Case presented in our 2011 Preliminary Economic Assessment (see Press Release November 15, 2011). Importantly, the new resource estimate is also expected to reduce stripping ratios and lead to reductions in cash operating costs compared to the Upside Sensitivity Case once optimized and incorporated into the development plan for the Project."
"This new resource estimate validates our strategy of advancing the project evaluation, permitting and development of Ntaka Hill while maintaining a strong commitment to exploration."
Detailed Results
This National Instrument 43-101 compliant mineral resource estimate was completed by Roscoe Postle Associates Inc. ("RPA") and incorporates the additional drilling completed on the Sleeping Giant zone since the April 2011 mineral resource estimate. The estimate is based on data obtained from 284 diamond drill holes totalling 50,716 metres completed to explore for and delineate the various zones at a nominal 25 to 100 metre drill section spacing. The drilling data included 12,981 metres (42 holes) of exploration diamond drilling completed in 2011.
Mineral resources were derived from a geostatistical block model using GEMS software and reported at various nickel cut-off grades constrained by preliminary pit shells constructed by Whittle software. Only mineralized intervals located within the pit shells are reported as mineral resources. Estimated mineral resources at 0.15%, 0.20% and 0.25% nickel cut-offs are provided in Table 1. A subdivision of the estimated mineral resources broken down by mineralized zone is included in Appendix 1 of this release.
Table 1 -Mineral Resources for Ntaka Hill Project at Various Cut-Off Grades
Notes to Mineral Resources in Table 1
Qualified Persons / Quality Control
The mineral resource estimate was prepared by Roscoe Postle Associates Inc. of Toronto, Ontario under the supervision of Chester Moore, P. Eng., Principal Geologist. Mr. Moore is an independent qualified person as defined by National Instrument 43-101.
The quality control, technical information and all aspects of the exploration program were supervised by Patricia Tirschmann, P. Geo., Vice President, Exploration for CNI. The information in this release was prepared under the direction Ms. Tirschmann who is a qualified person as defined by National Instrument 43-101.
About Continental Nickel Limited
Continental is focused on the exploration, discovery and development of nickel sulphide deposits in geologically prospective, but under-explored regions globally. The Company's key asset is its 75% interest in its Nachingwea property in Tanzania. The project is a 75:25 exploration joint venture between the Company and IMX Resources Limited.
The Company also has an option to joint venture on the St. Stephen project in New Brunswick, Canada where the 2010 and 2011 diamond drill programs discovered new Ni-Cu sulphide zones.
As at the date of this release, the Company has 42,738,508 common shares issued and outstanding (50,244,414 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI.
On behalf of Continental Nickel Limited
Dave Massola, President and Chief Executive Officer
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release including, without limitation, statements regarding potential mineralization, potential or estimated metal recoveries, resources and reserves, cut-off grades, exploration results, future plans and objectives of Continental Nickel Limited, is forward-looking information that involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from Continental Nickel Limited's expectations are the risks detailed herein and from time to time in the filings made by Continental Nickel Limited with securities regulators.
Appendix 1 -Mineral Resources by Mineralized Zone at 0.2% Ni Cut-Off
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Continental Nickel Limited
Dave Massola
President and Chief Executive Officer
(416) 603-8416
(416) 603-8760 (FAX)
Continental Nickel Limited
Patricia Tirschmann, P. Geo.
Vice President, Exploration
(416) 603-8416
(416) 603-8760 (FAX)
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Datum: 02.03.2012 - 21:12 Uhr
Sprache: Deutsch
News-ID 121243
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