Continental Nickel Updates Tanzania Exploration Program; New Sulphide Mineralization Intersected at Ntaka Hill
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/13/12 -- Continental Nickel Limited (TSX VENTURE: CNI) ("CNI" or the "Company") is pleased to report that the first assays have been received from its 2012 drilling program in Tanzania that commenced in May. Highlights are as follows:
Highlights of the 2012 Drilling Program to Date
Patricia Tirschmann, VP Exploration, commented on the 2012 exploration program: "The 2012 drilling program is well underway and we look forward to reporting more new assays at regular intervals including results of recently completed exploration holes. We are also eagerly awaiting results from the new VTEM survey, particularly over high priority targets like the Hog gold showing. At Sleeping Giant, the intersection of both new mineralization, as well as hanging wall zones returning assay values greater than 0.5% nickel, is very encouraging. New intersections at Sleeping Giant will be incorporated into the drilling database and are currently expected to result in another mineral resource estimate update in early 2013."
The Company has been implementing a CDN$10.0 million exploration program for 2012 on the Nachingwea project. This program has focussed on 1) carrying out in-fill and step-out diamond drilling at the Sleeping Giant zone; 2) drill testing exploration targets in the Ntaka and Lionja ultramafic intrusions; and 3) generating and exploring priority targets on the regional land holdings. The program includes 20,000-25,000 metres of diamond and reverse circulation (RC) drilling, a 2,500 line km regional airborne versatile time domain electromagnetic (VTEM) survey and ground geophysical surveys.
The 2012 drilling program was initiated in mid-May and is being carried out by Capital Drilling (Tanzania) Limited with three diamond drill rigs currently in operation. A total of 12,683 metres in 56 drill holes were completed to the end of July, including in-fill and geotechnical drilling at Sleeping Giant and exploration drilling at Ntaka Hill, Lionja and regional targets. Reported assay results now include twelve drill holes from in-fill drilling at the Sleeping Giant Zone as provided in Table I below. A location figure may be viewed using the link provided with this release. Further assay results will be reported as they are received, compiled and validated.
Sleeping Giant Drilling
In-fill drilling is being carried out on 50 metre centres over the northern, shallower half of the deposit area with the goal of upgrading the current estimated mineral resource categories and further defining the near surface zones of hanging wall mineralization situated within the northern end of the conceptual pit for the Sleeping Giant zone. The drilling began on the northernmost sections and is progressing southwards. Step-out drill holes are also planned to test for the potential down-plunge extension of the high grade core of the zone.
Twelve holes totaling 2,371 metres and extending from sections 3700N to 3900N are reported in Table 1. Significant results to date include:
In-fill drilling at Sleeping Giant is on-going with two diamond drill rigs and assays will be reported as they are received.
Drilling of Ntaka Hill and Lionja Intrusions
Exploration drilling at the Ntaka ultramafic intrusion outside of the Sleeping Giant zone has focused on a) testing previously untested electromagnetic anomalies; b) testing coincident nickel and copper soil anomalies; and c) following up on nickel mineralization intersected south and east of H zone in 2011. To date, eleven drill holes totalling 1,802 metres have been completed to test seven exploration targets. All of these holes have intersected various concentrations of sulphides hosted within the Ntaka ultramafic intrusion.
Exploration drilling at the Lionja ultramafic intrusion located eight kilometres to the south of Ntaka Hill is following up previously intersected nickel mineralization as well as testing coincident nickel and copper in soil anomalies. Six drill holes totalling 1,270 metres have been completed to test targets at Lionja. Four of these were 50 to 200 metre step-out holes targeting an ultramafic hosted mineralized horizon intersected in previous drilling. Five of the six Lionja exploration holes completed to date have intersected various concentrations of sulphides hosted within the ultramafic intrusion. Assays are pending.
Regional Exploration
Testing of regional targets is on-going with one drill rig. One hole totaling 216 metres has been completed to test the Noli exploration target and assays are pending.
Airborne Survey
The Company also confirms that a 2,500 line kilometre airborne versatile time domain electromagnetic (VTEM) survey was initiated in late July and is being flown by Geotech Airborne Limited. The survey will cover selected portions of the regional land holdings, including the area of the newly discovered Hog gold showing where surface gossan grab samples returned values of up to 4.96 g/t gold (May 25, 2012 Press Release).
The survey is scheduled for completion by mid August. Anomalies will be prioritized and explored with additional soil geochemical sampling, geological mapping, prospecting, and ground geophysical surveys in order to select targets for drill testing later this year.
Qualified Persons
The quality control, technical information and all aspects of the exploration program are supervised by Patricia Tirschmann, P. Geo., Vice President, Exploration for CNI. Ms. Tirschmann is a qualified person as defined by National Instrument 43-101.
Quality Control
The drilling was completed by Capital Drilling (Tanzania) Limited. Drill core samples (NQ) are cut in half by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 metre intervals or less at the discretion of the site geologists. Sample preparation is completed at the ALS Chemex preparation lab in Mwanza, Tanzania. Sample pulps are sent by courier to the ALS Chemex analytical laboratory in Vancouver, Canada. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (Analytical Code ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay with an ICP-AES finish (Analytical Code PGM-ICP23).
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 the Nachingwea project in Tanzania, where measured and indicated mineral resources have been estimated at 12.8 Mt grading 1.21% nickel and inferred mineral resources have been estimated at 45 Mt grading 0.30% nickel (CNI press release March 2, 2012).The project is a 75:25 exploration joint venture between the Company and IMX Resources Limited ("IMX"). The Company also has an option to joint venture on the St. Stephen project in New Brunswick, Canada where the 2010-2012 diamond drill programs discovered new Ni-Cu sulphide zones. In May 2012 an Arrangement Agreement was entered into between CNI and IMX under which the shares of CNI not held by IMX would be acquired by IMX for shares and warrants in IMX. This transaction is currently scheduled to be completed in September 2012 after CNI holds a special meeting of shareholders to approve the transaction and certain other conditions, including receipt of required regulatory approvals, to completion have been met.
As at the date of this release, the Company has 42,793,508 common shares issued and outstanding (46,866,008 on a fully-diluted basis) and trades on the TSX Venture Exchange under the symbol CNI. The Company had over $6.6 million in the treasury as at March 31, 2012.
On behalf of Continental Nickel Limited
Dave Massola, President and CEO
CAUTIONARY STATEMENT: 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. 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, exploration results or targets, 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.
Information in this announcement relating to exploration results is based on data collected under the supervision of or compiled by Patricia Tirschmann, P. Geo., who holds the position of Vice President, Exploration and is a full time employee of Continental Nickel Limited. Ms. Tirschmann is a registered member of the Association of Professional Geoscientists of Ontario and has sufficient relevant experience to qualify as a Competent Person under the 2004 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ms. Tirschmann consents to the inclusion of the data in the form and context in which it appears.
To view the map associated with this press release, please visit the following link: .
Contacts:
Continental Nickel Limited
Dave Massola
President and CEO
(416) 603-8416 (ext 228)
(416) 603-8760 (FAX)
Continental Nickel Limited
Patricia Tirschmann
Vice President, Exploration
(416) 603-8416 (ext 224)
(416) 603-8760 (FAX)
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Datum: 13.08.2012 - 12:05 Uhr
Sprache: Deutsch
News-ID 173874
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