Well Red, how long do you think it'll take NWI to get back to the $4.00 level with this news?????
NWI 1997-05-30 (provided courtesy of ISDN Wire Service)
NUINSCO REPORTS WINTER EXPLORATION RESULTS OVER ONE
MILLION OUNCE RESOURCE IN NUMBER 17 GOLD ZONE ALONE
TORONTO, ONTARIO--
Nuinsco Resources Limited today reported results of two very
successful winter exploration programs on its 100 % owned Rainy
River project, northwestern Ontario. The programs involved both
Reverse Circulation (RC) overburden reconnaissance drilling,
conducted by Overburden Drilling Management Ltd. (ODM) of Ottawa,
and diamond drilling directed by Nuinsco. The RC program totalled
136 bore holes spread over parts of four townships uncovering five
(5) new gold-in-till anomalies. The diamond drilling program
consisted of 28 drill holes in Richardson Township (see attached
table) focused mainly on delineation drilling of the #17 Gold
Zone.
The five new gold-in-till anomalies indicate additional gold zones
in Nuinsco lands beyond the #17 Zone. This was the most productive
overburden drilling program since work was launched at Rainy River
several years ago. As to the significance of the new anomalies,
gold grain expert Stuart Averill, President of Overburden Drilling
Management commented, "Overall, the anomalies are similar to and in
some respects better than those that identified the Casa-Berardi
gold deposits in Quebec in the 1980's; it is now clear that the
Company has outlined a new gold district."
While the development drilling on the # 17 Gold Zone was limited to
50 meter line spacings, a preliminary resource study calculated by
Company geologists indicates an extensive, pervasive, mineralized
zone containing over one million ounces of gold. All 28 holes
directed at the #17 Zone intersected significant mineralization
confirming continuity of the structure. Drilling has outlined a
very large tabular shaped body dipping at approximately 55 degrees
south - ideal for open pit production - ranging in thickness from
40 to 140 metres along a strike length of 1 kilometer, down to a
depth of 250 meters. It is open in all directions.
Approximately 85% of drill holes were drilled normal to the strike
of the #17 Zone. The remaining 15% were collared at various
oblique angles to the structure and returned substantially higher
gold values. "This is very positive news for the Company because
it means that we can justify taking the project to the next phase
of development and, hopefully, establish higher grades and tonnages
with further drilling," commented Douglas Hume, Nuinsco's
President. "We have retained an independent consultant and expert
in his field to verify the results of our studies and provide
further advice and insight into planning the next phase of work
which may include diamond drilling and perhaps later a bulk
sample."
The Company's inferred resource estimate using data from 60 drill
holes is 1,050,000 ounces of gold in 25.2 million tonnes grading
1.36 grams per tonne. This resource occurs between the bedrock
surface and the vertical depths reached to date by the drilling
(130 to 245 meters) and is bordered by a similar tonnage of lower
grade material.
Drilling will start shortly and continue through the balance of
1997. Principal objectives are as follows:
1) To test three of the recently identified gold-in-till
anomalies.
2) With recommendations from our independent consultant, to
further evaluate and develop the #17 Gold Zone and using both
large tonnage-low grade and lower tonnage-higher grade models.
3) To follow the very high grade base metal (Ni-Cu-PGE) occurrence
believed to be associated with the #34 Zone. These initiatives
are part of a systematic plan to fully develop the gold and
base metal potential of the properties.
Nuinsco is an exploration and development company whose projects
are located in northwestern Ontario. Shares of Nuinsco trade on
the Toronto Stock Exchange under the symbol NWI. U.S. S.E.C.
exemption: 12g3-2(b)#82-1846.
See attached table.
- 30 -
FOR FURTHER INFORMATION PLEASE CONTACT:
H. Douglas Hume,
President, Nuinsco Resources Limited
(416) 626-0470
Cathy Hume or Jon W. Kieran,
Hume Kieran Inc.
(416) 868-1079
Drill Hole From To Width Grade
No. (m) (m) (m) (g/tonne)
-----------------------------------------------------------------
*NR-97-01 223.30 269.41 46.11 1.180
223.30 245.32 22.02 2.010
255.59 269.41 13.82 0.610
-----------------------------------------------------------------
*NR-97-02 71.42 203.93 132.51 0.750
71.42 127.18 55.76 1.410
88.06 127.18 39.12 1.770
180.02 203.93 23.91 0.550
-----------------------------------------------------------------
*NR-97-03 28.71 m of anomalous nickel-copper, including PGE's
-----------------------------------------------------------------
*NR-97-04 96.30 140.21 43.91 0.700
-----------------------------------------------------------------
*NR-97-05 89.35 144.75 55.40 0.840
89.35 121.06 31.71 1.150
-----------------------------------------------------------------
NR-97-06 67.60 163.30 95.70 0.549
67.60 81.45 13.85 0.863
87.20 112.55 25.35 0.752
96.30 106.10 9.80 1.017
118.15 163.30 45.15 0.390
-----------------------------------------------------------------
NR-97-07 92.25 153.00 60.76 1.342
92.24 113.90 21.66 1.347
117.34 153.00 35.66 1.447
-----------------------------------------------------------------
NR-97-08 58.35 167.20 108.85 0.966
66.80 82.70 13.90 0.786
84.20 151.96 67.76 1.165
90.87 110.80 19.93 2.003
-----------------------------------------------------------------
NR-97-09 96.21 193.00 96.79 1.011
96.21 150.87 54.66 1.324
96.21 119.70 23.49 0.950
139.71 150.87 11.16 4.907
187.26 193.00 5.75 0.850
-----------------------------------------------------------------
NR-97-10 90.12 147.05 56.93 0.676
90.12 114.90 24.78 0.957
139.88 147.05 7.17 0.851
-----------------------------------------------------------------
NR-97-11 72.35 93.20 20.85 0.544
145.60 155.05 9.45 1.054
-----------------------------------------------------------------
NR-97-12 82.20 153.43 71.23 1.369
82.20 85.89 3.69 9.601
90.60 96.62 5.62 0.949
125.21 134.72 9.51 0.812
138.35 153.43 15.08 2.426
-----------------------------------------------------------------
NR-97-13 76.40 116.42 40.02 0.750
87.20 116.42 29.32 0.866
-----------------------------------------------------------------
NR-97-14 147.83 153.72 5.89 0.733
-----------------------------------------------------------------
NR-97-15 82.81 90.20 7.39 1.180
123.44 139.49 16.05 0.730
-----------------------------------------------------------------
NR-97-16 83.16 92.23 9.07 1.841
-----------------------------------------------------------------
NR-97-17 101.00 109.68 8.68 2.232
-----------------------------------------------------------------
NR-97-18 141.62 222.20 80.58 1.126
141.62 201.29 59.67 1.287
141.62 168.50 26.88 1.858
173.83 183.87 10.04 1.670
194.96 201.29 6.33 1.140
205.41 222.20 16.79 0.770
-----------------------------------------------------------------
NR-97-19 76.68 94.40 17.72 0.541
106.78 121.66 14.88 0.730
-----------------------------------------------------------------
NR-97-20 86.46 199.57 113.11 0.519
86.46 111.12 24.66 0.706
124.76 135.40 10.64 0.958
194.73 199.57 4.84 1.359
-----------------------------------------------------------------
NR-97-21 77.00 137.60 60.60 0.637
77.00 90.98 13.98 1.030
121.54 137.60 16.06 1.071
121.54 159.30 37.76 0.736
151.40 159.30 7.90 1.094
182.49 197.13 14.64 0.659
-----------------------------------------------------------------
NR-97-22 86.46 141.11 54.65 0.602
86.46 98.08 11.62 0.859
135.48 141.11 5.63 1.765
-----------------------------------------------------------------
NR-97-23 112.64 149.83 37.19 0.705
132.47 149.83 17.36 1.040
-----------------------------------------------------------------
NRX-97-04 146.45 202.40 55.95 0.914
146.65 163.30 16.85 1.437
-----------------------------------------------------------------
NRX-97-05 123.70 186.60 62.90 1.451
123.70 176.74 53.04 1.640
123.70 160.74 37.04 1.970
-----------------------------------------------------------------
NRX-97-06 105.90 131.32 25.42 3.430
119.11 131.32 12.21 4.190
-----------------------------------------------------------------
NRX-97-07 64.08 136.93 72.85 0.690
129.14 136.93 7.79 2.000
190.80 225.37 34.57 1.200
199.70 218.65 18.95 1.750
-----------------------------------------------------------------
NRX-97-08 197.37 234.63 37.26 0.850
-----------------------------------------------------------------
* Nuinsco previously released the assay results for these holes.
NRX indicates a hole drilled diagonally to the trend.
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