NSU.to
This is my largest gold holding.
Last 8.20 +1.01
Nevsun Resources Ltd (C-NSU) - News Release
Nevsun releases additional Bisha project results
Nevsun Resources Ltd NSU
Shares issued 55,422,606 Oct 27 2003 close $ 7.19
Tuesday October 28 2003 News Release
Dr. John Clarke reports
NEVSUN RESOURCES LTD.: MASSIVE SULPHIDES INTERSECTED INDICATING NEW DISCOVERY AT NW ZONE, BISHA PROPERTY, ERITREA
Nevsun Resources has released an update on the 14,000-metre drill program currently under way at its 90-per-cent-owned Bisha project in Eritrea. Initial diamond drilling at the previously untested NW zone has intersected significant widths of volcanogenic massive sulphides. The NW zone has now been traced over a strike length of 150 metres, and is still open to the north and south. Initial interpretations indicate that the massive sulphides are hosted by a synclinal structure similar to that seen at the Bisha Main zone. The NW zone is located approximately 1.7 kilometres to the northwest of the Main Bisha zone.
Massive sulphide mineralization has also been intersected in all holes drilled at the south end of the Main zone up to 200 metres south of the last intersection drilled in the previous drill program. No assay results have been received to date. Samples for assay are being prepared in the on-site laboratory and have been shipped to Vancouver, B.C., for assay. Results should be available by mid- to end of November.
Since the commencement of the third phase of diamond drilling on Oct. 14, 2003, 19 holes have been drilled with nine of these being drilled into the NW zone area -- holes B-54 to 57 and B-60, B-62, B-66, B-70, and B-73.
Exploration holes B-54, 55, 57, and 62 targeted other geophysical anomalies in the immediate area but failed to intersect any significant mineralization. The initial discovery hole (B-56) tested a strong pulse EM response that is coincident with a gravity anomaly.
Hole B-56
The hole, collared at -45 degrees, intersected mineralization as follows:
57.8 to 118.3 metres
Massive sulphides (supergene)
118.3 to 141.6 metres
Massive sulphides (primary)
141.6 to 148.4 metres
Semi-massive sulphides
148.4 to 155.2 metres
Massive sulphides (primary)
155.2 to 162.7 metres
Semi-massive sulphides
162.7 to 182.0 metres
Stringer sulphides
The hole was stopped at 182 metres.
Hole B-60
Hole B-60 was drilled on the same section, also collared at -45 degrees, intersected:
64.5 to 82.75 metres
Massive sulphides (supergene)
82.75 to 97.9 metres
Stringer sulphides
98.15 to 99.65 metres
Stringer sulphides
Initial interpretations indicate that hole B-56 cut through the axis of a syncline and that hole B-60 intersected only the western limb of the syncline 50 metres higher up than B-56.
Hole B-66
Hole B-66, drilled 100 metres further to the south, also collared at -45 degrees, intersected:
88.0 to 107.0 metres
Massive sulphides (supergene)
107.0 to 113.5 metres
Stringer sulphides
113.5 to 118.0 metres
Massive sulphides (supergene)
118.0 to 135.5 metres
Massive sulphides (primary
135.5 to 136.0 metres
Dike
136.0 to 203.5 metres
Stringer sulphides
Hole B-70
Hole B-70 was drilled 40 metres to the west of hole of B-66, also collared at -45 degrees, intersected:
7.7 to 14.2 metres
Gossan
14.2 to 21.0 metres
Saprolite
21.0 to 26.5 metres
Gossan
26.5 to 37.0 metres
Saprolite
37.0 to 42.0 metres
Gossan
42.0 to 55.0 metres
Soap (acidified rock)
55.0 to 95.85 metres
Massive sulphide (supergene)
95.85 to 96.65 metres
Soap (acidified rock)
96.65 to 143.85 metres
Stringer sulphides
Hole B-73
Hole B-73 was drilled 50 metres south of B-70, also collared at -45 degrees, intersected:
104.8 to 114.6 metres
Stringer sulphides
114.6 to 131.55 metres
Massive sulphides (primary)
131.55 to 147.0 metres
Stringer sulphides
The second diamond drill has been working at the Main zone drilling at the north end (three holes) and south end, testing the eastern limb of the eastern syncline. At the south end of the eastern syncline eight holes have been drilled to date on sections 50 metres apart. Massive sulphide mineralization has been intersected in all holes. The eastern syncline has now been extended up to 200 metres south of the last intersection reported from the last drill program. Drilling is now testing the western limb of the eastern syncline at the south end of the deposit and has intersected massive sulphides in all holes drilled in this area.
Extensive geophysical work in the form of pulse EM and gravity surveys is being completed on a large grid located to the west of the Bisha deposit where the airborne EM survey has defined a number of targets. A horizontal loop-magnetometer crew will be arriving within the week to carry out additional geophysical work in other areas on the property. Ground proofing of outside target areas defined by the airborne EM survey is also being carried out. The objective of this work is to prioritize other target areas for subsequent drilling next year. Discussions are currently under way to mobilize a reverse circulation drill to the property for startup early in 2004.
Bill Nielsen, vice-president of exploration for Nevsun, a qualified person under National Instrument 43-101, supervised and directed all work associated with the drilling program.
Snowden Mining Industry Consultants will be visiting the property in the next few weeks in order to carry out an audit for a subsequent resource calculation based on drilling carried out until June, 2003.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com |
