Nevsun begins drilling at Tabakoto and Segala
Nevsun Resources Ltd NSU
Shares issued 27,257,209 Oct 1 close $1.12
Wed 2 Oct 2002 News Release
Dr. John Clarke reports
Nevsun Resources has commenced a 23,000-metre (75,000-foot) diamond and
reverse circulation drill program at its Tabakoto and Segala projects in
western Mali. This program has been designed to achieve three goals:
1. To upgrade existing resources at the Segala project for a feasibility
study.
2. To test several new drill targets on Segala to potentially increase
resources for the Segala project.
3. To test several new targets within the Tabakoto mining licence to
potentially increase resources by making one or more new discoveries.
In total, the exploration program will cover 13 kilometres of strike
length, not including the development drilling at Segala. Drill targets
have been selected based on data from a newly completed geophysics program
combined with geochemistry, artisanal workings and in depth knowledge of
the structural nature of the area, Nevsun's technical team is confident
that the program will be successful.
The Segala project
The Segala project was acquired in July, 2002, adding another 23 square
kilometres immediately to the north of Nevsun's Tabakoto mining licence.
Segala contains a resource of 1.4 million ounces of gold. Infill drilling
at 25-metre centres will be conducted to more fully define these resources
for a Segala feasibility study. These resources will provide the basis for
a second mining operation at Segala or will be used as future mill feed to
further extend the life or increase the capacity of the Tabakoto mining
operation. In addition, there are several new targets to be drilled on the
Segala property covering four kilometres of strike length. These targets
include the northern extension of the Tabakoto deposit and the western
extension of the Segala resource.
Tabakoto mining licence
The Tabakoto mining licence now covers 60 square kilometres in the Kenieba
district of western Mali including the Tabakoto project and the recently
acquired Fougala, Koutila and Dioulafoundou gold properties. These three
properties were acquired in July 2002. They expand the exploration
potential of the Tabakoto project as they contain a number of quality drill
targets. The targets cover more than nine kilometres of strike length. One
of these targets is the direct southern extension of the Tabakoto project.
All the targets within the Tabakoto mining licence have similar geological
features to the Tabakoto deposit.
A positive mining review of the Tabakoto project was completed in early
September and the company is now pursuing mine financing to commence
construction of an open-pit mining operation at Tabakoto.
John Clarke, president and chief executive officer of Nevsun, states: "We
are very excited about this drill program because of the strong potential
to add a second mining operation at Segala and to discover new ounces from
the targets we have generated. Any additional ounces of gold outlined from
this program will have a significant positive economic impact on future
Tabakoto and Segala mining operations." |
