Nuinsco reports 'positive results' at Diabase Athabasca uranium property
Wed Dec 6, 5:39 PM
ca.news.finance.yahoo.com
TORONTO (CP) - Nuinsco Resources Ltd. (NWI.TO) said Wednesday it continues to see "positive results" from drilling at its Diabase Peninsula uranium property in Saskatchewan's Athabasca Basin.
A recent 2,800-metre four-hole program showing samples ranging up to 29.8 parts per million of uranium "suggests that unconformity-style mineralization is a distinct possibility" and will be followed by an expanded drill operation in 2007, the company said.
Nuinsco shares gained 16 1/2 per cent after the news.
"The drilling and other studies we have completed, such as lineament analysis, geophysical response, geochemistry, mineralogy-petrography and lead-isotope studies, continue to confirm that the Diabase Peninsula property is well located to find a uranium deposit," stated Paul Jones, vice-president of exploration.
The 219-square-kilometre Diabase Peninsula property is on the western shore of Cree Lake near the southern edge of the Athabasca Basin.
Nuinsco owns 70 per cent of the property, partnered with Trend Mining Co. of Denver (OTCBB:TRDM).
"As previously discussed, Nuinsco remains committed to creating a separate public company to advance its Minago, Mel and Lac Rocher nickel assets," CEO Rene Galipeau said.
"When the nickel transaction is completed early next year, the focus within Nuinsco will remain on realizing the value of our other projects in Canada and Turkey, and exploration of our two highly prospective uranium properties, Diabase and Prairie Lake, is an important part of this strategy."
Nuinsco shares closed with a gain of 13 cents at 92 cents on the TSX, with a 52-week high and low of $1.05 and 15.5 cents. |
